Iconic hotel and bar for sale as owner goes into administration
FIRM FAILED TO MAKE PAYMENTS ON LOAN USED FOR MAKEOVERS
HULL’S Albert Hotel has been put up for sale after the business that owned it fell into administration.
The Anlaby Road hotel and sports bar dates back to 1900, and the hunt is now on to find a new owner.
It is one of seven pubs owned by Authentic Alehouses that have been put up for sale.
The company fell into administration after it failed to meet payments on a loan it had taken out to refurbish all of its pubs.
The Red Lion in Driffield, also owned by Authentic Alehouses, is currently on the market as well.
The property firm listing the Albert Hotel said offers to buy both the whole portfolio of seven pubs or just individual pubs will be considered.
Neil Morgan, managing director of pubs and restaurants at Christie & Co, is handling the sale.
He said: “The sale represents a good opportunity to acquire a wet-led portfolio in the north of England.
“We expect to receive strong interest from a range of buyers, including regional operators looking to strengthen their current portfolio, or investors looking to create a presence in the north of England.”
The whole group of pubs comprises the Albert Hotel in Hull, Countess of Rosse in Shipley, Bradford, Crown Inn in Addingham, West Yorkshire, Fountain Inn in Barnoldswick, Lancashire, Ponty Tavern in Pontefract, Red Lion in Driffield, and the Wakey Tavern in Wakefield.
Authentic Alehouses recently appointed London-based administrator Quantuma to handle its administration.
At the time of its administration, on March 6, four out of seven of the group’s pubs continued to trade.
In a statement released by Quantuma, it was said: “Authentic Alehouses (AAL) owns the freeholds of seven public houses across Northern England.
“AAL borrowed funds to refurbish the seven public houses and security was granted in respect of the loans.
“In early March 2019, the company failed to make the full interest payments due to in respect of the loans which constituted an event of default and therefore the secured creditor appointed Simon Bonney and Michael Kiely of Quantuma LLP as joint administrators on March 6.”
The deadline for any bids for The Albert Hotel is noon on April 15.