Perthshire boarding school had £900k of debt when it collapsed

A Perthshire boarding school that closed down last month had more than £900,000 of debt when it collapsed.

Kilgraston School, near Bridge of Earn, closed with immediate effect on August 13.

The school claimed that the potential impact of changes to VAT exemptions for private schools and a register of just 173 pupils were both factors in the closure.

It also declared it would need 210 pupils to break even.

Now it has been revealed that the school had £910,205 worth of debt when it shut.

Kilgraston School debt and assets revealed after collapse

According to the Accountant in Bankruptcy service, the school also had assets of more than £1.1 million.

The school has appointed Sarah O’Toole from PwC as the trustee in bankruptcy.

A statement on the Kilgraston website said: “After reaching the conclusion that there was no reasonable prospect of funding the ongoing trading of the school, the trustees took the decision to close the school with immediate effect on August 13 2024.

“At the same time, the trustees took steps to submit an application to the Accountant in Bankruptcy for the appointment of a trustee in bankruptcy to the Kilgraston School Trust.

“On September 4, the Accountant in Bankruptcy confirmed the appointment of Sarah O’Toole as trustee in bankruptcy.”

It added: “Following the announcement of the school closure, the trustees advised that an arrangement had been made with Glenalmond College/Craigclowan School, who offered places for all pupils who wish to join from the start of the academic year, thereby keeping the pupil cohort intact.”