Company which owns Exmouth’s Royal Beacon Hotel goes into administration
PUBLISHED: 17:15 10 January 2018 | UPDATED: 09:32 17 January 2018
Administrators stress all of The Richardson Group’s five hotels in the South West will continue to trade ‘on a business as usual basis’.
The company that owns Exmouth’s Royal Beacon Hotel has gone into administration.
However, it has been stressed that all of the Richardson Group’s five hotels in the South West will continue to trade ‘on a business as usual basis’.
Administrators say they are assessing ‘the current financial position and available options’ and ‘how best to proceed’.
News that the Richardson Group was in administration broke on Wednesday, January 10.
Contacted on Tuesday, January 16, a spokesperson for the administrators confirmed that the situation had not changed.
Mark Boughey and Matthew Wild, from RSM Restructuring Advisory LLP, have been appointed joint administrators of Richardson Hotels Limited and Fowey Hotel Limited. Both companies form part of the Richardson Group of hotels.
The companies operate five hotels in the South West, including Exmouth’s three-star, 52-bedroom, Grade II listed Royal Beacon Hotel, Torquay’s Grand Hotel, the Falmouth Hotel in Falmouth, the Fowey Hotel in Fowey and Padstow’s Metropole Hotel in Padstow.
Mr Boughey, a restructuring advisory partner from RSM and one of the joint administrators said: “We appreciate that there will be a significant degree of concern and uncertainty for staff, guests and suppliers as a result of the companies entering administration. I am pleased to confirm that we will continue to trade all five hotels while we assess how best to proceed and we will endeavour to update all stakeholders as soon as we can.”
Mr Boughey added: “All of the hotels offer enviable locations, architecture and facilities, so their rooms are in high demand from both existing and new customers. While things are at an early stage, we are therefore hopeful that a long-term future for of all the hotels can be secured.
“In the first instance, we would ask any customers and suppliers to raise their initial questions or enquiries directly to the hotels, booking agent or usual contact point at the companies.”
The Royal Beacon Hotel was purchased by Richardson Hotels Limited in January 2017.