The fluctuating oil price has been blamed for the loss of 20 jobs at an Aberdeen hotel which closed its doors.
Accountants now working with the trust, which runs the 50-bedroom hotel, say a downturn in oil prices left the facility running at a loss for a number of years.
Brian Milne, a restructuring partner with accountants French Duncan, has been appointed to the trust which ran the hotel.
Customers who have bookings have also been urged to get in touch with the Glasgow firm.
Assets of the hotel, which was designed by Aberdeen architect Archibald Simpson, are due to be sold off.
Mr Milne said he was appointed to the trust on Monday.
He said: “The business has been trading at a loss for some time and the financial difficulties came to a head over the Christmas period.
“As a result, the business has ceased trading with immediate effect and 20 employees were made redundant.
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“Staff have been fully paid up to last Wednesday and we will be looking at notice pay and redundancy that will be due to them.
“The business has been having problems for some time due to the downturn in the oil industry, which it was heavily dependent upon.
“The hospitality sector in Aberdeen has been susceptible to the fluctuating oil price, and the Highland Hotel has fallen victim to this.”
Scottish Conservative MP Ross Thomson said he wanted to offer support to staff who have been made redundant.
He said: “I was saddened to hear about the closure of this family-run hotel in my constituency.
“The last few years have been tough for many firms in the city, and the cost of doing business remains very high.
“My immediate thoughts are with the staff affected, and I want to offer what support I can to those who have lost their jobs.”