Sir Tom Hunter hails year of progress but attacks accounting standard

Sir Tom Hunter, founder of West Coast Capital. Picture: John Devlin
Sir Tom Hunter, founder of West Coast Capital. Picture: John Devlin
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Sir Tom Hunter has said he is ready to “capitalise on investment opportunities” after revealing “another year of good progress” at his business empire.

The Ayrshire-born entrepreneur and philanthropist said assets across his West Coast Capital group had risen by about £14.5 million to some £155m.

The latest set of accounts – to the end of March 2018 – also show no external debt and significant cash reserves.

West Coast Capital continued to invest in non-listed businesses while inter-company debt has been “significantly reduced”.

However, Hunter – one of Scotland’s highest profile entrepreneurs – rounded on an accounting system that triggered a currency write-down.

Hunter said: “This year marked another year of good progress at West Coast Capital and we remain poised and able, with significant cash reserves, to capitalise on investment opportunities. We have continued to invest in our existing portfolio where we have seen substantive progress in customer and revenue acquisition.

“We have always prepared our accounts with prudence being our watch word; our policy never to mark-up an asset on our balance sheet.

“That prudence has again been undermined by accounting standard FRS 102 as we marked down foreign exchange currencies held, but not traded. Personally I only want to mark-up or down value when we transact and this accounting standard does not allow us to do that.”