Bermans advise Administrators of Bolton Whites Hotel Limited
The Manchester insolvency team at Bermans advised Andy Hosking, Sean Bucknell and Michael Kiely of Quantuma LLP as Administrators of Bolton Whites Hotel Limited.
The Hotel was a subsidiary of Bolton Wanderers Football Club and operated a 125 bed, 4- star hotel, from premises in the South Stand of Bolton’s Stadium. It provided conference, banqueting and leisure facilities and match day hospitality for the football club from a number of function suites and hospitality areas around the stadium.
Football Ventures (a consortium with financial backing from Pink Floyd drummer Nick Mason) ultimately bought the hotel and the football club together in a deal which maximised value for the creditors of both club and hotel, securing Bolton Wanderers continued league status and preserving the employment of both the club and the hotel’s staff.
The deal was at an advanced stage of negotiations between the Administrators of both the Club and Hotel, three secured lenders (including former chairman Ken Anderson and the Eddie Davies Trust) and Football Ventures when an injunction obtained by former Watford owner Laurence Bassini cast doubt on the ability of the parties to complete the transaction. However, after the issues raised by the injunction were urgently reviewed by the court, Football Ventures were able to complete the deal and spare Bolton the fate of north west neighbours, Bury.
Bermans Head of Insolvency, Phil Farrelly said:
“I am delighted with the outcome, this is great news for Wanderers’ supporters as well as the staff and customers of the hotel who we know all felt a huge sense of frustration through the process.
“With two separate administrations, half a dozen stakeholders all represented by lawyers and EFL requirements to be considered, the deal was highly complex with many different parts to bring together against the clock.
“The Bermans team were delighted to be involved and worked tirelessly to complete this deal, and we wish Football Ventures well in the months and years ahead.”