Second hotel sold by administrators
THE administrators of the East Anglia-based Elizabeth Hotels chain yesterday confirmed the sale of another of its properties, and said they remained hopeful of finding buyers for more.
THE administrators of the East Anglia-based Elizabeth Hotels chain yesterday confirmed the sale of another of its properties, and said they remained hopeful of finding buyers for more.
Accountants KPMG said the Humber Royal Hotel in Grimsby had now been sold, in addition to the Humber Crown Hotel near Hull, the sale of which was completed in December.
“We are continuing to seek buyers for the hotels and public houses that remain in administration and have been encouraged by the strong levels of interest that we have received to date,” added a spokesman for the administrators.
“We are continuing to trade the business and would like to thank all of the staff, customers and suppliers who have worked with us in keeping the hotels and public houses open and running.”
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In addition to specialist agent Colliers Robert Barry, which secured the sale of the two hotels sold so far and is handling negotiations for the rest, the administrators have also now appoint another firm, GVA Grimley, to handle the sale of the public houses which form part of the group.
Allan Graham and Jane Moriarty of KPMG were appointed shortly before Christmas as joint administrators of three businesses forming part of the Ryan Elizabeth Holdings group owned by Suffolk property entrepreneur Richard Cattermole.
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The businesses in administration are Elizabeth Hotels Ltd, Cavendish Hotels Ltd and Elizabeth Estates (BS) Ltd. Between them, they operated a total of 11 hotels and 13 pubs.
The hotels include the Hotel Elizabeth Copdock, near Ipswich, the Mill Hotel in Sudbury, the Limes Hotel in Needham Market, the Rose & Crown, Haverhill, and Hotel Hatfield, Lowestoft.
Pubs affected include the Cock Inn at Polstead, near Hadleigh, the Three Tuns, Needham Market, the White Hart, Boxford, near Sudbury, the Five Bells at Rattlesden, near Bury St Edmunds, the Plough at Peldon, near Colchester, and the Globe, Harwich.
The administrators were appointed at the request of the Lloyds Banking Group.
Ryan Elizabeth Holdings and around 30 other subsidiaries are not in administration. These businesses include the company's flagship Hotel Elizabeth Orwell in Felixstowe.
A petition brought by HM Revenue & Customs for the winding up of the holding company was dismissed in December after its debt to the taxman was paid.
