Mon, 16 Aug 2010 | BUSINESS SALE
Following the news that PAG Hotels has been placed into administration by KPMG, two of its hotels are up for sale as fully operational businesses.
The 12-bedroom Castle Venlaw Hotel on the outskirts of Peebles has been put onto the market for offers over £795,000. The hotel, which first opened in 1949, was bought in September 2007 by PAG.
Also up for sale at offers over £1.25 million is the Moffat-based 25-bedroom Auchen Castle Hotel, which comes complete with 28 acres of land and a private loch. Auchen Castle Hotel was bought by Pierre-Alban Guy, who is the founder of PAG Hotels, in August 2008 for £3 million. It has attracted something of a celebrity following, with past guests including the Beatles, Barbara Cartland and Chris de Burgh.
Accountants KPMG placed PAG Hotels into administration at the end of June after being called in by Santander bank. As a result, more than 30 jobs are at risk, but both hotels remain open.
Alistair Letham, a director with the selling agents Colliers International, said, “They both trade at good levels of turnover and there is an opportunity for new owners to re-establish the businesses back to the levels of profitability that were previously enjoyed.”
David Nimmo, joint administrator and head of restructuring for KPMG in Scotland, said: “Both hotels will continue to trade as normal while a buyer is sought, and the intention is that existing bookings will be honoured.”
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