Published: 7th June 2011
Joint administrators of Cochranes Hotel in Rosyth, Fife, Ken Pattullo and Paul Dounis of Begbies Traynor, have announced the sale of the hotel for an undisclosed sum to the Tappies Taverns Partnership, a locally based business which also owns and manages the City Hotel, Dunfermline and the Pitfirrane Arms Hotel, Crossford.
Located on Hilton Road, Cochranes Hotel was formerly part of the land based ‘HMS Cochrane’ which opened for hotel use in 2003. It occupies a 1.6 acre site and provides accommodation of 36 bedrooms, a restaurant, two bars and a gymnasium; and included with the hotel are four sizeable residential flats.
Cochranes Hotel was placed in administration on 18th November 2010 and the joint administrators appointed the Edinburgh office of hotel and licensed property specialists Colliers International to market it. The hotel has remained open for trade as usual throughout this period and the new owners plan to continue running the business and have retained all staff.
Joint administrator Paul Dounis said: “Cochranes Hotel enjoys an excellent location and we were confident that we would be able to find a buyer for it as a going concern. It is good that the business will continue to trade as a hotel and that the jobs of the 14 staff have been secured.”
Alistair Letham, director of selling agents Colliers International, commented: “With Cochranes Hotel’s location in a residential district of Rosyth and very close the Rosyth Europarc, Naval Base and Dockyards, it can attract good levels of custom from both the local community and all of the commercial businesses and enterprises nearby.
“The inclusion of four flats with the hotel not only provides excellent private accommodation for owners, but also a valuable source of additional income too. The proposal for the new road bridge crossing the Forth nearby will provide a future valuable source of income for the new owners.”
Ken joined the Glasgow office of Begbies Traynor in 2003, before overseeing the firm's expansion into further offices in Edinburgh, Dundee, Aberdeen and Belfast. He previously worked at KPMG, Ernst & Young and PricewaterhouseCoopers in Scotland. He has a broad range of experience in Corporate Rescue and Recovery, as well as in turnaround and restructuring, corporate and personal insolvency, investigations and IBRs.
Specialisms: Licensed trade, haulage, property investment/development, construction, agriculture engineering/manufacturing.