It is an area that regularly tops the lists of coolest or trendiest places to live.

Historically, it was primarily an industrial area between the River Clyde and the main thoroughfare at Argyle Street.

The village of Finnieston was established in 1768 on the lands of Stobcross by Matthew Orr, the owner of Stobcross House. Orr named the new village "Finnieston" in honour of the Reverend John Finnie, who had been his tutor.

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However, with major developments including the opening of the Squinty Bridge in 2006 and the 12,000-seater Hydro arena opening in 2013, nearby Finnieston was a golden opportunity for commercial development.

Early arrivals included La Mora Italian restaurant, which closed its doors last year, and Crabshakk, and the area began to earn a reputation as a hospitality hotspot, the likes of Kained Holdings operated The Finnieston and Porter & Rye followed.

HeraldScotland: Glasgow's Finnieston area has become a hospitality hotspotGlasgow's Finnieston area has become a hospitality hotspot (Image: Newsquest)

However, after three difficult years for the hospitality industry in the wake of Covid, the sector was dealt a further blow after it was announced yesterday that Kained Holdings, had gone into liquidation.

The company owned a number of venues in the Finnieston area  and  has been given a court order after being unable to pay its debts.

According to the notice of court order in a winding up, Wylie and Bissett have been appointed as liquidators and it is understood that jobs have been secured.

But what does this development mean for Finnieston and is the bar and restaurant bubble on the verge of bursting?

Paul Bright, owner of Strip Joint, has years of experience in the industry, but is a relative newcomer to the Finnieston party opening his Argyle Street venue five years ago.

He believes the area has a strong future and could well be entering a new phase.

"We are relatively late to Finnieston and I know it has been described as trendy and hipster, but we are all about offering a fun night out and I think the area is thriving," Mr Bright said.

"I think Finnieston might yet be entering its best phase yet and perhaps a second birth."

HeraldScotland: Argyle Street, FinniestonArgyle Street, Finnieston (Image: Newsquest)

During lockdown bar and restaurant Strip Joint opened a record store selling online and now the restaurant identifies strongly with music lovers.

"I like to think we are more than just a pub, but a place with soul and that we would be able to exist without the traffic of the Hydro. The music store was an extra element, but we are now seeing young people come in and buy their first vinyl record - something that you never forget."

Kained Holdings operated the Oyster Bar and Lebowskis, known for its White Russian cocktails in homage to the 1998 film The Big Lebowski; The Finnieston, which showcases some of the world's best gins alongside ethically-sourced seafood; and Porter & Rye and Rogue, which are popular for their steaks.

A message to their customers on Facebook read: "What a morning … Given today’s news coverage and the reaction, we wanted to reach out to you, our customers, our suppliers and our friends to reassure you we are still here!

"It's business as usual for Porter & Rye, Lebowskis West, The Finnieston Bar & Restaurant and its Oyster Bar."

Paul Waterson, chief executive of the Scottish Licensed Trade Association, said those in the hospitality industry are continuing to find it very difficult even in areas which have done well.

He said: "One of the issues we have here is any of the premises are owner occupied and if you consider during Covid we had furlough and rates relief, we are now back to where we were before, but not back not normal.

"Closing times have changed and we have seen businesses not able to open during week days due to staffing so I don’t think we are anywhere near back to normal.

"At the beginning of the pandemic, we warned businesses would disappear and there are mature businesses which are not with us anymore."

The SLTA feel they could do with more help from the Scottish Government in terms of rates relief and also from Westminster with a VAT break.

Mr Waterson said: "The fight is on to save the hospitality business in Scotland it is as simple as that. Things are not back to the way we were before and even if footfall is there we do not have the staff to service it.

"Pre-covid we prided ourselves on quality of service, but there is a real lack of staff especially in rural areas and with the summer coming up they are going to struggle to get.

"One of the particularly annoying things for us is we want to pay staff as much as we can afford.

"The UK government keeps putting the minimum wage up and taking the credit for it, but not helping us out."

A statement from Wylie Bisset said Donald McKinnon, managing, was appointed Interim Liquidator last year following petitions to wind up the companies by HMRC.

Mr McKinnon was appointed Liquidator earlier this month.

The statement added: "The business and assets of the companies were sold in August 2022 and the employees were TUPE transferred to new companies. Neither Wylie & Bisset nor Donald McKinnon as liquidator were involved in the sale of the businesses. The liquidator has a statutory obligation to investigate the affairs of the companies in liquidation and these are ongoing."