Scottish Business Briefing – Monday June 3rd 2013
ECONOMICS
Insolvency level remains at an all-time low
SCOTTISH business insolvencies have remained at an all-time low rate of just 0.03 per cent for five months in succession, a report out today discloses. Meanwhile, the UK insolvency rate has now stayed at 0.08 per cent for a whole quarter – February to April – for the first time since 2007. (The Scotsman)
Small firms ‘failing to safeguard against vandalism and theft’
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Hide AdSMALL companies in Scotland are facing a potential £148 million annual loss of revenue by failing to safeguard against business threats, according to new research. The Lloyds TSB Insurance Big Issues for Small Businesses report revealed that more than 140,000 (47%) of microbusinesses in Scotland were affected by significant incidents, such as theft, vandalism or damage, in the past year alone. (The Herald)
ENERGY & UTILITIES
New fuel terminal paying off
North fuel supplier Highland Fuels has not had long to wait to reap benefits from a new facility at an Angus port. Accounts just released by Companies House show the move delivered a swift boost to Highland Fuels’ turnover, which rose by more than 12% to £202.9million last year. (Press & Journal)
Bank of Scotland backing for Survivex expansion
Industrial training provider Survivex is set to open offices in Dubai and Singapore after securing a £3.25 million loan from Bank of Scotland. The Aberdeen-based firm, founded just two years ago by oil industry veteran George Green, will also be able to expand the range of emergency and survival skills it teaches workers by investing in a £1.5m fire training rig. (The Scotsman)
INDUSTRY
MB Aerospace buys Delta Industries
Scottish engineering firm MB Aerospace is buying a US-based aero-engine component manufacturer in a “multi-million-dollar deal”. Motherwell-based MB Aerospace did not specify how much it was paying for Delta Industries, but the Connecticut-based firm’s annual revenues are over $60 million (£40m). It will take MB’s current group turnover to more than $160m. (The Scotsman)
RETAIL
Retailers benefit from avoiding price discounting
A REFUSAL by many retailers to resort to price-discounting kept high street sales in positive territory last month despite unhelpful weather, according to the latest figures. The monthly High Street Sales Tracker from accountancy firm BDO, published today, shows that fashion sales suffered less than expected from the cold spring, while other items had enjoyed solid growth. (The Scotsman)