Debt-laden Bredbury Hall falls into administration
BREDBURY Hall, the 150-bedroom hotel, wedding venue and conference centre near Stockport, has been placed into administration.
The Manchester office of Duff & Phelps have been appointed by venue’s creditors, who are owed more than £11m according to recent accounts filed at Companies House.
Sarah Bell and David Whitehouse, partners at Duff & Phelps, were appointed on Tuesday.
Set in seven acres of grounds in the Goyt Valley, the venue last year welcomed Prime Minister David Cameron to a reception hosted by chairman and major shareholder Stephen Finch, who runs the £5m turnover business with his son Ross.
Joint administrator Sarah Bell said: “We can confirm that in conjunction with our appointed agents we are conducting a full financial and operational review of the companies and that whilst this is undertaken Bredbury Hall is still open for business and trading as normal.”
Although the business made an operating profit of £468,000 in the year to the end of April 2013, up from £352,000 the year before, after paying more than £1m in interest it made a bottom-line loss of £543,893.
The company’s net debt to its lender, which was Lloyds Bank, but is now understood to be a US-based financial institution, is £11.9m.