Wednesday business round-up: Five key stories of the day
Here are five of today's key business stories in one handy package.
Graham’s The Family Dairy won a deal to become the exclusive milk supplier to Starbucks in Scotland. Under the contract, the Bridge of Allan firm will supply milk and whipping cream to all 68 of the coffee giant’s outlets north of the Border. Starbucks said: “Lattes are our most popular drink, so it’s important we use the finest local milk available.”
Shares in Clydesdale Bank were priced at 180p – towards the bottom of the expected range – in the lender’s delayed flotation. The initial public offering had been pushed back a day following a request for information from a credit rating agency and valued the Glasgow-based CYBG group, which also owns the Yorkshire Bank brand, at about £1.58 billion.
Car giant Ford said it would slash jobs across its European operations under plans to save $200 million (£138m) a year. The group is launching a voluntary redundancy programme as it looks to cut costs across “all areas” of the European business, and the move comes amid mounting regulatory costs.
Financial advice firm Cornerstone Asset Management unveiled four key appointments at its Edinburgh office. Alan Reid joins the wealth manager with a focus on business development for both corporate and private clients, while Suzanne Reid becomes operations director, Scott Snedden was named as a chartered financial planner and Louise Melville has been appointed personal assistant to the management team.
Perth-based Green Highland Renewables, which has a series of small-scale hydro schemes, committed £25m of new investment in the Highlands, with more to follow, as it prepares to start work on a £13.6m project in the area. A new hydro scheme at Loch Eilde Mor above Kinlochleven is one of a number of projects the firm is looking to develop.