Bracknell Property and Bracknell Property Subco have fallen into administration, putting the lease for the building at 139-141 West George Street in Glasgow up for sale.
The prominent city centre building was operating as a hotel business with 91 rooms, two conference suites, a restaurant and lobby bar.
The administration of both businesses was caused by unsustainable cash flow problems stemming from poor trading and low occupancy levels caused by the pandemic.
The hotel has now closed, trading has been halted and all 14 remaining staff made redundant.
Joint administrators Derek Forsyth and Nicola Banham, partners with Azets, will now market the lease for sale and are urging interested parties to contact the selling agents, Savills.
Forsyth 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.
“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.”
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