Glasgow Pocotel falls into administration

06 April 2022 by
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."

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking