Chair of Queens Moat Houses, Stanley Metcalfe, is to step down when his contract expires at the beginning of September. Metcalfe, who has been chair of the company since 1993, is to be replaced by Richard Jewson, a non-executive director since 1994. The company paid tribute to Metcalfe who has worked tirelessly and effectively in addressing the group's problems. In the year to 31 December 2000, pre-tax profits fell 20 per cent to £17.5m, however the company paid off £131m in debt to reduce the figure to £626m with no repayments for four years. Queens Moat Houses operates has 12,500-beds across 90 hotels in the UK, Germany and The Netherlands.
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