Scottish Business Briefing - Friday 6 September. 2013

SVM Asset Management founder and chief executive Colin McLean. Picture: Phil Wilkinson
SVM Asset Management founder and chief executive Colin McLean. Picture: Phil Wilkinson
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WELCOME to’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.


Food and drink producers aim to add 5,600 jobs

SCOTLAND’S powerhouse food and drink industry is poised to create 5,600 jobs over the next five years as firms use the Commonwealth Games and Ryder Cup to showcase their produce, a report published today suggests. Two-thirds of producers expect to take on extra staff by 2017 as the sector – which already employs some 50,000 people – aims to hit its own targets for growing output by £500 million to £12.5 billion over the same period (Scotsman).

Record profits as United Wholesale defies recession

UNITED Wholesale (Scotland), the Glasgow-based cash and carry and delivered wholesale firm, has posted record profits in its most recent financial year. The company, whose single biggest shareholder is Mohammad Sarwar, the former Glasgow MP now governor of the Punjab province in Pakistan, defied a competitive economic climate to book 22.4% rise in pre-tax profits (Heald).

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SVM faces period of transition, says boss

SVM Asset Management is a business in transition its founder and chief executive Colin McLean has said as the Scottish investment house slumped to a £1.7 million pre-tax loss for last year. Accounts obtained for the prominent Edinburgh funds boutique, revealed that turnover had plunged by 32% to £3.5m during the 2012 calendar year (Herald).

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Scottish car sales down 4% in August

MOTOR industry leaders yesterday expressed disappointment at a slowdown in new car sales growth north of the Border, but said dealers were braced for a “very busy” plate-change month. New figures revealed a 4 per cent year-on-year increase in car registrations last month (Scotsman).

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Coms walks away as Pinnacle rejects £6.7m approach

TELECOMS firm Coms last night abandoned a takeover bid for Stirlingshire-based rival Pinnacle Technology after having a £6.7 million approach rejected as bring “opportunistic”. Shares in Pinnacle – which surged by 24 per cent when Coms revealed its interest on Tuesday – eased yesterday after the London-based firm said it no longer intends to make an offer. Coms had considered a bid in the region of 21p per share (Scotsman).

Skyscanner buys hotel search firm Fogg

Travel search firm Skyscanner is to launch its own hotel search service after acquiring Barcelona-based business Fogg for an undisclosed sum. The Edinburgh company will integrate Fogg’s internet hotel search into its site by the end of the year Skyscanner recently built on its original flight search product by launching a car rental search engine in 200 markets around the world (BBC).

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