Thu, 14 Jul 2011 | ADMINISTRATION
More than a dozen nightclub and entertainment venues across Scotland have been put up for sale after their owner Castle Inns entered administration.
The company's portfolio includes Edinburgh's biggest nightclub, City, as well as venues across central Scotland, Fife, Perthshire and Argyll. The situation had come as a result of "significant cashflow difficulties", according to administrators from Deloitte, who have been called in to handle the process.
The firm was founded 28 years go by brothers Paul and Stephen Smith, who started running bars and clubs together while they were teenagers, and employs some 400 staff.
Over the past few years City has hosted the star-studded Perrier Awards, marking the end of the Edinburgh Festival, and also saw Pippa Middleton take to the catwalk to showcase clothes by Jean-Paul Gaultier and Vivienne Westwood in a charity fashion show in March 2004. It already has five bookings for this year's Fringe Festival events.
Administrator, John Reid, said, "The company had faced significant cashflow difficulties in recent months as a result of the economic downturn, increased costs faced by the business, coupled by reduced consumer spending."
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