Residence International, the owner of Glasgow’s four-star One Devonshire Gardens hotel, has gone into receivership.
The Edinburgh-based timeshare developer and operator ascribed its woes to a decline in tourism caused by foot-and-mouth, the terror attacks in the US and the general economic downturn.
A source said that chef Gordon Ramsay will continue to run restaurant at the 41-bedroom hotel, despite Residence’s collapse.
Receiver KPMG said that it would continue to operate the company’s properties until a buyer has been found.
EGi News 29/10/01
