This month, another Mountgrange company collapsed financially. Mountgrange UK Ltd was put into voluntary liquidation because “it has been proved to the satisfaction of this meeting that the Company cannot, by reason of its liabilities, continue its business”. Duff and Phelps have been appointed as liquidators to wind up the company.
This particular company does not own Craighouse, so does not directly affect the ownership of the Craighouse site. The site itself is owned by an offshore investment fund, with Napier University having a financial interest in the site, too. Mountgrange UK Ltd was the company that funded the management company (Mountgrange Investment Management LLP) to raise the funds to buy sites like Craighouse in the first place. Neither the fund, nor its management company has been placed into any insolvency procedure.
The liquidators will often produce a report saying how they will wind up the company. We will provide updates as and when further information is available on what impact this may have (if any) on Craighouse.
A previous Mountgrange company, Mountgrange Capital Plc had collapsed financially soon after planning consent had been granted for the highly controversial Caltongate scheme in the hear of Edinburgh.