Administrators for an East Anglian hotel chain have renewed optimism for finding buyers for the business, after successfully selling two properties in the chain’s portfolio.
KPMG have been looking for buyers for the Elizabeth Hotels chain since it filed for administration last December. Having sold the Wherry Hotel near Lowestoft and the Duke’s Head Hotel in King’s Lynn, they are confident that discussions regarding the remaining properties in the portfolio will be successful.
The chain of hotels was owned by Suffolk property mogul, Richard Cattermole, but was placed into the hands of KPMG at the end of last year because of the financial liabilities of the three component companies, Elizabeth Hotels, Elizabeth Estates and Cavendish Hotels. The portfolio consisted of 14 hotels – three of which were under third party leases – and 13 pubs.
A KPMG representative confirmed that the sale of the Wherry hotel had been completed at the beginning of June and that the deal for the Duke’s Head was completed last week.
The representative said that the mission to find buyers for the rest of the properties was ongoing, adding, “We are confident of finding buyers for the remaining properties and discussions are at various stages with potential purchasers on the remaining hotels from the group.”
Any interested parties are urged to contact the administrators.
