Business briefs: Three year recovery on horizon for Scots businesses

Published on 31/10/2012 01:01

MORE than a third of Scottish firms believe the economy will take at least three years to recover, according to Bibby Financial Services Scotland.

The invoice finance specialist’s quarterly business factors index also showed that 53 per cent of companies feel conditions have worsened over the past year. However, managing director Calum Williamson said 27 per cent of firms have reported an increase in customers since the second quarter.

Landmark deal for Dundee hotel

Dundee’s former Landmark Hotel is to become the third DoubleTree venue in Scotland after Hilton Worldwide, which has other hotels in Aberdeen and Dunblane, signed a franchise agreement with owner BDL Select Operations.

Conversion of the 95-bedroom property, which is near the city’s Discovery Business Park, is expected to be completed by next spring.

Artwork investor sees losses widen

Storyboard Assets, the Edinburgh-based artwork investor, has seen first-half losses widen sharply after writing down the value of its portfolio, which includes original works by Quentin Blake and Wind in the Willows illustrator EH Shepard.

Losses for the six months to 31 July rose to £165,695, from £22,611 a year ago. Most of the works will be auctioned at Sothebys in December.