Shrewsbury hotel owner owes £100,000
Monday 26th December 2011, 11:00AM GMT.
The owner of a landmark Shropshire hotel, which is on the market for nearly £3 million, owes more than £100,000 to 90 local and national businesses, it was revealed today.
Howard Astbury, who runs the Lion Hotel in Wyle Cop, Shrewsbury, has applied for an Individual Voluntary Arrangement under the Insolvency Act.
But the company appointed to oversee the payment of debts said the sale of the hotel meant all creditors should get their money back.
MCR Corporate Restructuring said the business would continue as normal and it was working with Mr Astbury to realise as many assets as possible.
The move comes after it was revealed that the 234-year-old hotel had been put up for sale for £2.95 million after being owned by Mr Astbury, 67, for five years.
A letter sent to creditors by MCR Corporate Restructuring reveals a total of 33 organisations in Shropshire, and 90 overall, are owed a total of about £103,000.
Among the local creditors owed money are the hotel’s Wyle Cop neighbours Tanners Wines, which is owed £12,950; the Three Tuns Brewery in Bishop’s Castle which is owed £989; and Shrewsbury-based Cottesw old Dairy Ltd, which is owed about £831.
Others include Lyreco in Telford, which is owed about £763, and The Wood Brewery in Craven Arms, which is owed £676.
Nationally BT is owed £661, Severn Trent is owed £2,194 and npower is owed £111.
In a letter to creditors John Whitfield, from MCR Corporate Restructuring, said: “Howard Astbury is intending to make a proposal under section 253 of the Insolvency Act 1986 for an Individual Voluntary Arrangement to his creditors.”
Richard Merrin, a spokesman for MCR Corporate Restructuring, said that a creditors’ meeting will be held on January 9.
Mr Astbury said he did not want to comment.
By Chris Burn
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