Four Richardson Group hotels up for sale amid administration woes

Four hotels part of the Richardson Group have gone on the market following the administration of owners Richardson Hotels Limited and Fowey Hotel Limited.

BH revealed in January that five of the hotels in the six-strong chain had been put into administration and now Colliers International has been instructed by joint administrators Mark Boughey and Matthew Wild of RSM Restructuring Advisory LLP to sell the Metropole Hotel in Padstow; the Falmouth Hotel, Falmouth; the Fowey Hotel in Fowey; and the Grand Hotel, Torquay.

All hotels will continue to trade on a business as usual basis until a suitable buyer is found.

Ed Jefferson from the South West Hotels team at Colliers International said: “Richardson Hotels Limited and Fowey Hotel Limited have gone into administration, creating a unique opportunity for hotel operators to acquire some of the best-known hotels on the South West peninsula. All have great features that will appeal to a wide range of buyers.

“Interested parties are invited to make an offer either individually, in clusters or as a group. Our clients will decide what offer or combination of offers to accept in order to satisfy the needs of the administration.”

The four-star Metropole in Padstow is home to 58 bedrooms, with a brasserie, bar and restaurant, situated opposite Rick Stein’s popular eatery in a 1.5 acre site.

The Grade-II listed, three-star Falmouth Hotel is overlooks Castle Beach and is close to historic Pendennis Castle. It has 71 bedrooms.

The Fowey Hotel is a four-star boutique hotel, which is the flagship for the group, is home to 37 bedrooms, a bar and restaurant and a lawn that is popular for events.

The four-star Grand Hotel is located on Torquay seafront and has been the bay’s landmark hotel since it was built in Victorian times. It has 132 bedrooms, and a main bar and brasserie, plus three additional function/ banqueting rooms.

The other two properties in the portfolio are The Grosvenor, which recently brought in Michelin-star chef John Burton-Race to help rebrand the property, and The Royal Beacon Hotel in Exmouth.

The post Four Richardson Group hotels up for sale amid administration woes appeared first on Boutique Hotelier.

Source: FS – All – Hotels – blogs
Four Richardson Group hotels up for sale amid administration woes