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Judges Lodgings in York sold to Thwaites

Corporate Finance

| November 13th 2012

More News by Dave Broadbent

Judges Lodgings in York sold to Thwaites

Joint administrators, Andy Clay and Rob Sadler of Begbies Traynor, have confirmed the completion on 12 November 2012 of the sale of the historic Judges Lodgings hotel in York to brewer Daniel Thwaites for £1.5m.


Since its administration in January 2012, the hotel has been operated by the administrators whilst a buyer was sought for the business and assets. The 13 bedroom luxury hotel and its popular cellar bar and restaurant are located in a Grade 1 listed Georgian town house in the centre of the city. The building dates back to 1710 and in 1806 it became the official residence of the Assize Court Judges and remained so until it was converted into a hotel in the 1970s.

While initially there was significant interest in the business, the market place remains challenging and final offers received from interested parties, with the exception of Thwaites, were extremely disappointing. The joint administrators are delighted to have achieved the final selling price which they consider has exceeded expectation, resulting in a better return for secured creditors.

The Judges Lodgings will be added to the Thwaites Inns of Character portfolio. Thwaites plans to re-develop the cellar bar and outdoor terraces, and the venue will continue to trade as a hotel.

“It is great news that one of the city’s oldest and most prestigious venues will continue to trade,” comments joint administrator Andy Clay. “We were confident that we would be able to find the right buyer for the hotel as a going concern and we believe that it has a bright future ahead as part of a larger hospitality group.”


About the author

Dave Broadbent

Partner

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Dave began working in the insolvency sector in 1997 and in 2005 became one of the country’s youngest insolvency practitioners, taking formal appointments at David Horner & Co.
 
Having assisted David Horner with growing his own practice, which was acquired by Begbies Traynor in 2007, Dave created Broadbents Business Recovery Services (in 2010) with Andrew Peace. Following rapid expansion during the following five years, their business was purchased by Begbies Traynor in March 2015.
 
Dave specialises in small- to medium-sized owner-managed businesses, using the experience and skills obtained from a number of years within the sector, as well as those gained from running his own company. Whether it’s a PAYE employee, a self-employed trader or a director of a limited company, Dave takes pride in being able to find a number of solutions to a wide range of problems.
 
Using skills honed in his brief time as a schoolteacher, Dave has also run a number of seminars in Yorkshire and the North East for individual firms of accountants and solicitors and for larger groups of professionals at their well-attended spring/autumn events.

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