MWB Group Holdings announced on Friday that it will enter administration as it is unable to meet its liabilities.
MWB Group Holdings, London, the parent company of the Malmaison and Hotel du Vin hotel chains, appoint two insolvency practitioners at Deloitte LLP as joint administrators to the company. The company is insolvent after its 75%-owned subsidiary MWB Business Exchange withheld monthly payments to MWB Group two weeks ago and it has been unable to refinance or find a buyer.
MWB said that its subsidiary MWB Malmaison Holdings, which operates Malmaison and Hotel du Vin, will continue to operate as normal.
MWB Group Holdings saw its founder Richard Balfour-Lynn step down in March amid a dispute with the company’s largest investor, Pyrrho Investment, Hong Kong, over the company’s declining share value.