ONE of Cheltenham's most prestigious hotels has been bought by the fashion guru behind Superdry, it has emerged.
The Hotel in the Park, in Evesham Road, Pittville, has been bought by Julian Dunkerton, the founder of Cheltenham-based Supergroup, the parent company of the trendy Superdry clothing brand.
The hotel, which used to offer £185-per-night stays, has been closed since June after administrators were called in on February 14.
Joint administrators Benjamin Wiles and Geoffrey Bouchier, of Duff and Phelps, were appointed, and put it up for sale at £2.6 million.
The grade-two listed hotel was marketed by Colliers International and sold to Dunkerton Properties, which is owned by Mr Dunkerton.
Administrators said the hotel traded as a "high-end boutique" hotel, with 11 rooms, a bar and restaurant facilities. They said it had previously faced a "prolonged downturn in trading performance".
Boards have gone up around the site as the refurbishment of the hotel begins.
Benjamin Wiles, joint administrator, said: "We have traded the business as a going concern for some months now while we sought a buyer for the business as a whole.
"However, the hotel has been trading at a loss which is no longer viable. Therefore, in order to cease the losses, we have accepted an offer for a property purchase of the listed building.
"The new owner intends to refurbish the building and re-open in the coming months as a different type of hotel and restaurant offering, in line with their growing business in the local area.
"Regrettably, one outcome of this sale is that the 10 members of staff at the hotel have been made redundant. Although the loss of jobs was not the preferred outcome, the trading losses could not be sustained and accepting the offer for the property was, in our opinion, in the best interests of creditors as a whole.
"The purchaser is expanding its business locally and will no doubt be looking to employ staff in the near future."
The hotel underwent a complete refurbishment from 2008 to 2010, after it was taken over by Benjamin Bowen.
Mr Dunkerton had previously worked with couple Georgie and Sam Pearman to turn another building in the Promenade into a two-bedroom boutique hotel.
Mr Dunkerton was not available for comment.