Sale of Nottinghamshire hotel stalls after preferred bidder cuts offer
The sale of a four-star Nottinghamshire hotel has stalled after the preferred bidder reduced its offer following talks with its bank.
Mour Hotel in Annesley has remained open and trading since owner Seymour Capital Limited entered administration in March, with administrators from BTG Begbies Traynor attempting to sell the business as a going concern.
Christie & Co was appointed to market the hotel, attracting significant initial interest.
Administrators received 17 indicative offers before opening a data room to potential buyers, after which a further 10 offers were submitted.
A preferred bidder was eventually selected and approached its lender for funding.
However, the buyer subsequently reduced its offer after discussions with the bank.
BTG Begbies Traynor said the revised offer remained of interest to Seymour Capital’s secured lender and negotiations continued, but a deal had still not been completed by the end of the administrators’ first six-month reporting period.
The administrators said they had entered into correspondence with the proposed buyer “regarding the relevant sale documentation” and would provide a further update on both the timing and completion of the sale in their next report.
Seymour Capital entered administration on March 18 after experiencing cash flow problems and falling into arrears with HMRC during 2025.
The company’s bank became concerned about its financial position and ultimately required the appointment of administrators under its qualifying floating charge.
The business operates Mour Hotel at Lake View Drive in Annesley, which the administrators describe as a four-star boutique hotel offering conference facilities, weddings and events.
The hotel was formerly part of the Dakota chain before becoming independent and caters primarily for business travellers.
Rather than close the hotel, administrators agreed with the bank that it should continue trading while a buyer was sought.
The bank provided a £150,000 facility to support the operation through the administration, with all employees retained.
During the six months to September 17, the hotel generated sales of just over £1.01m against trading costs of around £820,600, leaving a trading surplus of approximately £195,900.
The secured lender initially submitted a claim of £5.895m, comprising a business loan, CBILS facility and overdraft.
Its revised claim stands at around £5.96m, including the additional £150,000 advanced to fund trading during the administration.
BTG Begbies Traynor currently expects the lender to suffer a shortfall, although the eventual return will depend heavily on the outcome of the hotel sale.
The position is worse for other creditors.
Administrators currently expect there will be insufficient funds to make a distribution to HMRC as a secondary preferential creditor or to unsecured creditors.
They said: “Based upon realisations to date and estimated future realisations there will be insufficient funds available to enable a dividend to be paid to the unsecured creditors.”
BTG Begbies Traynor will continue operating the hotel while pursuing a sale and said all interested parties would be invited to submit final offers.
The administration could now run for considerably longer than originally envisaged. Creditors are being asked to approve an extension of the process until March 18, 2028.
