Tue, 23 Jan 2024 | ADMINISTRATION
Flat Cap Hotels Ltd, a group of hotel and restaurant venues located in Cheshire, has fallen into administration after being hit by a range of adverse factors affecting the wider hospitality sector. Gareth Prince, Mark Malone and Julian Pitts of Begbies Traynor were appointed as joint administrators to the group.
The group was established in 2017 and sought to safeguard and maintain Grade II-listed venues in Cheshire. It operates three hotels: The Bridge in Prestbury, a 24-room hotel and restaurant on the banks of the River Bollin; The Vicarage in Cranage, a hotel housed in a building dating back to the 1700s on the River Dane; and The Courthouse in Knutsford, a 17th century building that had previously served as the town gaol, Crown Court and holding cells.
Following the appointment of the joint administrators, The Bridge and The Vicarage will both continue to trade as normal, but administrators confirmed that The Courthouse had ceased trading with immediate effect.
In a statement, a spokesperson for the administrators said: "Like many others in the hospitality sector, despite having an excellent reputation and a strong brand, the business has been impacted by a combination of factors, including the pandemic, inflation and the challenging economic environment for consumers."
They continued: "Partners at Begbies Traynor have been appointed as joint administrators and the focus is now on stabilising the operating position of the business and exploring future options."
In Flat Cap Hotels Ltd’s most recent accounts at Companies House, for the year to December 29 2022, its fixed assets were valued at close to £15.5 million and current assets at around £678,000. However, at the time, the company’s total liabilities amounted to more than £340,000.
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