Richardson Group hotel chain enters administration

Two hotel groups operating as the Richardson Group have entered administration.

Both companies operate five hotels situated along the South Devon and Cornwall coasts. The portfolio includes: the Grand Hotel in Torquay, the Royal Beacon Hotel in Exmouth, the Falmouth Hotel in Falmouth, the Fowey Hotel in Fowey and the Metropole Hotel in Padstow.

Restructuring advisors, RSM Restructuring Advisory, have assigned Mark Boughey and Matthew Wild as joint administrators to handle the case.

All named hotels will continue to trade as usual while the administrators assess the hotel group’s current financial position and available options.

Mark Boughey, said: “We appreciate that there will be a significant degree of concern and uncertainty for staff, guests and suppliers as a result of the companies entering administration. I am pleased to confirm that we will continue to trade all five hotels while we assess how best to proceed and we will endeavour to update all stakeholders as soon as we can.

“All of the hotels offer enviable locations, architecture and facilities, so their rooms are in high demand from both existing and new customers. Whilst things are at an early stage, we are therefore hopeful that a long-term future for of all the hotels can be secured.”