The historic, 13th century Hoops Inn, near Clovelly in Devon, has gone into administration following the failure of a creditors voluntary arrangement (CVA).
Financial advisors Duff & Phelps was appointed as the supervisor of the CVA for Madiran Limited, the parent company of the thatched, Grade II, 13-bedroom Hoops Inn in April 2012. The business was suffering trading difficulties and looking for a significant cash injection to meet its financial obligations.
Stephen Clancy of Duff & Phelps, said that an extensive strategic and operational review of the company was now being undertaken. "We will continue to trade the business in the short term before a proposed marketing campaign is commenced later in the year. We have also engaged hotel specialists, Convivial, to assist in trading matters."
Said to be once the meeting place of Sir Francis Drake, Sir Walter Raleigh and Sir Richard Grenville, Hoops Inn was originally marketed for sale in 2006 for £2.25m.
By Janet Hamer
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