UK: New Barn Hotel Limited, owner of The Olde Barn Hotel, entered administration in August last year, and the property has now been sold to Shepherd Cox Hotels Limited.
Administrators from RSM Restructuring Advisory have completed the sale of the 103-room Olde Barn Hotel in Marston, near Grantham.
The hotel went into administration 27 August 2019 following acute cashflow pressures. The Olde Barn Hotel continued to trade under joint administrators whilst seeking a buyer for the hotel and business, which includes a leisure club, restaurant, and function room facilities.
Shepherd Cox Hotel Group owns and operates 20 hotels across the UK under brands such as Holiday Inn, Best Western, Travelodge and Accor.
Adrian Allen, a partner at RSM Restructuring Advisory LLP, said: “I’m delighted that we were able to complete this deal which minimises creditor losses, secures the ongoing employment of the hotel staff and honours all room and function booking for existing customers.”
The sale was facilitated by commercial real estate firm Avison Young. James Williamson, director of hotels at Avison Young, added: “We are pleased to have completed the sale of the hotel, following strong interest in the asset, despite the wider market uncertainty during this period.”
RSM is an audit, tax and consulting firm operating in 35 locations throughout the UK. For the year ending 31 March 2019, RSM generated revenues of £335 million.
RSM UK is a member firm of RSM International. The network spans more than 120 countries with a fee income of $5.74 billion.
