TV star Morrissey sees hotel chain collapse

18th August 2009, 8:44am

Men Behaving Badly star, Neil Morrissey has told the News of the World how he has become a victim of the recession after his hotel chain collapsed.

The actor has vowed that he will repay creditors telling the tabloid: "I've lost my life savings - £2 million, everything I built up including cash from remortgaging my house. That was for my retirement. But now I owe nearly £2.5 million. Bankruptcy's the easy way out. I decided, no, I'd step up to the plate, try to do the right thing and get everyone their money back."

Morrissey has taken out an independent voluntary arrangement, which means all his earnings minus living costs will go to creditors.

The added pressure from banks to review loans and even recall some of them didn't help.

He said that no one is immune to the recession: "No one is untouchable. This can happen to anyone. You can be doing very well one day, and on the streets the next. These things creep up on you. All of a sudden it manifests itself."

Morrissey said he feels "morally obliged" to repay the money adding that he refuses to get depressed about the failures. "It does teach you a good lesson. I won't make the same mistakes again."

The company's portfolio included; the Hurst House hotel in Laugharne, Brown's pub, The New Three Mariners, and the Hurst House in Covent Garden.

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• 18 Aug 2009 - Restaurant operators urged to control costs

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