Chic Retreats placed in to administration

George Sell By George Sell
27 July 2018 | Updated 27 July 2018

UK: Boutique hotel booking platform Chic Retreats has gone in to administration.

Chic Lifestyle Limited, the company behind the Chic Reatreats site, entered administration on 26 July 2018, with Andrew McGill and Adam Stephens of Smith & Williamson appointed joint administrators.
 
The company charged a SaaS fee to small independent boutique hotels to join the platform helping them to market and manage their room availability and rates to maximise their levels of occupancy and revenue per room. The company also charged a commission for all bookings through the platform.
 
The business had a headcount of 23 at its peak and all staff have now been made redundant following to the administrators' appointment.
 
Andy McGill said: "The next round of funding could not be completed and so the company needed to explore alternative options which culminated in the directors taking steps to place the Company into administration. We have engaged a small team to maintain the platform and allow the business to continue operating whilst we seek interested parties to acquire the business and assets of the company. We have already identified a list of potential interested parties in the sector and we are directly approaching possible buyers, advertising on a business sale platform plus using word-of-mouth marketing through our contacts in the technology sector."
 
Companies interested in purchasing the company's assets are encouraged to contact Smith & Williamson for further information.

Be in the know.

Subscribe to our newsletter »
Subscribe

Our Events

Thank you sponsors

Subscribe to our Newsletter »