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Scotland's Glencoe and Glenshee Ski Areas Now In Receivership
Wednesday, 12 May 2004
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Two of Scotland five ski centres have gone in to receivership with no buyers found after several months on the market. The deepening crisis began at the start of the winter when the operator of both resorts announced Glencoe would not open for the 03-04 season. Then both ski areas were put up for sale earlier this year as the operator announced losses at the two areas of 1m over the past two years.

2003-4 was another very poor snow season for Scotland , however the remaining three ski areas currently look relatively secure. CairnGorm has had its debt rescheduled and its business plan restructured to allow for more summer visitors than projected on its new funicular railways (and to compensate for fewer winter visitors than hoped, primarily due to the poor snow record of recent years). At the Lecht, to the north of Glenshee, a new 1m base is being added.

It was announced last week that that KPMG Corporate Recovery had been appointed receivers.

Blair Nimmo for KPMG said: "It is unfortunate that, despite the directors having committed substantial efforts over recent months and involving the use of professional advisers, the company has been unable to complete the sales of any of its business units sufficiently quickly. Nonetheless, helped by the protection that is afforded to businesses in difficulty by the receivership process, we are hopeful of being able to complete sales of the businesses as going concerns, preserving employment and economic activity in the local area. We would ask any party with an interest in acquiring any of the businesses and or assets to contact the joint receivers as a matter of urgency."

Glencoe opened in 1956 and was Scotland's first commercial ski centre. Glenshee has the UK's largest lift system, albeit a rather elderly and primitive one.

A consortium of more than 30 individuals including senior Glenshee staff were negotiating to buy Glenshee Ski Centre before the receivers were called in and reportedly intend to carry on negotiations with the receivers. There are believed to be two edible bidders" for Glencoe at present. Public money may also be made available for new owners but the public bodies naturally require full business plans which take time to compile.



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