An historic hotel that was put on the market after its owners went into administration has been sold to a company that intends to reopen it as a hotel.

The Radnorshire Arms in Presteigne, a Grade II*-listed property which had been empty for over a year, has been sold for an undisclosed sum by Colliers International to Allworks Properties Ltd.

The new owner plans to renovate and reopen the 16th century property in the border town.

Director John Rivers said: “We are delighted to have completed on the sale of the Radnorshire Arms, and are very much looking forward to renovating and reopening this historic hotel in the heart of Presteigne, and offering hospitality to both visitors and the local community.”

The sale of the distinctive 19-bedroom timber-framed hotel was negotiated by Colliers, acting on the instructions of Damian Webb and Diana Frangou of RSM Restructuring Advisory LLP, the joint administrators of Leisure & Development Ltd.

It follows the company’s sale of the Knighton Hotel at Knighton in September 2019 as part of the same administration process.

Peter Brunt, director of hotels agency at Colliers International, said: “The Radnorshire Arms is a hotel with huge potential, and its sale to an experienced hospitality operator shows that the hotels market is active despite the coronavirus pandemic.

“There were two offers at the agreed price level pre-virus, and the selected bidder was happy to proceed as agreed with the sale exchanging and completing at a time when the country has been under lockdown.”

The property was reputedly constructed in the late 16th century and re-styled in 1616 with timbered façade that remains, together with historic interior features including exposed beams, open fireplaces and timber panelled walls.

The public rooms include a bar and two restaurants, and the letting rooms have refurbished bathrooms. Eleven of bedrooms are in the main building and eight in a detached single-storey lodge style bedroom block.

Presteigne county councillor Beverley Baynham says it's "great news" that the town's only hotel has been bought.

"It's lovely that it remains a hotel," she said. "It would be wonderful for it to open in a similar vein as before, it did meals and drinks, and had a lovely big garden.

"It's an iconic building for the town. It's been there for over 400 years so for it to be loved would be wonderful because it's such a really old building, otherwise it will deteriorate if no one is there to look after it."