Scotland business

Buyer sought after Paisley's Watermill Hotel folds

Watermill Hotel
Image caption The Watermill Hotel will continue to trade while a buyer is sought

A historic hotel in Paisley has been forced into administration after accumulating unsustainable debts.

The 17th century Watermill Hotel, which employs 34 staff, was trading as a three-star hotel, restaurant, bar, conference and wedding venue.

Administrators at Begbies Traynor have appointed Colliers International as selling agents.

The 49-bedroom venue will continue to trade while administrators seek a buyer.

Joint administrator Paul Dounis said: "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.

"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 added: "The venue has been run by the same owners for the past 11 or so years, but unfortunately the economic downturn made it impossible for revenues to cover the cost of servicing the debt of the company and meet its financial obligations."

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