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Monday, January 26th, 2015

 

Whisky giant says it needs to cut costs

Drinks group Diageo criticised for delaying payments to suppliers

Johnnie Walker

Diageo, the whisky to Guinness giant, has become the latest multinational to put the squeeze on suppliers by saying it intends to take three months to pay its bills. The company has claimed that one reason for extending the time to pay from 60 days to 90 is to support investments it is making in Scotland and Ireland. The Forum of Private Business, which represents smaller firms,  has expressed its concern to the UK government’s Department of Business, Innovation and Skills, warning that it would impact severely on small companies.Read More


Hotels sold in £680m deal

RBS recoups funds from sale of Jurys Inn to US investment house

Jurys Inn

The sale of Jurys Inn to a US private equity firm will provide a rare pay day for Royal Bank of Scotland which pumped money into the group at the height of the property boom in 2007. RBS will recoup some of the loans provided to the group via its Ulster Bank subsidiary, part of a consortium of owners which includes the Oman Investment Fund, Mount Kellett Capital Management, Westmont Hospitality and Avestus Capital Partners. Lone Star Funds will pay £680 million to acquire the four-star chain, which has 7,000Read More


2020 target to be major player in financial services

Post Office Money plans to compete with Britain’s high street banks

The Post Office is planning to challenge the high street banks by uniting all its financial services operations into a single business. It believes Post Office Money could become one of the biggest financial groups in the country with one of the most extensive networks of branches. The Post Office already works with Bank of Ireland and the Post Office Money brand would give customers access to services through 11,500 bricks and mortar outlets as well as its online business. Nick Kennett, director, financial services, at Post Office Money, said: “Post OfficeRead More


Daily Business records best ever day for hits and views on Sunday 25 January and strikes new partnership with LendingCrowd (See About Us for details)


Lawyers rule songs sound similar

Smith must pay royalties to Petty and Lynne for hit song Stay With Me

Lawyers have been busy in the US resolving a dispute over young pop star Sam Smith’s hit song Stay With Me because of similarities with the 1989 hit I Won’t Back Down by Tom Petty and Jeff Lynne. And after living up to the name of their song, they appear to have won the day. Smith will now have to pay royalties to the pair. A statement from Smith’s lawyers said: “Although the likeness was a complete coincidence, all involved came to an immediate and amicable agreement in which TomRead More


Asset manager makes latest list

Aberdeen in doghouse as funds underperform

Swip

Aberdeen Asset Management scaled up significantly when it acquired Scottish Widows Investment Partnership last year. But its ranking in a list of worst performing funds is not something it will be too eager to mention. Nine Aberdeen funds have made the twice-yearly Tilney Bestinvest’s so-called ‘dog list’ of underperforming funds. The wealth manager’s report names OEICs and unit trusts that have underperformed for three consecutive years, and by more than 10% over a three-year period. A total of 60 funds made the latest list this year, up from 49 in July. AberdeenRead More


Funding for Glasgow research

Angel group invests in stem cell firm Sistemic

LONDON & Scottish Investment Partners (LSIP), the group set up by business angel Scott Carnegie, has joined existing investors to pump $1 million (£660,000) into Glasgow-based life sciences company Sistemic. Current investors ChimaeraBio and the Scottish Investment Bank also took part in the funding round, which will allow the company to expand the development of its products for stem cell research and quality control. Sistemic was launched by chief executive Jim Reid, the man behind the 2007 sale of Aberdeen University spin out Haptogen to global drugs giant Wyeth, whichRead More


Design aims to help ideas

Graven inspires with rebranding of trust

Design studio, Graven, has rebranded and redesigned Enterprise North East, a small business advice centre with the aim of creating a place to inspire ideas. The Aberdeen-based facility  delivers Business Gateway services in Grampian and Tayside. Graven created the brand name ‘Elevator’ for the trust, which includes Aberdeen Centre for Entrepreneurship, The Prince’s Trust Youth Business Scotland programmes and an accelerator programme. It is home to 28 Enterprise and Business Gateway staff and was transformed into what is described as “a dynamic interior”. The carpet was replaced with a mixture of rubberRead More


Aberdeen council admits finance convener wrong to say there would be financial penalty for cancelling Marischal Sq development


Seven pubs offloaded as Maclay Inns seeks buyer

Maclay

Administrators for Maclay Group, owns of Maclay Inns, have transferred seven pubs to LT Pub Management as they continue to seek a buyer for the rest of the business. The Alloa-based company’s directors called in Colin Dempster and Gavin Yuill of EY on Friday. Five licensed properties operate north of the border under a management contract. In a statement issued today, Mr Yuill said: “Faced with an unexpected funding requirement, the directors of Maclay Group and its trading subsidiary Maclay Inns decided to call in administrators to protect the businessRead More