The Holiday Inn Express hotel in Banbury has been bought out of administration, saving 16 jobs.

The business on Ermont Way has been acquired for an undisclosed sum by the Akkeron Hotels Group after its previous owner, Butterfly Hotels, failed.

The 120-bedroom Holiday Inn is one of ten Butterfly hotels acquired by Akkeron from administrators Begbies Traynor.

Akkeron already operated 26 hotels including the 40-bedroom Shillingford Bridge Hotel in Wallingford which it also snapped up recently as part of its acquisition of the Forestdale Hotels Group.

Group sales and marketing director Nick Greaves said: “The Holiday Inn Express Banbury is a good, solid business that was hampered by the debt of its parent company and we have been able to act quickly to safeguard its future.

“From the customer’s perspective it will be business as usual but the management will benefit from the support of a wider group and the businesses will have the funding required to trade properly.”