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Bank silent on hotels administration

PUBLISHED: 09:30 14 December 2009 | UPDATED: 15:34 06 July 2010

THE bank behind the appointment of administrators at three hotel companies owned by Suffolk property tycoon Richard Cattermole yesterday maintained its silence on the reasons for its actions.

THE bank behind the appointment of administrators at three hotel companies owned by Suffolk property tycoon Richard Cattermole yesterday maintained its silence on the reasons for its actions.

Lloyds Banking Group, which includes the former Halifax Bank of Scotland (HBOS) business, declined to comment on the move which saw administrators from accountants KPMG appointed at Elizabeth Hotels Ltd, Cavendish Hotels Ltd and Elizabeth Estates (BS) Ltd.

Together, the company employ 462 people who now face an uncertain future although the administrators are continuing to trade the hotels while seeking buyers for them.

A total of 14 hotels, 11 run in-hand and three others leased to third parties, and 13 pubs, all leased, are affected by the administration.

The hotels include the Hotel Elizabeth Copdock, near Ipswich, the Mill Hotel in Sudbury, the Limes Hotel in Needham Market, the Rose & Crown, Haverhill, and Hotel Hatfield, Lowestoft.

Pubs affected include the Cock Inn at Polstead, near Hadleigh, the Three Tuns, Needham Market, the White Hart, Boxford, near Sudbury, the Five Bells at Rattlesden, near Bury St Edmunds, the Plough at Peldon, near Colchester, and the Globe, Harwich.

The joint administrators, Allan Graham and Jane Moriarty, were also not commenting further on the situation yesterday as they settled into what is likely to be a lengthy and complex task.

Announcing their appointment earlier this week, Mr Graham said: “The company's financial liabilities made it impossible to continue running the businesses as they stood.”

He added it was hoped that the hotels would be able to honour deposits paid by customers in respect of events to be held at the hotels over the festive period.

Four hotels operated by the companies in administration will continue to trade in other companies within Mr Cattermole's Ryan Elizabeth Holdings group which is not itself in administration. The group's flagship Hotel Elizabeth Orwell in Felixstowe is also unaffected by the administration.


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