E&Y saves site of next year’s British Open


Administrators from Ernst & Young have found a buyer for a large part of
the portfolio of the London and Edinburgh Swallow Group, securing the future of
the Carnoustie Golf Hotel, site for next year’s Open golf tournament.

E&Y sold off the portfolio of pubs and hotels to the Flodrive Group, the
property business of Tony Khalastchi, one of the UK’s biggest private investors.

According to reports, Flodrive and its investment partners have paid over £1m
to take over leases on the properties, which includes the Carnoustie Hotel.

E&Y stepped in at the hotel group last week after it announced that
restructuring through an insolvency process provided the best option for the
struggling business.

In a statement, E&Y said: it was ‘pleased to announce the sale, subject
to contract, of the business and assets of 240 hotels and pubs to Flodrive
Group, with their joint venture partners’.

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