A pair of hotels in Powys have come on the market as a result of their parent company falling into administration.
Administrators Damian Webb and Diana Frangou of RSM Restructuring Advisory have instructed Colliers International to market the 19-bedroom Radnorshire Arms in Presteigne and the 16-bedroom Knighton hotel (pictured) following the administration of Leisure & Developments.
Paul and Rowena Williams, who own Seiont Manor in Llanrug and are developing Plas Glynllifon mansion near Caernarfon, which is hoped to be complete by 2020, previously owned the properties.
Keith Partridge is listed as the sole shareholder in administration documents while Paul Williams remained a director of the business, however the documents also say the share transfer is “disputed” by Partridge.
The holding company was also an umbrella for four other properties: the Castle Inn in Leominster, Herefordshire; Waves bar and resort in Seaton, Cornwall; the Salutation Inn in Berwick-upon-Tweed; and the Bird in Hand Inn, Telford.
However, despite “significant expenditure” being committed to the properties, it was described as “loss-making”. Three of the sites were closed, “reducing income further and leading to the company being unable to service its borrowings”. Proposals to develop and reinvigorate the sites did not come to fruition.
The administrator was invited to assess the company’s position and discuss possible restructuring options in June, however the directors were not in agreement regarding the way forward, leading to Williams resigning, and administrators were appointed in July.