Contract for sale of Toowoomba hotel falls over

A CONTRACT for the sale of the Spotted Cow Hotel has fallen over.

The Spotted Cow will go to auction on December 3. Picture: Contributed

A CONTRACT for the sale of the Spotted Cow Hotel has fallen over. 

The iconic Toowoomba pub, owned by Mick and Dianne Coorey, was under contract to a group of local buyers for a figure in excess of $3 million.

But Power Jeffrey and Co director Peter Power today confirmed the deal had fallen over and that due diligence had not been completed.

"Because of this whole disruption of everything to do with (COVID-19), the uncertainty in everything, they decided not to proceed," he said.

Federal Government COVID-19 restrictions have decimated the hotel industry.

"All hotels are closed as you're probably aware. Apart from those that have retail bottle outlets - they can still trade," Mr Power said.

"But The Cow's just bar, food, and gaming. So the hotel is shut.

"And I guess that brought on the decision of the buyers to withdraw from the contract.

"We're well aware of other deals that are either falling over or have been put on the backburner."

The pub went to auction in December but was passed in at $3 million without a bid.

Mr Power previously described the Spotted Cow as a "high-profile hotel that just needs a younger presence in there to re-energise it".

Originally published as Contract for sale of Toowoomba hotel falls over