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.”