Losses force Studley Priory on to market

by Samantha McClary , Wednesday 11th February 2004 10:57

Studley Priory hotel in Oxfordshire has been put up for sale after being placed in administrative receivership by its owner, Jeremy Parke.

The three-star, 18-bedroom hotel, which is part of the Pride of Britain and Small Luxury Hotels of the World consortia, is being marketed by agent FPD Savills, and is rumoured to have a price tag of about £3m.

Studley Priory, in the village of Horton-cum-Studley, has been owned by the Parke family since the 1960s, and has planning permission for a further eight bedrooms. It was originally a Tudor manor house built on the site of a 12th-century Benedictine nunnery.

It also features the three-AA-rosette, 36-seat Croke restaurant.

Joint administrative receivers David Crawshaw and Richard Hill from KPMG Corporate Recovery were appointed on 19 January because of continual loss-making by the hotel for a number of years.

According to the most recently filed accounts at Companies House, Studley Priory hotel recorded a loss of £780,425 in the 12 months to 31 December 2002, more than double that recorded a year earlier.

Private hotel group Von Essen confirmed that it has offered £2m for Studley Priory, which it has looked at three or four times. Director of operations Nicholas Romano said the hotel was a "bit tired" and needed a lot spent on it, but added that if Von Essen bought the property it would work with Parke to get the business back on track.

Source: Caterer & Hotelkeeper, 12 - 18 February 2004


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