The business and assets of Skirlie Castle Limited, which owned and operated the award-winning Glenskirlie Castle at Banknock near Bonnybridge in Stirlingshire, has been acquired, saving more than 30 jobs.

The venue, which was the first new castle to be built in Scotland in the 21st century when it opened in 2007, fell into administration on Tuesday.

Michelle Elliot and Stuart Robb of FRP Advisory, who were appointed joint administrators of Skirlie Castle Limited on September 5, cited unsustainable cash flow and financial problems stemming from Covid and "well-documented" challenges facing the hospitality sector, notably soaring costs.

But its business and assets were quickly bought out of administration by Khunga Investments Limited, the owner and operator of Castlecary Hotel in Cumbernauld. All 32 staff of Glenskirlie have transferred to the new owner and pledged that all weddings and events bookings would be fulfilled.

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Ranjit Singh, managing director of Khunga Investments, which was founded in 2017, said: “Glenskirlie Castle has an outstanding reputation for weddings and events and for the quality of the dining and hospitality experience.

“We are delighted to have acquired the assets and business of Skirlie Castle Limited and very much look forward to business as usual. We are also delighted to welcome the staff to our team and look forward to developing the business.”

Glenskirlie Castle established itself as one of Scotland’s most popular wedding venues after it was built next to the Glenskirlie restaurant, which opened in 1982 and has 70 covers, providing fine dining for weddings and private events. The castle has 15 luxury bedrooms, a function suite with a capacity for 126 guests, and extensive grounds.

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Ms Elliot, a partner in the restructuring team at FRP Advisory, who facilitated the deal, said: “Glenskirlie Castle is one of the best wedding and events venues in Scotland, attracting clients and guests from across the UK and overseas.

"We are delighted to have secured a sale of Skirlie Castle Limited and its assets and wish the new owners every success with their new venture. We are also particularly pleased to have secured the transfer of all 32 staff and would like to thank all involved with the business for their support.”

Brian Sheldon, regional director for hospitality in Scotland at Christie & Co, which marketed the property, said: “The sale of Glenskirlie Castle demonstrates the current demand for hospitality businesses across Scotland, the market remains buoyant, and we expect this to be the case for the foreseeable future. We would like to wish Khunga Investments all the very best with the business going forward.”

Ms Elliot and Mr Robb were appointed joint administrators of Skirlie Castle Limited on September 5, 2023.

The most up-to-date information available at Companies House shows that Colin Macaloney was the sole shareholder of Skirlie Castle Limited.

Mr Macaloney was named entrepreneur of the year by industry publication Scottish Licensed Trade News in 2007 in recognition of the impact made by Glenskirlie Castle, which was developed at a cost of £2.5 million.

Among other numerous accolades, it was named one of Scotland's outstanding wedding venues by the Scottish Wedding Directory and secured a place on The List's Hit List. It was also previously named restaurant of the year by The Dram magazine.