The parent company of Oxfordshire-based Four Pillars Hotels has been taken into administration.

But bosses say the move involving Four Pillars (Oxford) Ltd is to do with financial restructuring and will have no effect on the hotels themselves or the 800 staff working in them.

Charles Holmes, chief executive of the Witney-based group, said: “The management decided that following discussions with lenders we had to do some restructuring and placing it in administration was a way to deal with this.

“This does not impact on the hotels at all there are no jobs and no suppliers at risk.”

Administrator PricewaterhouseCoopers (PwC) said the hotel operating companies and Four Pillars Hotels Limited, the head office company, are not in administration and will continue to trade normally.

But Mr Holmes added: “We are looking for another investor and management led by myself are talking top a number of people about brioning new funds into the company.”

Four Pillars Hotels operates six hotels, four of them in the county in Abingdon Road, Oxford, Sandford, Witney and Abingdon, which employ 500 staff. The other two are in Glocestershire.

David Bennett, director and joint administrator at PricewaterhouseCoopers, said: “The management of the Four Pillars Group of Hotels decided to reorganise the group and as a direct consequence, and following discussions with their current lenders, we were appointed as joint administrators to the parent Company and investment vehicle, Four Pillars (Oxford) Limited.

“Our immediate priority is to identify the most suitable strategic options available to the Group which may involve the disposal of Four Pillars (Oxford) Limited’s investment in the subsidiaries. The hotels are profitable, are not in administration and are trading normally.”

A PwC statement added that “further announcements will be made in due course.”