Signature Living says it has secured a deal to "protect all areas of [its] business and investors" – and stated that it now hopes to open four more hotels complete with 500 new jobs.
Like most across the hospitality industry, the Liverpool-based hotel company run by Lawrence Kenwright has had a torrid 12 months, suffering the impacts of Brexit uncertainty followed by the coronavirus effectively decimating the sector.
The pandemic saw multiple parts of the Signature Living business fall into administration, including parent company Signature Living Hotel Ltd.
But on Tuesday, the firm stated it had come to an agreement with investors to refinance the parent company, and that its "future is now stronger than ever".
A company statement said: "We have decided to align ourselves with a group of our investors by creating two new companies which will house a range of assets along with our trading businesses.
"These new companies will also be exploring funding options to buy back those assets which have been placed into administration.
"Put simply, this new structure will see Signature Living continue to grow, continue to deliver wonderfully unique experiences for its customers, continue to create new jobs and deliver new hotels and developments."
By the middle of May, six Signature Living firms had fallen into administration – including those behind some of the renowned property group's biggest hotel projects.
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Despite significant challenges, the company, which has also been subject to complaints from various investors through the years, reopened on July 3 in line with Government lockdown easing measures.
At the time, it said its two aims were to successfully trade through these challenges and eventually return all the assets to their former values.
On Tuesday, the firm reported that it had "successfully traded through the challenges", hitting 90% occupancy levels.
The statement said Mr Kenwright's company is now looking into options to refinance parent company Signature Living Hotels Ltd, which fell into administration in June – by turning some of its investor debt into long-term loans.
The company said that initially proved to be an "almost impossible task with the business terrain that lay before us".
But following a series of meetings with stakeholders, the firm said a deal "which protects all areas of the business and its investors" was secured.
According to Signature Living, each of the new companies will have its own chairperson, who will be appointed by investors, while Mr Kenwright will take up the role of CEO.
The statement added: "Our aim is to trade all assets until normal profitability returns – and with it normal valuations- ensuring all investors realise a positive outcome from their investment, as Signature Living carries on with its expansion."
The statement also said that the firm has continued with various developments throughout the pandemic – and within the next six months, plans to open four more hotels, creating 500 new jobs.
No details were given but "information will follow in due course". It added: "We believe that our future is now stronger than ever."
The coronavirus and Brexit uncertainty are the latest setbacks in what's been a turbulent two years for Mr Kenwright's firm, which has included investors pumping huge funds into subsequently delayed schemes voice fears they may never see returns.
Mr Kenwright has since said it was only a small number of around 1,000 investors who had ever had problems with the firm. In May last year, he responded to some of the "horror stories" from frustrated investors.
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The statement on Tuesday also revealed that the Signature Living and Shankly Hotel brands are to feature in a four-part BBC One series, to air from September 15.
The firm said the documentary will "represent and enhance the brands in ways no other hotel chain could hope to achieve, particularly at a time of such crisis for our industry".