An historic visitor attraction, estate and gardens in Somerset has fallen into administration.
Taunton-based Hestercombe is open to the public as a visitor attraction and also used as a wedding venue. The estate includes a 16th-century house and landscaped gardens.
The attraction's operating company - Hestercombe Gardens Trust and Hestercombe Gardens Limited - have appointed professional services firm Forvis Mazars as joint administrators.
The business continues to trade under the supervision of the administrators and the estate remains open to the public.
Mark Boughey, joint administrator, said: “Despite the passion and commitment of the current management team and following a period of cost cutting and reorganisation, it is sad to see such a popular and loved historic house and gardens left with no alternative but to appoint administrators to protect the assets."
Hestercombe Gardens Trust, a registered charity, was established in 1996 to oversee the restoration of the gardens and to protect them for the future.
But over the past year the attraction has seen a decline in visitor numbers and its wedding and café operations have failed to deliver the profitability needed.
"Like many businesses, Hestercombe has continued to suffer with increasing cost pressures to operate, leaving the trustees with little option but to seek the protection of administration and the support of administrators," added Mr Boughey.
“Hestercombe will continue to remain open and operate normally for the time being, whilst we explore all options for future sustainability."
The trustees of Hestercombe said the "beloved" attraction was no longer viable under its current operational model despite recent efforts to stabilise its financial position.
"[Hestercombe] has played a central role in the cultural and social life of Somerset and beyond," they said.
“The trustees hope that the appointment of administrators will ensure a structured and professional approach to managing the trust’s cash flows and assets while exploring potential avenues for future sustainability including a restructuring and/or the sale of assets."
