Tue, 10 Jan 2012 | COMMERCIAL PROPERTY
The Royal Beacon Hotel in Exmouth fell into administration over the Christmas period and looks set to be for sale in the near future.
Paul Nightingale, the establishment's owner, has run the hotel for eight years and over this time has transformed it into a small business that generates a turnover of around £2 million.
However, the healthy turnover does not appear to be enough to save the hotel and, according to reports from the Exmouth Journal, representatives from NatWest arrived in January to formally demand repayment of loans and an overdraft before administrators came shortly afterwards to protect bank assets.
Mr Nightingale is contesting the issue, claiming that debt was always paid for by his other businesses. He told the paper: “I’ve never defaulted on interest or loan repayments in all the time I’ve been with NatWest, which is approaching 30 years.”
A spokesman for RSM Tenon Recovery added that the hotel is continuing to trade as its financial position is reviewed, noting: “We will be looking to sell it as a going concern.”
But for the moment, the hotel is not on the market and existing bookings for weddings and events are set to be honoured.
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