Peterhead Prison Secured for the Future

Peterhead Prison Secured for the Future

Peterhead Prison has now officially transferred into new ownership, securing the long-term future of one of Scotland’s most significant historic prison sites.

The completion follows an 18-month process involving complex legal, financial, and structural considerations, significantly longer than originally anticipated.

Joel Campbell, CEO of Cove Group, said:

“This has been one of the most challenging transactions we’ve worked on. What we initially expected to be a relatively straightforward process became far more complex, with a number of legal and structural hurdles that had to be carefully worked through.

The process required a level of time, detail and back-and-forth that went well beyond what would typically be expected in a transaction of this nature. While that inevitably caused delays, the priority throughout was ensuring the right outcome for the charity, its creditors, and ultimately the long-term future of the prison.”

Cove Group had already committed significant funding into the project, with over £230,000 invested prior to completion. However, the extended timeline had a direct financial impact, contributing to a funding gap of approximately £70,000, which needed to be addressed in order to complete the transfer and settle all outstanding obligations.

The delays also led to the difficult decision to temporarily close the prison to the public, allowing the project to be restructured and stabilised while the transaction progressed.

In response to the funding gap, the local community raised £8,500 through a public fundraising campaign. In addition, Conrad Ritchie made a personal contribution of £50,000 to support the project, with Cove Group providing the remaining balance to close the funding gap.

“The level of support we’ve seen has been incredible,” Campbell added. “From the local community to individual donations, it’s been a real collective effort to get this over the line.”

With the transfer now complete, focus has shifted firmly to the future of the site.

Peterhead Prison will reopen to the public on a phased basis from Saturday 23 May, initially operating at weekends, while further areas are brought back into use over time. The café and Lifeboat Museum remain open and continue to serve both visitors and the local community.

Looking ahead, a public consultation event will take place on 27 May, starting at 6:30pm at the prison. The public consultation will provide an opportunity for local residents to engage directly with the team and help shape the next chapter for the prison.

“This marks the end of one chapter and the beginning of another,” said Campbell. “The priority now is to take everything we’ve learned over the past 18 months and use that to build something that is sustainable, ambitious, and works for Peterhead long term.”