Small businesses left out of pocket for completed work on Taymouth Castle, one of Scotland's most important heritage properties, will have to wait for the developer to sell luxury apartments in Surrey, a spokesman for the troubled project has said.
Meteor Property Fund, the City investment company which owns the Grade A-listed 1840s castle in Kenmore in Perthshire, said that Farnham Developments Ltd (FDL), the company converting the castle and estate into a luxury Highland resort, had been forced into a CVA due to "cash flow problems" as well as unforeseen extra costs to shore up estate roads and bridges. A CVA, or company voluntary arrangement, is an agreement with creditors to stave off liquidation.
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