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September 29 2022, Virtual
Move comes a week after shares suspended
The Real Hotel Group (RHG) has gone into administration a week after its shares were suspended on the AIM Exchange.
Two administrators from BDO Stoy Hayward, Shay Bannon and Antony Nygate have been called in to review the company's assets.
A statement by RHG said: "Following the announcement of the suspension of the company's ordinary shares on 13 January 2009, 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 LLP - 55 Baker Street, London W1U 7EU with immediate effect in respect of its trading subsidiary, the Real Hotel Company Ltd ("RHC").
"The administrators will be undertaking a review of the assets of RHC."
RHG runs about 40 hotels in the UK, including its own brands Purplehotels and Stop Inns.
It also is licensed to run Comfort Inn, Quality Inn and Clarion Hotels for Choice Hotels International.
The Group also runs New Connaught Rooms, a banqueting and conference centre in London.
RHG's revenue's for the first week of 2009 were 34% down on the same period in 2008.
It shares fell 35% on January 13, on the day they were suspended.
The group is valued at about £2.5m based on the last share price of 2.88p, against a reported debt of £13m.