Lloyds Developments Limited - Case Update

Virgin Hotels Glasgow, an almost brand-new 242-room luxury hotel, has closed just weeks after its owner was placed into administration.

Blair Nimmo and Geoffrey Jacobs of Interpath Advisory were appointed joint interim managers of Guernsey-based Lloyds Developments Limited, which owns the hotel, on 1 December.

Since that time, a spokesperson publicly disclosed that the Virgin Group had offered to purchase the hotel, but that the lender had rejected the offer, instead opting to pursue a sales process.

Now, the hotel has reportedly closed with immediate effect, with about 130 workers losing their jobs. It is expected to be marketed for sale.