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Deloitte May Administer MWB Group Bankruptcy
November 16, 2012
By Michael Foster, Big4.com Blogger
Deloitte has been named as a possible administrator for a luxury boutique hotel chain’s bankruptcy proceedings.
MWB Group Holdings owns 26 hotels throughout the United Kingdom under two French brands: the Hotel du Vin, which consists of 14 hotels, and Malmaison, which has 12 hotel locations throughout the UK. Despite their names, each hotel chain was established in the UK, with Hotel du Vin’s first location established in Winchester in 1994.
In a sign that tourism continues to struggle throughout the UK and the European recession has a persistent impact on the British economy, MWB Group is planning to enter bankruptcy proceedings to pay for £8 million ($12.7 million) in outstanding debt to its subsidiary in addition to other liabilities to other parties.
MWB is a publicly traded company with shares listed on the London Stock Exchange. Trading of its shares was halted when it became known that the company was intended to offset a £4.8 million liability against the £8 million loan and potentially enter bankruptcy proceedings. The company’s stock has plummeted over 80 per cent in the past year, and the company has been operating at a loss since 2011.
Deloitte has not commented on its potential work with the hotel chain.