Two hotels including Poets House in Ely go on the market after going into administration this summer
PUBLISHED: 11:39 05 October 2015 | UPDATED: 15:55 05 October 2015
Two hotels - Poets House, Ely, and Paddocks House at Six Mile Bottom- that were placed in administration in July, have gone up for sale.
Collier International has released details of both hotels – which had a combined turn over last year of £2.5million- and invite ‘substantial’ offers.
Poets House opened in 2013 and its turnover for the year ending in March 2015 was £1.45 million, says Collier. That compares to £1.22million in the previous year.
“Forecast net turnover for the year ending December 2016 is £1.377 million.”
No management accounts have been provided for the period from April to July 2015 which Collier says “the differing financial year ends are a result of change in the reporting processes of the business. “Trading information (actual and forecast) for the period post administration will be made available. It is clear that the property already offers a strong product offering and requires minimal capital investment.
“As such, it is the agent’s opinion that a substantial level of fair maintainable trade and far higher profit conversion rate would be readily achievable under new ownership”
Of Paddocks House they say the business is still maturing and “net turnover for the year ending December 2016 is forecast to increase to £1.238 million. To the end of March this year turnover was £1.08million.
In June two founding directors of The House Collection that owned both Poets House at Ely and Swynford Paddocks at Six Mile Bottom near Newmarket, were made redundant the day after the group was placed in administration.
However it remained business as usual at both hotels and the administrators said they would retain 72 employees.
David Toulson-Burke, managing director and Jonathan Baker, finance director were made redundant.
A third founding director, Ian Cross, resigned, according to Companies House records, last October.