Business
Temporary Suspension of ORH Operations
Temporary Suspension of ORH Operations.
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[{"type":"text","content":"\n \n \n Temporary Suspension of ORH Operations\n \n \n\n \n Clear Leisure plc\n \n \n\n \n \n \n 22 October 2013\n \n \n Clear Leisure Plc\n \n \n (“Clear Leisure†or “the Companyâ€)\n \n \n Temporary Suspension of ORH Operations\n \n \n The Board of Clear Leisure (AIM: CLP), announces that its 73.43% owned \n travel operator subsidiary, ORH SpA (“ORH†or “the hotel groupâ€), has \n temporarily suspended operations due to a number of factors affecting \n its African hotel subsidiaries and the wider hotel group.\n \n \n The suspension follows the recent terrorist attack in Kenya and the \n killing of French and Italian tourists in Madagascar which, combined \n with lower demand and the subsequent fall in the selling price of \n holidays due to continuous deterioration of the Italian economy and \n reduction in consumer spending, has left the hotel group under a high \n level of financial pressure. Therefore, this direct action has been \n taken to reduce any financial risk to the shareholders of Clear Leisure.\n \n \n ORH’s heavy financial commitment in terms of pre-booked charter flight \n seats and the cost of running the five hotels has affected the hotel \n chain as a whole. Subsequently, this has highlighted to the new \n management team, which was appointed in July 2013, a number of financial \n irregularities within the African subsidiaries and these are currently \n being investigated by external consultants. The Company will inform its \n shareholders of progress in regards to the above in due course.\n \n \n -ends-\n \n \n For further information please contact:\n \n \n \n \n Clear Leisure Plc\n \n \n  \n \n \n +39 02 4795 1642\n \n \n \n \n Alfredo Villa, CEO and Interim Chairman\n \n \n \n \n \n \n \n \n  \n \n \n \n \n Westhouse Securities (Nominated Adviser)\n \n \n \n \n +44 (0) 20 7601 6100\n \n \n \n \n Antonio Bossi / Ian Napier\n \n \n \n \n \n \n \n \n  \n \n \n \n \n Leander (Financial PR)\n \n \n \n \n +44 (0) 7795 168 157\n \n \n \n \n Christian Taylor-Wilkinson\n \n \n \n \n \n \n \n \n About Clear Leisure Plc\n \n \n Clear Leisure Plc (AIM: CLP) is an AIM listed investment company \n pursuing a dynamic strategy to create a comprehensive portfolio of \n companies primarily encompassing the leisure and real estate sectors \n mainly in Italy but also other European countrie...