Joint receivers Blair Nimmo and Tony Friar of KPMG Corporate Recovery had traded the business for five months before handing over the reins to Andrew Brownsword Hotels.
Nimmo described the move as a positive outcome for all concerned. He claimed the receivership had led to ‘significant improvements’ to the overall operational performance of what he described as a ‘solid business’ and a ‘quality’ hotel.
The new owners promised a refurbishment of the four star ArtHouse renowned for having the highest quality bedrooms in Glasgow.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies