Business news in brief: RBS | Ryanair | Aker

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Financial advice group Argyle Consulting has swallowed rival Edinburgh Risk Management (ERM), boosting its assets under advice to more than £650 million.

Glasgow-based Argyle, which also has an office in Aberdeen, said gaining a foothold in the capital would help grow its own business in the city. ERM will continue to trade under its own brand.

ERM chairman John Barry said: “Joining Argyle will allow us to further develop ERM with [its] backing and considerable resources. Ultimately, this will enhance our existing proposition to clients.”

Ryanair’s Cawley to step down in March

Ryanair’s deputy chief executive Michael Cawley is to step down in March in order to pursue other business interests.

Cawley, who has been with the airline since 1997 and is responsible for its commercial strategy, is expected to remain on the carrier’s board as a non-executive director.

Chief executive Michael O’Leary said: “I am grateful to Michael for his enormous contribution to … growth and development of Ryanair. I am pleased that he has given us such a long notice period so that he can assist his successor over a substantive handover period.”

RBS leads banking facility at Tui Travel

Europe’s biggest tour operator Tui Travel hailed the “continued strong support” of its banks yesterday after signing a new £300 million credit facility.

The group, which owns brands including First Choice, Gulliver Travel and Thomson, said the three-year deal will improve its flexibility and strength. Royal Bank of Scotland co-ordinated the debt deal.

Tui’s chief financial officer Will Waggott said: “We are pleased to have agreed this new credit facility, which will improve the flexibility and strength within our capital structure.”

Aker’s £290m deal is its biggest in UK

OILFIELD services outfit Aker has won its largest contract in the UK, netting a £290 million deal to built the underwater production system for a field in the North Sea.

Making control systems and wellheads for the contract will support about 70 existing jobs in Aberdeen, with the rest of the work – including engineering, procurement and production activities on devices such as manifolds and “trees” – being carried out in Norway.

Aker refused to reveal the name of its client or the name of the North Sea field, but will start delivering kit next year.

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