Paymán Investments Featured in Knighton News
On December 4th, just a week after the purchase of The Knighton Hotel (located in Powys, Wales) had completed, Paymán Investments already made headlines on the front page of Mid Wales Journal. Karen Compton, a local journalist, published an overview of the purchase and the plans for the hotel.
The headline reads:
“KNIGHTON’S main hotel, which has been closed for more than two years, has been sold to a young entrepreneur.”
Following a scandal relating to the misuse of a public grant provided for the refurbishment of the Grade II Listed hotel and the bankruptcy of the owners, the hotel was purchased in auction over a year ago. However, the new owner decided not to open the hotel for personal reasons, and decided to sell it on. Paymán Investments was able to negotiate a deal and purchase the hotel prior to the scheduled auction in mid-December. The council and the local community are very keen to see the hotel re-opening, due to its central position on the high street and the impact it has on the town as a whole. The article continues:
The new owner of the Knighton Hotel is 26-year-old Na’ím Anís Paymán. He completed the sale on Friday and has already started refurbishment work with the aim of opening as soon as possible.
While refurbishment of the roof has indeed already commenced, unfortunately the gas and electric supplies have been cut off due to unpaid bills by the previous owners. Reconnecting these amidst the COVID-19 pandemic will require some patience.
The hotel, which dates from 1867 and has 16 rooms, was due to go to auction on December 17 with a guide price of £250,000 but Mr Paymán’s offer was accepted before it took place.
Mr Paymán plans to initially focus on providing overnight accommodation and is seeking permission to increase the number of rooms
available to maybe 30 or 40 – running them as hotel rooms or turning them into self-catering accommodation.
Mr Paymán said: “Our team at Paymán Investments are elated to have been able to purchase such an iconic property and hope that this
investment will help contribute to the regeneration of the town and the local economy.
“We look forward to working with the community and governmental institutions to ensure that not only are we able to establish a longterm
and sustainable business, but that we can also turn the Knighton Hotel into a focal point of community life.”
The local news article which featured The Knighton Hotel concludes with some background information:
While at university Mr Paymán set up Paymans [sic], a provider of short-term accommodation in Cambridge and Oxford.
After graduating, he oversaw the growth of the company to a number of cities across the UK.
The Knighton Hotel is the main hotel in Knighton, and serves neighbouring towns and villages across Powys and Mid Wales. It is located on the border between Wales and England and thus also attracts a lot of tourists from nearby Shropshire as well as further afield. Once up and running, the hotel will be available to book here.