A £3 MILLION rescue deal has saved an historic 24-room Scottish boutique hotel after it entered administration earlier this year.
The George Hotel in Inveraray, a popular tourist spot in Argyll known for its whitewashed streets, went into administration in March – putting up to 60 jobs at risk.
The hotel was founded in 1860, according to its website, although an inn by that name is understood to have stood on the spot since 1720.
The National reported how Kenneth Craig and Kevin Mapstone of Begbies Traynor were appointed as joint administrators of Inveraray Inn Ltd, trading as the George Hotel, on March 28.
Now, Begbies Traynor has announced the sale of the historic boutique hotel with its contents and a residential dwelling sold to a duo of experienced hotel operators, Charlie Maclachlan and Sam Wignell of Fyne Hospitality.
The £3.05m deal will save up to 43 jobs in Inveraray.
“The George Hotel is more than just a building, it’s the beating heart of Inveraray, steeped in character and beloved by locals and visitors alike. With deep personal ties to the area and decades of combined experience in hospitality, we’re incredibly proud to take stewardship of this iconic institution,” said co-owner Maclachlan.
“Our vision is simple. Preserve the heritage, elevate the experience, and ensure The George remains a celebrated destination for generations to come. From its award-winning food, and vibrant pub atmosphere to its historic rooms and unbeatable setting on Loch Fyne, The George has all the ingredients of a world-class hotel,” added business partner Wignell.
“We want to thank the Clark family, who owned the hotel for seven generations, for their integrity throughout and their contribution not only to Inveraray, but their openness and help with a challenging trading and sale process.
"We are also grateful to the customers and local community for their fantastic support and their loyalty to the venue over the last few months, and of course to the George Hotel staff for their ongoing hard work during the process of administration and the uncertainty that brings.”
McKay added: “Both Charlie and Sam saved a seventh-generation business, a 165-year-old family hotel that is a major contributor to the local and regional economy and we are confident they will enjoy great success in the future. This deal opens a new chapter for the George Hotel as a historic venue, providing the best possible outcome in challenging circumstances and saving all jobs in the process.’’
‘’The hotel and hospitality sector has had a turbulent few years. It remains an uncertain time for hotel businesses to manage the costs of trading, increased prices for goods and services, whilst making a profit and meeting HMRC or other creditor commitments."
