More than 1,900 Ramada Jarvis staff have kept their jobs thanks to a £111m pre-pack administration deal struck by Patron Capital and RBS.

The two companies have formed a new entity, Jupiter Hotels, and acquired 24 hotels across the UK, which they intend to re-launch under the Mercure brand.

Andrew Gill, formerly of Intercontinental Hotels Group, will become the interim chief executive of Jupiter Hotels. Jarvis' board of directors will not continue with the new group, but all head office and hotel employees will transfer to Jupiter.