Hotels

International investors acquire the Crusoe Hotel out of administration

The company which previously owned the hotel was placed into Administration on 28 August 2020

The Crusoe Hotel, in Lower Largo, East Neuk of Fife has been sold out of administration to international investors for an undisclosed sum.

The long-established hotel overlooks the small fishing harbour of Lower Largo and has 16 en suite letting rooms, some with sea views, a restaurant, meeting rooms and a lounge and public bar.

The company which previously owned the hotel was placed into Administration on 28 August 2020. 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.

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, who added: “‘We are delighted to be taking 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. As we continue to grow the TBC Pub Company in the years ahead, partly through acquisitions, Christie &Co will be a vital business partner to our growth strategy.”

Tony Spence in the Hospitality sector at Christie and Co, who handled the sale, said: “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 benefitting 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.”

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