Thursday business round-up: Four key stories of the day

Atlantis and ScottishPower Renewables are joining forces in the field of tidal energy
Atlantis and ScottishPower Renewables are joining forces in the field of tidal energy
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Here are four of today’s key business stories in one handy package.

Tidal power firm Atlantis Resources said it would buy two projects from ScottishPower in a £6.6 million deal as it seeks to create the largest portfolio of its kind in the UK, aimed at having almost 650 megawatts of installed power in Scotland by 2022. Under the all-share agreement, ScottishPower Renewables will take a 6 per cent stake in Atlantis subsidiary Tidal Power Scotland and have a representative on its board.

The outgoing chairman of National Australia Bank expressed frustration over the length of time taken to spin off its Clydesdale Bank arm. Michael Chaney blamed increased regulation in the wake of the financial crash for the delays in exiting Glasgow-based Clydesdale and its Yorkshire Bank brand, which are to be demerged in February.

Scotland’s whisky and food industries joined forces in a bid to grow overseas sales. The Scotch Whisky Association and Scotland Food & Drink, working closely with Scottish Development International, said they would have a key role to play in helping the country reach its goal of increasing exports from the current level of £5.1 billion to £7.1bn by 2017.

Accountant Johnston Carmichael reported a rise in turnover as it enters its 80th year of trading. The firm, which has 11 offices across Scotland, generated turnover of £39.6 million for the 12 months to 31 May, an increase of almost 8 per cent on the previous year’s figure of £36.8m. Net profit, before members’ remuneration, rose to £11.08m, up from £10.75m last time.