Poet's House and Paddock House up for sale

02 October 2015 by Janet Harmer

Two boutique hotels in Cambridgeshire, which were put into administration after the former owners fell out with their financial backer, have been put up for sale.

Cross, the commercial director, left the business at the end of last year, but Toulson-Burke and Baker, previously managing director and financial director respectively of the House Collection, took steps to recover the company after accountancy firm BDO was appointed as administrator in July.

At the time, Toulson-Burke and Baker told The Caterer that the House Collection had been working with its lender Eastern Counties Finance to refinance the business following litigation losses stemming from a dispute with contractors during the renovation of the two properties.

However, terms could not be agreed and the administrator was called in.

The two hotels are now being sold by Colliers International for an undisclosed sum, either together or as individual properties.

Opened in 2013, Poets House is located within three Edwardian Grade II-listed properties opposite Ely Cathedral. It includes a 42-cover restaurant, 30-cover bar and two function rooms.

Paddocks House is set within grounds of seven acres and offers a 50-cover restaurant and adjoining bar and three function rooms including a new conservatory with a capacity for 150 guests.

Paul Barrasford, director of Colliers International, said both hotels offer a "stylish product" and "fantastic trading locations".

"Buyer demand for UK hotel assets such as these remains robust and transaction levels continue to rise year on year," he added. "We expect both properties to attract a high level of interest from a diverse profile of prospective buyers."

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