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.
Scottish Friendly reports leap in sales
New online products have helped drive up sales for Scotland’s largest mutual society, Scottish Friendly. The financial services group’s sales of core life and pensions products rose 35% last year to £8.5m (BBC).
ENERGY & UTILITIES
Windfarms generate £165m before they start turning
OFFSHORE wind farms have already generated £165 million for Scotland’s economy despite many projects having only just entered the planning system, according to figures released today ahead of a major industry event (Scotsman).
Optima founder takes the helm at Spex Group as Aberdeen’s economy grows
ENTREPRENEUR Jamie Oag is returning to the oil and gas industry’s frontline by taking over as chief executive at engineering firm Spex Group, less than a year after selling his last company for £40 million. Oag netted £17m after New York-listed Tetra Technologies bought oil rig cooling company Optima last March (Scotsman).
FOOD, DRINK & AGRICULTURE
Edinburgh bar group Montpeliers toast profit rise
THE company behind some of Edinburgh’s best-known bars is toasting a 15-fold jump in profits thanks to “excellent” profit margins at its nightclubs. Montpeliers – which owns bars and restaurants including Indigo Yard, Rick’s and Tigerlily, as well as Lulu and Opal Lounge nightclubs – made a pre-tax profit of £1.5 million for the year to 29 April. That compared with a £101,000 profit in the previous 12 months (Scotsman)
Clyde Corrosion Control to double headcount
A SCOTTISH industrial coatings firm has forecast “exponential” growth using the springboard of a £50,000 investment and the acquisition of a division of Doosan Babcock completed just before Christmas. Clyde Corrosion Control secured five jobs with the acquisition of coatings business ICSE from Doosan (Scotsman).
Creative SMEs can win R&D funding
THE emerging cluster of digital and creative firms in Glasgow is in line for an investment boost of up to £900,000 through a business innovation competition launched today. The Digital & Creative Clyde Launchpad is open to SMEs based in the area covered by Glasgow City Council, those planning to move or set up there, and projects involving collaboration with companies already in the territory (Scotsman).