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.
HBOS chiefs slammed for ‘catastrophic’ failure
THE bankers who ran HBOS in the run-up to its dramatic collapse were to blame for “catastrophic” management failures that led to its downfall, a damning parliamentary report has found. In the report published today, the Parliamentary Commission on Banking Standards unleashed a devastating critique of the failings of former chairman Lord Stevenson and past chief executives Sir James Crosby and Andy Hornby (Scotmsn).
FOOD, DRINK & AGRICULTURE
Pernod Ricard pockets £108m in Chivas dividends
CHIVAS Brothers, Scotland’s second-largest whisky distiller, has paid dividends worth a total of £108 million over the past 18 months to French parent company Pernod Ricard as demand from emerging markets continues to drive Scotch sales (Scotsman).
Sales boost for meat supplier
Meat industry supplier JR Dalziel has seen an upturn in demand from its retail butcher customers since the horsemeat scandal began. The Bellshill company also confirmed it has managed to pick up enough work following Vion’s closure of Halls in Broxburn, West Lothian, to mitigate for the impact of its largest Scottish customer closing down (Herald)
RMJM buyout ‘part of plan to clear £12m debt’
THE buyout of architecture firm RMJM by Duthus Investments was a long-planned move to write off £12 million of debt and clear the business of its old-guard shareholders, chief executive Peter Morrison has told The Scotsman. Speaking at RMJM’s headquarters in Edinburgh, Morrison said the firm needed to part company with former staff who still held minority stakes to allow a fresh start (Scotsman).
Engineering firm Score sees operating profits soar
One of north-east Scotland’s most successful independent businesses, Score Group in Peterhead owned by Charles Ritchie, racked up a huge rise in operating profit last year from £1.1 million to £7.3m. Mr Ritchie, 65, ranked in the UK’s top 100 ‘rich list’ as owner of the £52m engineering empire, has reported turnover jumping from £116m to £150m in the latest accounts just lodged at Companies House (Herald).
MEDIA & LEISURE
The Future of the Media in Scotland – 9 April, Edinburgh
Only a few days left to secure your delegate places! Join delegates from across the marketing, communication and advertising industry at this unmissable event. Top speakers will debate the big issues facing Scotland’s media in the 21st Century.
SAS to add 94 ‘high value’ jobs
AMERICAN software company SAS is creating a further 94 jobs and safeguarding 126 in Scotland with the support of a £1.3 million investment package announced in New York during a Scotland Week meeting with First Minister Alex Salmond. The company will open an advanced analytics lab and expand its existing Scottish Research and Development Centre for Public Security at East Kilbride (Scotsman).