Around 100 employees are facing uncertainty about the future of their jobs after a hotel, leisure club and restaurant near Grantham fell into administration.
Diana Frangou and Adrian Allen of RSM Restructuring Advisory LLP were appointed Joint Administrators of New Barn Hotel Limited, trading as The Olde Barn Hotel on Toll Bar Road in Marston near Grantham, on August 27, 2019.
The staff who work at the hotel will continue to work for the company in administration at this time. However, two directors have already been made redundant.
New Barn Hotel Limited owns and operates The Olde Barn Hotel, which has 103 bedrooms and is also used as a wedding venue and for other events including birthdays and anniversary celebrations.
The decision to appoint administrators was made by the directors of New Barn Hotel Limited after the business suffered from cashflow pressures.
The Joint Administrators’ intention is to continue to trade the hotel whilst they market the hotel and business for sale as a going concern.
Diana Frangou, RSM restructuring partner and one of the Joint Administrators, said: “Due to cashflow pressures, the directors took the reluctant decision to place the Company into administration.
“The Joint Administrators’ intended strategy, with the ongoing support of the existing management and staff, is for the hotel to continue to trade whilst we market it for sale as a going concern. We expect that there will be a lot of interest from potential buyers.”
Any interested parties who would like to discuss purchasing the hotel should contact the appointed agent James Williamson of Avison Young on 0121 609 8239 or via email at [email protected]
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