Scottish Business Briefing - Monday 16 September, 2013
ECONOMY
Firms face backlash or tax rises over cash pile
BRITAIN’S biggest listed companies run the risk of shareholder rebellions or extra taxes from the UK government if they continue to sit on their £166 billion cash pile, according to a report out today. Figures show that the combined amount of gross cash amassed by FTSE 100 businesses has grown by £42.2bn, or 34 per cent, since the financial crash of 2008 to reach a record £166bn. (Scotsman)
ENERGY
Bridge Energy agrees to £103m takeover offer
Aberdeen-based oil and gas explorer has agreed to a £103 million takeover approach from Norwegian rival Spike Exploration, and recommended that its shareholders do the same. Bridge, which is listed in Oslo and floated on London’s Alternative Investment
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http://www.scotsman.com/business/management/bridge-energy-agrees-to-103mtakeover-offer-1-3094999
Pentland Firth tidal turbine project given consent
Work is to begin on the largest tidal energy project in Europe after the Scottish government granted permission. MeyGen is to install the tidal array in stages in the Pentland Firth, between Orkney and the Scottish mainland. It will begin with a 9MW demonstration project of up to six turbines, with construction expected to take place on a phased basis until 2020. (BBC)
FOOD, DRINK & AGRICULTURE
Water Coolers Scotland expands with £340k from BoS
WATER Coolers Scotland is to expand its Purely Scottish bottled water brand south of the Border for the first time after Bank of Scotland pumped £340,000 into the business. The company aims to more than double Purely Scottish’s turnover in the next 12 months to £3.2 million and grow its headcount by 20 per cent to 48. Scotsman}
(http://www.scotsman.com/business/food-drink-agriculture|Read all today’s food, drink and agriculture news from scotsman.com|Click here}
Island Bakery lifted by M&S supply deal
A Scottish biscuit maker is set to almost double turnover after harnessing the power of one of Britain’s biggest retailers and its island location to dramatic effect. Mull-based Island Bakery Organics is on course to grow revenues to £1.8 million in the year to March 2014 compared with around £1m in the preceding year as it feels the benefit of a landmark supply deal with Marks & Spencer. (The Herald)
(http://www.scotsman.com/business/food-drink-agriculture|Read all today’s food, drink and agriculture news from scotsman.com|Click here}
TRANSPORT & INDUSTRY
‘Time is right’ for Scapa Flow plans
Ambitious plans for an offshore container port in the northern isles are being examined in a feasibility study. Orkney company Orcades Marine Management Consultants is looking at the prospects for a floating container storage and transhipment terminal in Scapa Flow. It comes just a few years after plans for a new onshore terminal were shelved. (P&J)