A Cotswolds hotel that appointed administrators after facing "significant financial challenges" has been sold in a deal that has saved all 56 jobs.
Classic Country Hotels, which trades as Three Ways House Hotel in Chipping Campden, appointed Steven Ross and Allan Kelly of specialist business advisory firm FRP as administrators on July 7.
The 48-bedroom hotel struggled during the Covid-19 pandemic and was unable to meet its financial obligations, according to FRP Advisory, which said the hotel had become insolvent.
The administrators agreed a pre-pack sale of the business to a new owner, the name of which has not been disclosed, and all employees have been transferred over as part of the deal. The hotel will continue to operate under the Three Ways House Hotel name.
Mr Ross said: “The hospitality sector has faced significant challenges as lockdown restrictions disrupted regular trading which put long-term pressures on their finances. While the industry is now getting back on its feet, many businesses are still struggling to recover from the past two years.
“This deal ensures all the employees will transfer across to the new business and represents a fresh start for what is a popular hotel with a strong client base. We wish the team at Three Ways Hotel every success as they take the business forward.”
The news comes two months after BusinessLive exclusively revealed another Gloucestershire hotel had fallen into administration.
Lethendy Cheltenham Limited, which trades as the DoubleTree by Hilton Cheltenham, was placed into administration on May 19 with Chris Newell, Nick Parsk, and Louise Durkan of business advisory firm Quantuma appointed as joint administrators.
The hotel blamed its collapse on Russian banks, including state-owned Otkritie. According to administrators Quantuma, the DoubleTree by Hilton Cheltenham is currently trading profitably and will continue to be run by the administrators while they look for a buyer.
READ NEXT
- Jobs saved at collapsed aerospace firm Electroflight as administrators sell off business
- Developer appointed to £1bn Golden Valley Development near GCHQ
- From garage to global growth: Versarien's boss on the 'wonder material' being used by Superdry and Umbro
- Pest control business Terminix acquired by Norvestor
Like this story? Why not sign up to get the latest South West business news straight to your inbox
