A HISTORIC Scottish hotel has plunged into administration after 160 years in business.
The announcement means that 60 local jobs are currently at risk at The George Hotel in Inveraray, Argyll and Bute.
The George Hotel in Inveraray has been placed into administration[/caption]
The hotel boasts stunning views over Loch Fyne[/caption]
The Main Street establishment has been owned by the Clark family since 1860, but was put up for sale last year.
Owner Kris Clark previously said that the “time is right” to hand over the hotel to “a new generation”.
Now Inveraray Inn Ltd, which operates the hotel, has been placed into administration by its directors, The Scotsman reports.
The hotel boasts 24 rooms, a cocktail bar, a pub, a restaurant and conservatory dining.
Estate agents previously described the property as being full of period charm and character.
There is also a multi-function garden bar with outdoor seating and stunning views over Loch Fyne.
Kenneth Craig and Kevin Mapstone of Begbies Traynor were appointed as joint administrators of Inveraray Inn Ltd trading as the George Hotel on March 28.
They said the business will operate as normal while efforts to find a new owner are ongoing.
Thomas McKay, a partner at Begbies Traynor, is overseeing the trade and sale process with the administrators and their staff.
He added that the hotel has been struggling with “historic debts” that have been “crippling the cash flow”.
Mr McKay said: “The directors have taken the difficult decision to place the George Hotel into administration as a result of historic debts which were crippling the cash flow of the business.
“The business has been in the Clark family for seven generations and their priority was to safeguard the jobs and future of the 60 full and part-time employees.
“The hotel has a fantastic history and beautiful location, offering excellent accommodation and food.
“The staff have also been fantastic in their hard work and everyone is determined to find the best possible outcome for the benefit of all stakeholders.”
The Main Street establishment has been owned by the Clark family since 1860[/caption]
