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.
New bank to benefit from FSA’s U-turn on capital
THE Financial Services Authority is expected to ease the daunting requirements on start-up banks to hold huge capital reserves, in a move that coincides with the imminent launch of Scoban, the new UK private bank being plotted in Edinburgh (Herald).
ENERGY & UTILITIES
Subsea 7 agrees £85m deal for Fram project
Offshore engineering firm Subsea 7 said yesterday it had signed an £85million deal which would secure more than 300 north and north-east jobs. It said the work on Shell’s Fram development in the central North Sea would be carried out from its Aberdeen office and Highland fabrication yard (P&J).
Tycoon McColl aims to expand after acquiring Parsons Peebles
HISTORIC engineering firm Parsons Peebles Generation will be restored to its former glory with investment of up to £50 million after being bought by Jim McColl. The Scottish tycoon’s Clyde Blowers Capital is today expected to announce the acquisition of the firm, which traces its origins to 1898 in Edinburgh, from Patersons Quarries (Scotsman).
Penman rides out UK cuts by targeting overseas markets
PENMAN Engineering, the Scottish armoured vehicle manufacturer, has recorded another year of strong profitability in spite of pressure on UK defence budgets helped by its success in overseas and civilian markets (Scotsman).
House of Sher and Paisley hotel now on list of failures
A CASH and carry warehouse and a landmark Paisley hotel have become the latest Scottish businesses to fall into administration.The directors of House of Sher, a cash and carry warehouse in Tradestown, and the business behind the 17th-century Watermill Hotel join a growing list headed by some of Britain’s biggest retailers (Scotsman).
Scots universities support venture fund for spin-outs
THREE Scottish universities are investing £6 million in a new venture capital fund to back spin-outs in the life sciences sector. Rock Spring Ventures is understood to have raised £26m towards a £50m fund to target fledgling start-up companies emerging from UK universities (Scotsman)