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Receiver appointed to whites

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  • 16-07-2009 9:25pm
    #1
    timmywex
    Registered Users Posts: 2,626 ✭✭✭


    http://www.belfasttelegraph.co.uk/breaking-news/ireland/business/.htmliver-appointed-to-whites-hotel-in-wexford-14411789.html
    A receiver has been appointed to White's Hotel in Wexford due to financial difficulties triggered by the economic crash.


    The four-star resort will continue to trade as normal during the receivership process and Kieran Wallace of KPMG says he hopes to be in a position to announce a new operator shortly.

    The hotel's management says it is confident that it will be able to trade successfully and profitably into the future.

    It would be terrible news if something were to happen to whites, but really i think the location is safe, even if it was to close i can see another hotel or group buying the place, amazing location adn building. Its just the jobs that id be worried about, and this isnt great publicity, most people wouldnt want to book a place that could easily close and run away with thier money:cool:


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    #2
    [Deleted User]
    Posts: 5,589 ✭✭✭ [Deleted User]


    Jesus, they haven't been operating that long since the revamp..


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    #3
    southofnowhere
    Registered Users Posts: 258 ✭✭southofnowhere


    Deleted User wrote: »
    Jesus, they haven't been operating that long since the revamp..

    That's the problem.

    It cost so much and now the value of the hotel (and every other building in the country) has plummeted the debt burden is very, very high.

    Hotel turns a profit.

    High Court action on the way though regarding the shelf company created for that revamp. Best not to go into all that here though.


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    #4
    [Deleted User]
    Posts: 5,589 ✭✭✭ [Deleted User]


    Yep, no discussion of ongoing legal cases please!

    However, its not the value of the hotel (it could be in a state of negative equity) but the turnover. Obviously, it can't take in enough to cover its costs.

    Pity really, I used to go to the bar/lounge for coffee whenever I was down there.


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    #5
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭Sully


    Was only in their once for a conference and it seemed nice. Never stayed though. Its got mixed reviews on TripAdvisor - what is it exactly like to stay in?


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    #6
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    Apparantly the Maldron Group (Quality Hotel among others) have bought Whites. Heard it from a guy who works up there last night.


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    #7
    ramblingcelt
    Registered Users Posts: 82 ✭✭ramblingcelt


    Have heard the health club have to lower their fees as membership is so low. Was told they expect full membership to drop from 660 to below 500!


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    #8
    D.W
    Closed Accounts Posts: 218 ✭✭D.W


    Its no real surprise that any hotel in this day and age goes into receivership. Too many were built on the back of tax exemptions. Whites will now be run by Pat McCann -think thats his name formerly of Jurys and now of Maldron (formerly Quality Hotels) so a very savvy guy. However I think he will have his work cut out for him as every hotel in every town and city is feeling the pinch big time. Just look at Lynch Hotel Group, Dunne Hotel Group etc.. A sign of the times unfortunately and 4 and 5 star hotels-whites being 4 will be hardest hit.


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