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Purple Hotel operator in crisis talks
The Real Hotel Group (RHG) has suspended its shares on the London Stoke Exchange after revealing that it's "actively considering its financial position".
The AIM-listed company saw its revenue fall by 34 per cent during the first week of 2009 compared to the same period in 2007. RHG, which operates the budget Purple Hotel chain, has attributed the slump to plummeting occupancy level and a drop in food sales.
RHG has entered discussions with bankers after it issued its second profit warning in four days. In a statement issued by the group it said: "Should these discussions not be successful, the group will be forced to consider all options open to it." According to the Times Whitbread is tipped to acquire all 11 Purple hotels if RHG collapses, adding to the three other hotels sold to Whitbread in 2007 for £18.5m.
RHG owns, leases and manages around 50 hotels in the UK, France, Germany and Belgium.
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