MWB Mwb Group

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RNS Number : 3287R

MWB Group Holdings PLC

16 November 2012

16 November 2012

MWB Group Holdings Plc

Notice of intention to appoint administrators

Further to the announcement made on 31 October 2012 (the "Announcement") regarding the suspension of trading in the shares and 9.75% Unsecured Loan Stock due 2016 of MWB Group Holdings Plc (LSE: MWB) (the "Company"), the Company announces today that it has resolved to appoint administrators with immediate effect and has filed notice of intention to appoint two insolvency practitioners at Deloitte LLP as joint administrators to the Company.

Despite ongoing dialogue, there has not been a satisfactory resolution to the issues set out in the Announcement and the uncertainty over potential cash receipts remains. Consequently, and in the absence of any other available facilities to the Company from its existing lenders or elsewhere, the Company is, or will shortly be, unable to meet its liabilities as they fall due and the Board of the Company has therefore concluded that, in such circumstances, the appointment of administrators is the most appropriate course of action.

It should be noted that this proposed appointment of administrators only relates to MWB Group Holdings Plc.

MWB Malmaison Holdings Limited and its subsidiaries, which together own and operate the Malmaison and Hotel du Vin hotel chains, and MWB Business Exchange plc and its subsidiaries, which together own and operate the Business Exchange serviced offices business, are not being placed in administration and are expected to continue trading normally.

For Further Enquiries

MWB Group Holdings Plc: 020 7706 2121

This information is provided by RNS

The company news service from the London Stock Exchange

END

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