Scottish Business Briefing - Wednesday 07 August, 2013

A recovery in Scotland's �housebuilding industry has been underlined by strong results from Muir Group. Picture: Getty
A recovery in Scotland's �housebuilding industry has been underlined by strong results from Muir Group. Picture: Getty
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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.

MANAGEMENT

PHP buys Ayrshire medical centre in £9.5m deal

Real estate investment trust Primary Health Properties (PHP) has bought three medical centres, including one in Ayrshire, in a deal worth £9.55 million. The firm said the centre, currently under construction in New Cumnock, is due to be completed this month and will be fully let to a GP practice (Scotsman).

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FOOD, DRINK & AGRICULTURE

Inver House Distillers sees rise in demand and sales

OVERSEAS demand for whisky brands such as Old Pulteney has helped Inver House Distillers deliver a 13 per cent jump in sales. However, the firm – which also makes the Hankey Bannister blend and Speyburn single malt – saw its profits slide because of heavy investment in its distilleries and stock (Scotsman).

Greggs warns on profits as heat hits sales

BAKERY chain Greggs said on Tuesday that the recent heatwave will see it lose £3 million in profits. The group, which has almost 1,700 stores across the UK, also said it has decided not to roll out a network of standalone coffee shops, despite seeing encouraging results from a trial of its “Greggs Moment” brand. Shares closed down 39.3p, or 8.9 per cent, at 402.3p after the profit warning – its second this year (Scotsman).

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TRANSPORT & INDUSTRY

Strong car sales figures hike motor trade forecasts

THE motor trade “significantly” hiked its forecasts for the year yesterday as figures showed car sales firing on all cylinders. Strong performance across the private, fleet and business market saw July registrations growing 12.8 per cent to 162,228 units across the UK, according to the Society of Motor Manufacturers and Traders (SMMT) (Scotsman).

Muir results signal industry recovery

THE recovery in Scotland’s ­housebuilding industry has been underlined by strong results from Muir Group, the Fife-based family-owned company which a year ago reported its first-ever loss. Muir turned a £1.1 million loss into a £2.9m pre-tax profit in its latest financial year, on turnover up from £62m to £66m, helped by a 50% rise in turnover and a doubling of profit in its homes division (Herald).

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MEDIA, TECH & LEISURE

New £6m hotel ‘exciting development’ for islands

A £6million hotel purpose-built for Shetland’s influx of oil workers opened its doors yesterday. The 100-room Moorfield Hotel in Brae, which was completed in less than a year, will create 43 jobs in the area. The site is owned by BDL Shetland and will primarily be used to accommodate staff working on Total’s new gas plant at Sullom Voe (P&J).

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