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Leisure giant Macdonald Hotels has revealed plans to sell off 27 venues to a preferred bidder in a deal which would wipe out its debt.

Macdonald Hotels has unveiled a list of hotels across the º£½ÇÊÓƵ – including Linden Hall Hotel in Northumberland, Burlington Hotel in Birmingham and Macdonald Manchester Hotel – which will be sold to the private equity investor, ridding the business of all debt.

The sale is unveiled in latest accounts for the West Lothian headquartered company, in which Gordon Fraser, deputy chairman and group managing director, outlines how the firm has been carrying out a review of refinancing options over the last two years.

The accounts for the year ended March 29 2018 show the firm had bank loans totalling £229.5m – and creditors as a whole are owed £275.4m.

Mr Fraser’s business review within the accounts states: “There has been significant inbound interest from investors worldwide to acquire some or all of the group’s assets. This being the directors’ preferred option, they appointed Deloitte to manage the process.

“The directors are now pleased to confirm the imminent sale of a portfolio of 27 hotels. The group has agreed heads of terms and entered into a period of exclusivity with a major real estate and equity investor from a shortlist of four competing offers.

“The transaction will allow the group’s bank facilities and all creditors to be repaid in full. The substantial remaining business will be debt free and continue with seven hotels and nine resorts located in the º£½ÇÊÓƵ and Spain.”

Headquartered in West Lothian, the group, which employs 3,350 people across its portfolio, said the deal will complete no later than August.