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RSM Tenon investors ‘wiped out’ in Baker Tilly deal
Shareholders in RSM Tenon, the UK’s only listed accountancy firm, have seen the value of their investments wiped out after the company called in the administrators. Lloyds Banking Group, the firm’s sole lender, is also facing a substantial hit, but no job losses are expected among Tenon’s 2,300 employees after rival Baker Tilly – which ruled out a bid for the company’s shares – stepped in to buy its operating subsidiaries for an undisclosed sum (Scotsman).
Bridge Energy hunt for deals after North Sea delays
Bridge Energy, the Aberdeen-based oil and gas explorer, today said it was seeking acquisitions to boost its growth after production fell more than a third due to issues with one of its North Sea fields. Bridge, which is listed on Aim and in Oslo, said average production during the three months to 30 June fell after delays in restarting production from its Duart field (Scotsman).
FOOD, DRINK & AGRICULTURE
Scottish farmland prices at record high, surveyors report
The price of farmland in Scotland hit a record high in the first half of 2013, according to research by surveyors. The Land Market Survey by the Royal Institution of Chartered Surveyors (RICS) indicated land values had trebled in less than a decade. It calculated the average price of land in Scotland was now £4,438 per acre (_BBC).
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TRANSPORT & INDUSTRY
Macnaughton sees growth in UK and abroad
MACNAUGHTON Holdings, the kilts to furniture fabric maker, is bullish about the future after achieving strong growth in the UK and export markets like Russia. Managing director Blair Macnaughton said the textile company is trading ahead of budget for the current year amid an improvement in market conditions that bodes well for the sector (Herald).
Faslane investment ‘shows commitment to Scotland’
PLANS for a £31.5 million investment in the Faslane naval base have been unveiled by the UK government, demonstrating its commitment to a presence beyond next year’s referendum. The money will fund the creation of 700 accommodation spaces at the base, which houses the UK’s submarine-based Trident nuclear weapons system (Scotsman).
MEDIA, TECH & LEISURE
Scots tourism given sporting chance in 2014
Sport is helping Scotland’s tourism sector fight back from tough times. That was the message delivered by VisitScotland chief executive Malcolm Roughead at a business gathering, starring Olympic gold medallist Katherine Grainger as guest speaker, in Aberdeen yesterday (P&J).