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The financial Impact upon Menzies Hotel - Term Paper Example

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This paper focuses on two important aspects that influence corporate acquisitions and are cited as part of the purpose of doing the deal: finance and organization.Financial considerations provide quantitative justification, easily understandable in view of the potential growth in assets, turnover, profits…
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The financial Impact upon Menzies Hotel
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Download file to see previous pages CMH is a modern hotel that was constructed by the Queens Moat House (QMH) plc, a corporation that was established by John Bairstow in 1967.  Through acquisitions, the company grew from one hotel (Bairstow’s house in Essex that he converted into a hotel) to 189 hotels in the U.K. and nine other European countries.  QMH was an FTSE 250 company with a market capitalization that collapsed from £728 million in March 1993, immediately prior to its share suspension, to £57.8 million upon relisting in May 1995.
QMH has had a turbulent and controversial recent past as a result of accounting fraud perpetrated by several former top executives, who were investigated in 1993 by the Department of Trade and Industry of the U.K.  A recently published comprehensive report (2004) is available outlining the findings.
One of the key findings concerned the management culture of all QMH properties, which is that Bairstow allowed “hotel managers to manage” their hotels using an incentive scheme that fostered corruption, poor financial and organizational performance, and demotivation amongst workers.  As a result of the investigation, the QMH group was taken over by a consortium of private bankers led by Goldman Sachs, an investment bank, and several corporations (with Whitehall prefixes) registered in the state of Delaware, U.S.A.
These private corporations were established after its investigation, part of a scheme to clean up the company’s balance sheets preparatory to an asset sale, which was finally accomplished on October 24, 2004, when a company named W2001 Britannia LLC bought QMH plc, had it de-listed it from the London Stock Exchange the next day, and a month later changed the name of the corporation to QMH Limited (QMH, 2004).  Nine QMH properties were sold to the Jefferson Group LLP in 2005 for £100 million.
CMH is a 134-room hotel with an 18-hole golf course, extensive conference and banqueting facilities, a restaurant, bar, indoor leisure club.  On January 13, 2006, the Cambridgeshire Moat House was acquired by Menzies Hotels and renamed the Menzies Cambridge Hotel and Golf Club. ...Download file to see next pagesRead More
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