Profits jump at Murray’s investment arm

MURRAY Capital Group, the private investment company of former Rangers owner Sir David Murray’s family, has unveiled a sharp increase in annual profits.
Sir David Murrays family firm is doing well. Picture: Sean BellSir David Murrays family firm is doing well. Picture: Sean Bell
Sir David Murrays family firm is doing well. Picture: Sean Bell

According to latest accounts filed with Companies House, the firm generated a pre-tax profit of £13.6 million for 2014, up from £48,000 the previous year.

The Edinburgh-based group said the surge was down to a “significant” increase in profits at its Brand Rex subsidiary, which makes fibre optic cables, along with the sale of some investments. Turnover at Murray Capital Group grew 2 per cent to £145m, which the firm said reflected “continued strong trading” across its portfolio.

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The firm is led by Sir David’s son – also called David Murray – who said the family was “very satisfied” with its financial results and forecast it was on course for another successful year in 2015. He added: “It has been an active and successful year for us, especially with our estates business as we set about creating – and funding from our own financial resources – a substantial property portfolio for the future.”

Sir David, who sold Rangers to Craig Whyte for £1 in 2011, told The Scotsman earlier this year that his former metals and property empire Murray International Holdings (MIH) – which is separate from his family interests and Murray Capital investment vehicle – had been caught in a “perfect storm” as proceedings to liquidate the firm got under way.

After selling off its range of business interests over the past six years, MIH said it had secured employment for more than 95 per cent of the workforce, which stood at 3,000 in 2008.