Landlord buys House Belfast out of administration.

Strategic Acquisition Rescues House Belfast, Boosting City’s Hospitality Landscape

The vibrant Belfast hospitality scene receives a significant boost with the acquisition of House Belfast, the popular hotel, bar, and restaurant on Botanic Avenue. After entering administration in September 2023, the future of this stylish 31-bedroom boutique establishment was uncertain. However, a strategic move by RGP Developments Ltd, the landlord entity linked to the renowned Galgorm Collection, has secured its operations and approximately 50 vital jobs, ensuring its continued contribution to the city’s tourism appeal.

This acquisition marks a pivotal moment for Belfast’s competitive hotel market. House Belfast, known for its prime location and distinctive offering, now joins the prestigious portfolio associated with the Galgorm Collection. This group, celebrated for its high standards and luxury experiences across Northern Ireland, including the iconic Galgorm Resort, The Rabbit Hotel, and several major Belfast hotels like the Culloden Estate and Spa and Grand Central Hotel, brings a wealth of expertise and investment potential. For the travel industry, this signals renewed confidence in Belfast as a premier destination for both leisure and business travellers.

The rescue of House Belfast out of administration by PwC’s Stephen Cave and Andrew Dolliver highlights the resilience and dynamic nature of the Northern Irish hospitality sector. With Galgorm’s backing, House Belfast is poised for a rejuvenated future, likely seeing enhancements to its services and facilities, further enriching the guest experience in the Botanic Avenue area. This development not only retains a valuable asset within Belfast’s visitor economy but also promises to elevate the standard of accommodation and dining options available, reinforcing the city’s reputation as an attractive and accessible travel destination. This strategic investment underscores a long-term commitment to quality hospitality and continued growth for Northern Ireland’s tourism sector.

Key Points

• Business Acquired: House Belfast (31-bedroom boutique hotel, bar, and restaurant).
• Location: Botanic Avenue, Belfast.
• Buyer: RGP Developments Ltd (landlord entity to Galgorm Collection).
• Previous Status: Entered administration in September 2023.
• Joint Administrators: Stephen Cave and Andrew Dolliver of PwC.
• Acquisition Price: Undisclosed sum.
• Jobs Saved: Approximately 50 employees retained.
• Secured Creditor Debt (prior to acquisition): £3.3 million (owed to Bank of Ireland).
• Unsecured Creditor Debt (prior to acquisition): £1.2 million.
• Turnover (year to April 2023): £2.3 million.
• Profit (year to April 2023): £182,000.
• Galgorm Collection Portfolio Includes: Galgorm Resort, The Rabbit Hotel, Culloden Estate and Spa, Stormont Hotel, Europa Hotel, Grand Central Hotel, AC Hotel Belfast (managed).

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