Shrewsbury's Lion Hotel price is slashed

The asking price for Shrewsbury’s historic Lion Hotel has been slashed by more than £450,000, it was revealed today.

The 234-year-old hotel in Wyle Cop – which has been on the market for six months – was initially given a price tag of £2.95 million. But selling agents confirmed it had been cut.

Gavin Wright of Birmingham-based Christie & Co said the hotel’s price had dropped to £2.495 million in a bid to attract more interest from potential buyers.

He said: “The Lion Hotel is still on the market and the price has been dropped to attract some more interest.”

The sale of the hotel is expected to repay the debts of its owner Howard Astbury, who owes £260,000 to 90 companies and the HM Revenues and Customs.

Mr Astbury, 67, has applied for an Individual Voluntary Arrangement to settle his debts.

If the hotel is not sold in the next year it will be put up for auction to ensure that all his creditors get paid.

The Lion Hotel has a turnover of £1.3 million a year and employs around 40 people. No members of staff are expected to lose their jobs through the sale.

Earlier this year it was revealed two offers had been made on the hotel. But Mr Wright said today it remained on the market.

The hotel is a Grade I listed building and has a history as a coaching inn dating back to the 16th century.

The 59-bedroom hotel has period features including a Tudor fireplace. It also has an 18th century ballroom licensed for civil marriage ceremonies. There is a 45-space private car park, as well as a reception, lounge, bar and meeting and conference facilities.

Charles Darwin is said to have caught a coach from the hotel for a meeting to choose the naturalist for the voyage of HMS Beagle, which led to the publication of On The Origin of Species.