Scottish Business Briefing - Friday 26 October, 2012
WELCOME to scotsman.com’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.
Recession ends – but that’s no help for 1,400 Ford workers
THE decision by Ford to end 101 years of vehicle assembly in the UK yesterday highlighted serious doubts over the strength of the economy – despite gross domestic product figures showing that the recession is over (Scotsman).
ENERGY & UTILITIES
Sparrows clinches £100m from US private equity firm
OILFIELD engineering firm Sparrows Offshore has landed financial backing from a US-private equity firm understood to be worth more than £100 million. The Aberdeen-based company said the support from AEA Investors LP would give it “funds for acquisitions and organic growth and will help the company fast track its global expansion strategy” (Scotsman).
Record North Sea licences spells good news for UK oil industry
THE North Sea oil industry looks in robust health after the UK government revealed yesterday that it is granting a record number of exploration licences and Shell signalled its commitment to the region with a $525 million (£325m) acquisition (Scotsman).
SEP helping fund £3.3m hydro power investment
VENTURE capital firm Scottish Equity Partners (SEP) is helping to pour £3.3 million into a hydro-electric developer to trigger a flood of new projects. Perth-based Green Highland Renewables, run by managing director Ian Cartwright, will use the cash to increase the number of landowners it works with (Scotsman).
Raynesway turnover increases by nearly 40%
Raynesway Construction has seen turnover soar by almost 40% in the first nine months of the year. At the end of September, the Paisley-based civil engineering arm of Balfour Beatty had booked £46.3 million of revenue, an increase of £13m on the first nine months of 2011 (Herald).
Software firm in £300,000 Avincis deal
A SCOTTISH software company has sealed a £300,000 deal to provide risk management products to airborne rescue and transport firm Avincis. East Kilbride-based Gael is supplying its Q-pulse system across Avincis’s global operations. The initial three-year agreement covers a fleet of 400 aircraft across almost 300 operating bases in nine countries (Herald).
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