A Harrogate businessman who led a private consortium to buy the town's Crown Hotel has sold his stake in the business.

Peter Grazier became co-owner of the Grade II Listed building near the Valley Gardens in October 2005, and began a £3 million refurbishment programme on the 120-bedroomed hotel, which is nearing completion.

A number of individual private investors have now bought his stake, the value of which is undisclosed.

He initially saw the Crown Hotel as a five-year project, but as the refurbishment was nearly finished he decided to pull out early, allowing him to concentrate on existing projects as well pursuing new ones in the area.

Mr Grazier last year became co-owner of the 48 bedroomed Clumber Park Hotel, near Worksop, Nottinghamshire, and has planning consent to build a £2.5 million spa complex on the site.