WELCOME to scotsman.com’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.
Superglass in £12.2m share call to stay in business
Shares in insulation maker Superglass collapsed as the Stirling-based firm unveiled plans for a last-ditch re-financing to stave off administration. The company, which employs about 170 at its factory in the city, said it had lined up enough subscribers for a £12.2 million share issue and has also reached agreement with lender Clydesdale Bank to convert some of its debt into equity.
The Economics of Independence 2013 – 4 June, Edinburgh
Join delegates for this truly unmissable event as expert speakers including: Nicola Sturgeon, Alistair Darling, Rupert Soames, Jim McColl and leading academics as they debate arguably the most crucial issues in the Scottish independence debate.
(The Scotsman Conferences)
ENERGY & UTILITIES
Royal Dutch Shell profits up in first quarter
Oil giant Royal Dutch Shell has reported profits of $7.95bn (£5.1bn) for the first quarter of 2013, up 3.5% from a year earlier. Strong refining and trading performances boosted profits, despite production troubles in Nigeria. The company also announced that chief executive Peter Voser would retire in the first half of 2014.
FOOD, DRINK & AGRICULTURE
Brothers split Douglas Laing & Co whisky business
WHISKY blender and bottler Douglas Laing & Co is splitting into two businesses after its owners, brothers Fred and Stewart Laing, decided to go their separate ways. Fred will keep the Douglas Laing & Co name along with brands including Big Peat, Director’s Cut and King of Scots, while Stewart launches Hunter Laing & Co, which will own the Premier Bond bottling plant in East Kilbride.
Travel group Barrhead in retail space expansion
HOLIDAY provider Barrhead is bucking the decline in high street travel shops with plans to invest £300,000 in expansion during the coming year. The company is set to acquire a further 10,000sq ft of retail space in Scotland and the north of England, taking its network to a total of 100,000sq ft.
Scots retail sales lag behind rate for GB as whole
RETAIL sales growth in Scotland lagged behind the rate for Britain as a whole in the opening three months of the year and failed to keep up with inflation. Figures released yesterday by the Scottish Government showed the value of retail sales grew by 0.6 per cent in the three months to 31 March, with volumes rising just 0.3 per cent.
Regenersis technology plant jobs in Inchinnan at risk
A consumer electronics repairs plant in Renfrewshire looks set to close, with the loss of up to 130 jobs. Technology solutions firm Regenersis confirmed it had launched a 45-day consultation period with the entire workforce at its factory in Inchinnan. The company primarily refurbishes mobile phones at the plant near Paisley.