A GRADE II* listed hotel has been sold after being advertised for £1.25 million, with the owners now set to retire after more than 45 years in the hospitality industry.

Jean-Marie, 69, and Clare Lauzier, 58, had turned the Bull Hotel in Burford from a non-trading property into a successful hotel.

When they bought the High Street property in 2009 from Greene King, the building required considerable work.

Following the refurbishment, the couple reopened the building as a hotel, pub and restaurant in June 2010.

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The hotel was recently sold through Colliers International, a company which provides advice to maximise the value of property for real estate occupiers, owners and investors.

It was bought freehold by a private investor for an undisclosed fee, with the sale completed last Tuesday.

Mr Lauzier, who previously managed the hotel where Fawlty Towers was filmed, said: “When we bought the Bull, the property needed a lot of work and we had to start afresh and spent a fortune doing it up.

“We invested all the profits back into the property and built up a business, and then in 2015, I was diagnosed with cancer.

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“After that, I lost the energy and drive so we decided last year to sell the hotel and it’s taken until now to get the sale complete.

“We had our highs and lows as everyone else does when you run a business, but the restaurant had a very good reputation for a number of years.”

The hotel was transformed from nine bedrooms to 18, including three in the former stables and garage at the back.

The couple added letting rooms across the ground and upper two floors of the building, many of which have original stone fireplaces as key features.

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Mr Lauzier arrived in England in 1970 from Montpellier, France.

During his early years in the country, he was the manager for three years at the Wooburn Grange Country Club, Buckinghamshire, the hotel where much of Fawlty Towers was filmed.

“One of the last things that I did was to sign the contract with the BBC so they could film outside,” Mr Lauzier said.

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Peter Brunt, director of hotels agency at Colliers, said: “The towns around the Cotswolds, such as Burford, are always hugely popular with those looking to invest in the hospitality business.

“Sites like the Bull Hotel always get lots of interest and enquiries.

“I know this has been a difficult decision for Jean-Marie and Clare to make and a worrying time to undertake a sale, but it’s been a real pleasure to be able to see them into a well-deserved retirement.”