Member Article

Deloitte appointed as administrative receivers of hospitality group

Deloitte have been appointed as administrative receivers of hospitality firm, Lincoln Group Limited and subsidiaries.

The group, with its headquarters in Middlesbrough, owns and operates the Vermont Hotel and adjoining Martha’s Bar in Newcastle, the Baltimore Hotel in Middlesbrough and the Portland Hotel in Hull.

It has suffered from poor trading in recent years, due to increased local competition and the general economic climate.

Adrian Berry and Daniel Butters, partners at Deloitte, have been appointed as joint administrative receivers.

Mr Berry, said: “The hotels have to varying degrees been affected by the poor market conditions of recent times, and have good underlying businesses in central locations which make them an attractive opportunity for prospective purchasers.

“The hotels have been marketed for sale since June 2011 and there has been significant interest.

“Negotiations with a number of interested parties are at advanced stages and we are confident that going concern sales of the hotels and bar can be achieved.”

The joint administrative receivers have confirmed that the hotels will continue to operate whilst going concern sales are progressed.

Colliers International and Christie and Co were previously appointed by the group as joint selling agents, to market the hotels, and they continue to assist the administrative receivers with the prospective sales of the hotels and bar.

This was posted in Bdaily's Members' News section by Tom Keighley .