A hotel group that entered administration at the end of October has had two of its venues sold to a third party, saving 59 jobs.
Heritage Properties & Hotels owned Churston Court (Brixham) and grade II listed Newbury Manor Hotel (Berkshire) as well as a third property, The Park House Hotel. After going into administration due to financial problems, restructuring and insolvency firm, BDO were able to sell the first two properties, with hopes of the third to be sold soon.
Joint administrators, Danny Dartnaill and Simon Girling, are pleased with the outcome and have said The Park House Hotel will continue to trade as normal, with a potential buyer at an ‘advanced stage’.
Dartnaill commented, “I'm delighted that we have been able to find buyers for Newbury Manor Hotel and Churston Court Hotel, saving 59 jobs and preserving those businesses for the long term.”
“The purchasers have agreed to honour all venue and event bookings, including weddings, to ensure that there is minimal disruption to client.”
This is the best outcome for a company entering administration as it ensures the business can continue and jobs are safeguarded. If a buyer can be found quickly, it is possible for the company to be bought in a pre-pack administration deal whereby the business is sold upon the appointment of administrators. In this case, it took a little more time for BDO and the hotel group to find a buyer, however it is a successful outcome nonetheless.