In the face of a declining domestic ski market, CML is reported to have been hampered from pursuing plans to diversify its operations because of a debt burden incurred through its investment when the railway – the only one of its kind in Scotland – started up in 2001.
However, its principal stakeholders, including The Highland Council, Bank of Scotland Corporate and CairnGorm Mountain Trust, have fully supported a proposal that HIE should take over the operating company under terms which reduce its debt and allow future ambitions to be explored.
Douglas Yule, HIE’s Director of Operations said: "We're pleased to have reached agreement with all parties and thank them for the part they’ve played in developing this superb and successful facility over the last seven years. We'll now be meeting with stakeholders to draw up plans which can secure the sustainable future operation of the funicular railway.
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"We are also delighted to be working with the team at CairnGorm Mountain Limited, who have done such an excellent job of managing this year-round visitor attraction.
"CML has continued to provide opportunities for Scottish skiing and, with strong partnerships, ensure the facility remains at the forefront of environmental sustainability, whilst continuing to support the tourism industry in Badenoch & Strathspey and the wider Highlands."
Bob Kinnaird, Chief Executive of CML said: "The level of stability that this new arrangement will provide has to be good news for everyone with an interest in the continuing success of CairnGorm. Without HIE’s direct involvement and intervention, none of this could have happened.
"We will clearly be working closely with HIE management over the next few months in evaluating options, setting goals, prioritising projects and adapting the facility so it continues to secure interest from the wider market that it serves in addition to winter sports. However, as far as the day-to-day operation goes, it will be very much a case of business as usual at CairnGorm for some time to come.
"Later on, and in the interests of transparency and best value, tenders from parties interested in procuring the right to operate the facility will be sought," he added.
(GK/NS)
