The Bristol office of tax, audit and advisory firm Mazars has been appointed to handle the administration of the long-established company behind a North Somerset hotel, health club and golf course.
The 45-bedroom Best Western Plus Centurion Hotel, pictured, in Midsomer Norton has become the latest victim of the devastating impact of Covid-19 on the hotel, retail, and leisure markets.
Family business L&F Jones Holdings, which owned the hotel along with a health club, nine-hole golf course and two convenience stores, had an annual turnover of around £3.5m and employed 65 people.
Mark Boughey and Tim Ball from Mazars are acting as joint administrators for the firm
The recently refurbished hotel, which staged the World Professional Billiards Championship in 2002, is now up for sale with a guide price of £2.5m but remains open for key workers and those having to work away from home.
The two stores are also open and trading as usual while being marketed for sale on a going concern basis.
L&F Jones Holdings has roots going back more than 100 years, having started in 1911 as a grocery shop in the Mendip village of Stratton-on-the-Fosse by Catherine Lucy Jones and named after her daughters Leona and Frances.
It developed into a major wholesale food business with a 16-strong chain of convenience stores around Bath. The Centurion Hotel was added to the business in 2000 and the health club four years later.
The business, which remained family owned, restructured over recent years, with parts of it sold or closed, including many of the stores, to leave it with the hotel, health club, golf course and two shops.
Last year it disposed of its wholesale and butchery divisions to Devon-based food supplier RD Johns as it attempted to stem ongoing losses.
According to accounts filed at Companies House, the firm made a pre-tax loss of £662,533 for the year ended August 31, 2019.
Mark Boughey of Mazars said: “The impact of Covid-19 on the hotel, retail, and leisure markets has made trading conditions extremely challenging for the company over the past 10 months.
“The Centurion Hotel is a very well-managed and popular hotel that is currently open to support the needs of guests who are key workers or have a requirement to work away from home. The convenience stores are also providing an essential service to their local communities.
“The company has a loyal team of long-serving employees, who are keen to support the business whilst we continue to trade on a ‘business as usual basis’ and actively seek a buyer for the hotel and retail stores as a going concern.”
Centurion Hotel general manager Mark Manley added: “Whilst it is sad to see the company go into administration due to the financial impact of Covid-19, the Centurion Hotel’s staff and I look forward to continuing to welcome guests to the hotel whilst a new owner to sought.”
Ed Bellfield, South West regional director of property agents Christie & Co’s hospitality team, has been appointed to assist the administrators with the marketing and sale process.
He said: “The Centurion Hotel has an established reputation, appealing to both leisure and business guests due to its proximity to Bath and Bristol. There is significant scope for an experienced owner/operator to invest in the site and benefit from permitted planning permission and asset manage the vacant former indoor bowling facility.
“We expect the property to appeal to a wide range of buyers, including those looking to purchase a single asset as well as purchasers looking to expand their current portfolio. We also anticipate high levels of interest from both national and international investors attracted to the UK market.”
