Akkeron Hotels Group goes into administration

Subsidiary of Akkeron Hotels Group goes into administration with loss of jobs
by Janet Harmer, Monday 24th February 2014 16:23

Akkeron Hotels Ltd, which once operated eight leasehold properties and was a subsidiary company of the Akkeron Hotels Group, has gone into administration with the loss of at least 11 jobs.

The company changed its name to Rosford Management Ltd on 17 February before then going into administration.

Four of the hotels – the Isles of Glencoe Hotel & Leisure Centre, the Ballachulish hotel and the Oban Caledonian (all on Scotland’s West Coast) and the Yorkshire Hotel in Harrogate – are all owned by Freedom Hotels. The management of these three-star hotels has now been taken over by the Crieff Hydro.

Colin Johnston, owner of Freedom Hotels, said that Crieff Hydro would help to stabilise the hotels. “This is about the long-term for me and for Crieff Hydro. In time, I am sure that the teams in the hotels, the customers, Crieff Hydro and myself will all feel really proud to be part of this story.”

Meanwhile the management of the other four hotels once operated by Akkeron Hotels – Harte & Garter, Windsor; Richmond Gate, Windsor; Buckerell Lodge, Exeter (all four-star); and the three-star Makeney Hall, Belper, Derbyshire – have been transferred to a new subsidiary of the Akkeron Hotels Group, Suite Hospitality Ltd.

Matthew Welbourn, who was managing director of Akkeron Hotels and is now managing director of Suite Hospitality, said that the administration had taken place following the advice of legal advisors.

He was unable to confirm the exact number of redundancies, but said he regretted the job losses.

“The administration is part of a corporate restructure and we are now consolidating the business before considering adding further hotels.”

Welbourne went on to say that all four hotels within Akkeron Hotels are in “great” locations and the properties in Exeter and Belper will benefit from forthcoming refurbishments.

Akkeron Hotels Group is the holding company for a group of businesses which manage 10 regional leasehold and freehold hotels, in addition to the four hotels now operated by Suite Hospitality.

In its last financial statement, for the 15 month period ending 31 December 2012, it recorded a loss of £4.1m. Bedroom occupancy was 64% with an average room rate and room yield of £52.41 and £33.62 respectively. The statement also noted that since the end of 2012, banking covenants had been breached in two of the subsidiary companies: Akkeron Hotels Ltd and Akkeron Hotel (Admiral) Ltd, but that the company had continued to receive the support of the relevant banks.

Akkeron Hotels Group was born out of the administration of the Folio Hotels, the 18-strong group of managed provincial hotels which went into administration in December 2008.

Eight of the Folio hotels were sold to the newly launched Akkeron Hotels Group, founded by property developer Colin Johnston and James Brent, the former global head of real estate and lodging at investment bank Citi, who went on to acquire Plymouth Argyle FC in 2011. A further 10 properties were acquired by Akkeron Hotels Group in 2011 following the administration of Butterfly Hotels and Crowne Hotels.

Folio Hotels portfolio split to create two new hotel groups >>

Akkeron Hotels rescues 10 hotels out of administration >>
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Oh dear.

Christ - I can't keep up with it all.

I am going in to the pop corn bussiness


Is NNNNNik in court next week?

Very bad timing.

Did Plymouth City Council sign that 1.22 acres of land over to Argyle or to Akkeron?

How much of Home Park does Argyle still rent?

Does PCC or Argyle have a buy-back option on the land that Brent has asset-stripped from the club?

Is Tony Wrathall now our de facto owner?

Tgwu wrote:

I am going in to the pop corn bussiness


Is NNNNNik in court next week?

I predict you'll make your first million by end of March, tgwu.  

 

Well what a surprise, though it does say it's a subsidiary I suppose.

Maybe its just an internal disagreement and this is the only way to sort it out?

Club at least £5m in debt.

All assets stripped.

Argyle running at a continued loss.

FES fails.

Brent asks directors for money.

Wrathall stumps up some money and joins the board. (Do we know how much?)

A subsidiary of Akkeron collapses.

(I am not making any of this up.)

Some of us have been worried about the club's finances ever since we exited administration and have been misled, ignored, insulted and ridiculed for so doing.

It makes me wonder who really cares about Plymouth Argyle.

And no progress on:

Oldway Mansion
HHP
Pavillions
Civic Centre

Why the F can't you all talk about the football? Nothing to see here. Move along. See its people like you lot here that wouldn't ever take the time to drive our owner to a match and ask him REAL questions face to face. Feckin cowards. This is only half of the hotels that this (debt hiding) subsidiary owns, I mean what's the big deal?
Seriously how long before the mask fully slips and the sheeple realise what a busted flush our owner is?

I notice they changed the name from Akkeron Hotels Ltd to Rosford Management Ltd. Is Brent trying to protect the Akkeron name.

Time for the PASB/Trust to start asking some really hard questions.

Perhaps Brent's chauffeur will organise some auctions and bucket rattling to help out the Akkeron employees left on the scrap-heap as the hotel closures continue.

far canal !

Looks like the Brentopoly is rapidly disappearing up its own arse.

Sir Francis Drake wrote:

Club at least £5m in debt.

All assets stripped.

Argyle running at a continued loss.

FES fails.

Brent asks directors for money.

Wrathall stumps up some money and joins the board. (Do we know how much?)

A subsidiary of Akkeron collapses.

(I am not making any of this up.)

Some of us have been worried about the club's finances ever since we exited administration and have been misled, ignored, insulted and ridiculed for so doing.

It makes me wonder who really cares about Plymouth Argyle.

Any anyone who asked questions were labelled freaks and weirdos, had pints chucked over them, were subject to legal threats, were removed from positions they held at the club, were told to toddle off and support Man U, had their employers contacted, had a private investigator hired against them.......

This just gets better and better.

Someone on the farm posted this link:

[You must be registered and logged in to see this link.]

Minus 8 million......

So given this news, if you were an investor looking to invest in akerrons hhp project, would you invest?
Reckon hhp is moribund.

Han Solos Other Ship wrote:

Someone on the farm posted this link:

[You must be registered and logged in to see this link.]

Minus 8 million......

So on that link, Brent doesn't have a pot to piss in let alone millions to re-build the ministand   

You boys seem far too happy that your clubs two major backers seem to be in trouble.

Brent will be fully insulated from this, as will Nikkk, even if they are not prepared to lump their own cash in, and I would suggest Nikk is not of that mind, the worst thing likely to happen is another admin and a resheduling of your debts, assuming even that the Diddy Stand is out the window you would not be any worse off than you are now, PCC will still own the ground and you will still be playing there.

Pretty much where we at ECFC find ourselves, the backstop is ground ownership by the Council, it reduces the remote chance of a "sugar daddy" sucked in by the possibility of nicking a few quid from any development, but it does ensure that your club will still be playing in its home for the forseeable. It does of course leave you with the problem of Suits milking the club's left tit for all it is worth, an area where ECFC could teach you a thing or two.

Fan ownership is the only answer, but not a la ECFC, our Trust is about as effective as a chocolate tea pot, but properly set up and run, Bayern Munich being far and away the best example, it is the shibboleth.

Can someone please post a link to the Farm thread?

Yea Man wrote:

Han Solos Other Ship wrote:

Someone on the farm posted this link:

[You must be registered and logged in to see this link.]

Minus 8 million......

So on that link, Brent doesn't have a pot to piss in let alone millions to re-build the ministand   

I'd go further, reckon the only person with any actual, real, money to invest in pafc presently is.....TW. Which is not so good.

Lord Tisdale wrote:

You boys seem far too happy that your clubs two major backers seem to be in trouble.

Calm yourself sugar tits. We are not happy that our financial backers are seemingly more and more in the shite. We are feking smug because the freaks and wierdos on this site have been right all along, again, and a feking gain.

But still - look how far we've come.

Right - gotta go milk the chickens.  


FIN...............