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ADMINISTRATORS at the Bolton Whites Hotel say a “vexatious and spurious” legal claim has delayed the sale of the business – but that they expect to complete a deal with one of two interested parties “over the next couple of weeks”.
A statement released by Quantuma, who have overseen the hotel since it was placed into administration on May 14 by Ken Anderson, has confirmed a willingness to work with the Football Ventures consortium, who are the preferred bidders of the football club.
Football Ventures have nearly lined-up a deal for the club but face competition for the hotel from the wealthy owners of the BooHoo online fashion chain, the Kamani brothers.
Last week’s High Court case involving Anderson’s company, Inner Circle Investments, and the former Watford owner Laurence Bassini has thrown up more problems which require legal work early this week.
Bassini has claimed a breach of contract against ICI over the Slae and Purchase Agreement he signed to buy the club in April this year, and is due to return to court on September 2.
The statement, released by Quantuma to The Bolton News, reads as follows: “Andrew Hosking, Sean Bucknall and Michael Kiely were appointed as the administrators of Bolton Whites Hotel on May 14, 2019. At the date of our appointment the hotel was closed and future bookings were not being taken.
“Within days of their appointment the hotel was reopened and core staff returned to their roles in the business. Payment of the outstanding wages due to all hotel staff was made and full services were once again able be offered to our clients in all areas of the business.
“Having scrutinised the hotel’s commercial contracts it was decided to dispense with the long-standing catering partner and bring all food and beverage services under direct control of the hotel. This change allowed a significant increase in the number of staff employed by the business and will enhance both the quality and profitability of the business.
“The joint administrators are grateful to Prescott Business Park for their assistance throughout this process, particularly in relation to the small improvements programme which is currently being undertaken at the hotel. The improvements in the quality and profitability of the business combined with the improvements being made to the hotel make the business a far more attractive prospect to interested parties. “After consulting with the secure charge holders a disposal strategy was agreed and having received an independent valuation from industry specialists a marketing campaign commenced.
“The joint administrators and the secured charge creditors are extremely conscious of the current precarious position of the football club and every effort has been made throughout our appointment to work with the preferred bidders selected by Rubin and Partners on July 1.
“The joint administrators are mindful of the relationship between the businesses and the advantage of returning them to single ownership and have given every assistance to the advisors of Football Ventures throughout the process.
“The joint administrators do, however, have a duty to all creditors and currently given the current position of the Football Ventures negotiations with the football club administrators and its secured creditors they are duty bound to explore the interest from other parties in the business.
“Following the marketing process seven offers were received. A due diligence process of the bidding parties’ proof of funds and a credibility assessment of the prospective purchasers suitability were undertaken and the legal advisors to two parties are now reviewing the Sale and Purchase Agreements sent to them for consideration.
“There has been a slight delay in the sale process following what is believed to be a vexatious and spurious legal claim. The joint administrators do, however, expect to conclude a sale with the successful bidder over the next couple of weeks.
“The joint administrators are keen to reiterate their position in respect to the football club; they remain committed to giving every assistance to aid a successful solution to their situation, however they can only transact with those bidders who put forward a credible offer that can be considered is in the best interest of the creditors and staff of the hotel.”
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A statement released by Quantuma, who have overseen the hotel since it was placed into administration on May 14 by Ken Anderson, has confirmed a willingness to work with the Football Ventures consortium, who are the preferred bidders of the football club.
Football Ventures have nearly lined-up a deal for the club but face competition for the hotel from the wealthy owners of the BooHoo online fashion chain, the Kamani brothers.
Last week’s High Court case involving Anderson’s company, Inner Circle Investments, and the former Watford owner Laurence Bassini has thrown up more problems which require legal work early this week.
Bassini has claimed a breach of contract against ICI over the Slae and Purchase Agreement he signed to buy the club in April this year, and is due to return to court on September 2.
The statement, released by Quantuma to The Bolton News, reads as follows: “Andrew Hosking, Sean Bucknall and Michael Kiely were appointed as the administrators of Bolton Whites Hotel on May 14, 2019. At the date of our appointment the hotel was closed and future bookings were not being taken.
“Within days of their appointment the hotel was reopened and core staff returned to their roles in the business. Payment of the outstanding wages due to all hotel staff was made and full services were once again able be offered to our clients in all areas of the business.
“Having scrutinised the hotel’s commercial contracts it was decided to dispense with the long-standing catering partner and bring all food and beverage services under direct control of the hotel. This change allowed a significant increase in the number of staff employed by the business and will enhance both the quality and profitability of the business.
“The joint administrators are grateful to Prescott Business Park for their assistance throughout this process, particularly in relation to the small improvements programme which is currently being undertaken at the hotel. The improvements in the quality and profitability of the business combined with the improvements being made to the hotel make the business a far more attractive prospect to interested parties. “After consulting with the secure charge holders a disposal strategy was agreed and having received an independent valuation from industry specialists a marketing campaign commenced.
“The joint administrators and the secured charge creditors are extremely conscious of the current precarious position of the football club and every effort has been made throughout our appointment to work with the preferred bidders selected by Rubin and Partners on July 1.
“The joint administrators are mindful of the relationship between the businesses and the advantage of returning them to single ownership and have given every assistance to the advisors of Football Ventures throughout the process.
“The joint administrators do, however, have a duty to all creditors and currently given the current position of the Football Ventures negotiations with the football club administrators and its secured creditors they are duty bound to explore the interest from other parties in the business.
“Following the marketing process seven offers were received. A due diligence process of the bidding parties’ proof of funds and a credibility assessment of the prospective purchasers suitability were undertaken and the legal advisors to two parties are now reviewing the Sale and Purchase Agreements sent to them for consideration.
“There has been a slight delay in the sale process following what is believed to be a vexatious and spurious legal claim. The joint administrators do, however, expect to conclude a sale with the successful bidder over the next couple of weeks.
“The joint administrators are keen to reiterate their position in respect to the football club; they remain committed to giving every assistance to aid a successful solution to their situation, however they can only transact with those bidders who put forward a credible offer that can be considered is in the best interest of the creditors and staff of the hotel.”
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