Folio Hotels is saved by Home House deal

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Administrators from MCR have brokered a deal with Bespoke Hotels, owner of Home House as well as 11 hotels, which is expected to save up to 2000 jobs.

Bespoke is due to take on 13 of Folio's properties, running them on management contracts rather than long-term leases. Nine of those hotels are owned by the Landesberg and Rosenberg families, who control Admiral Taverns, while three are owned by the Reuben brothers.MCR also confirmed that Folio's management group, headed by co-founder Nicholas Crawley, is in discussions about taking on the Folio brand and the remaining hotels.

Folio left debts with a range of suppliers, some of whom tried to recover their assets, ranging from pot plants to air-conditioning units.

One of the administrators, Paul Clark, admitted there had been "a few lively moments" but said: "As far as we can, we have made peace with suppliers."