Creditors approve Travelodge plan

Creditors approve Travelodge plan

Travelodge’s Company Voluntary Arrangement (CVA) has been approved, meaning the hotel chain can shift some of its contracts.

The budget brand needed 75% of creditors’ backing for approval but was approved by 97% of creditors, including 96% of landlords.

It means the company can now move ahead with its restructuring plans which will see several hotels leave the brand and lower rent at another 109.

Its older hotels will also be given a boost with £75 million from its owners, two New York hedge funds and Goldman Sachs.

Despite rising profits, Travelodge announced its significant debts last month and that it would lose 49 hotels.

 

 

 

Gary Marshall
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