Travelodge remain committed to new hotel on Picturehouse site

Travelodge are still committed to running a new hotel on the site of Stratford’s former Picturehouse cinema, despite the company entering into a company voluntary agreement (CVA).

Like most in the hospitality industry, Travelodge has been hit hard by the coronavirus pandemic and last week entered into a CVA, which outlined plans to negotiate temporary rent reductions with its landlords.

Despite the financial challenges facing the chain, Travelodge has confirmed that new developments are not affected by the CVA, meaning the hotel on the Picturehouse site will still be run by the firm.

Unlike in many other CVAs, Travelodge is not planning to close any of its hotels, meaning Stratford’s Birmingham Road Travelodge is also safe.

A statement from the company explained that they are expecting to make revenue losses of £350million this year, but by temporarily reducing rents at the majority of its sites until the end of 2021, the chain will save up to £144million.

The former Picturehouse cinema is currently shrouded in scaffolding and fencing in preparation for its demolition, though there is no news yet on when this work will start.