Talks underway for Virgin Hotels takeover a year on from shock closure

The hotel near the River Clyde closed suddenly in December 2023 leaving hundreds out of work.

Talks underway for Virgin Hotels Glasgow takeover a year on from shock closureSTV News

Talks are underway with a potential buyer for the Virgin Hotels in Glasgow after it shut over financial problems.

Administrators now have a property investment and development company lined up to possibly take over the hotel, which closed suddenly in December 2023, a meeting heard today.

The venue on the banks of the river on Clyde Street was granted an extension of its alcohol provisional premises licence for a year at the city’s licensing board.

Lawyer Stephen McGowan told the board: “Unfortunately, the premises operators went into insolvency. The administrators have found a buyer. There is a bit of positive news that things are moving.”

He said an Ireland-based property firm is in talks over the possible purchase.

About 130 jobs were lost when the 240-bedroom hotel closed just four months after opening. Its owner, Lloyds Developments Limited – which Virgin Hotels has a management contract with – was put into administration by its lenders on December 1.

The directors of V Hotel Glasgow Limited – the employer and operating company in respect of the hotel – were advised to place it into liquidation.

Councillors sitting on the licensing board granted the request to further extend the provisional premises licence.

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