The current trustees and chair of children's fundraising charity The Kiltwalk are set to stand down with immediate effect, the organisation has announced.

The new board of The Kiltwalk has also announced that it has secured long-term funding and financial support from the Hunter Foundation, whose chair Sir Tom Hunter is Scotland’s first billionaire.

All the charity’s past trustees have stood down with immediate effect, although the former chair Michael Ure will support the new trustees in an advisory capacity for the next few months. 

Three months ago The Kiltwalk's founder and former chief executive Carey McEvoy resigned, and the board announced the organisation was being restructured to cut costs.

McEvoy’s resignation came after a number of charities withdrew their backing from The Kiltwalk’s signature fundraising event after allegation were made that it had failed to properly allocat funds raised.

New members of the board include Ewan Hunter, chief executive of the Hunter Foundation, Mark Harvey, a partner at EY and Sean Harvey, former chief executive of Powerleague.

Michael Ure, outgoing chair of The Kiltwalk said:

"The retiring board of trustees leave safe in the knowledge that after what has been a turbulent period, we are delighted to have secured the future of The Kiltwalk through the involvement of Sir Tom Hunter and the Hunter Foundation.

“We have overseen phenomenal growth and passion for The Kiltwalk since 2010 and look forward to this exciting new chapter, aimed at raising even more money for children's charities across Scotland and, of course, our Scottish kids.”

Sir Tom Hunter, chair of the Hunter Foundation, said:

“The Kiltwalk is a fantastic concept for raising much needed funds for Scotland’s children’s charities and has our absolute support.

"We intend over the next couple of months to redefine and improve the model, building on the foundations already in place, to maximize returns for charities and turbo-charge Scotland’s Kiltwalkers for 2016.”

The Kiltwalk has raised over £4m for Scottish children’s charities since 2010.