Hotel firm Lincoln Group Ltd calls in administrator
Administrators have been called in to a Teesside-based hotel firm.
Lincoln Group Ltd owns and operates the Vermont Hotel and Martha's Bar in Newcastle, Middlesbrough's Baltimore Hotel, and the Portland Hotel in Hull.
The company, which has its headquarters in Middlesbrough, employs about 120 full and part-time staff.
Administrators Deloitte said it was confident a buyer could be found, and in the meantime the hotels would continue to operate as normal.
It blamed increased local competition and the general adverse economic climate.
Adrian Berry, from Deloitte, said: "The hotels have, to varying degrees, been affected by the poor market conditions of recent times and have good underlying businesses in central locations which make them an attractive opportunity for prospective purchasers."