A receiver has been appointed to two hotels in the Lynch Hotel Group by Bank of Scotland (Ireland). The two hotels are the Clare Inn Hotel and the Breaffy House Resort.
Michael B Lynch said the bank's decision to withdraw from the Irish market had had a serious impact on the group's ability to access working capital over the winter months.
'We had a duty to move to protect the 500 employees' jobs in our seven properties and do right by their families in these harsh economic times.' Lynch said. He said that the hotels would remain open and continue to trade, after talks with tie bank and receiver.
Lynch Hotel Group said the poor weather before Christmas led to large numbers of cancellations, which was a 'significant blow' for the group.
