Long-established Fife hotel sold after being placed in administration
A well-known Fife hotel has been sold after being placed into administration in August last year.
On behalf of joint administrators, Paul Dounis and Gareth Harris, specialist business property adviser, Christie & Co, has announced the sale of The Crusoe Hotel, in Lower Largo, the East Neuk of Fife.
The move comes after the company which previously owned the hotel was placed into administration on August 28, 2020.
But, 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.
The long-established hotel has 16 en suite letting rooms, some with sea views, a restaurant, meeting rooms and a lounge and public bar.
Paul Dounis, one of the joint administrators from RSM, 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.”
In a quick turnaround the investor sourced a new tenant, Graham Bucknall from TBC Pub Company. He said: ‘We are delighted to take 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.”
Tony Spence in the hospitality sector at Christie & Co handled the sale. He added: “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 benefiting 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 and working with them again.”