Scottish Business Briefing - Tuesday 19 November
FINANCE
Swip swoop creates Scots funds powerhouse in Europe
ABERDEEN Asset Management chief executive Martin Gilbert has signalled big plans for Edinburgh after acquiring Scottish Widows Investment Partnership to create a European powerhouse. The addition of £136 billion of assets from Swip will take the total to £336bn, making it the continent’s biggest independently-listed fund manager. The Swip name will be ditched as the two companies integrate their operations over two years.
(Scotsman)
ECONOMY
Start-up firms ‘a silver lining’ in RAF Kinloss base closure
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Hide AdNEW business start-ups are surging in Moray as locals and economic development agencies respond positively to the closure of the RAF base in Kinloss two years ago. The impact of the RAF’s withdrawal has proved to be a “shot in the arm” for a region which had largely relied on the forces for its economic wellbeing. Figures show 71 new business have started up in the first half of this financial year, up 16% on last year, with 140 expected to come on stream over 2013-14 if current growth is maintained.
(Herald)
ENERGY
Petrofac shares drop
Shares in Petrofac dropped 15 per cent in early trading after the energy services firm made cautious comments on the outlook for its business over the next two years. The company still expects an increase in profits in 2015 from its integrated energy services (IES) division, which invests in fields alongside oil companies, but said the rise would be dependant on the timing of contracts.
(Scotsman)
Turnover rises by 50% for a second year at Saltire Energy
Saltire Energy, the drilling-tool specialist perhaps better known for its sponsorship of golfing hero Paul Lawrie, saw turnover jump 50% last year to £32.9m and operating profit rise 31% to £18.5m. It is the second successive 50% hike in turnover for Saltire, founded in 1986, which has now more than doubled sales in two years. Saltire now plans to expand the footprint at its Porthlethen base just outside Aberdeen and to open a further base in Europe.
(Herald)
FOOD, DRINK & AGRICULTURE
Canada fund buys Burton’s and pledges expansion
THE company behind iconic British treats such as Jammie Dodgers and Wagon Wheels has been snapped up by a Canadian pension fund in a deal thought to be worth almost £350 million. Burton’s Biscuits, which employs some 800 workers at its Sighthill plant in Edinburgh, has been sold to Ontario Teachers’ Pension Plan (OTPP).
(Scotsman)
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TRANSPORT & INDUSTRY
Call centre team attempts to repeat beCogent’s success
THE team which employed 3000 staff in building Airdrie-based beCogent into one of Scotland’s biggest call centre companies is aiming to repeat the trick in Motherwell, with aspirations to become the largest private sector employer in the town. John Devlin and fellow former beCogent directors Dermot Jenkinson and Katrine Young launched Ascensos three years after their former company was sold to Teleperformance of France for £35 million. (Herald)