Member Article

Vermont Hotel sold to Gainford Group

The Vermont Hotel and Martha’s Bar & Courtyard, the trading assets of St. James Way Limited and St. James Side Limited, have been sold to Gainford Hotels a division of the Gainford Group.

This 3 month sale process will safeguard the jobs of around 60 employees across the two businesses.

Adrian Berry and Dan Butters of Deloitte LLP were named as Joint Administrative Receivers of the Group.

Commenting on the successful sale process, Adrian Berry said: “We are delighted to have successfully agreed a sale of the Vermont and Martha’s, which both safeguards a significant number of jobs in the local market as well as preserving an iconic city centre landmark.”

A spokesman for Gainford Group added: “This acquisition not only secures existing jobs, our development and expansion plans for the hotel will also result in much needed job creation for the area. I would like to take the opportunity to acknowledge the support and assistance of our bank,Santander, in funding the acquisition.”

Better known for their care home business, Gainford Group companies are diversified and successful in hotels and leisure, building and development and children’s nurseries.

The Group has also confirmed plans for a £3 million revamp of the hotel and bar, with the aim of restoring its original opulent splendour.

This was posted in Bdaily's Members' News section by Ruth Mitchell .