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Real Hotel Group calls in administrators
The Real Hotel Group – the operator of the budget chain Purplehotels – has gone into administration, becoming the latest victim of the economic downturn.
The firm reported a 7 per cent fall in revenue for the year to 1 January from £68m to £63m.
The company released the following statement on the Alternative Investment Market (AIM): “Following the announcement of the suspension of the company's ordinary shares on 13 January, the company has been actively exploring all financial and strategic options available to the business in the light of its adverse financial position.
“It is with deep regret that the board has appointed administrators, Shay Bannon and Antony Nygate of BDO Stoy Hayward with immediate effect in respect of its trading subsidiary, the Real Hotel Company (RHC). The administrators will be undertaking a review of RHC’s assets.”
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