Posted on 29 July 2014
Lace Market Hotel in Nottingham has been sold out of administration by Derby professional services firms Flint Bishop and Smith Cooper.
The pair advised on the sale of the boutique 42-bedroom hotel to Chestnut Properties. The four-star venue will now have a £1.5m refurbishment and reopen in the autumn (2014).
Housed in a converted Georgian townhouse, the Lace Market was part of the Finesse Collection – a group of four East Midlands hotels – and fell into administration in May (2014). It closed its doors after efforts to find a buyer failed.
Administrator Dean Nelson of Smith Cooper began a marketing process to find a buyer for the grade II-listed building. Despite a number of parties expressing an interest, Nelson said at the time that efforts to sell the business and assets as a going concern had not been successful and 42 staff were made redundant as a result.
He has now added: "This demise of the Lace Market Hotel was particularly sad. After confirming the business was insolvent we worked hard to sell it as a going concern. As you would expect for such an important hotel there were no shortage of interest from well-known premium hotel brands.
"But the complicated structure of ownership made a sale impossible, meaning we had no choice but to close the hotel once it went into administration and make all the staff redundant.
"I am really pleased that the new owner of the hotel is Chestnut Properties – backed by the Higginson family who have been associated with the building for over 15 years. And I am excited to see what the family's plans are for the refurbishment."
Flint Bishop partner Nick Wells advised on the insolvency, with commercial property partner Bev Simms dealing with the legal aspect of the sale.
Wells said: "Although the overall administration of this hotel is sad, it is good to be part of a process that will hopefully result in this famous hotel getting a refurbishment and a fresh start."
Included with the hotel is the Merchants Restaurant and cocktail bar Saint, along with the adjoining gastropub Cock & Hoop.