Published: 16th February 2011
Corporate recovery specialists Begbies Traynor in Bournemouth have sold three hotels out of administration for an undisclosed sum.
The three – important hotels in the town – have been rescued by local property and investment group Quantum.
Partners Julie Palmer and Mark Fry were appointed administrators to Bay View Court Hotel, Cottonwood Hotel trading as Inn on the Cliff, and Ocean View Hotel.
Julie Palmer said: “This was a tough deal to pull together after we had significant interest in the hotels. We are pleased that we have been able to preserve the ongoing trading of three long standing hotels in Bournemouth's central tourist zone.
“By using a multi-disciplinary approach, the Group’s restructuring and corporate finance divisions worked closely together so that we were able to save these hotels and see them continue to trade.
“This is the latest deal in a number of cases that Begbies Traynor has acted on in the hotel and leisure sector, further reinforcing our specialism in this area.”
Quantum, a multi-disciplinary property group, said it was delighted to be involved in such an exciting venture, “ensuring that Bournemouth’s vital tourism industry receives an injection of investment and creativity”.
It added: “For a long time, Bournemouth’s hotel stock has not reflected the sophisticated profile of its residents and visitors. We see this as an important opportunity to create lasting value for the Eastcliff and Bournemouth.”
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.