A £50,000 loan to Parr Street studios means that the refurbishment of the world famous complex can now be completed.
It signals the end of a remarkable turn around in the fortunes of the internationally- renowned studios, which houses three recording studios, 14 offices, a bar and now a 12 room 4* hotel.
The loan has been awarded as part of the City Council’s Financial Assistance to Business programme and designed to help create jobs and assist the creative economy.
The complex was sold to Gary Millar, Steve McFarlane and Tom Lang at the end of July 2006 following a long running campaign to prevent it being turned into flats and offices.
Gary Millar, one of the three owners of the Parr Street complex and who designed the hotel, said: “There was a gap in our funding that needed filling and without this money we wouldn’t be able to make the alterations we feel necessary when we want to.
“Now we can refurbish the lift to the hotel, add the required disabled access and ensure we have an excellent security system in place..