The Richardson Group, a South West-based chain which operates a collection of five hotels, has entered administration.
Mark Boughey and Matthew Wild from RSM Restructuring Advisory LLP have been appointed joint administrators of the chain, which runs Richardson Hotels Limited and Fowey Hotel Limited.
The collection 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, all situated along the South Devon and Cornwall coasts.
Each property has either three or four stars and all will continue to trade on a business as usual basis while the administrators assess the current financial position and available options.
Mark Boughey, a restructuring advisory partner from RSM and one of the joint administrators 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.
“In the first instance, we would ask any customers and suppliers to raise their initial questions or enquiries directly to the hotels, booking agent or usual contact point at the Companies.”