Scottish Business Briefing – December 11th 2013
FINANCE
Tesco Bank unveils plans for more jobs in Scotland
Tesco Bank is creating hundreds of jobs in Edinburgh and Glasgow as it steps up its challenge to the established high street giants. The company will hire 300 staff in the coming months, rising to 650 over two years, as it prepares to roll out a crucial current account offering in the middle of next year that will help it move towards becoming a full service bank.
Bostock’s resignation rocks Royal Bank of Scotland
ROYAL Bank of Scotland has been dealt another blow after finance director Nathan Bostock resigned less than three months in the role. Bostock was said to be considering a position as chief risk officer at Santander UK. RBS confirmed speculation over Bostock’s future after a board meeting when the topic was said to have been discussed.
FOOD, DRINK & AGRICULTURE
Fishing groups issue warning on wind
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Hide AdFishing organisations have warned that the UK Government’s plans to ramp up subsidy support for offshore windfarms could put the livelihoods of Scots fishermen at risk. Both the Scottish Fishermen’s Federation (SFF) and the National Federation of Fishermen’s Organisations (NFFO), which represents fishermen in England, Wales and Northern Ireland, have hit out at the government’s decision to give more subsidy support to offshore windfarms than those onshore
(http://www.scotsman.com/business/food-drink-agriculture|Read all today’s food, drink and agriculture news from scotsman.com|Click here}
RETAIL
Consumers cautious as Scottish sales creep ahead
Scottish consumers are “stepping into Christmas with caution”, retail experts said today, after high street sales just managed to inch higher last month. November saw the strongest performance by clothing and footwear retailers since July, while food sales continued to outperform other parts of the UK, according to the latest Scottish Retail Consortium (SRC)-KPMG sales monitor.
MEDIA, TECH & LEISURE
Iomart eyeing ‘more ambitious’ acquisitions
THE head of one of Scotland’s fastest-growing IT companies is eyeing “more ambitious” acquisitions after unveiling a 29 per cent jump in underlying profits. Angus MacSween, chief executive at Glasgow-based Iomart, hailed the success of its takeovers in September of Backup Technology for £23 million and Redstation for £8.1m. Taking over Backup has increased the firm’s presence in the back-up and disaster recovery market, while the Redstation deal extended the company’s footprint in Europe.
ITV sells final part of stake in STV for £7.5m
ITV has cashed in on broadcasting peer STV’s rising share price by selling its 6.79 per cent legacy stake in the Glasgow-based firm. Granada Media, which formed ITV in 2004 through its merger with Carlton, bought an 18.6 per cent stake in Scottish Media Group, STV’s forerunner, in 1999 from Mirror Group newspapers for £110 million. ITV, which was STV’s fourth-largest shareholder, yesterday revealed that it had sold its remaining 2.6 million stake on Monday at 285p a share, bringing in a total of £7.5m.