Royal Bank of Scotland is planning to take control of Jarvis Hotels after failing to find a bidder for the company, The Scotsman reports. Jarvis Hotels breached its banking loan agreements two years ago and the value of its business has fallen below its £130 million debt amount.
RBS, which is the main lender to the company with HSBC and Bank of Ireland, has planned a financial restructuring through which the banks might take control. Grant Thorton has been appointed to advise RBS and its banking partners on the debt-restructuring.
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