Historic Inveraray hotel saved from going bust by £3m takeover

A historic family-run hotel in Argyll and Bute has been saved from going bust after a £3m rescue deal was agreed.

Forty three jobs at the George Hotel in Inveraray will be retained as a result of the takeover by Fyne Hospitality.

The George has been owned for 165 years by the Clark family, who listed it for sale last year. It then entered administration in spring this year.

New co-owner Charlie Maclachlan said he was delighted to take control of what he described as the beating heart of Inveraray, with the hotel situated on the banks of Loch Fyne.

Administrators Begbies Traynor said in March that the hotel had been struggling with “historic debts” which crippled the cash flow of the business.

About 60 roles were placed at risk when the hotel entered administration, and it currently employs 43 full and part time staff.

Mr Maclachlan, who will co-own the establishment with Sam Wignell, said the George was steeped in character.

Mr Wignell added: “Our vision is simple. Preserve the heritage, elevate the experience, and ensure The George remains a celebrated destination for generations to come.”

Thomas McKay, a partner at Begbies Traynor, said there had been 51 interested parties who explored taking over the hotel.

He added: “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.”

He also said the takeover was the best possible outcome for workers and the local area.