Richardson Hotels could be saved after selling sites

By Sophie Witts contact

- Last updated on GMT

Richardson Hotels could be saved after selling sites

Related tags: Hotels, Torquay, Restaurant, John Burton-Race, Administration

Richardson Hotels, owner of the John Burton-Race Restaurant with Rooms, looks to be saved from administration after selling two properties.

The South West group put four sites on the market​ in February after falling in to financial difficulties following a revamp of the Burton-Race-branded property.

It was confirmed yesterday (31 July) that the company has sold​ the Fowey Hotel and Padstow’s Metropole Hotel to Harbour Hotels.

The Falmouth Hotel and The Grand Hotel in Torquay will now be taken off the market and continue to trade as usual as part of the Richardson Group.

A spokesperson for RSM Restructuring Advisory LLP, who were appointed administrators in January, told BigHospitality​: “[We] hope to be in a position to start returning funds to creditors shortly.

“The sale should enable the joint administrators to achieve the statutory purpose of rescuing the companies as going concerns and to hand back management of the companies to the director/shareholder in due course.”

Richardson’s now four-strong portfolio includes John Burton-Race’s eponymous Restaurant with Rooms, which rebranded in December following a six-figure investment.

Company owner Keith Richardson previously told Devon Live​ the cost of revamping the site had caused the rest of the business to fall in to difficulty.

Related topics: Business

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