Fladgate LLP has acted for Akkeron Hotels Group Limited (Akkeron) on the acquisition of ten hotels from the administrators of Butterfly Hotels Limited and Crowne Hotels Limited. This transaction will increase the number of Akkeron hotels to 36, employing 1,630 people and with a combined annual turnover of c£57m, cementing its position as one of the largest regional hotel operators in the UK. The acquisition was funded with a combination of existing resources and a new 15 year credit facility.
The hotels, trading under the Best Western, Ramada and Holiday Inn Express brands, include a mix of leasehold, freehold and operating agreements. Akkeron plans to grow its business into a leading provincial UK hotel business with a portfolio of up to 150 hotels across the UK.
The Fladgate team was led by partner Anthony Vaughan along with partners Kim McMurray (real estate finance), Jeremy Whiteson (corporate) and Eddie Powell (IP).
Commenting on the acquisition Matthew Welbourn, MD of Akkeron said:
“The Butterfly acquisition brings to us a portfolio of hotels that trade under international brands. I am pleased that we were able to bring the hotels out of administration, thereby safe-guarding hundreds of jobs as well as the interests of other key stakeholders. We were glad to have Fladgate on our team and were delighted with their commercial approach to all aspects of the transaction.”