Hotel owners fall victim to credit crunch

The owners of a well-known West Country hotel
Holne Chase Hotel
near Ashburton in Devon Country have fallen victim to the credit crunch after
their bankers Clydesdale Bank and Royal Bank of Scotland put them into

The hotel owners Sebastian and Phillipa Hughes featured in a 2005 TV reality
programme called The Forgotten Farm, which showed them converting barns and
out-buildings to holiday cottages to supplement their hotel business.

Vantis, the
administrators, are warning that, as a result of the economic slowdown the only
realistic price that can be asked for the property, which is leasehold and set
in 48 acres of Dartmoor National Park, is just £500,000, reports.

Administrator Nick O’Reilly said this meant that, once PAYE and VAT debts had
been paid off, it was unlikely suppliers to the hotel would see any return of
their money. The hotel has 20 employees and continues to trade under

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