Hotel administrators seal two more deals
THE administrators of Suffolk-based Elizabeth Hotels have confirmed the sale of two more of its properties - and say they are optimistic of finding buyers for the rest of the estate.
THE administrators of Suffolk-based Elizabeth Hotels have confirmed the sale of two more of its properties ? and say they are optimistic of finding buyers for the rest of the estate.
The latest hotels to be sold are the Wherry, at Oulton Broad, near Lowestoft, and the Duke's Head at King's Lynn in Norfolk.
The sales, both completed this month, follow deals previously agreed by the administrators from accountancy firm KPMG for the Humber Crown Hotel near Hull and the Humber Royal in Grimsby.
Ipswich-based Elizabeth Hotels Ltd, owned by Suffolk property entrepreneur Richard Cattermole, went into administration last December together with sister companies Cavendish Hotels Ltd and Elizabeth Estates (BS) Ltd.
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Together, the three businesses operated a total of 11 hotels and 13 pubs, most of them located within East Anglia. Hotels still for sale, which the administrators are continuing to trade as going concerns, include the Hotel Elizabeth Copdock, near Ipswich, the Mill Hotel, Sudbury, the Limes Hotel, Needham Market, the Rose and Crown, Haverhill, and Hotel Hatfield, Lowestoft.
Pubs involved in the administration include the Cock Inn at Polstead, the Three Tuns, Needham Market, the White Hart, Boxford, the Five Bells, Rattlesden, the Plough, Peldon and the Globe, Harwich.
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A spokesman for the administrators said yesterday: 'We are confident of finding buyers for the remaining properties and discussions are at varies stages with potential purchasers on the remaining hotels from the group.'
Administrators Allan Graham and Jane Moriarty of KPMG were appointed shortly before Christmas at the request of the Lloyds Banking Group.
The three businesses in administration form part of Mr Cattermole's Ryan Elizabeth Holdings group. However, the holding company itself, and around 30 other subsidiaries, including the Hotel Elizabeth Orwell in Felixstowe, are not in administration.
The sale of the hotels is being handled on behalf of the administrators by agent Colliers Robert Barry, which has also previously expressed confidence in finding buyers for the properties
Peter Brunt, head of insolvency sales at the firm said: 'The portfolio contains some impressive hotels which has been reflected in the fact that a number of the parties that we are in discussions with are very experienced players in the hotel and leisure industry. We are confident that once sales have been completed the hotels will go from strength to strength.'
The sale of the pubs is being handled by another specialist agent, GVA Grimley, which is also in negotiation with a number of interested parties.