By Ian McConnell
The Crusoe Hotel in the East Neuk of Fife has been sold from administration to a private investor for an undisclosed sum.
Property agent Christie & Co, announcing the sale of the hotel at Lower Largo on behalf of joint administrators Paul Dounis and Gareth Harris of RSM, said the investor which has purchased the hotel had sourced a new tenant, Graham Bucknall from TBC Pub Company, in a “quick turnaround”.
The long-established hotel overlooks the small fishing harbour of Lower Largo and has 16 en suite letting rooms, some with sea views, a restaurant, meeting rooms and a lounge and public bar. The area enjoys a high level of visitors throughout the year, and is close to several championship-grade golf courses.
Christie & Co noted the company which owned the hotel previously had been placed into administration on August 28 last year.
It added: “Following an extensive sales and marketing exercise, a closing date was set, and the hotel was sold to a private investor with vacant possession, for an undisclosed price.”
Mr Dounis said: “The global pandemic acutely hit hotel operations and due to unprecedented circumstances, the hotel was forced to close in March 2020. The deal saves a Lower Largo landmark, which is not only great news for the local community, but once open again it will stimulate tourism, bringing an economic boost to the area.”
Mr Bucknall said: “We are delighted to be taking on this iconic venue and we look forward to breathing new life into the business. It has not been a straightforward transaction, but Christie & Co have helped throughout and have been instrumental in getting the deal across the line. They are one of the best in the business at putting motivated sellers and serious buyers together, and their knowledge of the licensed trade industry is second to none. As we continue to grow the TBC Pub Company in the years ahead, partly through acquisitions, Christie & Co will be a vital business partner to our growth strategy.”
Tony Spence, at Christie & Co, said: “The Crusoe Hotel was sold with vacant possession and we received a significant amount of interest from day one. Prior to the hotel closing it was a long-established small hotel enjoying a prominent position in the village benefitting from extensive coast and sea views. The hotel was bought by a private investor and we wish TBC Pub Company all the best in their new venture.”
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