Luxury hotel sold out of administration
A luxury hotel that faced being wound up by HMRC has been rescued by an unnamed buyer, with all of its employees keeping their jobs.
The Olde Barn Hotel in Grantham was issued with a winding up order in October before falling into administration for the third time in its somewhat chequered history.
Shepherd Cox Hotels (Grantham) Limited had bought the luxury retreat out of administration in 2020 after its previous owner New Barn Hotel Limited called in RSM Restructuring Advisory in August 2019.
The hotel on Toll Bar Road in Marston boasts over 100 bedrooms, a leisure club, a restaurant and function facilities.
It previously slipped into administration in 2011 and was put up for sale for £3.5m before being snapped up by Leena Group, which shelled out around £2m for the property in 2013.
The hotel has now been handed a new lease of life and will continue to trade as normal.
Nicholas Barnett at Libertas Insolvency Practitioners, who was appointed administrator, told TheBusinessDesk.com: “I can confirm that following an extensive marketing campaign (that took place prior to my appointment), a sale of the business and assets took place shortly after my appointment as Administrator of the Company. I am pleased to report that all employees were transferred to the purchaser and as such there will be no redundancies.
“Furthermore, the purchaser is honouring all pre-paid future bookings, so the hotel continues to trade and customers will not be affected.”
Shepherd Cox operates around 20 hotels across the UK. In June 2020 it was forced to place hotels in Chesterfield, Hartlepool, Darlington, Manchester, Sedgefield and Bicester into administration after investors became concerned about their returns.
