Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Budget hotel chain Travelodge is to create 10,000 new jobs as part of an investment drive. Under the 3.5 billion GBP plan, the company aims to open about 40 new hotels each year until 2020.
By the end of the expansion programme the group plans to possess a 10% share of the UK hotel market, taking in 20 million customers a year. Travelodge will concentrate its programme in the greater London area as well as in Wales and Scotland.
The group said it had made the decision to expand as it believes the UK market is on the verge of a renewal. Travelodge's property director, Paul Harvey, said: 'There is no doubt that the UK hotel industry will see a major phase of regeneration over the next decade. The mid-market hotels are suffering from a severe identity crisis as they no longer offer real value to the customer.'
The Travelodge group, which operates 291 hotels in the UK, Ireland and Spain, was bought by Dubai International Capital in a 675 million GBP private equity deal last year. At the time the Dubai-based firm said it planned to make the group the UK's leading budget hotel operator by the 2012 Olympics.
Eurofound (2007), Travelodge, Business expansion in United Kingdom, factsheet number 65417, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/65417.
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