Takeover deal for Raithwaite holiday cottages

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A deal, which could be in the region of £2 million and upwards, is expected to be finalised next week for the purchase of the nine holiday cottages on the Raithwaite Estate development at Sandsend.

Newly set-up property firm Yorkshire Ventures (Estates) Limited has struck a deal with KPMG, the finance managers drafted in after owners Skelwith Leisure went into administration last July.

Yorkshire Ventures is being fronted by Richard Jackson who was previously involved with another subsidiary of the Skelwith Group where he was a non-executive chairman.

The cottages will continue to be managed by Raithwaite Hall (pictured), which is not included in the deal at this time.

That is still under the control of KPMG but sources say it is believed that the hotel will also be sold within the next week.

A spokesperson for KPMG told the Gazette: “The nine cottages on the Raithwaite estate have been sold to Yorkshire Ventures Real Estate.

“They will continue to be managed by the hotel, which is not included in the deal, and which continues to trade under the control of the administrators.”

Another of the listed directors for Yorkshire Ventures (Estates) is James Corr who is also named as company secretary.

He used to be a finance 
director at money lending firm Cattles.

But he was banned by the Financial Services Authority in 2012 and fined £400,000 for publishing misleading information to investors.