Carmelite Hotel rescued from administration saving 35 jobs
10/02/2020
It comes after Leonard Curtis Business Rescue and Recovery appointed joint administrators of Carmelite, operators of the Carmelite Hotel
Some 35 full-time jobs have been saved at the Carmelite Hotel in Aberdeen following a pre-pack administration sale, led by business recovery specialists Leonard Curtis.
As well as retaining the entire workforce, Concordia Hospitality Limited has also acquired all of the assets in the sale.
The sale was completed with the help of a team of advisers from Edinburgh-based Lindsay Law Firm, hotel specialist accounting firm Auri Basu and hotel management and consulting firm New World Hospitality.
Jas Thind, director of Concordia Hospitality, said: “From the very first discussions, Carmelite Hotel seemed to be an excellent fit for the business as the hotel is locally very popular for its food and beverage offerings along with the trendy accommodation offerings.”
It comes after Leonard Curtis Business Rescue and Recovery Glasgow appointed Michelle Eliot and Stuart Robb as joint administrators of Carmelite, operators of the Carmelite Hotel, on 31 January 2020.
Immediately following the administration appointment, the hotel’s business and assets, including the 53-bedroom Carmelite boutique hotel, located in Aberdeen’s Merchant Quarter, and the Carmelite brand, were sold as a “going concern” to Concordia Hospitality Limited.
Elliot said: “Unfortunately, the business experienced a significant reduction in turnover over the last two years – principally due to the downturn in the oil and gas sector – which resulted in cash flow difficulties.
“However, I am pleased to confirm that, immediately after our appointment, a sale of the business and assets of the hotel was concluded.”
Leonard Curtis Business Rescue and Recovery is part of Leonard Curtis Business Solutions Group.
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