Business in brief: SSE | Semple Fraser | Barratt

SSE, the Perth-based utility giant, remained tight-lipped yesterday over the details reached in a settlement between one of its joint venture companies and construction firm Fluor over the quality of the foundations built for some turbines at one of its offshore wind farms.

The joint venture, Greater Gabbard Offshore Winds, in which SSE owns a 50 per cent stake, said its turbines sit in the Thames Estuary.

SSE said: “The main claim related to the quality of up to 52 upper foundations supporting turbines and the quality of up to 35 lower foundations supporting the same turbines.”

Semple Fraser assets raise up to £600,000

THE sale of assets from collapsed law firm Semple Fraser is likely to raise up to £600,000 for its creditors, according to a report from administrators at accountancy firm RSM Tenon.

Glasgow-based Semple Fraser, which employed more than 100 staff and had offices in Edinburgh and Manchester went bust in March.

Liverpool-based Weightmans bought the firm’s Manchester office, with work-in-progress at its Scottish offices being sold on to three firms. Administrators said that the sale of the work could raise between £270,000 and £600,000.

Barratt constructs £850m bank deal

House builder Barratt Developments has refinanced £850 million of debt and reduced its average interest rate to 4.5 per cent.

Finance director David Thomas said: “We are delighted to have agreed this comprehensive refinancing package ahead of schedule, which will provide us with more appropriate lending facilities, in terms of both interest cost and duration.

“It reflects our improved financial position and the significant progress we’ve made towards our target of zero net debt as at 30 June 2015.”

Dunedin’s Derry to chair ICAEW faculty

Giles Derry, a partner at Edinburgh-based private equity firm Dunedin, has been appointed as the first chairman of the corporate finance faculty of the Institute of Chartered Accountants of England & Wales (ICAEW) to come from a private equity background.

Derry joined Dunedin in 2005, having previously worked at Sand Aire Private Equity. He has led investment deals involving Formaplex, Home & Legacy and Red Commerce.

He said: “I’m keen to make sure we’re looking at ways to move equity funding up the growth agenda in the UK.”