Printer Friendly

Administrators move in at hotels group.

THE Middlesbrough-based hotel group which owns the Baltimore in the town has gone into administration.

Deloitte have been appointed as Joint Administrative Receivers of Lincoln Group and its subsidiaries, Elland Way Limited, St James Way Limited and St James Side Limited.

As well as the Baltimore on Marton Rod, the group owns and operates the Vermont Hotel and adjoining Martha's Bar in Newcastle, and the Portland Hotel in Hull.

The company employs around 120 full and part time staff across the four businesses.

It has suffered from poor trading performance in recent years, principally due to increased local competition and the national economic climate.

Adrian Berry, Joint Administrative Receiver at Deloittes said: "The hotels have, to varying degrees, been affected by the poor market conditions of recent times, and have good underlying businesses in central locations, making them an attractive opportunity for prospective purchasers.

" The hotels have been marketed for sale since June 2011 and there has been significant interest.

" Negotiations with a number of interested parties are at advanced stages and we are confident that going concern sales of the hotels and bar can be achieved".

All the hotels will continue to operate whilst going concern sales of the respective businesses are progressed. Colliers International and Christie and Co were previously appointed by the group as joint selling agents to market the hotels and they continue to assist the Administrative Receivers with the prospective sales of the hotels and bar.

CAPTION(S):

STILL TRADING:The Lincoln Group owns and operates the Baltimore Hotel on Marton Road in Middlesbrough. Picture by IAN
COPYRIGHT 2012 MGN Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Business
Publication:Evening Gazette (Middlesbrough, England)
Date:Jan 16, 2012
Words:262
Previous Article:pounds 5.6m funding offer.
Next Article:Youngsters' construction career hopes.
Topics:

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters