Three Richardson Hotels properties exit administration

The Falmouth Hotel in Falmouth, The Grand Hotel in Torquay and The Royal Beacon in Exmouth have all been handed back to owner Keith Richardson by RSM Restructuring Advisory LLP.

But The Abbey Sands Hotel in Torquay, formerly The John Burton-Race Restaurant with Rooms, continues to trade in administration.​​

The South West-based Richardson group put several sites on the market in February after falling in to financial difficulties​​ following a revamp of the Burton-Race-branded property.

It sold the Fowey Hotel in Fowey and Padstow’s Metropole Hotel to the Harbour Hotels group in August.​​

The creditors of both Richardson subsidiaries which are now out of administration will be paid in full via a Company Voluntary Arrangement overseen by Mark Boughey and Matthew Wild from RSM.

“This was a complex administration, but we are delighted to have reached an outcome which has protected the position of creditors, secured the jobs of all staff and kept the hotels trading as usual for the benefit of guests,” says Boughey.

Burton-Race left the trouble-hit company in August, despite the former Grosvenor Hotel rebranding with his name after a major investment.

He took on a temporary role at The Millbrook Inn​​ in South Pool, Devon, in October, and is still seeking another permanent appointment.