The Wateredge Inn on Ambleside has been sold to The Inn Collection Group for an undisclosed sum.
The Wateredge Inn dates back to the late 17th century and is located in Ambleside on the banks of Lake Windermere in the Lake District. The hotel is well known for its spectacular location and attracts guests from all over the world due to its landmark site. It has been owned by the Cowap family for almost 40 years.
The Inn Collection Group is a rapidly expanding, award winning, Northumberland based pubco who has expanded its presence outside its North East heartland with sites in Lancashire, Cumbria, Yorkshire and County Durham.
The Cowap family, former owners of Wateredge said:
“For 38 years we have been supported by a loyal and dedicated team. We feel the Inn Collection Group will sustain the Wateredge legacy and maintain the uniqueness of the place. We are leaving the business in great hands and would like to thank our fantastic team, customers and suppliers for their support over the years.
“We have received terrific support from the teams at Azets and Pannone Corporate, who helped us navigate and negotiate the transaction. We appreciate the dedication of the team in managing a smooth process throughout and delivering a successful transaction.”
Rob Richardson, Corporate Finance Partner at Azets in Manchester led the deal and provided corporate finance advice while Jenny Pape, tax partner, provided tax advice to the family. Tom Hall, Andrew Walsh and Miranda Foy at Pannone Corporate provided legal advice to the vendor. Julian Troup at Colliers advised the Cowap family.
Rob Richardson, Corporate Finance Partner at Azets, in the North West said:
“We were delighted to advise the Cowap family on their sale to The Inn Collection Group and it’s great to see the success of their business being recognised. Despite the challenges of the pandemic and the uncertain economic outlook for hospitality and leisure businesses, this deal proves that attractive, well managed businesses will always be in demand. It’s credit to the resilience and enterprise of the North West business community that our teams remain so active.”
Tom Hall, partner at Pannone Corporate said: “This is a fantastic deal for everyone involved and it’s always rewarding to see a strong family business secure its legacy having sold to an ambitious, well-backed buyer like The Inn Collection Group. As the UK’s staycation market looks set to continue to grow, we’d expect an uplift in positive M&A activity across the region’s leisure and hospitality sector.”