Lucknam Park sale clinched

Lucknam Park, the widely-respected country house hotel near Bath, was expected to be sold to an unnamed overseas investor as Caterer went to press.

The new owners, who do not have any other leisure interests in the UK, are buying out majority shareholder Credit Anstalt, the Austrian bank that holds about 80% of shares, and former managing director Christopher Cole, who owns about 20%.

The new owners are expected to make a "substantial" investment in the property in order to complete a refurbishment of the hotel's 42 bedrooms and public areas, as well as upgrading the leisure facilities.

Adjoining land from the original Lucknam estate is being bought, giving the hotel substantial acreage. The extra land will probably be used to establish an equestrian centre and to recreate a Georgian garden in keeping with the hotel building.

This week's deal should finally put paid to the speculation that has dogged the hotel since the departure in 1992 of Mr Cole and the collapse last year of previous majority shareholder Speyhawk.

Robert Carter, who succeeded Mr Cole, will continue as managing director.