Latest news
£463m loss for Jurys Inn's holding company
By Pete Hayman
Vesway, the Ireland-based holding company behind the Jurys Inn hotel group, is to report a loss of £463m for the year to December 2010 due to a number of exceptional charges.
According to the Telegraph, Vesway will file accounts at Companies House detailing a £212.7m write-down against Jurys Inns' assets, when compared with a 2007 valuation.
The newspaper also said that Vesway were hit by interest payments and a £223.9m goodwill impairment, although Jurys Inns did see a 5.9 per cent growth in sales.
Meanwhile, PricewaterhouseCoopers has been appointed by Jurys Inns' lenders, led by the Royal Bank of Scotland, in a bid to help the group reduce its debts totalling £652m.
It came after Jurys Inns breached covenants, which has led to talks between the company and its lenders in a move that could see loans converted into shares.
Details: www.telegraph.co.uk
Vesway, the Ireland-based holding company behind the Jurys Inn hotel group, is
to report a loss of £463m for the year to December 2010 due to a number of
exceptional charges.
HHR,HOT
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