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


Share this article



Latest Businesses for Sale

CPQ Software as a Service Provider
East of England, UK

The company is a provider of Configure, Price, Quote (CPQ) Software as a Service (SaaS) and Data to drive eCommerce. ▸ Long-term framework agreements with key clients. High level of recurring income from contracts. Offers invited.

Asking Price: Offers Invited
Turnover: £3,350,000

LEASEHOLD


Energy Management Providing Meter Readings & Efficiency Analysis
North West, UK

Specialist engineers providing a range of energy management services including the supply & maintenance of electricity billing meters, energy reports & cost budgeting. Contracted to provide metering services on behalf of a major electricity distribut...

Asking Price: Offers Invited
Turnover: £720,000

Plumbing & Heating Engineers
Yorkshire and the Humber, UK

Plumbing & heating engineers offering specialist domestic & commercial services including repairs, breakdown assistance & installation of domestic kitchens, bathrooms & bedrooms, operating from two showrooms. Operates two strategically located showro...

Asking Price: Offers Invited
Turnover: £1,334,000


View more businesses for sale

News Search

Latest News

 
03
 
Apr
 

Chancellor bolsters CBILS for small firms and unveils new scheme for large companies | BUSINESS NEWS

Chancellor Rishi Sunak will today take new measures to suppo...

 
03
 
Apr
 

Benito’s Hat to continue trading despite entering administration | ADMINISTRATION

Fast-casual Mexican food chain Benito’s Hat has entere...

 
02
 
Apr
 

Next puts headquarters and three warehouses up for sale | COMMERCIAL PROPERTY

Fashion retailer Next has put its head office and three ware...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
10
 
Nov
 

InterContinental Hotels denies business sale speculation | BUSINESS NEWS

InterContinental Hotels Group (IHG) has denied the speculati...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources