Misfiring spaceport puts £31million dent in fortunes of Scotland's richest man
A misfiring spaceport has helped put a £31million dent in the fortunes of Scotland's richest man, documents reveal.
By MARK HOWARTH FOR THE SCOTTISH DAILY MAIL
Published: 19:29 GMT, 1 January 2026 | Updated: 19:36 GMT, 1 January 2026
He is worth around £10billion so these results are perhaps in the realm of loose change to him.
But a misfiring spaceport has helped put a £31million dent in the fortunes of Scotland’s richest man, documents reveal.
Highland magnate Anders Povlsen is at the forefront of efforts to restore and recommercialise the north of the country.
But the latest accounts of his company, Wildland Ltd, suggest it’s not a straightforward task.
Its portfolio of estates, hotels and investments is still growing - but has just delivered a sixth consecutive year of losses, with these the heaviest of all.
They include a £12.1million write-down of the value of its investment in the SaxaVord Spaceport on Unst, Shetland.
Billionaire Asos boss Anders Povlsen with his wife Anne
Povlsen's company has a controlling interest in the troubled SaxaVord Spaceport on Shetland
The launchpad was damaged in 2024 when a rocket engine dramatically exploded during tests.
In a report accompanying Wildland’s annual accounts - published earlier this week - Mr Povlsen said: ‘While the Group reported financial losses… these were reflective of the scale of investment made across key areas of the business.
‘The Group’s net asset position remains strong…[and it] remains confident in its strategic direction.’
Danish billionaire Mr Povlsen, 53, made his fortunes in online fashion retail but began acquiring Scottish estates in the Noughties and, with wife Anne, now owns more than 200,000 acres of Highland wilderness.
Wildland is attempting to balance conservation with commercial success.
It has planted millions of native trees to restore the region’s character while encouraging repopulation of small communities with tourism and hospitality initiatives.
Among Wildland’s high-end properties for hire are Aldourie Castle, south of Inverness on the banks of Loch Ness, the Lundies House hotel in the coastal village of Tongue, in Sutherland, and the Killiehuntly Farmhouse and Cottages near Kingussie, Inverness-shire.
The spaceport on Unst was set to be the first in Europe to put a vertical rocket into orbit but was beaten by Norway
Hope Lodge, a new £1,100-per-night eco-retreat in Sutherland, will open this spring, offering foraging, water sports and treatment rooms.
Wildland now has assets of £335million and employs 126 people - compared with equivalent figures of £151million and seven in 2019.
And last year, it recorded record turnover of £5.7million, but its controlling interest in SaxaVord Spaceport has proved troublesome.