A three-year refinancing arrangement has been agreed between the Irish Bank Resolution Corporation and QHotels Group, which will see the hotel chain’s original holdings group go into administration.

QHotels, founded in 2003, grew from two four-star hotels to 21 in its first eight years and signature properties include The Westerwood Hotel and Golf Resort near Glasgow, The Oxford Belfry in Oxford, and The Stratford in Stratford-Upon-Avon.

It will continue to be led by managing director Michael Purtill and finance director Ian Goulding, and investment company Alchemy Partners.

QHotels Holding Limited will replace the original holding company and Tim Scoble has been appointed chairman.

The changes will have no impact on staff, customers or suppliers and the QHotels business will continue as normal.