Business advisory firm Quantuma has completed the sale of the Penrallt Hotel in Pembrokeshire to GPS UK for circa £350,000.
Located in Aberporth, Cardigan, the Penrallt Hotel went into receivership and had been closed for two years.
Quantuma was appointed as administrator to the hotel in 2017, and following a review, instructed Colliers International to bring the hotel to market, resulting in the sale to GPS UK.
The 26-bedroom Edwardian Country House is set in 26 acres and has two swimming pools, a gymnasium and spa in a detached complex.
The two-phase refurbishment programme will be overseen by managers Jane Vale and Owen Preece from Mid-Wales, who formerly owned a restaurant near Ludlow.
Jane said: “The plan is to initially get the Edwardian Country House operational. We are focusing on a complete refurbishment of the first 15 bedrooms, restaurants and reception rooms. We are landscaping the grounds to restore Penrallt to its former glory. The 11-garden room refurbishment will run alongside this.
“The second phase of the development will be to refurbish the swimming pool and spa into a state-of-the-art facility.
“We are working closely with local tradesmen and the feedback from the community has been extremely positive. We are very lucky to have the invaluable help of Che Lewis who has worked for many years at the hotel when it was open.
“The views are amazing from the hotel overlooking the sea and the countryside. We are hoping to be opening the hotel for trade late summer this year and should have all the refurbishment completed by early 2020.”
The Quantuma team was led by partners Frank Wessely and Chris Newell.
Frank Wessely said: “The Penrallt used to be a pillar of the region, and with beautiful Edwardian heritage, has the potential to be one of the most reputable hotels on the Welsh coast. It’s fantastic to have completed the sale of this iconic building to the team at GPS UK, which is set to regenerate the business using the skills of local trades and businesses.
“The UK hospitality industry is being rocked by toughening business rates and the changing pattern of global tourism, so it is unsurprising hoteliers are running into difficulties.
“After conducting an in-depth review of the case, we were able to instruct Colliers International to bring the property to market, resulting in its successful sale. We look forward to seeing the hotel brought back to life, and the impact this will have on the local community.”
Peter Brunt, a director with Colliers International’s hotels team, said he had kept a watching brief on the hotel after selling it out of administration to the previous owners.
He said: “I am thrilled that Penrallt has found a new owner who will bring this lovely hotel back to a high standard of presentation.
“Penrallt is an Edwardian hotel set in nearly 26 acres of landscaped grounds. It was in receivership and has been closed for two years but it offers huge potential for a good operator to make their mark on it and create a vibrant, successful business here.”