Business news in brief: City Building | Xcite | Swinton | Ferguson Group

THE latest business news sees Cituy Building winning a £16 million contract, Swinton buying up a rival insurer and Xcite raising funds to develop its Bentley field.

City Building wins Maryhill contract

CITY Building, the arms-length company spun out of Glasgow City Council, has won a £16 million contract to build 125 houses and one shop for Maryhill Housing Association.

Councillor Paul Carey, chairman of City Building, described the Maryhill Locks development as a “landmark project for Glasgow” that would “breath new life” into the 18-hectare site in the north west of the city.

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City Building said seven entry-level jobs would be created as a result of the contract, with a further 14 apprentices being taken on during the construction project.

Xcite raises fresh funds for Bentley

OIL driller Xcite Energy yesterday raised a further £8.3 million to fund the development of its giant Bentley field in the North Sea.

The cash was raised through a private share placing with Global Resource Funding Partners, which was announced in June. Following the deal, Global Resource will hold a 6.8 per cent stake in the Aim-quoted company.

Aberdeen-based Xcite, one of the most hotly-traded shares among private investors, last month unveiled a long-awaited £100m banking deal to finance tests of its Bentley field.

Swinton moves into Kirkintilloch

INSURANCE broker Swinton Group has bought Kirkintilloch Insurance Services (KIS) from its founder, Bill Paterson, for an undisclosed sum.

The firm said it will retain all of KIS’s staff and appointed Steve Anderson as the commercial centre’s manager.

Swinton, which is the UK’s largest high street insurance broker, will turn the office into its commercial division’s first branch north of the Border and has agreed to rent the premises from Paterson, who is retiring at the age of 76. KIS wrote insurance premiums worth £1.75 million last year.

Ferguson Group’s turnover tops £50m

TURNOVER at Aberdeenshire-based offshore equipment firm Ferguson Group has broken through the £50 million-mark for the first time after growth in the Caribbean and West Africa.

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Pre-tax profits for 2011 grew by £1 million to £15.6m thanks to the overseas expansion. The firm said group finance director Mike Melville is moving to Dubai to help grow its business in the Middle East.

Ferguson Group, which employs 170 staff, is also opening a further base in Australia to cope with demand for containers and offshore accommodation blocks.

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