Resignations will not stall float, says SRG

SCOTTISH Resources Group (SRG), the coal mining and property firm, has insisted a stock market flotation was still on the cards despite the resignation of two of its senior directors.

Nick Guest, finance director, and Alan Somerville, managing director - estates & renewables, have quit. Both were part of the team behind the firm's abortive attempt to float on the main market of the London Stock Exchange in the summer. It also emerged this week that SRG acquired the Blair House open-cast coal mine in Fife from English counterpart UK Coal for 1.5m.

A spokesman for the firm said: "SRG is continuing to pursue its growth strategy with a fully resourced executive team led by chief executive Don Nicolson.

He added: "An IPO is very much part of the company's future options."