Savoy Hotel chairman Sir Ewen Fergusson

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The Independent Online
Savoy Hotel chairman Sir Ewen Fergusson told shareholders at yesterday's annual meeting that the company will have spent pounds 60m by next summer on a programme to restore the group's hotels to "their former glory".

The group had a long way to go to achieve its potential but "next year and in the years that follow we shall have created a firm platform for continuing long-term improvement and the board looks forward with keen anticipation to the future." During the year Granada took over the Savoy's major shareholder Forte. It intends to sell the Forte stake.