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Greenwoods Hotel and Spa sold out of adminstration

25 February 2014 by
Greenwoods Hotel and Spa sold out of adminstration

The 39-bedroom Greenwoods Hotel and Spa, near Chelmsford, Essex, has been sold out of administration, off a guide price of £6.5m.

Accountancy firm Smith & Williamson took over the running of the hotel after it fell into administration in September 2013. Savills handled the sale of the hotel to an offshore hotel investor.

Located in the village of Stock, the Grade II hotel dates back to the 17th century, with a modern spa, gym and bedroom extension added in 2002. The hotel has an 80-cover restaurant and a busy events business centred around a licensed marquee in the gardens.

In the last recorded accounts, the hotel recorded a turnover of £3m with a profit of £17,000.

Gary Witham, director of hotels at Savills, described Greenwoods as "an excellent business with a strong management team" that continued to trade successfully throughout the administration process.

"By working closely with our colleagues in Essex we were able to successfully target high net worth individuals as well as more traditional private hotel groups," he explained. "The hotel is now back on solid footings and we would expect to see a strong resurgence in future wedding and function business."

Savills predicts regional hotel transactions to top £2b in 2014 >>

Luxury Family Hotels puts the Elms on the market for £5m >>

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