Pictured: Mark Wood

The highly regarded Finesse Hotels Group has been the subject of a management buyout.

The future of the group, which includes Nottingham's Lace Market Hotel, Derby's Cathedral Quarter Hotel and the Donington Manor Hotel, is now secured - along with the jobs of over 200 employees at the East Midlands-based luxury boutique hotel group.

The transaction was led by Paul Bevan and Pete Wood at RSM Tenon. "Securing a significant level of financial backing alongside new bank facilities in today's market was never going to be straightforward however the group is now well funded and can think about investing again", said Paul.

The Group underwent restructuring following the appointment of Dean Nelson at Smith Cooper LLP as administrator over the various Finesse companies.

A sale of the hotels followed shortly after to a new trading group called The Finesse Collection, from which the existing hotel brands will continue to trade. Smith Cooper was assisted throughout the process by Mark Wood and his restructuring team of local solicitors Eversheds LLP and the purchasers were represented by Patrick Billyeald and Lisa Botterill at Shakespeares.

For all concerned this deal represents a fresh start for the hotels belonging to the Finesse Group and provides a solid base upon which to build upon. This is a good example of how the administration process can be used to save jobs and breathe new life into essentially good local businesses across the East Midlands which we know are operating in widely-acknowledged difficult times.

James Blick, the new chief executive of The Finesse Collection said: "It was an important part of the deal that all staff be retained under the new Company structure. We are continuing to trade well in a difficult market right now and can look forward to the New Year with renewed optimism. We have further investments planned at all three hotels in Nottingham and Derby and we are looking forward to welcoming new and returning guests during 2012 and beyond."