Independent boarding and day school Kilgraston School in Bridge of Earn, Perthshire has closed after education provider Achieve Education “reassessed its commitment to investing in the school”, the BBC has reported.

Founded in 1930, Kilgraston taught approximately 170 pupils and employed 116 staff. It offered primary education for boys and girls aged from five to 12 years old and girls-only from five to 18. Boarding was available for girls-only aged eight years and above.

Despite launching a £2 million fundraising campaign last year, the school stated it had a short and long-term funding deficit and was facing a shortfall of about £860,000 for the forthcoming academic year.

A spokesperson for Kilgraston’s board of trustees said: “Last year was extremely difficult for the Kilgraston community, as we faced significant challenges to keep the school open. Education provider Achieve Education stepped in to financially support and manage the school in the short term and to buy the school in the longer term.”

Achieve Education had initially planned to purchase the school last month, but in a letter to parents, it said that Achieve’s chairman was suffering from ill-health, leading him to reconsider the purchase.

Kilgraston’s spokesperson said: “At this point, we have three priorities: the welfare of staff, the welfare of pupils; and assistance for parents in finding places for their children at other schools. We will do all we can to help ensure a smooth transition for all affected.

“We are very sorry not to be able to continue operating a school that is close to all our hearts.”