1,100 Jobs Saved by FRP Advisory in Hotel Caterer Sale
FRP ADVISORY administrators have managed to agree a sale of collapsed hotel chain Hotel Solutions to Housekeeping Solutions.
Jason Baker and Geoff Rowley, partners at FRP Advisory, were appointed joint-administrators to the Wembley-based hotel and catering business on 27 March.
As part of the deal all outstanding contracts at Hotel Solutions have been sold to Housekeeping Solutions.
A statement fr om the administrators said although the company was successful in winning contracts, it accumulated trading losses and liquidity problems racking up large debts to HM Revenue & Customs and other creditors.
Baker (pictured) said: "We are pleased that the sale to Housekeeping Solutions has helped secure 1,100 jobs and safeguarded a continued service to its customers.
"Due to the pressure of the month end payroll we had a very lim ited time to achieve a sale. In our view this is an exceptional result for the business, its customers and its employees because the alternative would have been a shutdown and closure, almost certainly this week."