November 2016



Tesco Bank refunds £2.5m to 9,000 customers

Edinburgh-based Tesco Bank said 9,000 customers were affected by the fraudulent transactions that hit the bank last weekend and that all customers affected were fully reimbursed by…



Weak pound lifts Baillie Gifford flagship fund

Baillie Gifford’s flagship £4.7 billion equity closed-end fund — the Scottish Mortgage Investment Trust — said both its net asset value (NAV) and share price rose 25% on a…


RBS in £400m small business refund scheme

Royal Bank of Scotland said it will set up a £400 million complaints and refund scheme for customers who allege they were mistreated by its “global restructuring group” small…





SSE in ‘legally binding’ commitments to Ofgem

Gas and electricity regulator Ofgem said it accepted legally binding commitments from Perth-based energy giant SSE following a Competition Act investigation into whether SSE’s behaviour could have impeded…





Warship go-ahead huge boost for Clyde yards

The UK government has announced that work for eight new Type 26 frigates at Glasgow shipyards will start in the summer of 2017, subject to final contract negotiations. UK…


UK government to appeal Brexit court defeat

The UK government said it will appeal a decision by the High Court that requires it to obtain UK parliamentary approval before starting the “Article 50” process of…


Unquoted bets boost Souter Investments

Souter Investments, the family investment office of Stagecoach Group founder and chairman Brian Souter, said it has generated a net return of 14% per annum since…



Chivas plans new £40m Dumbarton plant

Chivas Brothers, the Scotch whisky and premium gin business of Pernod Ricard, said it plans to invest £40 million in a new state-of-the-art facility at its Kilmalid site…



Aberdeen Council in £370m bond issue

Aberdeen City Council has announced the successful pricing of index linked bonds to raise £370 million to fund investment in the city’s “transformational capital and infrastructure programme.” The…


China’s Evergrande ‘in talks to buy Cala’

Evergrande Group, China’s second-largest property developer, has been unveiled as the company that is in early-stage talks to buy Edinburgh-based upmarket home builder Cala Group for up…



Mactaggart & Mickel eyes England for growth

Glasgow-based housebuilding firm Mactaggart & Mickel Group said its profit before tax rose from £9.8 million to £10.4 million in the year year ending April 30, 2016, while turnover fell slightly from…


Standard Life competes Elevate acquisition

Edinburgh-based Standard Life said it completed the acquisition of AXA Portfolio Services — which trades as Elevate — from AXA UK plc following Financial Conduct Authority consent. “The…


Wood Group renewables firm expands in Asia

Wood Group’s Glasgow-based renewable energy consultancy SgurrEnergy has expanded its operations in Asia by opening an office in Hong Kong. SgurrEnergy said the move will allowing…


Gresham House buys Scots forests for £12m

Specialist asset manager Gresham House said it will acquire a portfolio of five forests in the west of Scotland for £12.1 million as it announced the first close…