Pizza Express founder's hotel sold

The Great Northern hotel in Peterborough, which is owned by the Pizza Express restaurant chain founder, has been sold for an undisclosed sum.

The hotel was sold to investment company Renelson Investment SA for in the region of £2.6m.

Renelson Investment SA is looking to invest in the property, which has 36 letting bedrooms a bar, restaurant and banqueting facilities, with a view to growing the business.

The Victorian hotel was acquired by Peter Boizot, the founder of the Pizza Express chain, in April 1994. The hotel's owning company, Mistvalley Limited, was placed in administration earlier this year.

Tim Gooding, director at property agent Christie & Co which handled the sale, said: "After extensive marketing, we received several substantial offers and we are very pleased to have completed on the quick sale of the property and business.

"The amount of interest generated was significant and despite media reports to the contrary, this deal illustrates that the property market remains very active and multiple bids are not uncommon."

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By Gemma Sharkey

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