Mr Craig and Mr Mapstone were appointed to oversee the administration on 28th March. The company in administration is not connected in any way with the Inveraray Inn, a hotel by the same name in Inveraray.

Both the administrators and Thomas McKay, a partner at Begbies Traynor, will now supervise business operations as the hotel business continues to trade in the normal manner, providing accommodation, food and public house services, while efforts are made to find a buyer on the open market for the 160-year-old boutique hotel and inn.

“The directors have taken the difficult decision to place the George Hotel into administration as a result of historic debts which were crippling the cash flow of the business,” said Mr McKay, who is overseeing the trade and sale process with the administrators and their staff.

“The business has been in the Clark family for seven generations and their priority was to safeguard the jobs and future of the 60 full and part-time employees. The hotel has a fantastic history and beautiful location, offering excellent accommodation and food. The staff have also been fantastic in their hard work and everyone is determined to find the best possible outcome for the benefit of all stakeholders.”

He added: “We ask the local community and customers further afield who wish to use the hotel, as well as the subscribers to the hotel - over 25,000 of them - to continue to support and visit the venue as usual as we seek to find a buyer for the business as a going concern. The George offers fantastic services which are critical to the community of Inveraray and nearby local towns.

“We are now entering the spring period with summer trade to follow, so it is business as usual and we are fully open for trade as a hotel, which we believe will be attractive to many interested parties. For the time being we will start to market the business and the management will focus on trading the venue profitably with the support of the hotel’s loyal customers and staff.”

The 24-bedroom boutique hotel is located on the western shore of Loch Fyne and has won many awards for its accommodation, bar and food. Its restaurant holds an AA rosette.

The hotel will continue to honour bookings and the administrators hope that the support of the local community, and continued trade from tourists and visitors, will ensure the business will attract a new owner and safeguard the jobs that might otherwise be lost.

“The business has a great reputation both as a restaurant and bar, and as one of Scotland’s most historic hotels, and we’re confident that a suitably qualified buyer will want to take over the reins of the George,” said Mr Craig.

“We will operate marketing events in the normal way as we continue to service bookings through trading”.

Potential buyers and interested parties can find out more about the George Hotel and make enquiries directly with Begbies Traynor through its Glasgow office.