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.
Business lending hits record levels but small firms still ‘left in the cold’
Further signs that the economic recovery is taking hold have emerged as a flagship scheme designed to boost the flow of credit to businesses achieved its strongest results since its introduction last year. The Bank of England yesterday said net lending by banks taking part in its Funding for Lending Scheme (FLS) more than trebled during the third quarter, while separate data showed the manufacturing sector was growing at its fastest rate in almost three years. (Scotsman)
RBS to compensate ‘out of pocket’ customers after payment fault
Royal Bank of Scotland (RBS) has promised to compensate those left “out of pocket” after customers were unable to pay for purchases. RBS, NatWest and Ulster Bank customers making online and card payments were affected between 18:30 and 21:30 GMT on Monday. The group said all systems were now back to normal. (Scotsman)
Johnston Carmichael investing in workers
ACCOUNTANCY firm Johnston Carmichael has committed itself to a year of “record” investment as the practice gears up for the nascent economic recovery. Chief executive Sandy Manson told The Scotsman the firm would be investing in its staff across its network of 11 offices. Manson declined to give an exact figure for the investment but said his clients were starting to look at expansion and that he wanted to support them. (Scotsman)
Nautronix profits soar amid oil and gas services boom
NAUTRONIX Marine Technology Solutions, the subsea communications specialist, has seen a near-80% profit rise and highlighted the recruitment challenges firms face amid buoyant conditions in the oil and gas market. Aberdeen-based Nautronix made a £2 million pre-tax profit in the year leading up to June, which was up by 54% on the £1.3m in the year before, following a sharp increase in business.
The Fracking Question - 11th December – Edinburgh
Join us as we hear how fracking challenges the basic premise of the UK energy story – resources are declining and prices are rising. The conference will look at the current and potential impacts of fracking on a local and global scale. Visit the Scotsman Conferences website for more details.
FOOD, DRINK & AGRICULTURE
Diageo to reinvent Mortlach with £30m investment
Scotland’s biggest whisky maker has this evening unveiled plans to breath fresh life into one of Speyside’s oldest distilleries by launching a single malt made at Mortlach, described as “the beast of Dufftown”. Diageo – which owns blended brands including Bell’s, J&B and Johnnie Walker – will pump nearly £30 million into building a second still house at Mortlach to replicate the complex shape of distillery’s stills.
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MEDIA, TECH & LEISURE
Crowdfunding raises money for NewGalexy expansion plan
NEWGALEXY, the Glasgow-based legal process outsourcing specialist, has become the first Scottish business to raise finance through Crowdcube, the equity crowdfunding platform.The company set out to raise £100,000 through the scheme, having made 10% of the firm’s overall equity available to investors via an online share issue. However, it has more than doubled that target and brought in £220,000 from 128 investors, stretching the equity held by “the crowd” to 22.1%. (Herald)