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Travel 2.0 Travel Hotels Von Essen in administration after defaulting on interest
Von Essen in administration after defaulting on interest E-mail
Jonathan Russell
By Jonathan Russell 6:50PM BST 21 Apr 2011

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Lloyds Banking Group and Barclays called in administrators Ernst &

Young on Wednesday evening after the hotel group failed to make interest payments on its £250m debt pile.

Although the hotel group had been struggling in the downturn The Daily Telegraph understands management were given little or no warning administrators were about to be appointed.

The administration covers the Von Essen Hotels holding company, Von Essen Hotels Ltd. Most other parts of the business set up by Andrew Davis, have not been put into administration allowing the hotels to operate as usual.

Angela Swarbrick, Ernst & Young joint administrator said: "It is business as normal for the hotels and customers of von Essen Hotels can continue to enjoy their stay."

The Von Essen chain includes some of the finest stately homes and castles in the country including Thornbury Castle, Cliveden, Ston Easton Park and Ynyshir Hall.

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They were assembled by Mr Davis over 15 years. The hotel group had long been dogged by rumours about its financial performance with allegations individual hotels had been subject to county court judgements.

The hotel group was thought to have turned its fortunes round with improved levels of service across the chain - until Wednesday.

One of the first jobs for administrators will be to value the hotel chain. In its last set of accounts the properties and assets were valued at £430m. It is uncertain whether a valuation by Ernst & Young will match that value.

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