Wed, 02 Feb 2011 | BUSINESS SALE
An Ipswich hotel has been acquired by new owners following the administration of former owner, Elizabeth Hotels.
The three-star Copdock Hotel is the 10th hotel from the Elizabeth Hotels portfolio to be bought out of administration. The 76-bedroom freehold hotel has been acquired by Cheshire-based former care home owners Steve and Jane Denton for around £2.5 million.
Just one hotel out of the 11 hotels located across Essex and East Anglia formerly operated by Elizabeth Hotels has yet to be sold. The Needham Market, Suffolk-based Limes Hotel, which boasts 11 bedrooms, is currently on the market through Colliers International.
Accountancy firm KPMG was called in to act as administrators following Elizabeth Hotels' demise in December 2009. KMPG immediately set about seeking a buyer for the business, which at that time operated 13 pubs and 14 mid-market inns and hotels. The group managed and operated 11 of the hotels with the other hotels and pubs leased out to third parties.
At the time of the administration, KPMG's Allan Graham said, "The company’s financial liabilities made it impossible to continue running the businesses as they stood."
The new owners of the Copdock Hotel plan to refurbish it extensively over the next few months. Ms Denton said, "We believe the hotel will return to its rightful place being one of the pre-eminent hotels in the Ipswich area."
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