Ramada Jarvis mulls options to tackle credit crunch
John Jarvis, the founder and chairman of Ramada Jarvis, has admitted that the 42-strong hotel chain might have to restructure its £110m debt burden or sell some properties.
The leisure market has been badly hit by the credit crunch and many of the big hotel groups are thought to be looking to ease the terms of their loans.
Mr Jarvis said: "The hospitality business has levelled out. If we were to do this, a restructuring could look at the whole debt package or we might look at [selling] some of the portfolio."
"All bright management will be looking at their options."
Mr Jarvis floated the business in 1996, and led a management buyout backed by Irish venture capitalist Lioncourt seven years later.
The company was worth about £300m when it was listed on the stock exchange and was taken private for £159m.
Mr Jarvis is a former chairman and chief executive of rival hoteliers Hilton International.
Woolwich terror attack: Suspect Michael Adebowale saw friend 'literally sliced to pieces' in 2008
Emergency landing at Heathrow sparks further controversy over London airport capacity
Unrest may spread across Europe, warns Red Cross chief
EDL marches on Newcastle as attacks on Muslims increase tenfold in the wake of Woolwich machete attack which killed Drummer Lee Rigby
You want to get an Eton scholarship? All you need to do is answer four (not so simple) questions
- 1 What, let gays get married? We must be bonkers
- 2 Rocky Horror star Tim Curry 'suffers major stroke'
- 3 Exclusive: How MI5 blackmails British Muslims
- 4 EDL marches on Newcastle as attacks on Muslims increase tenfold in the wake of Woolwich machete attack which killed Drummer Lee Rigby
- 5 Farewell, Shameless. Your heirs have work to do
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.