Several South West hotels and nursing homes have been sold off following the collapse of a high-risk property company nearly 18 months ago.
Business advisory firm Quantuma and restructuring firm Kroll, the joint liquidators of the Carlauren Group, sold the properties to Phoenix Commercial Property Development (PCPD) for an undisclosed sum.
No jobs were saved as a result of the sale.
All of the properties were bought with the investor leases in place and, according to the liquidators, PCPD will negotiate with the leaseholders regarding further development and use.
The sale was completed on April 21 and included:
Eton House and Coverdale Court, Yeovil
Hurst Manor Nursing Home, Martock
Rosewell Care Home, Bristol
The Auckland House Hotel, Shanklin
The Ocean Hotel and Kings Bar, Sandown
Clinton House and Tarrant House, St Austell
The Coppice Hotel, Torquay
Carl Jackson, chief executive of Quantuma, said: “These were difficult and protracted negotiations which have turned out successful given the current circumstances and the outcome will benefit the companies and the investors.
“All of the companies listed in the sale were insolvent and this transaction now gives a chance for the properties to be funded in the future.”
The Carlauren Group, which was run by director Sean Murray, fell into administration in 2019.
Investors into the multimillion-pound company had been offered the opportunity to plough their money into properties including luxury care homes, but some were never built.
According to the Evening Standard , the public parted with £75m to invest in the firm.
Quantuma reportedly obtained a £40m freezing order over Mr Murray’s assets last year but said it could not estimate how much money would be returned to investors.
