Tue, 22 Jan 2013 | ADMINISTRATION
A for sale sign has been hoisted up for the historic Watermill Hotel in Paisley, Renfrewshire, after it called in administrators recently.
The 17th Century hotel was placed into administration after being unable to cope with its debts. The administrators at Begbies Traynor have called in Colliers International to sell the hotel, which has 34 staff.
The three-star Watermill Hotel has 49 bedrooms, a restaurant, bar, conference and wedding facilities. It is to continue trading while a buyer is sought.
The property, which is located by the Hamills waterfall on the banks of the White Carter Water, has been subject to substantial refurbishment over the last few years, with the addition of a new function suite.
“We have been able to continue to trade the Watermill Hotel for the present time, and as far as bookings, staff and customers are concerned it is business as usual,” said joint administrator Paul Dounis.
“We are actively marketing the hotel as a going concern and we are optimistic that a buyer can be found for this as an investment either by an individual or a larger chain of hotels.”
He went on to explain that the adverse effects of the recession on trading has meant that cash flow could not cover the costs of servicing its debts and its other bills.
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