Thu, 21 Feb 2019 | ADMINISTRATION
A historic but well-preserved hotel located on the banks of Lake Windermere has fallen into administration after experiencing a series of financial issues.
The Hydro Hotel, which was established in 1895, has been forced to call in professional services firm FRP Advisory LLP to handle the administration, and have appointed partners Phil Pierce and Paul Whitwam as joint administrators to oversee the process.
The administrators as presently on the hunt for a buyer to claim new ownership of the property and business.
Pierce commented on the administration: “The Hydro Hotel is a beautiful building that is situated in one of the most stunning locations in Britain. The business has huge potential and our focus is now on working with the directors to secure a sale of the hotel and ensure the best possible outcome for everyone involved.”
In the meantime, however, the hotel will remain operational and will continue to trade, with all 32 employees retained until a new buyer is sought.
The Hydro Hotel boasts 78 bedrooms with ensuite facilities, an adjoining restaurant and bar, as well as a conference and meeting rooms for more corporate events. The property also stars a ballroom with a capacity of 150 guests.
The venue reopened its doors in 2017 after a multimillion-pound renovation project had been completed, but was the cause of severe cashflow struggles which forced the business into administration.
Although the joint administrators are already in advanced talks with a handful of interested parties, they are inviting offers from potential buyers with the aim of settling on a sale in the near future.
Click here to view The Hydro Hotel Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
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