Scottish Business Briefing -
BANKING
RBS plans £700m upgrade investment by 2016
Royal Bank of Scotland is to invest £700 million over the next three years upgrading its branches. The money will be spent on refurbishments across its network of 2,066 branches along with initiatives to improve services to its 15.4 million UK customers. RBS said the move was part of a continuing shift in focus towards its domestic lending business (Scotsman).
SCOTSMAN CONFERENCE
The Economics of Independence 2013
This conference tackles the crucial issues facing business and industry in the Scottish independence debate. Join expert speakers Alistair Darling MP, Jim McColl (Clyde Blowers) and Rupert Soames (Aggreko). 20% early bird discount until 31 March.
ENERGY & UTILITIES
Lloyds buys oil services outfit from Sir Fraser Morrison
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Hide AdConstruction tycoon Sir Fraser Morrison has sold his holding in an Aberdeen oil services firm to the private equity arm of Lloyds Banking Group in a deal worth more than £30 million. Morrison, the former boss of Morrison Construction whose family controls Edinburgh-based RMJM Architecture, had backed a 2005 management buyout that created pipe maintenance specialist Ramco Oil Services as a spin-off from the company of the same name that became SeaEnergy (Scotsman).
FOOD, DRINK & AGRICULTURE
Food producers in alliance with bank
THE main representative body for Scotland’s food and drink producers has forged a strategic alliance with Clydesdale Bank in a move aimed at driving sales and raising the industry’s profile. The partnership will allow the 300-plus members of Scotland Food & Drink to tap into a range of advice from specialists at the Glasgow-based bank, including information on how to go about securing funding (Herald).
INDUSTRY
Cala set for new lease of life after takeover deal
ALAN BROWN, chief executive of Cala, believes the Edinburgh housebuilder stands to benefit from improving conditions in the housing market following its £210 million takeover. Speaking to The Scotsman after the deal with insurer Legal & General (L&G) and private equity firm Patron was unveiled, Brown said he and his fellow managers were rolling £10m into the firm, “which underpins the confidence we have in Cala” (Scotsman).
MB Aerospace on acquisition trail after MBO
ENGINEERING group MB Aerospace, which employs more than 100 at its Motherwell base, has been sold in a secondary management buy-out (MBO) as it eyes a series of acquisitions. Under the deal, US-based private equity fund Arlington Capital Partners is taking a majority stake in the business alongside the management team (Scotsman).
MEDIA & LEISURE
Investment pledge after Malmaison £180m deal
Hotel operator Malmaison has pledged to invest up to £10 million in its properties, including projects in Dundee and St Andrews, after it was acquired by an American venture capital firm for an estimated £180m. KSL Capital Partners, based in Colorado, will invest in the 27-strong Malmaison and Hotel du Vin chains and will “continue its brand development plans including an extensive renovation programme and expansion within the UK, European and international markets” (http://www.scotsman.com/business/management/investment-pledge-after-malmaison-180m-deal-1-2843422|Scotsman|Scotsman}).