Business news in brief: Refinery attracts global interest

Published on Friday 3 February 2012 00:00

ADMINISTRATORS to an oil refinery which went bust have received more than 40 expressions of interest from companies around the world, the UK government announced yesterday.

The news was described as “very encouraging” as efforts continue to secure the future of the Coryton site in Essex.

Administrator PwC announced this week that it had acquired a cargo of oil which will allow refining to continue. Energy minister Charles Hendry yesterday chaired a meeting of politicians, business officials and unions to discuss the future of the refinery.

Building company goes to the wall

A LANARKSHIRE building contractor has gone bust, with the loss of 11 jobs.

Begbies Traynor said it had appointed Scott McGregor and Ken Pattullo as provisional liquidators of Hamilton-based CDW Limited.

The £7.5 million-turnover firm had been involved in major builds, including the The Point in Glasgow.

The company ceased trading on 27 January and the 11 staff at its Hamilton HQ have been made redundant, Pattullo confirmed. He added: “It appears to have been another victim of the economic downturn.”

Robison joins SEP to run energy fund

INVESTMENT management firm Scottish Equity Partners (SEP) has hired Tony Robison to help run its recently-launched £95 million energy and environmental technologies fund.

The fund was launched last month after the firm bought Perth-based utility giant SSE’s stakes in nine technology firms.

Robison joins from Aberdeen-based energy technology outfit Gas 2, where he was finance director. He had previously worked at several SEP-backed companies, including oilfield technology firm MTEM.

Game may cut overseas stores

RETAILER Game Group is reviewing its overseas operations as part of discussions with its lenders to revise its banking facilities.

The UK-based group, which has about 1,300 stores of which some 700 are overseas, warned last month that poor Christmas trading meant it was in danger of breaching the terms of its banking covenants.

In a brief stock exchange statement yesterday, it told investors: “Game Group confirms that it is in ongoing dialogue with its lending syndicate to reach agreement on revised terms for its facilities.”

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