Page last updated at 08:46 GMT, Friday, 9 May 2008 09:46 UK

Takeover plan for mountain firm

CairnGorm Mountain funicular railway
Running of the funicular would be put out to tender

A development agency hopes to takeover the running of ski company and funicular railway operator CairnGorm Mountain Limited (CML).

Highlands and Islands Enterprise (HIE) is negotiating with a bank and trust on buying out debts owed by CML.

Highland Council has already agreed to write off a 1m loan.

HIE said it would look at options for developing the area in partnership with the community and putting the railway operation out to tender.

Douglas Yule, HIE's director of operations, said the agency was hoping to reach an agreement with bank HBOS and Cairngorm Mountain Trust to enable the agency to takeover ownership of CML.

He said: "We're pleased that Highland councillors have agreed to release CML from this long-standing debt obligation.

"Their decision plays an important part in current efforts to stabilise and develop the long-term sustainability of the funicular railway and the recognised benefits it brings to the Highlands."

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12 Apr 08 |  Highlands and Islands
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