One Devonshire Gardens sold

Glasgow's One Devonshire Gardens has been bought by new Scottish company Citrus Hotels for an undisclosed sum from receivers KPMG.

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The 30-suite timeshare property Edinburgh Residence was included in the sale.

Citrus is headed by hotel and leisure entrepreneurs Richard Harrington and Ian Ganney.

Jeanette Montgomery, operations director at One Devonshire Gardens, will continue in her role and all other staff have been retained. Moves to recruit new staff are underway.

For the past 18 months, since the collapse of previous owner Residence International, One Devonshire Gardens has been run as a timeshare by KPMG. The new owners intend to restore the property to hotel status and will spend £1m on refurbishment in the coming year.

Montgomery said: "It's been a challenging year, keeping the hotel going under such difficult circumstances. I am thrilled Richard and Ian have been chosen to buy the hotel and I am pleased to have accepted their offer to be a director and shareholder of Citrus Hotels."

In April KPMG announced that Brian Martin, the former managing director of Residence International, was the preferred bidder. His newly formed company Craggenmore Limited had made the highest bid of about £5m for the two properties.

Citrus successfully finalised the deal last week.