Insights
14 Sept 23
What action should directors take when their business encounters financial difficulty?
Oliver Nelson and Charles Boyne
Lord Scarbrough and his Trustees, the owners of the Castle, have partnered with Bespoke Hotels, to lead the iconic hotel through its next exciting…
Lord Scarbrough and his Trustees, the owners of the Castle, have partnered with Bespoke Hotels, to lead the iconic hotel through its next exciting chapter.
‘Maintaining this wonderful hotel and the team at Lumley Castle is our priority. Lumley Castle was our family home for many centuries and, notwithstanding the best efforts of the previous tenants, who established a successful business over the years, it became apparent that the current structure was not sustainable and, therefore, I agreed with my Trustees to take the property in-hand acquiring it from Joint Administrators Oliver Collinge and James Sleight of PKF GM, to ensure that one of the principal hotels of the county continues to be a key destination for guests, weddings and conferences.‘ said Lord Scarbrough of the plans.
Thomas Greenall, CEO of Bespoke hotels commented ‘We are delighted to manage Lumley Castle Hotel on behalf of the new business owners. It is a truly outstanding hotel in a wonderful location. We look forward to working with the hotel team to continue to offer a fabulous welcome for those visiting this beautiful part of the country as well as playing an important part in the local community”.
Lord Scarbrough and his Trustees were advised by Insolvency & Restructuring Partner, Charles Boyne of national law firm Weightmans LLP.
Joint Administrator, Oliver Collinge of PKF GM, commented: “This was a challenging transaction delivered within a short timeframe and we are delighted to have achieved an outcome which preserves this historic business, providing continuity for all employees and, importantly, ensuring the continuity of the business to facilitate future weddings, events and room bookings ”. Rob Smithson of Colliers advised on the sale with Lemi McAuley, Lizzy Wood and Molly Rowell at Hill Dickinson acting for PKF on the transaction.”
A 14th-century marvel, Lumley Castle Hotel dominates the rural landscape with a touch of timeless elegance. The imposing exterior makes way for palatial interiors. Boasting 73 bedrooms, the stunning building also features superb wedding and event spaces and is famous for its Medieval Banquets as well as hosting its very own Escape Room.
