The site, Morgan McVeigh’s of Colpy has been taken over by Tillymorgan Ltd with support from the Royal Bank of Scotland.

The complex, on the A96 just north of Inverurie, is one of the area’s largest retail and leisure complexes and is home to a number of well-known designer brands including Joules, Lebek, Marble, Olsen and Frank Lyman, as well as offering a unique selection of local food items and gift items.

Brian Welsh, director, Tillymorgan said: “This is an important leisure complex in the North East with significant growth potential and the support from the Royal Bank of Scotland has allowed this deal to happen.”

The outlet has been established for more than 15 years and Tillymorgan director Brian Welsh is keen to build on the site’s success.

He said: “We’re delighted to have been able to purchase Morgan McVeigh’s.

“It is an important retail and leisure complex in the North East with significant growth potential and the support from the Royal Bank of Scotland has allowed this deal to happen.

“Morgan McVeigh’s is well established and has a great reputation within the area and we’re keen to build on its success.”

Martin Ramsay, relationship director with the Royal Bank of Scotland corporate and commercial team in the North East, helped facilitate the purchase.

He said: “Morgan McVeigh’s of Colpy is crucial to Aberdeenshire’s retail and hospitality sector.

“In the year of Scotland Food and Drink, it is good to see that sites with the right blend of food and shopping outlets attract strong and loyal custom.

“We are delighted to have helped Mr Welsh with the purchase of Morgan McVeigh’s and wish him every success in the future.”