A Nottingham hotel which suddenly closed last month with the loss of 40 jobs is to reopen in a matter of months.
The Lace Market Hotel on High Pavement encountered financial troubles and closed its doors in May after administrators failed to find a buyer.
However, in new developments this week it has been revealed that the family which owns most of the hotel building has done a deal to acquire the rest of it.
David Higginson and his family now plan to spend £1.5 million refurbishing the hotel with a view to reopening in September.
The Lace Market Hotel had been run by Finesse Hotels, which owned the part of the building containing the Cock & Hoop pub and 13 of the 42 bedrooms. They leased the rest of the property from the Higginsons.
The Higginson family has been associated with the building for 15 years, having used it as the base for a restaurant before it became a hotel.
David Higginson told the Nottingham Post: “It became evident in recent years that the hotel was crying out for fresh investment. That it went into administration was therefore not a surprise. We continued to own the freehold of most of the hotel. We were informed the hotel was in distress and we returned from South Africa in order to salvage the business.”
Higginson admitted his family face a “Herculean task” and a race against time to get the hotel up and running again, but is determined to make it a success. “We don’t want to see its legacy evaporate,” he said.