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.
Lending sinks £2.3bn since launch of BoE scheme
The Bank of England is confident that a revamp of its flagship scheme to ease the flow of credit will deliver a boost for cash-strapped small firms, despite new figures showing a sharp drop in net lending since the initiative was launched. Although net lending among the banks and building societies taking part in the Funding for Lending scheme totalled £1.6 billion in the three months to June, that could not reverse the £4bn contraction seen during the previous two quarters (Scotsman).
McGregor Consultants hits record turnover
Aberdeen well-engineering recruitment consultancy McGregor Consultants has posted a 30 per cent rise in annual turnover to a record £21.5 million. The firm has increased its profits year-on-year since it first began operating in 2006, when it turned over £1.7m. Finance director Angie McGregor said the latest figures paved the way for potential expansion of the company overseas. (Scotsman)
SEP ups stake in energy firm Anesco
Scottish Equity Partners (SEP) has increased its stake in an energy efficiency company in a multi-million-pound deal. SEP already owned 40 per cent of Anesco, a Berkshire-based company which was founded by Perth utility giant SSE, and together with pension fund group Hermes has now purchased the stake owned by private equity outfit Zouk Capital. (Scotsman)
Japanese firm joins consortium to bid for licences
A North Sea-focused oil and gas independent has recruited another Japanese partner for its exploration work in a deal it said reflected strong interest in the area among deep-pocketed international firms. Trap Oil said the Japan Exploration Company has joined a strategic consortium it formed with a view to bidding for exploration acreage in the forthcoming 28th UK Licensing round. (Herald)
The Future of the UK Aerospace Industry, 5 Sept – Prestwick
Last chance to book for this unmissable industry event. Featuring expert speakers including: Scott McLarty of Spirit AeroSystems, Alan Fraser of BAE Systems; Jim Houston of Woodward & Gavin Campbell of Bombardier Aerospace. See The Scotsman Conferences website for more details
TRANSPORT & INDUSTRY
Surging factory output bolsters recovery hopes
Britain’s factories are running at full steam to meet the strongest rise in new orders in nearly 20 years, fuelling hopes of a sustainable economic recovery. According to the latest purchasing managers’ index for the manufacturing sector, orders increased at their strongest pace since August 1994 last month, while output rose at the fastest rate since July 1994 Scotsman.
MEDIA, TECH & LEISURE
Brush-on treatment set for billion-dollar breakthrough
An Aberdeen biotechnology firm’s flagship product is moving closer to cracking a global market which is estimated to be worth many billions of pounds. NovaBiotics has spent nine years developing a brush-on treatment for a medical condition, nail fungus, affecting more than one in 10 people throughout the world. (P&J)
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