Jurys Inn owner bids to renew bank loans
Published 18/11/2011 | 05:00
THE company behind the Jurys Inn hotel network is in "advanced discussions" with its banks to renew its banking facilities.
In accounts just filed with the Companies Office, the directors of Vesway Ltd, which owns Jurys, said they are in "advanced discussions with the group's banks and believe that the syndicate will continue to provide financing to enable Jurys Inn to meet its obligations as and when they fall due for the foreseeable future on comparable terms".
The group's bank borrowings are currently due for repayment at the end of the month.
Jurys is in talks with Royal Bank of Scotland to restructure its balance sheet, with the lender appointing the accountants PricewaterhouseCoopers to manage the process.
Jurys Inns were bought by developer Derek Quinlan in 2007 who then sold part of his stake a year later.
Vesway, which reports in sterling, wrote down the value of its assets by some £436m (€500m) last year, pushing the company into an overall loss of £461m (€540m). At an operating level, however, the company performed well, reporting a £7.2m (€8.4m) profit. Turnover was up £7m at £138m.
Jurys has hotels in Dublin, Cork and Limerick as well as the UK and Czech Republic.