Rehan Ahmed and Tauseef Rashid of business advisory firm Quantuma, have successfully delivered the sale of former Tong Holiday Inn hotel to Tong Marquee Limited, rescuing it out of administration.
Formerly trading as a Holiday Inn, the hotel property dates back to the 19th century and was purchased by Bir Hotels (UK) Limited, in November 2017 for an undisclosed sum. The 59-bedroom hotel was undergoing a phased refurbishment when IHG Hotels & Resorts served notice to withdraw its Holiday Inn brand in December 2021.
Along with the impact of the pandemic, the withdrawal of the hotel brand made trading difficult, which led to Quantuma being appointment as administrators in January 2022.
Despite encountering initial issues which made selling the freehold difficult, Quantuma was able to work together with Sanderson Weatherall, agent to the joint administrators, and their advisers, Freeths Solicitors, to secure the sale of the hotel from Bir Hotels to Tong Marquee on 1 November 2022 for an undisclosed sum.
Tong Marquee have confirmed that it intends to continue to trade the property as a hotel from the freehold which will create employment opportunities for the local community.
Rehan Ahmed, managing director at Quantuma, said: “We have worked hard to deliver the best possible outcome for all parties involved, as well as maintaining the longevity of what is an iconic hotel property. The sale of the hotel to Tong Marquee is a positive result as it ensures that jobs are created, as well as providing a return to the secured lender. The hospitality industry has faced an unusual period of tumultuous economic uncertainty, which is why the joint administrators are dedicated to providing the best possible support to businesses during this period of time.”
