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.
Big banks may need to beef up their balance sheets warns King
Britain’s biggest banks have been warned that they may need to beef up their balance sheets to protect them against bills for customer compensation and loans turning bad. The Bank of England said that the four largest could have to increase their capital reserves by as much as £35 billion between them (Scotsman).
ENERGY & UTILITIES
Glasgow’s Gaia-Wind tops Sunday Times fast-growth list
Wind turbine maker Gaia-Wind has been ranked as the fastest-growing private firm in Scotland by the Sunday Times. The Glasgow-based business was one of six Scottish companies to feature in the paper’s Fast Track 100, which ranks UK firms with the fastest-growing sales over the last three years (BBC).
Wood family sells £127m shares in eponymous firm
The family and charities of former Wood Group chairman Sir Ian Wood have sold a tranche of shares in the energy services giant for around £127 million. A spokeswoman for the Aberdeen-based company said “a large proportion” of the sale proceeds would go to the Wood Family Trust, set up by the family in 2007 with the aim of investing £50m in a range of community activities across sub-Saharan Africa and the UK (Scotsman).
FOOD, DRINK & AGRICULTURE
Scottish Salmon profits are hit by disease outbreak
Scottish Salmon Company (SSC), the Edinburgh-based group quoted on the Oslo stock exchange, has reported a third-quarter rise in revenues of 21% to £21.5 million but said profits were being impacted by “biological issues” (Herald).
McConechy’s profits down as margins dip
NDEPENDENT tyre and exhaust business McConechy Holdings has reported a 42% dip in profit as its margins were hit by rising commodity prices. The Ayr business, which has more than 50 branches in Scotland and Yorkshire, booked a 3.6% rise in turnover from £41.9 million to £43.4m in the 12 months to April 30 this year (Herald).
Shoppers set to open wallets for the festive season, claims survey
A BRIGHTER outlook for the beleaguered high street emerged yesterday in the latest survey from the CBI, indicating that shoppers were ready to open their wallets. Year-on-year sales volumes growth for November was positive in nine of the 13 retail sectors, while growth in orders placed with suppliers also continued to climb (Scotsman).