BBC Scotland sells new HQ before even moving in

Published on Monday 16 August 2004 01:34

SCOTLAND ON SUNDAY

BBC SCOTLAND has sold its new Glasgow headquarters at Pacific Quay to consortium of private investors and life pension funds for 129m, before the property has even been built. It will lease back the building from bond-holders on an initial 30-year lease.

DC Thompson has bought out its partners in Scotland’s biggest internet company, Scotland on Line. The publishing group increased its stake from 50 per cent to 100 per cent by buying out smart card technology company AdvancedWave.

Coach wars are set to break out between Scottish Citylink and Stagecoach, after Citylink told its former partner it was terminating arrangements on three routes Stagecoach formerly ran for it.

THE BUSINESS

VODAFONE and Deutshce Telekom are squaring up for a battle for control of Eastern Europe’s rapidly developing telecoms market. Vodafone is expected to pay 670m for joint ownership of Polish mobile phone operator Polkomtel in partnership with Denmark’s TDC, while Deutshce Telekom is looking at Poland, Croatia and the Czech Republic.

The British are richer than the French for the first time since 1969, with GDP per person reaching 14,132 in the UK last year, ahead of France’s 13,881. The US remains top with 18,973 per person.

Senior Kremlin officials are accused of manipulating the shares of the oil company Yukos for personal gain by holding back announcements while they speculated in its stock.

THE SUNDAY TELEGRAPH

BROOKS Mileson, the multi-millionare owner of Gretna, the Scottish Third Division football club, is set to net around 36m by selling the insurance business Albany Group to Helphire, the listed vehicle hire and accident management company.

More details of investigations by the Financial Services Authority will be made public, if proposals by its chairman, Callum McCarthy, are accepted by the board next month. The proposals are understood to include allowing the FSA to outline who it is investigating and why.

THE SUNDAY TIMES

SCOTTISH & Southern Energy and the Netherland’s ABN Amro Bank United Utilities have moved into the final stages of the 5bn auction of National Grid Transco’s regional gas transmission networks. A final decision is expected by the end of the month.

Emerging Scottish telecoms firm Chil has won a 475,000 contract with Orange for its unique phone billing software.

The rising oil price is creating a new generation of multi- millionaire oil barons, including Bill Gammell, of Edinburgh-based Cairn Energy. The value of Gammell’s stake has risen from 12m to 16m.

THE OBSERVER

MANCHESTER United’s powerful shareholders may seize control of the club without making a formal bid, according to City investment bankers. It is understood that the plot is being hatched by 19 per cent stakeholder US tycoon Malcolm Glazer, who is looking for support from Cubic Expression, the investment vehicle of Irish racing millionaires JP McManus and John Magnier.

Concern is mounting that British Energy may have difficulty convincing the government of its future solvency due to rising electricity prices. Concerns centre on the need for the nuclear generator to put cash aside to cover liabilities to its electricity customers who have bought up almost all of its output for the next year.

THE SCOTTISH DAIL MAIL

KEN Allison, director of Reliance Security, has seen his pay treble, despite the firm releasing more than 20 prisoners by mistake. He took home 849,000 last year, swelled by a one off 645,000 gain when he cashed in share options.

THE INDEPENDENT

CAMELOT faces a 500m shortfall in money it raises for good causes due to long-term decline in lottery sales, according Mark Slattery, former head of communications for the National Lottery Commission. He said last year’s 4.62bn sales were the second lowest on record.

SUNDAY EXPRESS

STEPHEN Sunnucks, former head of fashion chain New Look, is being courted to lead a private equity bid for discount retailer Matalan. Sunnucks, who left New Look with 7m in cash and share options earlier this year, has held talks with most of the leading venture capitalists about fronting a major retail acquisition.

Millions of UK households are facing further gas bill rises due to a growing dependance on expensive imported gas. Centrica is expected to announce a rise of at least 4 per cent, bringing the total increase this year to well over 10 per cent.

SUNDAY HERALD

ABERDEEN Murray Johnstone Private Equity has signed a deal with Scottish Enterprise to back projects alongside the 45m Scottish Co-investment fund. It will commit funds from two of its venture capital trusts to invest in young Scottish firms along with cash from the fund.

Dotcom company Realise reported an annual pre-tax profit of 200,000 for the period ended 31 March after three years of losses.

Scotland’s businesses are more prone to failure than in other main regions of the UK, according to figures from accountants Grant Thornton. Although the figures have improved over the last six years, just 65.5 per cent of businesses survive for three years, compared to a UK average of 66.5 per cent.