They announced yesterday they will sell the fire-stricken site.
Company accounts show Andrew Brownsword Hotels Limited were given an insurance payout of more than £22.3million pounds after the Royal Clarence Hotel fire in 2016.
The owners announced yesterday they are to sell the site, saying they can't deliver a new hotel as they'd hoped.
When asked by Radio Exe what would happen to that cash, we were told that "a very significant" part of the money had already been spent on the demolition, protection of historic fabric and enabling works, with the remaining settlement covering the loss of a trading business.
The year after the fire (to the end of 2017), the group made a loss of more than £860k, compared to a profit of more than £14m the previous year, (to the end of 2016) which included the insurance pay-out.
The group's operating results were put down to "mixed underlying trading" and "significant investment in the refurbishment and rebranding of food and beverage spaces", as well as a loss of trading from The Royal Clarence. But the report says Directors were "satisfied" with the overall financial performance of the group.
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