Monday business round-up: Four key stories of the day

Katherine Garrett-Cox will leave Alliance Trust Investments next month. Picture: Jane Barlow

Katherine Garrett-Cox will leave Alliance Trust Investments next month. Picture: Jane Barlow

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Here are four of today’s key business stories in one handy package.

Alliance Trust Investments (ATI) said chief executive Katherine Garrett-Cox has been ousted from her role. The move follows “discussions” between Garrett-Cox and the board of ATI, owned by Dundee-based wealth manager Alliance Trust, about the “future requirement for the chief executive role”. Garrett-Cox, who was paid £1.4m last year – up from £1.3m in 2014 – will leave on 11 March.

Banking giant HSBC confirmed it will be keeping its headquarters in the UK after a high-profile and lengthy review. Europe’s biggest bank revealed last year it was considering whether to move elsewhere over concerns about stricter regulations, but chairman Douglas Flint said the decision to keep the London HQ “offered the best outcome for our customers and shareholders”.

Plans were unveiled to bring a 228-room hotel to the Fountainbridge regeneration scheme in Edinburgh. Property developer Grosvenor has sold a site at the city-centre project to Queensgate Hotels, which plans to operate the venue under the Hampton by Hilton banner. The hotel is scheduled to open in summer 2017, Grosvenor said.

Model train firm Hornby, which last week saw its shares slump amid a downturn in trading, announced the departure of its chief executive. The company, which also owns the Airfix, Corgi and Scalextric brands, said Richard Ames has stepped down and left the business “with immediate effect” after less than two years in charge.

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