Michelle Eliot and Stuart Robb were appointed joint administrators of Carmelite (Aberdeen) Limited, operators of the Carmelite Hotel, on Friday 31 January.

Immediately following the administration appointment, the hotel’s business and assets - including the 53-bedroom Carmelite boutique hotel, located in Aberdeen’s Merchant Quarter, and the Carmelite brand - were sold as a going concern to Concordia Hospitality Limited.

Ms Elliot said: “Unfortunately, the business experienced a significant reduction in turnover over the last two years - principally due to the downturn in the oil and gas sector -which resulted in cash flow difficulties.

“However, I am pleased to confirm that, immediately after our appointment, a sale of the business and assets of the Hotel was concluded.

“This has resulted in the Carmelite Hotel - which is a popular venue for weddings, functions and events - remaining open and all 56 employees retained, which minimises disruption to customers. We’re thankful to staff and guests for their ongoing support at what has been a challenging time.”

Leonard Curtis Business Rescue & Recovery is part of Leonard Curtis Business Solutions Group.