The budget hotel company is working with financial services group Meghraj, whose high net worth customers are being asked to create a £100 million acquisition fund, known as Tamesis Capital. Meghraj's clients have already put £20 million into the kitty, and are being asked to double that figure.
Tamesis will borrow a further £60 million, while Travelodge will invest just £500,000.
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Monday, October 5, 2009
Britannia Hotels back in profit and expects to defy downturn
Britannia Hotels Ltd, the privately-owned chain controlled by Alex Langsam, has returned to profit thanks to lower operating costs.The company, which owns 34 hotels made a pre-tax profit of £889,000 in the year to March 31, 2009, compared with a loss of £3.6m in the prior year, when the group spent heavily on refurbishments. Turnover rose 3.25 per cent to £40.5m.
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