Profits jump at Sir David Murray's investment vehicle

Murray Capital Group (MCG), the private investment company of former Rangers owner Sir David Murray, has reported a £6 million jump in annual profits on the back of an asset sale, and said it is eyeing new investment opportunities.

Sir David Murray's investment vehicle is 'scanning the horizon' for new deals. Picture: Neil Hanna

The Edinburgh-based investment vehicle, which was set up in 2000 to house existing family-owned private equity investments, saw net assets jump by 45 per cent in 2015 to more than £51m.

Turnover reached £135m to help generate profit of £19m, up from £13m in 2014, with shareholder funds now sitting at £55m.

In contrast to net debt of £15m in 2014, the group said its net cash reached £23m, boosted by the sale of its majority stake in its Glenrothes-based cable-manufacturing business Brand Rex Holdings to Leviton, a US manufacturer of electrical wiring equipment.

MCG director and Murray’s son, David D Murray, deemed the results “strong and robust” and a demonstration of the firm’s strategy of maximising investment opportunities.

He added that in spite of economic uncertainty, “from where we sit as a family office, we are looking to the future with great confidence.”

MCG said its main focus will be on its land business Murray Estates, which holds strategic assets across central Scotland for residential, mixed-use and commercial developments.

Additionally, Murray said he was “continuing to scan the horizon” for new investment opportunities, typically in the £1m to £10m bracket, “although larger propositions with exciting potential would be considered too”.

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