Further legal work delays sale of Bolton Whites Hotel

Administrators of the Bolton Whites Hotel believe a deal can be concluded for its sale within the next couple of weeks.

The hotel is linked to the sale of the League One football club currently under way to preferred bidder Football Ventures, chosen by administrators of the football club, Rubin & Partners.

However, the sale of the hotel has been delayed by administrators Quantuma having to process bids from seven parties, including, it is reported, the Kamani brothers, who own Manchester-based fashion retail chain Boohoo, and what Quantuma describe as a “vexatious and spurious” legal claim.

Two weeks ago former Watford FC owner Laurence Bassini secured a court order against Ken Anderson, former Bolton owner, which brought takeover moves to an abrupt halt. Mr Bassini had claimed breach of contract regarding his previous bid for control of Bolton.

However, last week the order was amended which meant the process regarding the football club could proceed.

Further legal work is required to smooth the sale of the hotel.

Quantuma said it is now considering bids from two interested parties for the hotel, including, it is understood, Football Ventures.

In a statement, Quantuma said: “The joint administrators and the secured charge creditors are extremely conscious of the current precarious position of the football club and every effort has been made throughout our appointment to work with the preferred bidders selected by Rubin and Partners on July 1.

“The joint administrators are mindful of the relationship between the businesses and the advantage of returning them to single ownership and have given every assistance to the advisors of Football Ventures throughout the process.

“The joint administrators do, however, have a duty to all creditors and currently given the current position of the Football Ventures negotiations with the football club administrators and its secured creditors they are duty bound to explore the interest from other parties in the business.

“Following the marketing process seven offers were received. A due diligence process of the bidding parties’ proof of funds and a credibility assessment of the prospective purchasers suitability were undertaken and the legal advisors to two parties are now reviewing the Sale and Purchase Agreements sent to them for consideration.

“There has been a slight delay in the sale process following what is believed to be a vexatious and spurious legal claim. The joint administrators do, however, expect to conclude a sale with the successful bidder over the next couple of weeks.”

It added: “The joint administrators are keen to reiterate their position in respect to the football club; they remain committed to giving every assistance to aid a successful solution to their situation, however they can only transact with those bidders who put forward a credible offer that can be considered is in the best interest of the creditors and staff of the hotel.”