Mid Wales hotel sold out of administration
An historic hotel in Mid Wales has been sold out of administration after lying empty for more than a year.
The Grade II listed Radnorshire Arms hotel in Presteigne has been sold for an undisclosed price by Colliers International to Allworks Properties Ltd.
Allworks Properties, which owns a number of other pubs and hotels, said it has plans to renovate the hotel, which reputedly dates back to the 16th century.
Director John Rivers said: “We are delighted to have completed on the sale of the Radnorshire Arms, and are very much looking forward to renovating and reopening this historic hotel in the heart of Presteigne, and offering hospitality to both visitors and the local community.”
The sale of the 19-bedroom timber frame hotel with distinctive black and white beamed frontage was negotiated by Colliers, acting on the instructions of Damian Webb and Diana Frangou of RSM Restructuring Advisory LLP, as joint administrators of Leisure & Development Ltd.
It follows the company’s successful disposal of the Knighton Hotel at Knighton in September 2019 as part of the same administration process.
Peter Brunt, director of hotels agency at Colliers International, said: “The Radnorshire Arms is a hotel with huge potential, and its sale to an experienced hospitality operator shows that the hotels market is active despite the coronavirus pandemic.
“There were two offers at the agreed price level pre-virus, and the selected bidder was happy to proceed as agreed with the sale exchanging and completing at a time when the country has been under lock down.”
The property was reputedly restyled in 1616 with timbered façade that remains, together with historic interior features including exposed beams, open fireplaces and timber panelled walls.
The public rooms comprise a bar and two restaurants, and the letting rooms have refurbished bathrooms. Eleven of bedrooms are in the main building and eight in a detached single-storey lodge style bedroom block.
