The sale of a four-star Nottinghamshire hotel has stalled after the preferred bidder reduced its offer following talks with its bank.<\/p>\n
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.<\/p>\n
Christie & Co was appointed to market the hotel, attracting significant initial interest.<\/p>\n
Administrators received 17 indicative offers before opening a data room to potential buyers, after which a further 10 offers were submitted.<\/p>\n
A preferred bidder was eventually selected and approached its lender for funding.<\/p>\n
However, the buyer subsequently reduced its offer after discussions with the bank.<\/p>\n
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.<\/p>\n
The administrators said they had entered into correspondence with the proposed buyer \u201cregarding the relevant sale documentation\u201d and would provide a further update on both the timing and completion of the sale in their next report.<\/p>\n
Seymour Capital entered administration on March 18 after experiencing cash flow problems and falling into arrears with HMRC during 2025.<\/p>\n
The company’s bank became concerned about its financial position and ultimately required the appointment of administrators under its qualifying floating charge.<\/p>\n
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.<\/p>\n
The hotel was formerly part of the Dakota chain before becoming independent and caters primarily for business travellers.<\/p>\n
Rather than close the hotel, administrators agreed with the bank that it should continue trading while a buyer was sought.<\/p>\n
The bank provided a \u00a3150,000 facility to support the operation through the administration, with all employees retained.<\/p>\n
During the six months to September 17, the hotel generated sales of just over \u00a31.01m against trading costs of around \u00a3820,600, leaving a trading surplus of approximately \u00a3195,900.<\/p>\n
The secured lender initially submitted a claim of \u00a35.895m, comprising a business loan, CBILS facility and overdraft.<\/p>\n
Its revised claim stands at around \u00a35.96m, including the additional \u00a3150,000 advanced to fund trading during the administration.<\/p>\n
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.<\/p>\n
The position is worse for other creditors.<\/p>\n
Administrators currently expect there will be insufficient funds to make a distribution to HMRC as a secondary preferential creditor or to unsecured creditors.<\/p>\n
They said: \u201cBased 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.\u201d<\/p>\n
BTG Begbies Traynor will continue operating the hotel while pursuing a sale and said all interested parties would be invited to submit final offers.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Administrators remain locked in negotiations months after launching sale of four-star hotel<\/p>\n","protected":false},"author":25,"featured_media":2116862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[127686],"coauthors":[95],"class_list":["post-2116861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hospitality","tag-nottinghamshire","tag-top-story"],"yoast_head":"\n