Mystic Lifestyle Hotel placed in receivership

The Mystik Lifestyle hotel, in Mont-Choisy, has been placed in receivership at the request of the company’s creditors. Bhavish Ramhony was appointed Receiver of Mystik Experience Ltd, owner of the facility.

The company was placed under voluntary administration in 2019, but the financial situation is said to have nonetheless deteriorated. Defi Media reported that the company’s debts have hit Rs 100 M. Owners hope to sell the facility to a credible buy without having to lay off employees.

Facing the sea and on the public beach of Mont-Choisy, the 35-room Mystik Lifestyle was inaugurated in January 2016. It posted a turnover of Rs54M in 2018/2019 but suffered losses of Rs16.5M. 

The company’s assets are valued at Rs 218.1M. For the current financial year, the liabilities amount to Rs152.5M.