Azets appointed administrators of Bracknell Property LLP
Derek Forsyth and Nicola Banham, partners with 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. Bracknell Property Subco Limited traded the hotel which has 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 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.
Derek 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.
“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.”