Historic Grantham hotel sold

The Angel and Royal hotel in Grantham, one of the oldest in the UK,  has been sold by owners Ashdake Hotels for  £1.75m.

It has been sold to Dean Harrison, an experienced hotelier who will immediately undertake a “comprehensive” refurbishment programme.

The business was marketed off a net turnover in excess of £800,000 per annum and the sale of the freehold asset and business was at an undisclosed figure off an initial guide price of £1.75m.

Along with the 31 letting bedrooms, which reportedly attracts “strong” corporate and leisure trade, the property offers bar, dining, meeting and function facilities.

The hotel also has an unused cottage, stables, offices and store which can provide potential for extra facilities.

The transaction was brokered by Julian Troup, head of UK hotels agency at Colliers International, who said: “Since UK hotel trading shut down there had been modest interest in the hotels and hospitality businesses that we have on the market.

“I am pleased however to confirm that we have recently seen an improvement in the volume of enquiries, and more particularly the number of formal viewings taking place in the last couple of weeks.”

Built in the twelth century, and originally called the Angel, it was owned by the Knights Templars.

The ‘Royal’ was added in the 1860s, following the visit of the Prince of Wales, later Edward VII.

Among recent owners, a group of local businessmen led by accountant John Hindmarch took it over from Trust House Forte in the 1990s, and carried out a major restoration of the property.