Thu, 05 Sep 2019 | ADMINISTRATION
A very highly rated hotel in Lincolnshire has fallen into administration after experiencing financial difficulties and “cashflow pressures”.
The Olde Barn Hotel, located in Marston near Grantham, was forced to call in RSM Restructuring Advisory LLP to handle the administration process, with partners Diana Frangou and Adrian Allen appointed as joint administrators.
Administrators were called in on 27 August 2019 for the New Barn Hotel Limited, which presently trades as The Olde Barn Hotel. The business employs roughly 100 people, and will use the support of the existing management team to continue trading operations through the administration period.
The hotel boasts 103 bedrooms, a restaurant and bar that has received top reviews from previous customers, a leisure club, and function facilities to host weddings and conferences.
Commercial real estate services firm, Avison Young, has been appointed to market the sale of the hotel.
Frangou, one of the joint administrators, said: “Due to cashflow pressures, the directors took the reluctant decision to place the company into administration.
“The joint administrators’ intended strategy, with the ongoing support of the existing management and staff, is for the hotel to continue to trade whilst we market it for sale as a going concern. We expect that there will be a lot of interest from potential buyers.
“Interested parties, who would like to talk about purchasing the hotel, should contact the appointed agent James Williamson of Avison Young.”
Click here to view the New Barn Hotel Limited listing for full details.
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