Olde Barn near Grantham rescued by Shepherd Cox Hotel Group
A hotel near Grantham which went into administration last summer has been rescued by a hotel group.
The Olde Barn Hotel, at Marston, is now part of the Shepherd Cox Hotel Group.
The sale follows The Olde Barn entering administration with RSM Restructuring Advisory on August 27 last year, due to "acute cashflow pressures" experienced by its then owner, New Barn Hotel Ltd.
It continued to operate while a buyer was sought as a going concern.
The parent company is now Shepherd Cox Hotels (Grantham) Limited. The new owner confirmed it will honour all room and function bookings "on the same basis as agreed between the company and the hotel’s guests".
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."
The sale of the hotel was facilitated by commercial real estate firm Avison Young.
James Williamson, director for hotels at Avison Young, added: "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."
The Olde Barn Hotel has 103 bedrooms together with a leisure club, restaurant and function facilities.
Shepherd Cox Hotel Group owns and operates 20 hotels across the UK under brands such as Holiday Inn, Best Western, Travelodge and Accor.
More by this authorMarie Bond