QHotels in administration

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UK-based QHotels Group has called in administrators from PricewaterhouseCoopers.

QHotels, backed by Alchemy Partners, will be transferred to a new holding company controlled by the Irish Bank Resolution Corporation, which holds £370m of the group’s debt.

Tim Scoble, former Thistle Hotels chief executive and non-executive director of Rank Group, has been newly appointed as chairman to oversee a three-year restructuring instead of an immediate sale, the Times said.

The group has taken off the market four hotels valued at £50m it had intended to sell to reduce its debt.

QHotels has a turnover of £130m.

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