Travelodge wins rescue deal vote

on 04/09/2012 14:03:21

Hotel chain Travelodge was thrown a lifeline today as landlords and creditors backed a controversial rescue deal.

Creditors - including landlords across the UK - voted in favour of the plan that will see rent payments slashed across more than 100 hotels and 49 hotels offloaded to other operators.

The company voluntary arrangement (CVA) is designed to allow Travelodge to exit poorer performing leases while also freeing itself of a crippling debt burden.

A significant number of the properties are owned by millionaire Nick Leslau's investment vehicle Prestbury, which is understood to have supported the move.