Long sold and the cash used. So they lost an asset worth 16 million and converted into the new edinburgh site worth 4 million. Senior management are the only ones making money here. NAV still decent but I would exit and go elsewhere.
Mastert595 I suspect you are wrong. SSTY has mostly leases. The real value in the business is in 3 Freeholds as the Leaseholds are cannibalised by rent and debt. Margins in hospitality are at a premium with interest rates and landlord's expectations. The properties compete poorly when you look at guest scores in booking.com. Any big player might come in and keep freeholds and get rid of the rest. But for that you get left with 1 in London and 1 in York 1 in Pisa. Any brand will just not bother. Scaling up was the power play here but the business have been unable to grow significantly. 10 years on Elephant and castle (1st acquisition) is the only value asset. Will go nowhere fast with current leadership. Stephen Moss' resignation from board tells you that much.