Business in brief: BMW | Kewill | Smiths Gore | Promethean | Thomas Miller

Published on 13/06/2012 00:00

GERMAN car giant BMW is to build the engines for its new i8 hybrid sports car at its plant near Birmingham.

The i8 is expected to launch next year. Sales and marketing director Ian Robertson said the three-cylinder petrol engines will offer “industry-leading fuel-efficiency and low carbon emission levels”.

Last year the group unveiled plans to invest £500 million in the UK over the next three years, safeguarding 800 jobs at the Hams Hall engine factory, north-east of Birmingham.

The facility, which opened in 2001, last week produced its three millionth engine.

Kewill signs £99.6m deal with Symphony

Software company Kewill yesterday agreed a £99.6 million takeover offer from private equity firm Symphony Technology Group, which trumped an earlier bid of £89.5m from rival outfit Kinetic.

Chairman George Elliott said: “We are pleased to have attracted a compelling offer from Symphony at 106p, which is 10.4 per cent above the offer from Kinetic. We therefore believe this offer to be in the best interests of stakeholders.”

Kewill – whose clients include DHL, Levi Strauss and Vodafone – specialises in logistics software.

New era for Smiths as it leaves Leith

Chartered surveyor Smiths Gore yesterday said it expects to grow its headcount in Edinburgh following an increase in demand for its planning and renewable energy consultancy services.

The news came as the firm moved into its new office on Young Street in the New Town, having spent 23 years in Leith.

Partner Richard Thompson said: “A move has been on the cards for 18 months or so, driven latterly by the relaunch of our farms and residential agency team under John Coleman, and clearly a central Edinburgh location is important for that.”

Burt pleased with Promethean sale

Promethean, the private equity firm set up by former Bank of Scotland chief Sir Peter Burt, has it sold its 30 per cent stake in January Loan Services to the specialist lender’s management for £625,000.

Burt said he was pleased with the deal, as the stake had been valued at £575,000. He added: “It was always going to be a difficult one to sell, because there was only one buyer.”

Promethean is in the process of selling its remaining investments and plans to ask shareholders to approve its winding-up at its annual meeting later this year.

Herberts joins Thomas Miller

Former Adam & Co investment director Andrew Herberts is joining Edinburgh-based Thomas Miller to help launch its private client business.

Herberts joins the 127-year-old company as deputy head of private investment management. He will help recently-appointed Harry Morgan set up a UK-based private client investment business to complement the firm’s existing private client operation on the Isle of Man.

A former army officer, Herberts started his investment career with Edinburgh Fund Managers in 1999.