Bracknell Property Subco Limited, the operator of a Pocotel Glasgow City Centre has fallen into administration, with trading halted and the remaining 14 staff have been made redundant.
The property in West George Street has 91 rooms, two conference suites, a restaurant and lobby bar.
Derek Forsyth and Nicola Banham, partners of Azets, have now been appointed joint administrators of Bracknell Property LLP and Bracknell Property Subco Limited.
Mr 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.
He added “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.”