Folio Hotels, the privately owned hotel operator that called in administrators four weeks ago, is to be carved up between its management and Bespoke Hotels, which runs Home House, the London members' club.

The deals, which are expected to be tied up next week, will preserve up to 2,000 jobs across Folio's 36 hotels.

Administrators from MCR, the insolvency practice, made 20 head office staff redundant just before Christmas.

Folio, which was founded in 2005, had a turnover of about £70 million. All but four of its hotels were run on long-term operating leases. The company ran into cashflow problems when the recent downturn in trading left it unable to cover rent obligations.

The collapse of Folio has left numerous suppliers out of pocket and some had tried to reclaim items ranging from air-conditioning units to plants and shrubs. Paul Clark, a partner at MCR, admitted that there had been “a few lively moments” with suppliers, but added: “As far as we can, we have made peace with suppliers.”

Mr Clark confirmed that deals with Folio management and Bespoke were close to being signed but he declined to comment on the terms. It is understood that, although money will change hands, the proceeds will make little impact on Folio's liabilities, which are estimated at more than £10 million, with about £6 million owed to HBOS.

Bespoke, which runs 11 hotels, will take over 13 of Folio's properties, although it is taking on management contracts rather than the leases. Nine of the 13 hotels are owned by the Landesberg and Rosenberg families, who also control Admiral Taverns, while three are owned by the billionaire Reuben brothers.

MCR confirmed that Folio's management, led by Nicholas Crawley, a co-founder, was in talks to acquire the Folio name and the remaining hotels, most of which are leases, including the Richmond Hill and Richmond Gate hotels in southwest London, Tewkesbury Park Hotel, Golf & Country Club, in Gloucestershire, and Redwood Hotel & Country Club, near Bristol.

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