ECONOMYBuying green still dictated by cost rather than conscienceScottish businesses have been warned that consumers are not prepared to pay higher prices for green services and products.
(The Scotsman) At a debate in Edinburgh chaired by Duncan McLaren, the Friends of the Earth chief executive, business leaders spoke of the difficulty of persuading even the more environmentally-conscious consumer to pay more money for more green goods. Director of BT Scotland, Brendan Dick claimed that Scotland was "a long way from every customer caring about the environment". He said: "When people go to buy white goods then the environment still is not top of their agenda. That has to be about education – we have a long way to go there as well." EAE Distribution's managing director, Glen Bennett said: "Clients expect cheaper and cheaper prices. Customers are still not asking about distributors' 'green' credentials. They all talk about it but when it comes to signing a 'greener' contract that's 15 per cent more expensive, they will always go for the cheaper deal." Duncan McLaren added: "I agree that the majority of the public are not ready to pay the price yet but a significant niche are and that why these 'greener' companies exist. For them to lower their prices at the moment would be tantamount to business suicide. Instead, they should lobby government for tighter environmental controls, which would level the playing field with their less 'green' competitors."
McGrigors signal intent with strong recruitment driveOne of Scotland's leading law firms, McGrigors has announced the recruitment of two teams from Reid Minty, the London-based practise.
(The Scotsman) Eighteen staff from the property and litigation teams of Reid Minty, will now become part of the McGrigors' London office, in a move that provides a basis for the law firm's international aspirations. McGrigors' managing partner, Richard Masters said: "Reid Minty are specialists in litigation, commercial property and the contentious aspects of corporate finance, banking and insolvency. With an established client base including many international clients – particularly in the key energy markets of Russia and the Middle East – the Reid Minty team will be of immediate value as well as a significant long-term asset. This merger is very much a part of our continuing drive to grow our London office significantly over the next three years."
Read all today's economics news from scotsman.comENERGY & UTILITIESFaroe hoping to reap the rewards after acquiring Fat CatOil and Gas firm Faroe Petroleum yesterday announced the acquisition of a prospect which could reap considerable rewards.
(Aberdeen Press & Journal) The Aberdeen-based Faroe has added Fat Cat to its portfolio, which is a site that has been free of risk due to a well being previously drilled on the same structure. Graham Stewart, the chief executive of Faroe Petroleum said: "Its location in the Moray Firth is attractive with a choice of accessible infrastructure for a possible development route, and it benefits from a strong and experienced operator, Petro-Canada, which has had considerable success already in the area. A new seismic survey over the prospect has already been acquired, and we look forward to completing the interpretation and reaching an early decision on the feasibility of drilling by the end of 2009. It will become part of our ongoing drilling programme, which includes several near-term wells to be drilled in 2008, on East Breagh, West Breagh, Marsvin, South East Tor and Hyme."
Green Highland receive £750,000 investment from SSEEdinburgh-based Green Highland Renewables has secured £750,000 worth of investment from Scottish & Southern Energy (SSE).
(The Herald) The deal will see SSE acquire a 33.3% stake in Green Highland, who specialise in the development of hydro-electric schemes on a small-to-medium scale. Head of Ventures at SSE Dave Gardner said: "Hydro-electricity is part of SSE's heritage and we continue to look for opportunities to develop large-scale schemes. But small-scale hydro has an important role to play in fully developing renewable energy in rural areas, for the benefit of communities and landowners. Green Highland Renewables provides us with a strong small hydro offering and SSE is able to provide the knowledge and expertise that comes from operating hydro-electric power stations for 60 years."
Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREAG Barr purchase Rubicon in their largest acquisition to dateAG Barr has announced the acquisition of fruit drinks firm Rubicon in a £61million deal.
(The Scotsman) In what is the biggest purchase of the company's history, Barr said it was hopeful that the deal would enable growth in areas of the UK where sales are lowest. Rubicon has a strong sales base in London and the south of England with its tropical drinks using fruits such as mango, lychee, papaya and guava. Roger White, Chief executive of AG Barr said: "The existing growth momentum of the Rubicon brand in the exotic juice drinks sector and the potential to build on this through its combination with Barr is an exciting prospect. The acquisition is in line with our core strategy of developing our portfolio and increasing the scale of our business through differentiated quality brands. At the same time it strengthens our position in the growing juice drinks category." This is just a good brand in a good sector. We like things that have the ability to grow and that have good solid brands and it just so happens that it's largely at the still end of the market." John Dickinson, an analyst with Brewin Dolphin said: "AG Barr has a similar product distribution route to market with particular strength in the north (of England) and Scotland. This provides a good opportunity to launch the Rubicon brand through its channels in areas where the Rubicon brand currently has little presence."
(The Herald) Greg Feehely, an analyst at Altium said: "All told this looks like a strategically sensible deal for AG Barr, consolidating its position in a sector with long-term attractions and high levels of defensibility." Rubicon was founded in 1981 by Vishram Vekaria and Naresh Negrecha, who will both take on roles as consultants for a two-year period.
Read all today's food, drink and agriculture news from scotsman.com
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