KPMG Upbeat for Early Completion of Suffolk Public Houses Sale
KPMG may get over the sale of 14 hotels and 13 public houses in Suffolk, England ahead of time as only two hotels are awaiting buyers to finalize deals with administrators in the next few days.
KPMG’s role as administrators has been initially extended until July this year after the hotels and public houses were put into the market December 2009, but this early the lookout for buyers is almost over. The hotels and public houses are formerly owned by Elizabeth Hotels but were taken over by Richard Cattermole.
The Suffolk hotels and public houses called in KPMG administrators after it failed to sustain payments for VAT, staff salaries, and insurance liabilities amounting to £1.5 million overall. At present, only the Copdock in Ipswich and the Limes in Needham Market remain at sale.
“Despite the tough economic environment, minimal redundancies have been made and value has been preserved through trading and selling the businesses as going concerns. We continue to deal with the two remaining hotels in the portfolio and are hopeful of concluding the sales process in the next few weeks,” a KPMG spokesperson said.
Suffolk hotels and public houses are just a few of the hospitality businesses that continue to receive heavy beating from the rigid trading conditions.
Early this month, 207 public houses operated by LT Management Services and recovery outfit Licensed Solutions have called in Deloitte administrators as the business went insolvent.