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Police Scotland was called this morning at 11am after armed thieves entered Gleneagles Hotel in Perthshire.
Police are looking to speak to four men who were seen in the area and are believed to have been driving a dark coloured Audi which was abandoned in the area near to Auchterarder.
Detective Chief Inspector Andy Patrick said: “This is a shocking but thankfully rare incident which we are taking very seriously.
“Our enquiries so far have established that the individuals involved were believed to be armed but thankfully nobody has been injured, although they are understandably shaken.
“We are appealing for anyone who was in the area at the time to come forward and speak to us. In particular, we are looking to speak to anyone who saw a dark coloured Audi with four men in the area around the time of the incident.
“Officers remain at the scene this afternoon to conduct enquiries, including forensic examination and we would like to reassure the public that this appears to be a targeted incident.
“Staff and residents were evacuated for a short time but have since been able to return into the hotel.
“Anyone with information is asked to contact Police Scotland on 101 quoting reference 1166 of 27/06 or Crimestoppers on 0800 555 111 if you wish to remain anonymous.”
Police dealing with robbery at Gleneagles Hotel 11am today. Nobody hurt, but valuable watches stolen. If you can help us call101. pic.twitter.com/631hTOjYTd
— Perth & Kinross Police (@PerthKinPolice) June 27, 2017
