Masked raiders stormed a luxury home near a castle owned by Stagecoach founder Ann Gloag and tied her daughter's family up during a robbery.

Two men targeted the home near to Gloag's Kinfauns Castle in Perth, Scotland, tying up and gagging Sarah Gloag, her husband and their two youngest children.

More than half a million pounds of cash and jewellery was stolen in the incident against relatives of Scotland's second richest woman.

The victims were told they would be killed unless they turned over the valuables by the raiders, who wielded meat cleavers.

Incredibly, a third son went unscathed because the attackers did not know he was upstairs throughout the incident.

Speaking after the ordeal, sources close to 72-year-old businesswoman Ann Gloag - who is ranked 28 in the Sunday Times Rich List - called it "horrific."

A spokesman said: 'This was an horrific ordeal for the family members involved.

'Everyone is relieved the suspects have been apprehended and the family is co-operating fully with the police and assisting them in every way possible."

A family friend said "This was a horrible, vicious attack that has left the family deeply traumatised."

Police deployed sniffer dogs to comb the Perth countryside in the wake of the robbery. Two men have been arrested over the raid.

A Police Scotland spokesman said: "Two men aged 40 and 57 years old have been detained in connection with a robbery in Crieff on Sunday, January 18 and a robbery in the Perthshire area on Monday, January 19. Inquiries are continuing."

Ann Gloag co-founded Stagecoach in 1980 with redundancy money from a job as a nurse. Today, the company runs bus and train services, with a presence in the United States as well.