Railway operator enters administration

Sat, 01 Dec 2018 | ADMINISTRATION



Following cash problems due to an extended closure, CairnGorm Mountain Funicular Railway has gone into administration.

The operator of the railway and associated visitor attractions is based in the Cairngorms near Aviemore and has been owned by the public agency Highlands and Islands Enterprise (HIE) since 2008. The company has been shut for almost two months due to an investigation concerning the structure supporting the tracks. Since the closure, specialist engineers have been busy conducting a detailed structural assessment.

Chief executive of HIE, Charlotte Wright, said: "Our first priority is staff members and their families, as well as other local people who will be affected by this decision.

"Clearly, this is not the outcome that anyone wanted when CML became the operator. However, with local support, we are confident that the situation can be turned around and we will see Cairngorm flourish again as a fantastic asset for this area, its economy and its people."

Partners at Campbell Dallas, Blair Milne and Derek Forsyth, have been appointed as joint administrators. The business will continue to trade until a buyer is found. Discussions are currently underway with a potential purchaser.

Milne said: “Due to the extended closure of the Funicular Railway at Cairngorm Mountain, for safety reasons, the business has become unsustainably loss-making. The directors of the business had been in discussions to try to find suitable solutions, including a managed transfer of the business to another party, however those negotiations did not progress. Under mounting cash flow and creditor pressures the Directors were left with no alternative other than to place the business into administration. The joint administrators will be seeking to achieve a sale of the remaining business on a going concern basis as early as possible.”

The railway operator first opened on Christmas Eve in 2001 and currently carries around nearly 300,000 tourists and sports visitors every year.

For all our administrations listings, click here. For more news stories about administrations click here.


Share this article



Latest Businesses for Sale

Road Haulage & Distribution Company
South Lincolnshire, Lincolnshire, UK Wide

Very long established Ltd Co with impressive reputation & trade client base providing fast professional UK-wide services from circa 1 acre industrial site with office & ancillary facilities in excellent commercial location. This is a confidential sal...

Asking Price: £1,299,995
Turnover: £5,000,000

LEASEHOLD


Independent Double Glazing Sales & Fitting Company
West Yorkshire, Yorkshire and the Humber, UK

Outstanding opportunity to acquire very long established ltd Co with impressive reputation. Business offers 'one stop' range of premium quality British made PVCu & aluminium framed building features. Offers invited.

Asking Price: £749,950
Turnover: £747,264

LEASEHOLD


Independent Electrical Contractors
Leeds, UK Wide

Very well established and highly regarded contractor with impressive client base providing virtually 'one stop' range of professional and fully accredited electrical services from superbly fitted office premises in excellent commercial location. Offe...

Asking Price: £299,950
Turnover: £407,249

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
15
 
Dec
 

Two pub companies enter administration | ADMINISTRATION

Mitchell’s of Lancaster (Brewers) Limited and York Bre...

 
13
 
Dec
 

Harvard Technology Limited enters administration | ADMINISTRATION

A lighting company based in Normanton has been forced to eng...

 
11
 
Dec
 

Concrete company acquired in impressive deal | BUSINESS SALE

A Wrexham-based concrete products and quarrying company is s...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources