Travelodge chief Guy Parsons checks out In February, Travelodge admitted it had sought a £10m emergency loan, followed by a further £60m facility, as it struggled with an annual interest bill of £100m on its debt pile of more than £850m. "During recent discussions regarding our financial restructuring, the board has expressed their wish for me to lead the business once again," Mr Hearn said. There cannot be two captains running a ship. As a result Guy has decided to leave the company. Mr Hearn was at the helm when Travelodge was bought by DIC from Permira in a highly leveraged £675m deal. Mr Parsons said: "This is a good time for me to step down. I am proud of all that we have achieved in that time. Travelodge did not reveal if Mr Parsons received a payoff.