History of Crerar Management Limited

Following the sale of 20 of 24 assets in 2005, the North British Trust Group retained key personnel in readiness for management contract opportunities under the newly formed banner of Crerar Management Limited.

The collapse of London & Edinburgh Inns was anticipated as their sale and lease back model relied on payment of increasingly unsustainable rents.

The owners of the assets varied in sophistication, however the institutional buyers took a view of both investment return through rent, and indeed the building value also - a number of high quality but under managed assets.

Following the collapse, Crerar Management Limited rejected a number of contract opportunities on two specific grounds; a unit below a certain turnover or units that were held by private individuals. Crerar Management Limited focused on winning contracts with institutional owners.

The owners recognised that the rental potential promised by London & Edinburgh Inns was not secure. Crerar Management Limited's brief was to stabilise their business, work with the owners to establish either continuance within the industry, or exit through controlled sale.

Agreements were reached with REIT Asset Management, PRUPIM (Prudential Assurance), LaSalle Fund Managers, The Osprey Partnership Fund and Matrix Fund Managers.

Crerar Management Limited acquired ownership and rights to use the name "Swallow Hotels" and the use of the internet site "swallow-hotels.com".