One of the UK’s wealthiest businessmen has pulled out of a plan to buy Kinloch Castle.

NatureScot, formerly Scottish Natural Heritage (SNH), which acquired the 19th century A-listed building in 1957, had entered in final discussions about a potential sale to Jeremy Hosking, a prolific political donor with an estimated net worth of around £375 million.

Mr Hosking, who was ranked number 351 in the Sunday Times Rich List 2019, co-founded private investment firm Marathon Asset Management.

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Concerns surrounding the private sale were raised by The Isle of Rum Community Trust during talks with the Scottish Government minister responsible for the government body, Lorna Slater, in November last year.

Earlier this month, long-time resident and director of Rum Enterprise Fliss Fraser warned that the sale of the building represented an existential threat to the community on the island.

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The Isle of Rum Community Trust released a statement in the wake of the businessman’s decision to pulled out of his plan to buy the iconic landmark.

The organisation wrote: “We will continue to represent and stand up for our community and their majority views, and for the wonderful environment and heritage of our island.   We look forward to working with NatureScot, the Scottish Government and other partners in finding a sustainable future for the Castle site which will deliver benefits to everyone on Rum and to the agendas of Community Empowerment and Engagement, Land Reform, Environment and NetZero, as well as that of Heritage.”