Murray subsidiary to buy into oil services

Published on Sunday 3 August 2008 22:02

THE investment arm of Rangers' chairman David Murray's business empire is to buy into Scotland's oil services business for the first time.

David Murray, the son of the millionaire businessman, has revealed that Murray Capital is poised to make an investment of up to 50 million in firms in the North-east.

Murray junior, who is managing director of the investment venture, disclosed that his firm was looking to support both management buy-outs and acquisitions.

He told The Scotsman:

"We're looking at oil and gas service companies, predominantly. I think there are a number of opportunities up there for the foreseeable future."

Murray has held talks with a number of businesses in the North-east, but has signed confidentiality agreements so cannot reveal their names. His firm, set up to secure the "legacy" of the Murray brand, will invest in firms valued between 10 million and 50m.

Murray added: "That is in our sweet spot of deals that we are looking at, which can take us into some interesting companies."

He is looking at Scottish-based oil service firms with growth potential which work in the Middle East, Africa and South America.

Asked if he would ever invest in football, Murray replied: "That's a very unfair question. I would say we are over-weight on football clubs. We are personally overweight in football. People will know what that means."