The Hydro Hotel in the Lake District has entered administration and is now on the hunt for a new owner, just over a year after unveiling the results of its £1m refurbishment.
The 78-bedroom hotel in Windermere was acquired by Squires Hotels in 2014 but struggled with cashflow issues following the large-scale renovation project.
Phil Pierce and Paul Whitwam, partners at FRP Advisory, were appointed joint administrators on 8 February 2019.
They are now as presently on the hunt for a buyer to claim new ownership of the property and business, with all 32 employees being retained.
Doug Robertson and Philip Middleton of Irwin Mitchell Solicitors in Leeds have been engaged to assist.
The Hydro Hotel comprises 78 ensuite rooms, conference and meeting areas, a restaurant and bar, and a ballroom that can hold up to 150 guests. It was founded in 1895.
Pierce said: “The Hydro Hotel is a beautiful building that is situated in one of the most stunning locations in Britain. The business has huge potential and our focus is now on working with the directors to secure a sale of the hotel and ensure the best possible outcome for everyone involved.”
Hydro Hotel was acquired by Squire Hotels in 2014 for a sum close to £3.75m, sold by Paul Tomlinson and Ken Burchill.
It was then an 84-bedroom hotel.