A PICTURESQUE East Lancashire hotel ­which went into administration last year has been bought in what has been described as a multi-million investment.

Hyndburn-based Senator International has acquired the Mytton Fold Hotel in the Ribble Valley in a deal signed yesterday.

Administrators had placed a £1.7million price tag on the Langho venue, which has 43 rooms and a 65-covers restaurant, bar and lounge.

Mytton Fold, which stands in six acres and is part of the Best Western chain, ran into financial difficulties in October, putting at risk 40 full-time and 40 part-time jobs.

Senator chairman Colin Mustoe MBE said that no redundancies were now anticipated and confirmed that major improvements requiring substantial investment would start almost immediately.

He also confirmed that deposits made for future functions prior to administration, including weddings, would be honoured.

The acquisition of the three-star hotel, which was owned by a quartet – original owner Lilian Hargreaves with David Hargreaves, Carole Maher and Barbara Bryan – has been welcomed by Ribble Valley MP Nigel Evans, who described it as wonderful news.

Mr Evans said: "As a member of parliament for over 28 years I have been to so many functions at Mytton Fold – both personal and on behalf of organisations throughout the Ribble Valley who used it as their base. Over one Christmas I even put my two brothers, who are sadly no longer with us, up there so it has a very special place in my heart.

"The fact that Senator have stepped in and bought this hotel and are planning to invest in giving it a new lease of life is absolutely fantastic news.

"It's also great news for the staff, who I'm sure would have been in fear of losing their jobs."

While the business was in administration a third-party operator, Assured Hotels, was brought in to keep the hotel, which started out as a bed and breakfast in the early 1980s, running.