Thai takeover of Scots hotel group

Crerar Hotels’ CEO Paddy Crerar (left) and FD Nigel Dearnley.

SCOTTISH hotels firm the Crerar Hotel Group is to be sold to a Thai conglomerate for an undisclosed sum.

The deal, which is expected to be completed by the end of August, includes Crerar’s portfolio of 12 hotels in Scotland, one in Yorkshire and short break company – – which operates from its central offices in Edinburgh.

New owner FICO Castle – a subsidiary of FICO Holdings (UK), whose parent company is Bangkok-headquartered FICO Corporation – has appointed FICO Holdings-owned Jupiter Hotels to operate the hotels. The deal takes FICO’s number of Scottish hotels to 19.

A spokesman for Crerar Hotel Group, which has a turnover of around £30 million and employs 590 staff, said FICO is a “very able and highly motivated new owner”.

“In particular we were impressed about the focus, care and attention they demonstrated when discussing how the people in the organisation will continue to be given every opportunity to flourish,” he said.

“All hotel and personnel are transferring to the new owners and discussions are underway regarding employees at Crerar Group offices which are also being sold to FICO Castle Ltd to form a new Scottish base.”