UK: Julian Dunkerton, the founder of the Superdry clothing brand, has bought the The Hotel in the Park, in Pittville, Cheltenham.
The 11-room luxury property has been closed since June after administrators were called in on February 14. Administrators Duff and Phelps were appointed, and put it up for sale at £2.6 million.
The Grade II listed hotel was marketed by Colliers International and sold to Dunkerton Properties, which has already begun a refurbishment of the hotel.
Benjamin Wiles, joint administrator, said: “We have traded the business as a going concern for some months now while we sought a buyer for the business as a whole. However, the hotel has been trading at a loss which is no longer viable. Therefore, in order to cease the losses, we have accepted an offer for a property purchase of the listed building. The new owner intends to refurbish the building and re-open in the coming months as a different type of hotel and restaurant offering, in line with their growing business in the local area.
“Regrettably, one outcome of this sale is that the 10 members of staff at the hotel have been made redundant. Although the loss of jobs was not the preferred outcome, the trading losses could not be sustained and accepting the offer for the property was, in our opinion, in the best interests of creditors as a whole. The purchaser is expanding its business locally and will no doubt be looking to employ staff in the near future,” added Wiles.