The Olde Barn hotel in Marston, Lincolnshire, has been sold out of administration to the Shepherd Cox Hotel Group.
New Barn Hotel, which owned the three-AA-starred, 103-bedroom hotel, entered administration on 27 August 2019 after the business suffered from acute cashflow pressures. The joint administrators continued to trade the hotel while seeking a buyer for the business.
The property previously fell into administration in 2011. It was sold to the Leena Group for around £2m two and a half years later.
Shepherd Cox Hotel Group owns and operates 20 hotels across the UK, including the Grand hotel in Hartlepool, the Three Ways hotel in Chipping Campden and the George of Piercebridge. The company said it will be honouring all room and function bookings.
Adrian Allen, a partner at RSM Restructuring Advisory and one of the joint administrators, said: “I'm delighted that we were able to complete this deal which minimises creditor losses, secures the ongoing employment of the hotel staff and honours all room and function booking for existing customers.”
James Williamson, hotels director at Avison Young, which facilitated the sale, said: “We are pleased to have completed the sale of the hotel, following strong interest in the asset, despite the wider market uncertainty during this period.”