Business

Big corporations in Devon that have suffered loss this year

The Richardson Hotel Group, Torquay

In January, the luxury hotel business owned by Hotelier Keith Richardson, went into administration because too much was spent on purchasing the Grosvenor Hotel. No hotels in the group have been closed and they all continue to trade as usual. In June, two of the brand’s four landmark hotels were sold to Harbour Hotels. The Grand Hotels in Torquay and Falmouth are still on sale.

Toys R Us, Exeter and Plymouth

In March, the Devon branches of the company were closed following the toy retailer’s going into administration.

House of Fraser, Exeter

The department store will close in January 2019. The future of the High Street is moving into a critical phase and big name brands are being affected. The Plymouth store will be the only House of Fraser store across Devon and Cornwall.

Drakelands Mine, Hemerdon

Over 200 workers lost their jobs after the closure of the mine in October. The operators Wolf Minerals went into voluntary administration. The company had undertaken huge debts and could not get any further funding.

Appledore Shipyard, North Devon

The company’s 124 years of boat building will come to an end by March 2019. The Shipyard operators Babcock International faced financial difficulties after losing a contract with the Armed Forces of Malta. All 199 workers have been offered a move to Devonport Dockyard in Plymouth which is 72km away.

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