Fri, 17 Aug 2012 | ADMINISTRATION
A North Wales hotel has been purchased out of administration by investor Asif Siddiqui.
The Wild Pheasant, dating back to the 19th Century, has a modern bedroom and spa wing, 46 en-suite rooms, a function suite for 200, a courtyard bar and a 60-cover restaurant.
Colliers International sold the Llangollen hotel on behalf of the joint administrators David Costley-Wood and Brian Green at KPMG.
Neil Thomson at Colliers International commented on the deal, “The hotel had been operated under management whilst in administration and continued to trade profitably whilst new buyers were sought.
“It clearly demonstrates the strength of the market place for good quality, profitable hotel assets and despite popular belief, highlights the banks’ continued appetite to lend within the hospitality sector.”
The Wild Pheasant, previously owned by entrepreneur and TV star Stephanie Booth, had formed part of a portfolio of four hotels run by Llangollen Hotels Ltd before it entered administration in July last year.
Another hotel in the original portfolio, Chain Bridge Hotel, was successfully sold in June for £500,000.
Mr Siddiqui aims to refurbish the function rooms, bedrooms and other parts of the Wild Pheasant, and told the Business Post that his plans for the hotel will benefit the local businesses and economy.
Operating across North Yorkshire, the company has two divisions, one that provides IT infrastructure and one offering renewable energy solutions, including solar PV systems and electric vehicle charging points.
The group specialises in supplying and installing UPVC windows, doors and conservatories in a wide array of styles. Bespoke bathroom panelling and high-quality guttering products are also provided by the two companies.
The company is a well-regarded specialist provider of hygienic wall, floor, and ceiling cladding systems. To complement its core supply of PVC cladding, the business offers hot welded joints to prevent the build-up of bacteria and can supply stainles...
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