Waveney Inns hotel sale attracts Lyric

Six hotels in East Anglia that formed the bulk of Waveney Inns before its collapse in 1993 have this week been put up for sale for a total of £4.5m.

Since the group succumbed to the recession, the six units have been operated by Lyric Hotels under management contract.

Receiver Simon Freakley of Buchler Phillips said trading during that period had seen considerable improvement, with turnover in the year to June 1995 reaching £3.49m.

Mr Freakley has appointed agent Christie & Co to sell the properties either individually or as a package, and has already been approached by Lyric regarding two or three units. "We have shown an interest in part of the estate," confirmed Lyric managing director David Seton.

Mr Seton is also closely watching the Forte/Granada situation to see what hotels might become available. He said the aim was to expand Lyric, either through acquisition or merger, to a sufficient size to be able to seek a stock market listing.