De Vere looks to sell off conference division

Hotels group De Vere today said it was looking to sell off its conferences and wedding business after receiving a number of unsolicited approaches for the division.

The owner of the Cameron House resort on the banks of Loch Lomond said De Vere Venues has 30 locations across England, which cater for about 700,000 conference delegates a year, and the business is expected to generate £28 million in underlying pre-tax profits this year.

The bulk of its revenues are generated from corporate customers, although the division also organises golf breaks and weddings.

De Vere has appointed investment bank Lazard to conduct the sale process, but a spokesman said: “The group is not under any pressure to undertake a disposal and will only conclude a transaction which is in the best interests of all stakeholders.”