Former Residence boss to buy One Devonshire

Brian Martin, former managing director of Residence International, the owner of Glasgow's One Devonshire Gardens hotel until it went into receivership last year, is buying it back.

Martin, with other parties, has established a new company, Craggenmore Limited.

He made the highest bid of about £5m for the 41-bedroom hotel and the 30-suite Edinburgh Residence, which are being sold together by receiver KPMG Corporate Recovery.

The sale is expected to be completed by the end of the month.

Receiver Blair Nimmo, at KPMG, said: "Having traded the business for over six months we are delighted to have found buyers for the entire portfolio."

Jeanette Montgomery, who is managing the Glasgow hotel, said she was "very disappointed" that her bid with business partner Patrick Newall had not been successful.

Montgomery and Newall became shareholders in Residence International shortly before it collapsed.

She said that after fulfilling her contract at the hotel her long-term future was uncertain.

Residence International's other property, the 33-suite Paris Residence, has attracted six bids.

Nimmo was confident a sale would be concluded by the end of the month.

Residence International went into receivership last October, citing a decline in tourism caused by the foot-and-mouth outbreak and 11 September attacks.

by Ben Walker