Devon visitor attraction Kents Cavern has been snapped up shortly after going up for sale for between £2m to £2.5m.
The Torquay-based estate, which includes prehistoric caves which have been open to the public since the 19th century, has been acquired by Tudor Hotels, the group which owns the redeveloped Bodmin Jail visitor attraction and hotel in Cornwall and the Redcliffe Hotel in Paignton.
Estate agents marketing the asset, which has pulled in a total of more than 10 million visitors, said that since it was put for sale by the Powe family, its owners since 1903, Kents Cavern had generated “significant interest” from investors, entrepreneurs, and tourism businesses around the world.
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The deal, final financial details of which were not disclosed, was agreed within two weeks of Kents Cavern coming to market back in May, and finalised at the start of August.
The sale includes the underground caverns, a woodland trail, a visitor centre and cafe, a car park, surrounding land, and a recently refurbished luxury three-bedroom accommodation, which could be utilised as a holiday let.
Nick and Sheena Powe thanked the business’ “loyal” staff and customers, adding that its new owners would be able take Kents Cavern “to new heights”.
Mr Powe said: “The family are delighted to have found an experienced operator to continue caring for the caves, continuing my family’s legacy established over the last 120 years. The new owners will be bringing the Stone Age heritage alive, offering a better visitor experience, exactly what Kents Cavern needs and what I couldn’t do.
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"I have no doubt the caves, managed by the same excellent team, will go from strength to strength. For me, this investment is yet another demonstration that the English Riviera is well on track to become one of the best visitor destinations in Britain, and Kents Cavern, Britain’s oldest home, will be playing a significant part in that. For that, I am very proud and pleased to have passed the caves on to this new owner.”
Rob Cox, chief executive of Tudor Hotels, added: “Kents Cavern is a wonderful and unique attraction and we are very excited to continue the amazing work of Nick, Sheena and their family. It’s wonderful to be actively engaged in bringing the rich history of England to people from all over the world.
"Adding Kents Cavern to our collection alongside the Bodmin Jail Museum, The Bodmin Jail Hotel and The Redcliffe Hotel is a proud moment for us and underpins our commitment to collating the finest collection of historic hotels and visitor attractions.”
Kents Cavern’s underground system of caves are thought to have been formed more than 2.5 million years ago. More than 80,000 stone age artefacts have been found there, including a prehistoric upper jawbone fragment, believed to be the oldest anatomically modern human fossil discovered in Northwestern Europe.
Chartered surveyors Bettesworths, who acted as agents on the sale, described Kents Cavern as a “highly profitable” business, which also stages events throughout the year.
Law firm Wollens acted for the seller on the transaction, while Temple Bright acted for the purchaser.