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Monday, 25 October 2010

Administration looms for Maypole Group plc

In a Stock Exchange announcement this evening Aim listed Maypole Group Plc said that its bankers Clydesdale Bank plc had demanded repayment of all its loans to the company. Accordingly, the company is in discussions with the bank with a view to appoint administrators. In a strange statement to the exchange it appears that the rebranding exercise for the business precipitated its problems.

Maypole group were set up as an acquisition vehicle for the purchase of luxury hotels. In February 2004, the Company raised £607,798 by way of a private placing to assist with its first acquisition, which was the 32 bedroom Wroxton House Hotel in Banbury. Hotels in their ownership also include the 15 bedroomed Wayford Bridge Hotel in Norfolk

So again, it looks as if the banks are getting tougher on companies as part of trying to draw a line under the credit crunch. Take a look at our page on the banks view. If you get any of these warning signs then you need to act. The bank is a secured creditor and they can appoint administrators if they have a debenture.

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