Three Aberdeen businesses go into administration

Mon, 12 Sep 2016 | ADMINISTRATION

Three hospitality and leisure venues in Aberdeen have been placed into administration.

Popular bar Albyn, and the Holiday Inn and Holiday Inn Express are continuing to trade while the administrators seek buyers.

The Albyn was owned by Ivor Finnie and Alan Wallace through their business European Development Holdings. The European Development Company (Bridge of Don Hotels) and Verase, which own the two hotels, are also in the hands of administrators.

Administrators, Alix Partners, said that the hotels and bar would continue to operate as normal while they looked for buyers. Asset Managers Solutions has been appointed to run the bar and the two hotels are being operated by Michels and Taylor on the administrators’ behalf.

Joint administrator at Alix Partners, Ryan Grant, told the Aberdeen Press & Journal: We believe both hotels and the [Albyn] bar are commercially viable and will continue to trade.

“We would also like to thanks the staff for their continued support and professionalism during this process.”

No reason was given for the businesses going into administration or whether there were any potential buyers on the horizon.

The paper reported that no other companies owned by Mr Finnie and Mr Wallace are in administration. The business partners own a number of bars in Aberdeen. They originally converted the site of the Albyn from offices into a bar more than a decade ago.

Mr Finnie’s other business, Status Properties, is also aiming to turn a failed school in the city’s west end into a luxury hotel with 90 bedrooms.

If you are looking to buy a business out of administration, you can find out more here Businesses in administration


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