Shares suspended of Glasgow Airport hotel operator
16.01.09
The Real Hotel Group has suspended its shares on the Aim stock exchange pending clarification of the its financial position, businesstravelworld reports. The group operates more than 50 hotels including the Purple Hotels budget brand, which has properties in Birmingham, Cambridge and at Glasgow Airport.
In a trading statement earlier this week, the company said that data for the first seven days of January indicates a reduction in revenue from its continuing operations of 34% compared with 2007. It said this mainly resulted from a reduction in occupancy and related food sales.
In a statement the hotels company said: ‘Early indications suggest a slower return to work by corporate customers after the Christmas period has impacted the above results. As a result, the group is actively considering its financial position and is in discussions with its bankers, which are expected to be concluded shortly. Should these discussions not be successful, the group will be forced to consider all options.’
The company had already revealed that revenue for the year to 1 January from continuing operations had fallen from £68m to £63m.
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