Hull's Albert Hotel up for sale as owner falls into administration

By Hull Daily Mail | Posted: 26 Mar 2019

Hull’s Albert Hotel has been put up for sale after the business which 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 currently owned by Authentic Alehouses which 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.

Albert Hotel on Anlaby Road (Richard Addison)

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 & 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.”

Read more: Support needed to help retailers tackle crippling Hull business rates

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.

Watch: Albert Hotel before and after its facelift

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.”

Read more: Speakeasy cocktail bar and restaurant serving kangaroo kebabs to open in Princes Avenue

The deadline for any bids for The Albert Hotel is midday on April 15.



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Source article: http://www.hulldailymail.co.uk/

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