Mon, 03 Oct 2011 | ADMINISTRATION
Administrators appointed to Edinburgh's Raeburn House Hotel have said that the prime location of the business should prove to be a boon for prospective buyers.
The distinguished hotel, which is located overlooking the grounds of the Edinburgh Academicals Rugby Club - Scotland's oldest rugby club - has not been trading for the last six years, but the owners have now taken the decision to sell it on.
Blair Nimmo and Tony Friar from KPMG have been appointed as administrators and have said they are expecting significant amounts of interest.
"The Raeburn ceased trading approximately six years ago and since then has been exploring opportunities to reinvent itself," explained Mr Nimmo, who is head of restructuring for KPMG in Scotland.
"Unfortunately the current climate limits developers undertaking schemes similar to those envisaged by the Raeburn and Edinburgh Academicals Rugby Club," he added. "The Raeburn is located in a much sought after location in the Stockbridge area of Edinburgh which we are hopeful will attract prospective purchasers."
The Raeburn is a two-storey detached villa, located in 0.25 acres of land. The owners had been in talks with Edinburgh Academicals to lease extra ground to develop the hotel and build a new sports pavilion and club house, but have since let those plans drop.
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