The Buffalo Farm in Fife has gone into administration

Owner Steve Mitchell said that funds from a "very generous investor" meant they could save jobs, the animals and the business.

A deal has now been done to buy the company's assets from the administrators and he apologised to those owed money who will lose out.

Yesterday (Tuesday) Mr Mitchell explained: "I just wanted to acknowledge and clarify what you may already be aware of from social media and the local press. "Sadly, the Buffalo Farm Ltd did go into administration yesterday, however the business has not closed.

"Thanks to a very generous investor who has supported me, we have been able to safeguard the jobs, the animals and the business, by purchasing the assets from the administrators.

"This means that all orders placed will be honoured and delivered as per your confirmation and both our shop and the bothy are able to continue to remain open."

READ MORE: Carnegie Hall to host the Big Fab Comedy Show

He continued: "Had this not happened, the jobs would have been lost, the animals would have went to market and another local business would have been lost.

"It does mean that our creditors and our founders have lost out and I cannot express how sorry I am. "I know how much this meant to our founders and I have communicated with them separately.

"If you are a founder and haven’t received an email please drop us a message.

"We are working harder than ever to try to bring our vision to reality and we could really do with your support more than ever.

"As you can imagine, we have an awful lot of things to sort out, but I hope to explain more in due course."

The company was the first in Scotland to sell mozzarella and ice-cream made from the herd of 500 buffalos.

Their products have been recognised with a number of industry awards and the business has a cafe bistro on the farm whilst also supplying produce to the hotel and restaurant trade.

The Buffalo Farm came to national attention when Mr Mitchell featured in series three of the BBC TV programme This Farming Life.

READ MORE: Milky Way Cafe marks a decade of breastfeeding support

On Monday he blamed the economic climate "impacted by COVID, wars, soaring energy bills, cost-of-living crises and TB that just weren’t foreseen by anyone" for pushing their debts to a "level we simply could no longer sustain"

Mr Mitchell said he was "trying to come to terms with telling my incredible employees they would need to be made redundant, watch as the herd of buffalo were sold off - or worst, destroyed - and the rest of the company broken up and sold off" when a chance conversation with a friend and founder led to the business-saving offer.

He added: "He has convinced me that my vision and my plans for the Buffalo Farm are correct, and it has been more down to timing and external factors than a lack of hard work and misjudgement.

"I feel a huge responsibility to all who have supported us and it's not in my nature to walk away.

"As such, I have accepted the offer of a loan and started a new company and have bought the business and assets from the administrators.

"All being well I can save as much as we can of what we have worked so hard to create.”

The company had previously run an ambitious crowd funding exercises with an aim to inject £800,000 into the business.

The investments were offered to people at £100, £1000, and £10,000 investment levels.

Accounts from 2022 stated 84 people were employed by the business at that time.