A prominent seaside hotel has been sold out of administration after racking up debts of nearly £2m.
The Sea Hotel in South Shields had been put up for sale with a £1.65m price tag last year following the business' collapse in the summer of 2022. Since then, the venue, which had been owned by The One Collection Leisure Ltd - previously part of the failed Newcastle-based High Street Group of companies - has been traded by administrators at RSM who say losses of £117,000 are likely to have been incurred since their appointment.
Now, the venue has been sold for an as yet undisclosed sum to Yorkshire-based Resource Medical (UK) Limited, which runs a number of hotels and a pharmacy business. The firm has plans to invest and continue running the 34-bedroom hotel, which includes a restaurant, bar and self-contained function room, and underwent a £750,000 upgrade in 2018.
