Historic hotel sold after £11.4m loan repaid in deal

Buxton Crescent Hotel has been sold to spa and hotel operator Champneys

A luxury spa and hotel in Derbyshire that defaulted on a £11.4m council loan has now been sold to a spa and hotel operator.

Ensana, which operates the Buxton Crescent Hotel in Buxton, put the business on the market in September 2024 after financial reports revealed the company had defaulted on repayment of its multimillion-pound loan from Derbyshire County Council.

The council announced on Tuesday the business had been sold to Champneys in partnership with global alternative investment fund manager Cheyne Capital.

Leader of the council, councillor Alan Graves, said the original loan from Derbyshire County Council had now been repaid by Champneys as part of the sale.

While Champneys has bought the hotel business, the freehold of the buildings will remain held by High Peak Borough Council and Derbyshire County Council, the authority added.

The Grade I-listed property was built in the 1780s by the fifth Duke of Devonshire as the centrepiece of his Georgian Spa development.

It opened as a hotel and spa in 2020, 17 years after renovation work started.

The Grade I-listed building was constructed in the 1780s by the fifth Duke of Devonshire

The county council loaned the company behind the hotel and spa - Buxton Crescent Limited - £11.4m to help fund the £70m upgrade of the building.

Buxton Crescent Limited - jointly owned by CP Holdings and the Trevor Osborne Property Group Ltd - then defaulted on a loan repayment, the council said, which in turn led to the sale of the business to Champneys.

Graves said: "Securing the future operation of Buxton Crescent will protect jobs in the town and continue to attract visitors to the area."

High Peak Borough Council leader, councillor Anthony McKeown, described the sale as "truly great news for the town".

He said: "This news, alongside the recent National Lottery grant to the Crescent Heritage Trust, will be a huge boost to tourism in the borough and supports our work with partners to develop Buxton town centre."

Alan Whiteley, CEO of Champneys said: "We are thrilled to combine our expertise with this historic spa, blending centuries-old heritage with modern luxury and care."

Trevor Osborne, speaking on behalf of CP Holdings and the Trevor Osborne Property Group, said: "We are delighted that our vision, our endeavours, our passion and our deep love for Buxton will be in the hands of Champneys who share a love of creating special places.

"We leave our legacy in these capable hands and in a good place for the future success for the hotel and of the town of Buxton."