Hanover International is to buy six hotels from UFB Group, a subsidiary of Paribas. The £40m acquisition is to be funded through a placing and open offer underwritten by UBS. The four-star hotels are all located close to either the M1 or M4 motorways. They were built in the late 80s at a cost of £55m – £60m, but the chain went into receivership in the recession.
Peter Eyles, chairman of Hanover Internatonal, said the company was looking to develop four-star hotels with conference facilities. The latest acquisitions are: The Hinckley Island Hotel, Leicestershire; Kirtons Hotel near Reading, Berkshire; Daventry Hotel, Northamptonshire; Randalls Hotel, North Yorkshire; Springfield Park Hotel, Huddersfield in West Yorkshire and the Ashbourne Lodge Hotel in Derbyshire.
- Financial Times 23/0796 page 19, 21
- The Times 23/07/96 page 26
- The Independent 23/07/96 page 19
- The Telegraph 23/07/96 page 21
