Help - Wedding Venue in administration!!

Ive_A_Horse_Outside

Hi Everyone. Today my fiancee and I heard the news that our hotel reception venus has been placed in administration with deep financial troubles. We are really upset as the hotel was the venue of our dreams. Not cheap at all but we have worked and saved hard for it. The news stories have said the administrators plan to honor bookings and even seek more bookings but this could just be a smokescreen to keep people from cancelling bookings etc.

Im totally lost as to what to do. We had no plan B as we figured this 5* hotel was so secure and reputable and would not be in this position ever. The only good thing i suppose is that we have just over a year to go till the big day so have time to find a replacement that would be as nice as this place.

Im not at all clued in to accountancy, legal and business so really dont know what this actually means. Have we lost our deposits? Will they keep trading until next June? God im in a mess! Sorry for the ramblings. Any advice from anyone would be nice. Thanks.

alarafan

Usually administrators are brought in to try and get a business's accounts in order and to see if they can keep trading after they have had financial difficulties. It is usually in the creditor's best interest for the business to be sold as a going concern as that way they are likely to recover more money than if they just shut the whole thing down and sell the furniture, for example. It is probably most likely that there will just be new owners as if it is an established business they will try to keep it going. Sorry you are going through this stress and I hope it all works out. Maybe wedding insurance will cover the cost of a new venue even if it is slightly more than what you had originally paid.

Ive_A_Horse_Outside

alarafan wrote: »

Usually administrators are brought in to try and get a business's accounts in order and to see if they can keep trading after they have had financial difficulties. It is usually in the creditor's best interest for the business to be sold as a going concern as that way they are likely to recover more money than if they just shut the whole thing down and sell the furniture, for example. It is probably most likely that there will just be new owners as if it is an established business they will try to keep it going. Sorry you are going through this stress and I hope it all works out. Maybe wedding insurance will cover the cost of a new venue even if it is slightly more than what you had originally paid.

Oh ok thanks. So maybe it will still be open in a years time? We do have insurance thankfully but its just all a bit stressed here at the min to go thru the finer details. Funny we got the insurance out after reading this site and hearing about ecclesiastical (spelling is rubbish sorry) so hopefully we wont be out of pocket.

wifeforlife

I'm in NI so I think I know your venue, I work along side the administrators for a different company and they are definitely keen to run it, and hopefully secure a sale. I think you'll be grand!

If it is the lough, my friend got married there in September last year, best wedding I've ever been too, if we could afford it I would want to book it too!

X

Ive_A_Horse_Outside

cathy2702 wrote: »

I'm in NI so I think I know your venue, I work along side the administrators for a different company and they are definitely keen to run it, and hopefully secure a sale. I think you'll be grand!

If it is the lough, my friend got married there in September last year, best wedding I've ever been too, if we could afford it I would want to book it too!

X

Hi Cathy - Yep its the same resort. My sister got married there in 2008 and I proposed to my fiancee there too so we both really love the place. As you say its fantastic.

So you think it will be ok and will honor existing bookings?

Thanks

twirlypinky

I think you'll be fine - even if new owners take over and buy it, they would be mad to turn away already exsisting business. Try to not stress about it. I think i would be tempted, even thought they clearly have other things on their minds, to pop in and just say you heard in the press that things were going on, and you just wanted to check your booking was still in place, or something like that.

trying_2_b_good

Also contact your insurance company now to keep them in the loop and get some advice about what they think that you should do???

sandraann

I'm also from N Ireland and hope it works out for you.It's such a massive enterprise that the chances of a new owner in the near future seem remote.My real concern would be the whether they can mantain the 5 star service standards in a business which is under administration and that's what you've paid a premium price for.I didn't read the Fermanagh papers this week but maybe they've covered some of these issues and you're certainly not alone.I work as a wedding photographer and was amazed at the number of queries i had regarding weddings in that venue, especially for april next year.