Mon, 12 Dec 2011 | BUSINESS SALE
One of the major assets of collapsed hotel chain Von Essen, Hotel Verta in London’s Battersea, has been acquired by a private buyer.
The Von Essen Hotel chain went into administration in April of this year, with debts of £250 million, and Hotel Verta was put onto the market through property agents Christie & Co.
The five-star hotel - which lies in a prime position on the South Bank in London between Battersea and Wandsworth Bridges - comprises 70 bedrooms, a restaurant - Patrisey - and a luxury spa.
Hotel Verta, which remained under the ownership of Andrew Davis, the former Von Essen managing director, following the administration of the rest of Von Essen’s assets, has been purchased for £20 million. The transaction has saved 75 jobs.
Joint administrator at Ernst & Young, Angela Swarbrick, said, “We are very pleased to announce the sale of Hotel Verta, helping to safeguard over 75 jobs and the future of this premium central London hotel.”
Out of the 26 Von Essen hotels, 15 have now found new buyers. Eleven hotels, including the well-known Cliveden and Bath’s Royal Crescent Hotel, are still hunting for new owners.
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FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
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