Hotel chain robust despite debt
It's still business as usual at Malmaison despite news that the boutique hotel chain's parent company has fallen into the hands of administrators.
Shares in MWB Group Holdings were suspended earlier this month over an £8m debt and the company confirmed the appointment of Deloitte as administrators late last week.
The debt is owed to a subsidiary of the company, MWB Business Exchange, but both Malmaison and upmarket sister chain Hotel du Vin are said to be performing profitably and ahead of expectations.
"This development has no impact on Malmaison and Hotel Du Vin, with both businesses are performing strongly with both sales growing and profits ahead by 14% over the last four month period on a like for like basis," the company said in a statement.
Malmaison and Hotel du Vin CEO, Gary Davis, confirmed the hotel chains are profitable.
"Both have performed well this year and we continue to see improvements in trading," he said.
"Occupancy continues to improve with resilient room rates and recent management initiatives continue to deliver growth. We look forward to the Christmas season and a successful 2013."
There are 26 branches across the Malmaison and Hotel du Vin stable including a Malmaison hotel in Belfast.