Hotel chain restructure

Free seminar prepares for post-Brexit budget

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THE Travelodge chain of hotels is to restructure its property portfolio after creditors voted to accept a Company Voluntary Agreement.

The chain, which has hotels in Portsmouth and Havant, will have £709m of debt written off, and new investment of £75m to finance a £55m refusrbishment programme. It leases its buildings from landlords, who voted for the CVA.