‘Truly great news for the town’ as Champneys becomes new owners of Buxton Crescent

It was announced in September 2024 that both hotels were on the market and now the paperwork has been signed making Champneys, which is celebrating its centenary year, the new owners in a deal done with Cheyne Capital.

Alan Whiteley, CEO of Champneys said: “Our 100th year is a celebration of wellness innovation, and Buxton Crescent perfectly aligns with our vision.

“We are thrilled to combine our expertise with this historic spa, blending centuries-old heritage with modern luxury and care.

“Our aim is to create a sanctuary where guests can truly focus on their health, recharge their energy and be inspired.”

Buxton Crescent is a five-star, 81-bedroom hotel offering unique facilities, including a thermal pool, rooftop indoor-outdoor pool, restored Victorian baths, saunas, steam rooms and modern fitness studios, alongside elegant rooms that blend heritage with contemporary luxury.

The property also features seven private function rooms, including the Assembly Room for events of up to 186 guests.

Adjacent to the Crescent, the Old Hall Hotel is a 36-bedroom, three-star property one of England’s oldest hotels and where Mary Queen of Scots stayed.

Welcoming the news of the sale, High Peak Borough Council Leader, Councillor Anthony McKeown, said: “It is excellent news to hear that the future of the iconic Crescent and Old Hall hotels is secure, joining the well-known Champneys portfolio.

“This news, alongside the recent National Lottery grant to the Crescent Heritage Trust, will be a huge boost to tourism in the borough and supports our work with partners to develop Buxton town centre alongside Capital & Centric in a `once in a generation` scheme and further promotes our work towards the regeneration of the Buxton Opera House.

“This is truly great news for the town.”

The £32m investment from Cheyne Capital will also fund a comprehensive upgrade of all bedrooms, public spaces, spa and wellness facilities, and food and beverage concepts across the group’s six existing properties.

Upgrades will also include the introduction of energy-efficient systems, enhanced landscaping, and measures to reduce waste and improve environmental performance across the portfolio.

The work will also improve treatment areas and spa facilities, aligning with the brand’s ambition to remain a leader in wellness innovation.

Theo Hajoglou, director of real estate, for Cheyne Capital said: “We are delighted to extend our successful relationship with Champneys through this latest acquisition.

“Buxton Crescent is a property of exceptional heritage and quality that has been enhanced by its recent major restoration, and it will no doubt be a valuable addition to Champneys’ world-class spa hotel portfolio.”

Champneys say they will ensure continuity for colleagues at Buxton Crescent, welcoming the existing team into the group, building on the good work since the Crescent reopened and will maintain momentum by working with local partners and suppliers so that the economic benefit remains in Buxton, supporting the town’s visitor economy all year round.

Alan Whiteley said the investment will help the brand modernise while protecting its heritage: "This renewed investment allows us to build on the legacy of Dorothy Purdew OBE and her son Stephen Purdew and continue modernising our resorts, investing in our people, and improving every guest experience while staying true to our heritage."

After lying derelict for nearly three decades the Crescent underwent a 17 year redevelopment which saw it reopen in 2020.

The renovation of the Grade II listed building and Grade II listed baths came to almost £70m, with a £23.8m grant from the National Lottery Heritage Fund, another £2m grant from D2N2 Local Enterprise Partnership and £600,000 grant from Historic England.

There was also a contribution from £13.4m from Derbyshire County Council, and £1.1m £1.1m contribution from High Peak Borough Council which were to be repaid. After five years of operating, not a single penny of £15 million owed to the people of Derbyshire has been repaid by the Buxton Crescent operators.

Of this, £11.39 million is a loan, and the rest is interest garnered over the nearly five years the venue has been open. It has said repeatedly that the sale of the properties is “debt free”, with “all existing loans to be repaid”. The crescent building has a varied history and it is jointly owned by Derbyshire County Council and High Peak Borough Council which also own the Natural Baths. CP Holdings and the Trevor Osborne Property Group Ltd also owned some of the building which has been sold to Champneys. Trevor Osborne, speaking on behalf of CP Holdings and the Trevor Osborne Property Group, said: “We are delighted that our vision, our endeavours, our passion and our deep love for Buxton will be in the hands of Champneys who share a love of creating special places.

“We leave our legacy in these capable hands and in a good place for the future success for the hotel and of the town of Buxton.”

The Crescent Hotel employs 170 staff - 90 per cent who come from the High Peak.

Deirdre Billing, General Manager of Buxton Crescent Hotel, added: “Champneys comprises of a number of spa resorts, spa hotels and city spas.

“They are now in their 100th year and see the future management of our hotels as a big part of that centenary of successful trading.

“We have been in long and detailed negotiations and discussions to ensure a successful transition and to secure the future of the hotels and staff.”