Chartered accountant Mark Cadwallader has persuaded family and friends to join him in buying the 20-bedroom Dragon hotel on the borders of Shropshire and Powys. They will now begin a five-year project to restore the property to its former glory.
“Living in the town I had been thinking about buying the Dragon for some time and after talking it over with our friends and family we decided to go for it,” said Cadwallader.
“Montgomery is still a significant destination and we believe the town needs to offer the very best facilities to maintain its historic appeal. We will be aiming to offer good classic food to a wide range of visitors and locals.”
Joining Cadwallader in the new venture are wife Rhian, sister Clare and husband Simon Cousins along with Simon and Elaine Bedford. The consortium will take turns running the Dragon hotel, working alongside the existing staff.
Dating back to the 17th century, the Dragon hotel features 20 letting bedrooms, comprised of eight doubles, four twins, two singles, five family and one four-poster room. Unusually for a country inn, the Dragon also boasts an indoor heated swimming pool with a sauna.
“We will not be shutting the hotel while the refurbishment is carried out so we are taking things one step at a time,” added Cadwallader. “But the Dragon has plenty of potential and we are determined to see it flying again.”
Peter Brunt, hotels director for Colliers International, which brokered the deal, added: “The new owners have correctly identified the enormous potential at the Dragon and are looking at several ways of building on the existing trade.
“It’s the primary hotel in the area for functions and meetings as well as having a reliable year round and good class bar trade as indicated by the strong turnover.”