Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Sale of two properties expected to save Richardson Hotels group

01 August 2018 by
Sale of two properties expected to save Richardson Hotels group

The sale of two Cornish hotels is expected to save Richardson Hotels, which would continue with four properties under its portfolio.

Administrator RSM Restructuring said it would be "in a position to start returning funds to creditors shortly", following the sales of the 37-bedroom Fowey Hotel and 58-bedroom Metropole hotel in Padstow (pictured) to Harbour Hotels, for a figure in excess of the joint asking price of £15.5m.

Family-owned Richardson Hotels called in administrators in January when an unpaid tax bill threw the company into financial difficulties.

A spokesperson for RSM Restructuring Advisory spokesperson added: "The sale should enable the joint administrators to achieve the statutory purpose of rescuing the companies as going concerns and hand back management of the companies to the director/shareholder in due course."

The addition of the two hotels to the Harbour Hotels portfolio will take the south England-based group up to 13 hotels and two country event venues. Two other hotels are under development in Salcombe and Torquay.

Mike Warren, managing director of Harbour Hotels, said: "We are very excited to be taking the Harbour brand further into Cornwall. Both Fowey and Padstow are popular, well-known locations making the hotels great acquisitions for us.

"We have previously had great success delivering destination bar and restaurant brands throughout our portfolio. We have no doubt that the same design-led ethos will prove extremely popular with both local and visitors to these iconic coastal towns."

Harbour Hotels snaps up two Cornish hotels in Fowey and Padstow>>

Four Richardson Hotels resorts placed on the market after administrators called in >>

Harbour Hotels buys first hotel in London >>

Gold standard: we take a look at the Bristol Harbour Hotel & Spa >>

Do you know someone brilliant in the hotel industry? Entries are open for the Hotel Cateys!

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking