6th Aug 2014 11:18
LONDON (Alliance News) - The Hotel Corp PLC said Wednesday that UK Group of Hotels PLC, in which it holds a 49.92% interest, has gone under administration.
Hotel Corp said Paul Williams and David Whitehouse of Duff & Phelps Ltd were appointed on Monday as joint administrators of UK Group of Hotels, formerly known as Puma Hotels PLC.
Hotel Corp noted that is had already fully-written down its investment in UK Group of Hotels in its accounts as at December 31, 2013.
Last month, Hotel Corp said it was confident that it would be able to stay afloat even if debt-burdened UK Group of Hotels ceased to trade.
Hotel Corp shares were the biggest faller on the AIM All-Share index at midday Wednesday, down 42% at 0.70 pence, having touched a 52-week low of 0.40p during morning trade.
By Mattia Peri; [email protected]
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