THE company which owns Devon’s art deco Burgh Island Hotel has debts of more than £130 milliom and is paying £7m in interest on its loans each year, it can be revealed.
Office Space in Town Ltd (OSiT), which bought the hotel on the South Hams coast in 2018, has borrowed huge sums and is relying on London property prices to remain stable in order to avoid breaching covenant terms which would mean loans having to be immediately repaid and potentially leading to the business going bust.
The company, which mainly owns and leases serviced offices in London and Cardiff, took on nearly £130m of debt when it took total control of subsidiary company LSO Services Group last year. In addition, the Burgh Island Holdings Ltd (BIH) subsidiary, which runs the famous Grade II-listed hotel and the island’s pub, The Pilchard, borrowed nearly £5m to buy the 1930s property in 2018 and had to rely on a 12-month covenant waiver from Coutts and Co, after it was adversely affected by the Covid pandemic and made combined losses of more than £1m during 2020 and 2021.
Diese Geschichte stammt aus der April 17, 2023-Ausgabe von The Herald.
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