Peel plans flotation for new group
Thistle Hotels' former chief executive Robert Peel has bought the first hotel for his new company, called Peel Hotels.
The group was incorporated last November, but started trading on 12 March, following the purchase of the 102-bedroom Bull Hotel in Peterborough, for £3.85m. It has applied to float on the Alternative Investment Market.
The Grade II-listed building includes a 96-seat restaurant with two bars and five conference rooms.
The company hopes to raise £400,000 from the placing of 1.6 million new ordinary shares at 25p each, which will fund the expense of the acquisition and the flotation and provide working capital. The flotation is expected to value Peel Hotels at £1.25m and will leave Peel with a 60% stake in the business.
Peel quit Thistle last winter (Caterer, 4 December, page 12) after the hotel group failed to meet profit forecasts following its flotation the year before.