Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Lorne Hotel sold out of administration

Lorne Hotel

The hotel was forced to shut down operations in winter of 2020, due to the impact of the pandemic

A hotel forced to close its doors during the UK’s winter lockdown has been sold out of administration. Experts from Interpath Advisory found a buyer for Lorne Hotel, after being appointed to the administration in April 2021.

Located in Glasgow, Lorne Hotel is a 102-bed complex situated on Sauchiehall Street. The three-star hotel was forced to shut down operations in winter of 2020, due to the impact of the pandemic.

Historically, the hotel’s owner, Bellhill, had been a profitable business. However, Covid-19 restrictions prevented it operating its hotel, bar and restaurant at Lorne Hotel during 2020. Following a significant loss in turnover, the company’s director took various steps to reduce costs and manage cash flow during the pandemic.

Despite these changes, an adverse finding in a legal action against the company in April 2021 left the director with little choice but to put the business into administration. The news saw 30 staff made redundant, while Interpath Advisory’s Blair Nimmo and Alistair McAlinden were installed to oversee the company’s sale in May.

The property of Lorne Hotel was marketed for sale on behalf of the joint administrators by business property adviser Christie & Co. Following that process, the hotel has been bought out of administration by PL Glasgow.

McAlinden said of the news: Despite these being incredibly difficult and uncertain times for companies operating across the leisure and hospitality sector, the level of interest shown in this building from the outset of the administration has been remarkable. We pass on our best wishes to the new owners and we look forward to seeing it once more generate wealth and jobs for the city of Glasgow.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.