The operator of a Glasgow city centre hotel has fallen into administration, with trading now halted and all staff made redundant.
Derek Forsyth and Nicola Banham, partners of Azets, have been appointed joint administrators of Bracknell Property LLP and Bracknell Property Subco Limited.
Bracknell Property LLP has an interest in the lease to 139-141 West George Street Glasgow, a prominent city centre building that was operating as a hotel business branded as the Pocotel Glasgow City Centre. Bracknell Property Subco Limited traded the hotel, which has 91 rooms, two conference suites, a restaurant and lobby bar.
Azets said: “The administration of both businesses was caused by unsustainable cash flow problems stemming from poor trading and low occupancy levels caused by the Covid pandemic. The hotel has now closed, trading has been halted and all 14 remaining staff made redundant. The joint administrators will now market the lease for sale and are urging interested parties to contact the selling agents, Savills, as soon as possible.”
Mr Forsyth, restructuring partner with Azets, said: “Unfortunately both companies were severely affected by the combination of poor trading and low occupancy levels. The downturn in trading and income was such that the businesses were unable to continue operating and administration was the only option.
He added “We will focus on providing every assistance to the staff by helping them register any claims to the Redundancy Payments Office and accessing support services from PACE. 139-141 West George Street is a prominent landmark building, and the lease has over 100 years left to run, so will be of significant interest to established operators and entrepreneurs looking to locate a business in the heart of Glasgow city centre. As such, we would encourage interested parties to contact the Glasgow office of Savills as soon as possible.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here