Hotel's asking price is cut

I was interested to see in the Shropshire Star this week that the asking price for The Lion Hotel has been cut by more than £450,000 from £2.95 million to £2.495 million.

Owner 67-year-old Howard Astbury applied for an Individual Voluntary Arrangement to settle his debts and the historic Shrewsbury hotel, pictured below, was put up for sale six months ago.

The hotel is believed to have received two bids already but Gavin Wright of Birmingham-based Christie & Co told the newspaper that the hotel’s price had been reduced in a bid to attract more interest from potential buyers.

If the Wyle Cop hotel is not sold within the next 12 months it will be put up for auction to ensure that all the creditors are paid.

No members of the 40 staff are expected to lose their jobs through the sale of the Grade I listed building which has 59 bedrooms, 45-space car park, an 18^th century ballroom plus conference facilities.

For more details contact Christie & Co on 0121 456 1222.