The Glenburn hotel on the Isle of Bute sold out of administration
The Glenburn hotel on the Isle of Bute has been sold out of administration to Bespoke Hotels for an undisclosed sum.
The deal sees Bespoke add the 134-bedroom property overlooking Rothesay to its portfolio of 90 UK hotels after what administrators described as a "competitive bidding process".
The property fell into administration in August 2021 after "the impact of the pandemic led to unsustainable cashflow problems". It was placed on the market for £1.1m.
The Glenburn was built in 1843 as a grand seaside hotel. It underwent an extensive refurbishment in 2016 and has a ballroom, restaurants, bars, a terrace, conference facilities and extensive terraced gardens.
Haydn Fentum, Bespoke Hotels chairman, said: "We are delighted to have agreed a deal with FRP to acquire the Glenburn hotel and look forward to integrating it into our expanding portfolio. We hope to reopen the hotel very soon and have exciting plans to invest in the business and create new jobs and will be announcing our recruitment plans in due course."
Joint administrator Stuart Robb, a partner with FRP Advisory, said: "We are very pleased to have sold the Glenburn hotel, which is one of Scotland's most prominent hotels with a long history stretching back to its opening as a grand seaside hotel in 1892. We wish Bespoke Hotels every success with the Glenburn hotel and look forward to seeing the hotel reopen."
