Almost a year following the shock closure of Glasgow’s Virgin Hotel, it looks like the building may be getting taken over.
Administrators have a property investment and development company lined up to take over the premise which is situated on the banks of Clyde Street.
Around 130 jobs were lost when the 240-room hotel closed in December 2023 just four months after its opening when its owners were advised to put it into liquidation.
A lawyer involved in recent meetings said the new firm is Ireland-based and exclaimed it is positive news that things are moving.
The hotel was owned by Lloyds Developments Limited which Virgin Hotels had a management contract with.
The proposed acquisition aims to breed into the ongoing efforts to repurpose and revive hospitality assets across the country.
Negotiations are continuing.
This news comes not long after a petition was launched by musicians who played in the hotel, pleading with the Virgin Group for payments they still haven’t received.
The building has been empty for almost a year now as administrators have sought a takeover.
Administrators have a property investment and development company lined up to take over the premise which is situated on the banks of Clyde Street.
Around 130 jobs were lost when the 240-room hotel closed in December 2023 just four months after its opening when its owners were advised to put it into liquidation.
A lawyer involved in recent meetings said the new firm is Ireland-based and exclaimed it is positive news that things are moving.
The hotel was owned by Lloyds Developments Limited which Virgin Hotels had a management contract with.
The proposed acquisition aims to breed into the ongoing efforts to repurpose and revive hospitality assets across the country.
Negotiations are continuing.
This news comes not long after a petition was launched by musicians who played in the hotel, pleading with the Virgin Group for payments they still haven’t received.
The building has been empty for almost a year now as administrators have sought a takeover.
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NewsTranscript
00:00Almost a year following the short closure of Glasgow's Virgin Hotel, it looks like the building may be getting taken over.
00:05Administrators have a property investment and development company lined up to take over the premise, which is situated on the banks of Clyde Street.
00:13Around 130 jobs were lost when the 240-room hotel closed in December 2023, just four months after its opening when its owners were advised to put it into liquidation.
00:24A lawyer involved in recent meetings said the new firm is Ireland-based and exclaimed it is positive news that things are moving.
00:31The hotel was owned by Lloyds Developments Ltd, which Virgin Hotels had a management contract with.
00:37The proposed acquisition aims to breed into the ongoing efforts to repurpose and revive hospitality assets across the country.
00:44Negotiations are continuing.
00:46This news comes not long after a petition was launched by musicians who played in the hotel pleading with the Virgin Group for payments they still haven't received.
00:55The building has been empty for almost a year now as administrators have sought a takeover.