Aviemore group in administration

There are plans to redevelop the complex at a cost of £80m

The owners of major Highland tourist development, Aviemore Highland Resort (AHR), have been put into administration.

The asset has been bought up from the administrators by Macdonald Hotels and Resorts Ltd, which has been running the hotel, which dominates the town.

The hotel group already had a stake in AHR, along with Lloyds TSB and building firm Tulloch.

The jobs will transfer to the new owner and bookings are also to be honoured.

AHR has been the subject of controversy over a planning application.

Business plan

In February, an £80m plan to redevelop the complex was given the green light by the Cairngorms National Park Authority (CNPA).

Planning officials recommended that the board members granted approval as long as 33 planning conditions were met.

These included ensuring that 25% of the housing built as part of the expansion was affordable.

It is understood the new housing will not proceed while the homes market remains depressed.

The sale of that housing was seen as essential to the business plan for developing the hotel.

The new owner has committed to re-starting the refurbishment of the complex, and the building of a children's "fun factory", a cinema and a nearby golf club house.

Such developments had been put on hold while the company spent at least the past two years in financial difficulties, claiming that its problems had been made worse by long planning delays.

This means the Bank of Scotland's stake in the Aviemore development has fallen from 60% to 50% Douglas Fraser Business editor

Scottish Government ministers were criticised for their role in trying to speed up the planning process.

It is understood Aviemore Highland Resort's (AHR) debts had risen to around £45m.

BBC Scotland business editor Douglas Fraser said the company collapse and buy-back is known as a pre-pack deal, meaning the former company's creditors lose out.

He said: "There have been calls for legislation to block the use of this corporate re-structuring.

"In this case, the Bank of Scotland - part of Lloyds Banking Group - plays a complex role.

"It had a one-third share in AHR, it continues to have a half share in Macdonald Hotels and Resorts Ltd, and it also has a share in Tulloch Homes, which owned the remaining one third of AHR, but which pulled out two months ago.

"This means the Bank of Scotland's stake in the Aviemore development has fallen from 60% to 50%. Tulloch Homes is expected to re-join the Aviemore development when the homes market picks up, as it is expected to build the houses in the second phase of its development."

Conference destination

Donald Macdonald, executive chairman of Macdonald Hotels Limited, said: "It is time to put aside the baggage and troubles associated with this resort over the past 20 years and for all concerned to grasp the lifeline which the bank has given us.

"Tourism is the lifeblood of the Highlands, and Aviemore and the Spey Valley offers unique natural beauty and facilities for all to enjoy.

"Our task, along with the ongoing support of the Cairngorm National Park Authority (CNPA), is to establish the resort as a world class leisure and conference destination that we can all be proud of and one which will help maximise the full potential of the area."

Bruce Cartwright, of administrators PriceWaterhouseCoopers said: "The various parties involved in this restructure recognise the importance of this unique resort to the local community and the Highlands, and we believe that the sale of the business provides the best platform for further development.

"At the same time, the purchaser has confirmed continuity of employment for the entire workforce and has also recognised the importance of its supply base, factors that are crucial not only for the local community but also the central Highlands."

Macdonald Hotels and Resorts Limited operates more than 40 hotels across the UK and 10 resorts throughout the UK.

It was founded in 1990 by Donald Macdonald, and now employs more than 4,000 staff, operating more than 3,900 hotel rooms.

Macdonald Hotels Limited is the name of its newly-created subsidiary, which has the sole asset of the Aviemore hotel and resort.