Business briefs: SeaEnergy | Superglass | BPI | Prentice Coaches

Published on 30/06/2012 00:00

SEAENERGY, the Aberdeen-based energy services business, yesterday said it was taking legal advice over the withholding of £849,000 from last year’s £40 million sale of its renewables business.

The sum outstanding is part of a £3m retention payment agreed at the time of the sale of SeaEnergy Renewables to cover any warranty claims against the business. Under the agreement Spanish buyer Repsol was entitled to withhold payment if a claim was made. SeaEnergy said the balance of £2.15m plus interest had been received and it was taking advice over the validity of the claim.

Shearer quits the board at Superglass

Senior independent director David Shearer is standing down from the board of loft insulation maker Superglass.

Shearer has been a non-exec at the Stirling-based company since February 2007, and is leaving to pursue other business commitments.

Following his resignation David Gray will become the firm’s senior independent director and chairman of its audit committee. The company thanked Shearer for his “major contribution” and said it would seek to appoint a further non-executive director “in due course”.

Shrink in wrapping demand is offset

Plastics manufacturer BPI says that demand for its wrapping products from the construction and industrial sectors is continuing to weaken but will be offset by gains elsewhere.

The Greenock-based firm said its results are likely to be similar to last year, in line with previous guidance, as the wet weather means it will be selling silage wrap well into the summer .

The trend towards ever thinner plastic products means BPI’s sales volumes will probably be lower in the first half of the year, while lower raw material costs are aiding the company’s margins.

Prentice en route to new bus service

East Lothian-based Prentice Coaches will offer scheduled bus services for the first time by adapting two previously axed routes to take in more shops and attractions.

The family-owned firm has invested in two new vehicles, built by Alexander Dennis of Falkirk and worth £220,000, to re-launch the 121 and 123 services in the North Berwick area.

Director Ross Prentice said he was thrilled with the buses, which are liveried with images of Concorde and a gannet and will stop at the National Museum of Flight and the Scottish Seabird Centre.