The board of hotel operator, Queen’s Moat Houses, has failed to complete its strategic review in time to issue its interim results and has subsequently agreed to a temporary suspension of trading in the company’s shares.

The company announced the review on 5 August and began discussions with lenders seeking their support for the outcome of the review and “significant modification to certain terms of the existing debt.”

The board had hoped the review would be completed in time to issue its interim results for the 26 weeks to 29 June before the end of September, but although it has said progress has been made, negotiations are not yet complete.

“The board believes the outcome of these negotiations may have an impact on the company’s complex debt structure and on the basis of preparation of its interim announcement,” said a statement to the Stock Exchange.

Under UK Listing Authority rules, the company was obliged to post results by 27 September and failing to do so has led to the suspension in trading.

Queen’s Moat said it expected discussions with lenders to be concluded within weeks.