James Bennett and Steve Absolom from KPMG’s Restructuring practice were appointed joint administrators to Kasterlee UK Limited.
On 15 June 2020, James Bennett and Steve Absolom from KPMG’s Restructuring practice were appointed joint administrators to Kasterlee UK Limited, which traded as Croydon Park Hotel, a four-star hotel with 211 rooms based in the heart of Croydon.
While the hotel had been closed to visitors since lockdown measures were introduced in the UK on 23 March 2020, it had been used in recent weeks by the local authority to provide temporary accommodation for key workers, as well as shielded accommodation for vulnerable people in the local community.
However, with that arrangement coming to an end on 14 June 2020, and with the impact of Covid-19 having a significant impact on the company’s cash position, the directors of the business took the difficult decision to appoint the joint administrators.
Regrettably, all 91 members of staff have been made redundant. The joint administrators are speaking with all employees to provide them with all available support and assistance.
The joint administrators are now considering their options to realise value for the business. Any parties with an interest in purchasing the lease should contact Terri Mulgrew at KPMG as soon as possible and before 26 June 2020.
For further information, please contact:
Katy Broomhead, Senior PR Manager
Tel: 0161 264 4623 / 07824 537963
KPMG Press Office: 020 7694 8773
KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
© 2020 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.