Investment being sought
Murray in talks with partners over £450m homes plan
David D Murray: thinking and investing long term
Murray Capital Group, chaired by the former Rangers owner, is working with partners to secure investment for its planned new community off the Edinburgh by-pass.
The company provided an update on the £450m Edinburgh Garden District at Gogarburn alongside year-end results showing a return to profit and a rise in turnover on the back of growth in its Murray Metals business, its largest trading asset.
Edinburgh Garden District will see 1,350 homes and community facilities built on land close to the RBS headquarters. The company is also involved in the proposed International Business Gateway at the airport.
Higher group turnover was driven by increased revenue within Murray Metals, the group’s metal stockholding and processing business, and largest trading asset. This was in spite of challenging market conditions.
The company said the bottom line benefited from a gain on the sale of a landholding held by the group, together with profits generated by the subsidiary companies.
David D Murray, managing director of Murray Capital Group, and son of Sir David, said: “It was a solid year for Murray Capital, with turnover, profit, and shareholder funds all increasing.
“We are a long term family investment company so value is released in significant events and deals that can take many years to develop.
“In that regard, the immediate priorities for the business are our sites in West Edinburgh – the Edinburgh Garden District and the International Business Gateway.
“The West of Edinburgh is a strategically important development area for the whole Scottish economy given the importance of the city, the airport, the university, and the pressing need for quality homes. We are working with partners to secure support for a very significant investment in housing, commercial property, and civic amenity and enhancement.
“As a family company we think and invest for the long-term. Our investments are concentrated in Scotland, but we also have interests in the rest of the UK, France and internationally. We are confident in our ability to secure returns on our investments and see ourselves as a partner to all those ready to grow the Scottish economy sustainably in a time of challenging market conditions for many.”
Financial highlights for year to end December 2017:
· Turnover increased 5% to £73.4 million (2016: £69.5 million)
· Profit after tax and minority interests: £1.1 million (2016 loss: £57,000)
· Shareholder funds increased to £48 million (2016: £46.9 million)
· Net cash increased to £10.3 million (2016: £9.2 million)