Latest news with #BegbiesTraynor
The Herald Scotland
13 hours ago
- Business
- The Herald Scotland
Scottish hotel in same family for seven generations sold
Administrators overseeing the sale of the historic 24-room Scottish boutique hotel said they have sold the hotel business, its contents and a residential dwelling to "a duo of experienced hotel operators", Charlie Maclachlan and Sam Wignell of Fyne Hospitality, for £3.05 million in a deal that will save up to 43 jobs in Inveraray. Kevin Mapstone and Kenny Craig of Begbies Traynor were appointed as joint administrators of the Inveraray Inn Ltd, which trades as the George Hotel, in March. Thomas McKay, a partner at Begbies Traynor, supervised operations at the hotel, trading the business during administration, while a buyer was sought to save the award-winning venue. The George Hotel is situated on a one-acre site on the western shore of Loch Fyne and has won numerous accolades for its hotel services. Charlie Maclachlan, Thomas McKay and Sam Wignell (Image: Begbies Traynor) Charlie Maclachlan, co-owner, said: 'The George Hotel is more than just a building, it's the beating heart of Inveraray, steeped in character and beloved by locals and visitors alike. With deep personal ties to the area and decades of combined experience in hospitality, we're incredibly proud to take stewardship of this iconic institution." Business partner Sam Wignell said: 'Our vision is simple. Preserve the heritage, elevate the experience, and ensure The George remains a celebrated destination for generations to come. From its award-winning food, and vibrant pub atmosphere to its historic rooms and unbeatable setting on Loch Fyne, The George has all the ingredients of a world-class hotel.' Mr McKay said: 'Our team successfully traded the hotel business, whilst our appointed agents delivered a marketing campaign which generated 51 interested parties across the UK in recent months. After considerable negotiation, Fyne Hospitality were the successful bid and progressed swiftly through the due diligence phase, demonstrating their ability to complete the transaction within the required timescales. 'We want to thank the Clark family, who owned the hotel for seven generations, for their integrity throughout and their contribution not only to Inveraray, but their openness and help with a challenging trading and sale process. We are also grateful to the customers and local community for their fantastic support and their loyalty to the venue over the last few months, and of course to the George Hotel staff for their ongoing hard work during the process of administration and the uncertainty that brings.' Mr McKay added: 'Both Charlie and Sam saved a seventh-generation business, a 165-year-old family hotel that is a major contributor to the local and regional economy and we are confident they will enjoy great success in the future. This deal opens a new chapter for the George Hotel as a historic venue, providing the best possible outcome in challenging circumstances and saving all jobs in the process.' 'The hotel and hospitality sector has had a turbulent few years. It remains an uncertain time for hotel businesses to manage the costs of trading, increased prices for goods and services, whilst making a profit and meeting HMRC or other creditor commitments. We, at Begbies Traynor, can provide confidential, honest financial assistance, to any hotel business in financial distress. Business owners can help to alleviate financial challenges by taking restructuring advice as early as possible. This provides options, and through having a plan, we can assist to save the business and protect local jobs.'' Flights diverted and cancelled at Scottish airport Flights have been diverted and cancelled at a Scottish airport on Tuesday.
The National
13 hours ago
- Business
- The National
£3m deal saves historic 24-room Scottish boutique hotel and 43 jobs
The George Hotel in Inveraray, a popular tourist spot in Argyll known for its whitewashed streets, went into administration in March – putting up to 60 jobs at risk. The hotel was founded in 1860, according to its website, although an inn by that name is understood to have stood on the spot since 1720. The National reported how Kenneth Craig and Kevin Mapstone of Begbies Traynor were appointed as joint administrators of Inveraray Inn Ltd, trading as the George Hotel, on March 28. READ MORE: Former national watersports centre on Scottish island up for sale Now, Begbies Traynor has announced the sale of the historic boutique hotel with its contents and a residential dwelling sold to a duo of experienced hotel operators, Charlie Maclachlan and Sam Wignell of Fyne Hospitality. The £3.05m deal will save up to 43 jobs in Inveraray. 'The George Hotel is more than just a building, it's the beating heart of Inveraray, steeped in character and beloved by locals and visitors alike. With deep personal ties to the area and decades of combined experience in hospitality, we're incredibly proud to take stewardship of this iconic institution,' said co-owner Maclachlan. 'Our vision is simple. Preserve the heritage, elevate the experience, and ensure The George remains a celebrated destination for generations to come. From its award-winning food, and vibrant pub atmosphere to its historic rooms and unbeatable setting on Loch Fyne, The George has all the ingredients of a world-class hotel,' added business partner Wignell. Charlie Maclachlan, Thomas McKay and Sam Wignell (Image: Supplied) Thomas McKay, a partner at Begbies Traynor said: 'Our team successfully traded the hotel business, whilst our appointed agents delivered a marketing campaign which generated 51 interested parties across the UK in recent months. After considerable negotiation, Fyne Hospitality were the successful bid and progressed swiftly through the due diligence phase, demonstrating their ability to complete the transaction within the required timescales. 'We want to thank the Clark family, who owned the hotel for seven generations, for their integrity throughout and their contribution not only to Inveraray, but their openness and help with a challenging trading and sale process. "We are also grateful to the customers and local community for their fantastic support and their loyalty to the venue over the last few months, and of course to the George Hotel staff for their ongoing hard work during the process of administration and the uncertainty that brings.' McKay added: 'Both Charlie and Sam saved a seventh-generation business, a 165-year-old family hotel that is a major contributor to the local and regional economy and we are confident they will enjoy great success in the future. This deal opens a new chapter for the George Hotel as a historic venue, providing the best possible outcome in challenging circumstances and saving all jobs in the process.'' ''The hotel and hospitality sector has had a turbulent few years. It remains an uncertain time for hotel businesses to manage the costs of trading, increased prices for goods and services, whilst making a profit and meeting HMRC or other creditor commitments."
Scotsman
29-07-2025
- Business
- Scotsman
Scottish businesses see escalating early financial distress as economic uncertainty continues
As the UK economy struggles to find growth in the face of ongoing global turmoil, the latest data from leading independent business rescue and recovery specialist Begbies Traynor shows that in the second quarter of 2025 levels of Scottish businesses experiencing the first signs of financial distress rose both since the previous quarter and also compared with the same period the previous year. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Providing a quarterly snapshot of Britain's corporate health, the Red Flag Alert data for Q2 2025 revealed that instances of early or 'significant' business distress in Scotland had grown by 9.1% since the first three months of the year and by 2.7% since Q2 2024. With 31,251 Scottish firms now affected, signs of early-stage financial problems also rose across the UK as a whole, increasing by 15.1% quarter-on-quarter and by 10.8% year-on-year with a national total of 666,876 businesses feeling its impact. Almost all sectors in Scotland saw increases in significant distress in the second quarter of 2025 compared with the previous three months, with nine of the 22 industry categories monitored by Red Flag Alert experiencing double digit growth. Among the worst affected were: printing and packaging (+21.7%); bars and restaurants (+15.3%); professional services, and food and drugs retailers (both +15.2%). Advertisement Hide Ad Advertisement Hide Ad In contrast, the only sectors in Scotland to see a quarter-on-quarter fall in significant distress were: manufacturing (-12.1%); automotive (-6.7%); food and beverages (-3.1%); and sports and health clubs (-1.6%). Ken Pattullo of Begbies Traynor in Scotland Ken Pattullo, managing partner for Begbies Traynor in Scotland, said: 'Businesses here in Scotland, and indeed across the UK, are continuing to operate in extremely difficult conditions as we face a number of global conflicts together with the challenges of Trump's ever-changing international trade war. The most important factor for business success is certainty and, unfortunately, over the last five years or so, there has been very little of that, making long-term planning tough and further damaging confidence.' In addition to the growth in early business distress, instances of advanced or 'critical' financial distress, both in Scotland and across the UK, also revealed a bleak picture. A total of 2,347 Scottish businesses experienced this type of distress, representing an increase of 7.2% since the previous quarter and a rise of 15.6% compared with the second quarter of 2024. This was reflected nationally with a quarter-on-quarter increase of 8.6% and a year-on-year rise of 21.4%, with 49,309 businesses affected across the UK. Looking at critical distress in Scotland, all but six of the sectors saw increases compared with the same period the previous quarter – professional services was most severely hit with a rise of 58.8%, followed by bars and restaurants which rose by 50.4%. The strongest performing sectors were: printing and packaging (-62.5%); manufacturing (-38.2%); leisure and culture (-37.8%); health and education (-24.6%); and general retail (-11%). Advertisement Hide Ad Advertisement Hide Ad Mr Pattullo continued: 'With employers struggling under the dual burden of increased national insurance contributions and a rise in the national living wage both introduced earlier this year, as well as inflation remaining above target levels, increasing numbers of businesses are struggling for survival rather than seeing much longed-for growth. Business owners would be well advised to keep a very close eye on their finances and seek professional support at the first sign of problems when advisers will have more tools available to help them to prevent problems from escalating.'
Yahoo
29-07-2025
- Business
- Yahoo
SME Construction data casts doubt on UK ability to hit 1.5 million homes
The number of struggling construction firms has risen further despite heavy pressure on the sector to deliver hundreds of thousands of new homes. The number of firms in critical distress – a measure of firms nearing bankruptcy – rose 15.8 per cent in the second quarter of 2025, according to Begbies Traynor, while the number of construction firms in critical and significant financial distress topped charts in the first quarter, at 6,830 and 97,603 firms respectively. 'SMEs are grappling with a range of cost pressures, including strict environmental regulations and burdensome taxes on employers. These cost pressures are making it increasingly harder – not easier – to build,' Steven Mulholland, CEO of the Construction Plant-hire Association (CPA), said. The industry was the slowest growing sector of the UK economy in the first quarter of 2025, and total construction output stagnated in this period – ending three consecutive quarters of growth as activity across real estate softened. 'Employer National Insurance hikes have already hit jobs and investment. Now, looming changes to Business Property Relief risk being the final blow – threatening 200,000 jobs and £15 billion to the economy, and punishing the very firms Britain needs to deliver growth, infrastructure and homes,' Mulholland added. 'Without urgent reform, we won't just miss housing targets – we'll lose the wider supply chain capable of building the vital infrastructure Britain needs,' he said. Construction firms in 'a difficult position' Kelly Boorman, National Head of Construction at RSM UK, has warned that the combination of high financial distress in the industry and the government's housing push puts the sector in a tough place. The government has pledged billions to support housebuilders, something which has been largely helped by the industry, but Boorman warned business could fall into an 'overtrading trap'. 'There's the risk [they]… take on more work than their supply chains and operational capacity can support,' Boorman said. 'Mandatory housing targets and expectations to commit to large infrastructure projects could result in businesses being unable to meet demand, despite the government's commitment to investment, training and pipeline visibility,' she added. Experts have warned that there are still significant planning and delivery challenges that developers are facing alongside cost pressures, including skills shortages – despite recent investments – wage inflation, raw materials shortages and inflation.
Scottish Sun
28-07-2025
- Business
- Scottish Sun
Fifty thousand businesses on brink of collapse over ‘immense strain' of rising wage costs
Those in 'significant' financial distress increased by ten per cent over the year 'CRITICAL' LEVELS Fifty thousand businesses on brink of collapse over 'immense strain' of rising wage costs FIFTY thousand businesses are on the brink of collapse as rising wage costs put them under 'immense strain', a report reveals. The number in critical financial distress has risen by more than a fifth compared with a year ago. Advertisement 2 The British Beer and Pub Association warned 378 pubs would close this year in England, Wales and Scotland Credit: Getty Chancellor Rachel Reeves' increases in National Insurance costs and the minimum wage are seen as key reasons, the Begbies Traynor survey shows. Bars and restaurants at 'critical' financial level were up by 41 per cent. And there was a 39 per cent rise among travel and tourism companies. The total number hit 49,309. Advertisement Those in 'significant' financial distress increased by ten per cent over the year to 666,876. Shadow Chancellor Mel Stride said: 'Labour's reckless Jobs Tax is pushing thousands of small businesses to the brink. "The lifeblood of local communities are paying the price.' Ric Traynor, of Begbies Traynor, said: 'Small and medium-sized businesses across the UK are being put under immense strain by the recent increases to employer's NI and the national minimum wage.' Advertisement The British Beer and Pub Association warned 378 pubs would close this year in England, Wales and Scotland. The BBPA's Emma McClarkin said: 'We're calling on government to fulfil promises of business rates reform, mitigate costs and cut beer duty.' 2 The number of businesses in critical financial distress has surged by over 20% — with Rachel Reeves' hikes in National Insurance and minimum wage blamed Credit: PA
