Wed, 27 Jul 2011 | BUSINESS SALE
G1 Group, owned by Stefan King, the Glasgow nightclub tycoon, has acquired a number of large commercial venues across Edinburgh.
The group – which already owns 43 restaurants, clubs and pubs located all across Scotland - has purchased Bank Hotel and Bar on the Royal Mile and Biddy Mulligan's in the Grassmarket.
It has also snapped up The Three Sisters in the Cowgate and the Murrayfield Hotel, which is located close to the national rugby stadium.
The total sum of the acquisitions is rumoured to sit at around £30 million, and follows the administration of G1 Group's rival, the Festival Group of leisure businesses. Festival Group - which included ScotBet - was sold last week following its fall into administration.
Another recent commercial acquisition to take place in Edinburgh was Saltire Taverns Limited's purchase of The Hudson Hotel and its associated nightclub, Bacaro, both of which are located at the end of Edinburgh's famous Princes Street.
Joint administrator and head of restructuring for KPMG in Scotland, Blair Nimmo, told the BBC, “I am very pleased to be able to announce the successful sale of these five businesses.
“One hundred and seventy-five jobs have been protected and the businesses themselves will be able to benefit from investment from the two new owners. I wish them every success with their new ventures,” he added.
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