Crerar Hotel Group Announce sale to FICO Castle Ltd, 21st July 2017
“Offical Press Statement”
Privately owned Crerar Hotel Group Ltd, a hospitality company of principally owner operated hotels under the brand of Crerar Hotels (EST 2006) are pleased to announce the anticipated sale (subject to contract completion) of their entire portfolio of hotels consisting of 12 hotels in Scotland and one hotel in Yorkshire.
Pictured above; Paddy Crerar, Chief Eeceutive Officer (top left) and Nigel Dearnley, Group Finance Director & Company Secretary (bottom right)
In addition to the hotel assets, the brand name Crerar Hotels has also been sold to the same buyer as has their short break company www.easy-breaks.com which operates from their central offices in Edinburgh.
The Crerar Hotel Group also own Crerar Management Ltd, a highly successful specialist in the recovery of underperforming hotel assets – Crerar Management Ltd has been retained by Crerar Hotel Group and is currently focused on consultancy in the same field of specialism.
The buyer of all hotels, Crerar brand names and Easybreaks is FICO Castle Ltd a subsidiary of FICO Holdings (UK) Ltd whose parent originator is Bangkok headquartered FICO Corporation (www.ficocorp.com).
FICO Holdings (UK) Ltd is a JV owner of Jupiter Hotels www.jupiterhotels.co.uk. Jupiter Hotels have been appointed to manage operations following acquisition by FICO Castle Ltd.
A spokesman for Crerar Group commented;
“We are delighted to announce that subject to legal contract we intend to sell all of our assets, www.easy-breaks.com and Crerar hotel brand names to FICO Castle Ltd. Having been in discussions with FICO Castle (who are a wholly owned subsidiary of FICO Holdings (UK) Ltd led by Bangkok based entrepreneurs Krit Srichawla (CEO) and Sanjay Singh (MD) for over a year and believe that we have found a very able and highly motivated new owner to take on and develop what we have started.”
"The discussions undertaken over the last year have been entirely positive and we feel very certain that the new owners input and fresh global perspective will bring out the best in our soon to be former hotels and associated business interests. In particular we were impressed about the focus, care and attention they demonstrated when discussing how the people in the organisation will continue to be given every opportunity to flourish.”
“The proposed takeover date is late August and we see no barriers to that being achieved. All hotel and www.easy-breaks.com personnel are transferring to the new owners and discussions are underway regarding employees at Crerar Group offices which are also being sold to FICO Castle Ltd to form a new Scottish base”.
“ This sale is very positive for all parties and in particular for the Crerar Trust who I am delighted to confirm will, in due course, benefit by receipt of more than half of the net proceeds allowing the Trust to enhance and continue the great work it has achieved supporting communities and charitable causes around Scotland.” (Note – Crerar Trust has received more than half of Crerar Hotel Groups distributable profits. Subsequent distributions to charities and worthy causes around Scotland have totalled in the region of £7m over the last 10 years. Paddy Crerar is Trustee and Chairman of Crerar Trust as well as CEO of Crerar Hotel Group)
“We have been very lucky to have had a two amazing supporters over the years and it’s important that we pay tribute to them. Thank you ,firstly our great General Managers and the fantastic teams of first class hospitality people they have with them – hospitality is all about people and they are exemplars of what great hospitality is about. And of course without the many, many loyal customers of both Crerar Hotels and www.easybreaks.com we would have had nothing. I know both these supporters will very much enjoy a refreshed approach that will come with the enthusiasm of new ownership.”
“We would like to thank all of those involved in assisting us getting to this point in what is a carefully delivered extremely amicable agreement, and look forward to continue to work with them to the conclusion date. In particular the teams led by our advisors Julian Troup (Head of UK Hotels) Colliers International, who handled the confidential marketing, Andrew Blain (Partner) Shepherd and Wedderburn LLP and Jamie Younger (Partner) Saffery Champness.”
Crerar Hotel Group Hotels include;
- Ben Wyvis Hotel, Strathpeffer
- Chevin Country Park Hotel & Spa, Otley
- The Craiglynne Hotel, Grantown-on-Spey
- The Deeside Inn, Ballater
- Eight Acres Hotel & Leisure, Elgin
- Glencoe Inn & Gathering, Glencoe
- Golf View Hotel & Spa, Nairn
- GoGlasgow Urban Hotel, Glasgow
- Isle of Mull Hotel & Spa, Craignure
- Loch Fyne Hotel & Spa, Inveraray
- Oban Bay Hotel & Spa, Oban
- Scotlands Hotel, Pitlochry
- Thainstone House, Inverurie
Total bedroom count 853
Including www.easy-breaks.com, Crerar Hotel Group Ltd employ circa 590 people, a large proportion of which are seasonal or flexible workers.
(Crerar Hotel Group Senior Leadership Team: Paddy Crerar CEO, Nigel Dearnley FD, Stacey Fleming S&M, Linda Watson Ops, Karen McGovern (Finance), Michelle Robertson HR & Admin and Donald Henderson GM Easybreaks)
Net turnover for Crerar Hotel Group Ltd in 2017/18 is forecasted to top circa. £30,000,000
No employee or director is authorised to make any press comment other than:
Press contact number: 0131 561 1203 or 07920 574 801
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