Glasgow Pocotel falls into administration
The Glasgow Pocotel has closed and fallen into administration after being hit hard by the pandemic, with all 14 staff made redundant.
Derek Forsyth and Nicola Banham, partners with Azets, have been appointed joint administrators of Bracknell Property and Bracknell Property Subco.
Bracknell Property had an interest in the lease for 139-141 West George Street, while Bracknell Property Subco traded the hotel, which has 91 bedrooms, 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 during the pandemic. The joint administrators will market the lease for sale and urged interested parties to contact the selling agent, Savills, as soon as possible.
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. As such, we would encourage interested parties to contact the Glasgow office of Savills as soon as possible."
