AN ENGLISH seaside town is set to lose nearly a dozen hotels, B&Bs and care homes as the owners collapse into administration.
The portfolio of properties have been put on the market in East Riding, Yorkshire after the owners suffered cash flow and creditor pressures.
UK Communiiity Homes Impact 1 Ltd appointed an administrator in August this year after the company was incorporated in April 2021.
The firm was launched to buy, trade and develop commercial real estate and belongs to a group buying up residential units in the north of England.
They have a portfolio of 16 real estate properties which include guest house accommodation and other “distressed and/or vacant properties”.
Companies House documents reveal their mission was to “provide affordable housing, enhance living conditions and support local communities through the renovation and improvement of these properties”.
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Under causes of the company’s financial distress, the documents cite “increasing cash flow pressures” as a result of “insufficient trading income being generated to fund property development and holding costs”.
It adds that there was an “imbalance” in the portfolio between distressed properties and those that generate income.
While it also claims pressure from creditors who had “suffered significant arrears”.
There were no employees when the company was plunged into administration.
The properties up for sale in Bridlington include Acomb House and Blantyre Guest House, both described as a mid-terraced hotels with seven ensuite rooms with the latter also featuring a manager’s room.
Acomb House is awaiting refurbishment as is Pentrich House, a detached former residential care home.
A couple doors down and you’ll find Pentrich House Residence, an end-terraced hotel with seven ensuite rooms.
Other hotels include the “substantial” end-terrace Mont Millais hotel and Brentwood Hotel, both of which have off-street parking.
As does Park View, a double-fronted mid-terrace hotel which features 15 ensuite rooms while Vernon Villa and Ashford House are both hotels also on the market.
Lastly, there is a pair of former dwellings up for sale connected to the ground floor providing a large hotel that is currently awaiting refurbishment.
Three sites in Scarborough are also up for sale as part of the Yorkshire portfolio.
This includes the former Tennyson Arms Public House, the former St Helens Care Home and Hotel Columbus.
HullLive report that the estate agents will accept offers for the portfolio in its entirety or on individual properties.
Director in the Leeds office of Watling Real Estate, Alex Sweetman, told the outlet that the portfolio offered a “diverse mix of residential focused properties”.
“Of particular note is the positive 4.5% annual house price growth currently reported within the Yorkshire region which is attracting particular focus from developers and investors seeking such opportunities,” he added.
It’s currently unknown how much debt the company is in.
The Sun has reached out to administrators Grant Thorton for comment.