Residence in receivership
26 October 2001 by web
The parent company of One Devonshire Gardens, one of Glasgow's most prestigious hotels, has gone into receivership.
Residence International, the Edinburgh-based time-share developer and operator that owns the hotel, blamed its closure on a decline in tourism caused by foot-and-mouth disease, the events of 11 September and the general economic downturn.
Chef Gordon Ramsay, who runs the Amaryllis restaurant at the 41-bedroom hotel, will not be affected by the fall of the company and will continue to operate the restaurant, said a spokesman.
Receivers KPMG said they would continue to operate the company's properties until a buyer was found.
