By Graham Turner.
As the economic fallout spreads across Scotland, Edinburgh has witnessed the small businesses that once catered to the capitals ‘niche’ markets shut up shop for good, expenditure has decreased in shopping districts that once thrived as locals and tourists alike settle in for the long haul out of economic crisis.
It seems now that this trend has spread to the hospitality industry, once the backbone of Edinburgh’s prosperity and nationwide acclaim, the draw of George Streets up-market contemporary chic and the Old Towns charming hideaways are now becoming a thing of the past as punters opt for the supermarkets cheaper alcohol solutions as opposed to indulging in the after-work pint down the local.
Namely, Edinburgh’s own Festival Inns chain of bars and restaurants are starting to feel the strain. Having been in operation since 1997 and enjoying considerable financial success through bar’s such as Biddy Mulligans and The Three Sisters, Festival Inns has become one of the staples of the industry throughout the capital and greater Scotland. But it seems the chain can no longer maintain the full breadth of it’s operations through the decision to sell off the majority of it’s units in what the company claims to be a move towards ‘centralising’ it’s business with a focus on maintaining and inciting ergonomic development within it’s City-Centre units, aka Biddy Mulligans, The Three Sisters etc…
The decision means that locations like The Bank Hotel, Faith Nightclub, Cargo Bar/Restaurant and The Hudson Hotel will all be up for sale as owners and operational management within the company make a bid to re-cooperate losses that the whole industry is suffering as a result of economic downturn.