Khungha Investments acquires Skirlie Castle’s business and assets out of administration
Following a period of marketing by Christie & Co, joint administrators from FRP Advisory have facilitated the sale of Skirlie Castle Limited’s business and assets, including Glenskirlie Castle in Stirlingshire, to Glasgow-based Khungha Investments Limited.
The deal, which is for an undisclosed sum, includes the acquisition of all assets including the Castle, restaurant, facilities and grounds. All 32 staff will transfer over, and it will remain ‘business as usual’ for all existing wedding and events bookings.
Designed in the style of a 16th century Scottish castle and based in Banknock near Bonnybridge in Stirlingshire, Glenskirlie Castle opened in 2007 and was the first new castle built in Scotland in the 21st century. The castle, which has 15 luxury bedrooms, a function suite with capacity for 126 guests and extensive gardens is firmly established as one of Scotland’s leading wedding and events venues. The adjoining Glenskirlie restaurant which opened in 1982 has 70 covers and provides fine dining for weddings and private events.
Glasgow-based Khungha Investments, which was founded in 2017, also owns and operates Castlecary Hotel in Cumbernauld.
Ranjit Singh, managing director of Khunga Investments, 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.”
Michelle Elliot and Stuart Robb, were appointed as joint administrators of Skirlie Castle Limited on 5 September 2023, due to unsustainable cash flow and financial difficulties aggravated by the Covid pandemic and and the problems affecting the hospitality sector, in particular soaring operational costs.
Ms Elliot, partner with FRP Advisory, added: “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 hospitality Scotland of Christie & Co, 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.”