HOSPITALITY giant Beannchor has confirmed that it is now running the Park Avenue Hotel in east Belfast.
The Irish News revealed yesterday that the group which operates more than 40 outlets, including the likes of the Merchant and Bullitt hotels in Belfast, had stepped in to acquired the financially-troubled Park Avenue.
And in a statement to the paper it confirmed: "We have now taken on operations of the Park Avenue Hotel.
"Over the coming weeks we will seek to review all options and future plans for the business, and our immediate objective will be to preserve employment and continue to serve Park Avenue customers."
It is understood the legalities around the deal for the 56-bed property are due to be completed today.
Beannchor, headed by entrepreneur Bill Wolsey, is likely to plough significant investment into its new acquisition, which has been trading at a loss for some years.
The four-star Park Avenue, which has around 60 staff on its books, has been operating under a Company Voluntary Arrangement since October 2016.
When the arrangement was put in place, it had liabilities of almost £600,000, with its biggest creditor being the taxman to whom it owed £425,000.
The stellar-performing Beannchor, the north's largest hospitality group, operates a host of outlets including The National, Dirty Onion and Cloth Ear in Belfast, and the popular Little Wing Pizzeria chain of restaurants.
