Scott Wright

An independent statutory review found that the Scottish National Investment Bank's £110 million in losses during its first five years have understandably caused public concern but may not be unusually high for a start-up institution investing in high-risk ventures. The review highlighted losses linked to Circularity Scotland, M Squared Lasers, Trojan Energy and Orbex, as well as leadership turnover, and urged the bank to learn lessons and strengthen its policies and processes. Sir John Elvidge concluded that the bank had built a solid foundation, while identifying uncertainty over funding after 2030 and the need to attract private-sector capital. Chairman Willie Watt welcomed the findings and said the bank would use them to guide its future development.

Newton Property Management has acquired full ownership of Oldmeldrum-based PMC Property Management in its largest deal to date. The acquisition adds more than 10,000 properties, taking Newton’s managed portfolio to about 50,000, and is expected to lift annual group revenue to roughly £9.5 million in the first year. PMC will retain its existing brand, co-owner Neale Bisset will join Newton’s business development team, and co-owner Annette Hudson will retire. Newton says the deal will expand its contractor network and improve procurement efficiency, while Bank of Scotland provided financial support.

Scotch whisky is facing a prolonged downturn after pandemic-era demand faded, premium-spirit sales weakened in the United States and China, inventories remained elevated and operating costs rose. Diageo’s plan to remove $1 billion in costs over three years places jobs at Scottish distilleries at risk, prompting concern from GMB Scotland about the impact on rural communities. Other producers, including Isle of Harris Distillers, Ian Macleod Distillers and Brown-Forman, have also cut jobs, reduced production or changed operating models. A United States tariff on Scotch whisky further damaged exports before being removed, while wider geopolitical tensions and higher oil prices added to cost pressures. Although the industry has survived previous downturns and is more diversified than during the 1980s “whisky loch,” conditions are not expected to improve substantially in the near term.

Glasgow-based CCG Group is taking on 21 trade apprentices—the company's largest intake since before the coronavirus pandemic—with a planned investment of £2.4 million over four-year programmes. The apprentices will work as joiners, bricklayers, plumbers and electricians across CCG's construction operations and subsidiaries. The group is also creating 13 traineeships and has delivered 46 work placements, while retaining 11 members of the latest qualifying cohort in permanent roles. The intake comes as CCG works across 39 Scottish sites and builds a project pipeline of about 2,000 homes valued at £500 million, with 645 employees across the group.

Edinburgh-based Hampden Bank reported a 91% year-on-year rise in pre-tax profit to £4.7 million for the six months ending June 30, alongside a 36% increase in deposits to £1.327 billion and an 8% rise in lending to £661 million. The boutique private bank is expanding beyond Scotland through a new North and Midlands hub in Manchester and continued investment in its leadership team. Hampden employs about 170 people and reported a net promoter score of 75, client satisfaction of 9.1 out of 10 and client retention above 99%. Chief executive Tracey Davidson and chief financial officer Jonathan Peake attributed the results to the bank’s relationship-led business model and continued growth.

Adam Kosterka, executive director of Scotland’s Converge programme, describes its work helping university staff, students and graduates turn research into sustainable businesses. Converge has trained more than 870 entrepreneurs, supported over 480 companies and reports an 86% three-year survival rate, with alumni raising more than £600 million in follow-on funding. Kosterka highlights a broader and more diverse pipeline of ideas from Scottish universities, closer collaboration between industry and academia, and growing interest in artificial intelligence. The programme plans to expand through “Converge 2.0,” with sector-focused activities aligned with Scottish and UK economic priorities and stronger industry engagement.

NatWest Group has appointed Iain Morrison, a Scot and 28-year HSBC veteran, as regional managing director for its commercial mid-market business in Scotland. Morrison will replace Judith Cruickshank, who became chief operating officer of NatWest’s retail business. The appointment is intended to strengthen support for Scotland’s 7,600 mid-market businesses, which represent nearly a quarter of the country’s workforce. The move comes as NatWest reports sharply higher first-half operating profits, raises its interim dividend and prepares an earlier share buyback, following its return to full private ownership after the UK Treasury sold its final shares.

Edinburgh-based telecommunications provider Commsworld reported that pre-tax profit fell to £3.6 million in 2025 from £4.7 million, while turnover remained steady at £36.9 million and EBITDA declined to £6.2 million. Chief executive Steve Langmead said the company remains in good health, citing growth in recurring revenue, strong operational cash flow and a pipeline of opportunities extending into 2026. The company completed infrastructure projects for Wigan and Glasgow councils and secured a 15-year West Lothian Council contract, while identifying the public telephone network shutdown and broader business uncertainty as sector challenges.

easyJet is adding a seventh aircraft to its Glasgow Airport base, a move expected to create about 400 jobs and support new routes to destinations including Pisa, Sharm El Sheikh, Malta and Krakow. Frasers Group has acquired Glasgow sports retailer Greaves Sports and is expected to retain its Gordon Street store under the existing name. The Argyll Group’s acquisition of Auchlochan Garden Village in South Lanarkshire has saved 97 jobs and secured accommodation and care for 245 residents. In contrast, BP’s decision to sell its North Sea assets has raised concerns about the future of 1,100 direct jobs in north-east Scotland and intensified calls for a strategy balancing employment, energy security, remaining oil and gas resources, and renewable-energy development.

Auditors reviewing the Scottish National Party’s latest accounts identified heightened fraud risks involving related-party transactions and manual journal entries after former chief executive Peter Murrell pleaded guilty to embezzling more than £400,000. The SNP says it will seek to recover the money but has not assumed a successful recovery in its accounts. The party recorded a £510,703 surplus for the year ending December 31, 2025, despite lower income and donations, largely because of significant cuts to staff and other costs. Auditors also warned that audit procedures have inherent limitations in detecting concealed or collusive fraud.

Glasgow’s 2026 Commonwealth Games are portrayed as an unexpected success despite concerns over the city’s post-pandemic economic problems, urban decay, political unrest and the event’s reduced scale. Existing venues and Commonwealth Games Federation funding enabled the city to stage the competition with limited public investment. Strong sporting performances, public enthusiasm and effective organisation lifted Glasgow’s mood and reinforced its reputation as a capable host of major international events. Although the economic impact remains uncertain, the Games are expected to strengthen the city’s soft power, tourism appeal, inward investment prospects and chances of securing future events.

BP has put its North Sea assets, including five major production hubs, up for sale, raising concerns about Scottish jobs and the future of the region’s oil and gas industry. The Aberdeen & Grampian Chamber of Commerce blames policy uncertainty and the energy profits levy for weakening investment and wants the levy replaced with a permanent windfall-tax mechanism. BP chief executive Meg O’Neill says the North Sea is not competitive, while the company has not yet indicated whether its 1,100 directly employed workers or contractors will be affected. No timetable for the sale has been provided, although BP is pursuing a broader programme of asset disposals. The company reported a second-quarter underlying replacement-cost profit of $5.7 billion, prompting criticism from unions and environmental campaigners over oil-industry profits amid conflict, climate impacts and high energy costs.

Gill Baird, founder of Scottish private healthcare company Cosmedicare, has bought St Ellen’s Hospital in Livingston and adjacent land in a seven-figure deal. The acquisition will support a planned two-storey, 10,000-square-foot extension, enabling more complex procedures, increased specialist capacity and future job creation. Cosmedicare reported a return to profitability, with a pre-tax profit of £754,499 and turnover of £5.69 million, after a previous downturn linked to reduced demand for bariatric surgery as weight-loss drugs became more popular.

The week’s Scottish business news focused first on the death of Sir Ian Wood at 84 and tributes to his role in building Wood Group into a global oil and gas services company and supporting the north-east economy. Asset manager Aberdeen exceeded first-half profit expectations with help from interactive investor, but faced investor concern over fund outflows and a sharp share-price fall. The Argyll Group acquired Auchlochan Garden Village and its care home from administrators, safeguarding 97 jobs and a community of 245 residents while promising improvements. Law firm Brodies reported its sixteenth consecutive year of growth, with revenue up 11% to £138.8 million and operating profit reaching £54.8 million.

NatWest Group reported first-half operating profit before tax of £4.3 billion, up from £3.6 billion a year earlier and ahead of market expectations. Income rose 11% to £8.86 billion as deposits, lending and assets under management increased. Following its £2.7 billion acquisition of Evelyn Partners, NatWest strengthened its 2026 guidance, raised its interim dividend to 12p per share and brought forward consideration of a new share buyback. Shares rose 3.2% to 705.8p, with analysts citing wealth-management expansion, AI-driven cost reductions and controlled bad debts as contributors to the bank's performance.

Social Investment Scotland has been accredited as the eighth lender under the British Business Bank’s Community ENABLE Funding programme and will receive £3.5 million to provide loans of £25,001 to £125,000 to underserved smaller businesses, social enterprises and charities in Scotland. An initial pilot will cover Glasgow, Argyll and Bute, West Dunbartonshire, North and South Ayrshire, East Ayrshire and Inverclyde. The initiative aims to improve access to capital, support job creation and strengthen local economies, building on Social Investment Scotland’s experience and its earlier £72 million Community Investment Enterprise Fund.

The removal of Donald Trump’s 10% tariff on Scotch whisky offers welcome relief to an industry whose US export value fell 4% to £933 million and whose volumes dropped 9.2% in 2025. The exemption followed lobbying by the Scotch Whisky Association and diplomatic efforts involving the Scottish and UK governments, John Swinney, and the British royal visit. Distillers expect improved confidence and greater certainty for new products and market expansion, but warn that recovery will take time after cuts to jobs, production, expansion plans, and visitor centres. The industry remains wary that Trump could reinstate tariffs if relations deteriorate, making the boost potentially temporary.

Scottish law firm Brodies reported its sixteenth consecutive year of growth, with revenue rising 11% to £138.8 million and operating profit increasing to £54.8 million for the year ended April 30. Profit per equity partner reached £930,000, while eligible colleagues will receive a 5% firm-wide bonus. Growth was attributed to performance across all major practice areas, four new partner appointments and a 7% increase in headcount to 944. The firm also opened a Leeds office, expanded its Glasgow premises and advanced an AI strategy aimed at improving client services and workplace efficiency.

Glasgow risks falling further behind English city regions, particularly Greater Manchester, which has gained broader powers, flexible funding and greater control over transport, planning, housing, skills and investment. Greater devolution could help Glasgow address skills shortages, accelerate the Clyde Metro, support industry clusters and attract private investment and talent. The article calls for the UK and Scottish Governments to agree on a framework transferring additional powers and resources to Scottish city regions, while welcoming John Swinney’s proposed legislation for Glasgow and the SNP’s commitment to an Urban Development Company.

The removal of the United States’ 10% tariff on Scotch whisky is expected to improve confidence among distillers and importers, but industry benefits will take time because investment decisions are made years in advance. William Wemyss of Wemyss Family Spirits said tariff removal should support new products, partnerships and US market expansion, while warning that policy uncertainty has hurt independent distillers by squeezing margins and raising consumer prices. He called for stability in tax and trade policy, noting that Scotland’s whisky industry faces rising costs and weaker demand in some markets but continues to see growth opportunities, particularly in India.

Moray MSP Laura Mitchell has urged Prime Minister Andy Burnham to reduce spirits duty, arguing that Labour’s tax increases are harming Scotland’s Scotch whisky industry. The appeal follows the removal of US tariffs on Scotch whisky and comes as the sector faces higher domestic taxation, rising costs, global volatility and increased regulation. The Scotch Whisky Association welcomed improved access to the US and Indian markets but said a fairer duty system was needed to support distillers, the wider supply chain, hospitality businesses and government revenues.

Applications have opened for the second year of Round One, a free eight-week investment-readiness programme for Scotland-based pre-seed technology start-ups. Founders with a live minimum viable product who have not yet raised equity can receive training in fundraising, financial modelling, valuation, legal matters and pitching, while gaining direct access to venture capital investors and experienced operators. The programme is delivered by Alex Rowe and Bruce Walker in partnership with Dentons and RBS NatWest Accelerator, with PXN Ventures and Cooper Parry joining as new partners. Organisers aim to address a perceived gap in capital, support and investor exposure, building on the first year's ten participants, several of whom subsequently secured equity investment.

Greaves Sports, one of Glasgow's longstanding independent sporting-goods retailers, has been sold to Mike Ashley's Frasers Group, which is expected to continue operating its Gordon Street store under the Greaves name. The sale has prompted concern that Greaves's customer service and product range could decline and has renewed debate about the pressures facing Glasgow's high street, including out-of-town shopping centres, parking policies and online retail. The article also reports a cyberattack affecting Edinburgh-based healthcare technology company Craneware and strong financial growth and Glasgow expansion at law firm Burness Paull.

Shares in Mitchells & Butlers, owner of Glasgow’s Horseshoe Bar and more than 1,700 pubs, fell 4.73% after the company said unusually hot weather shifted customers from higher-margin food to drinks, while the later Easter period also affected comparisons. Like-for-like sales rose 2.2% over the 42 weeks to July 18, and the company maintained its full-year outlook despite expected cost inflation of about £120 million. JD Wetherspoon also suffered further share-price losses amid weaker sales expectations and higher food, labour, repair, energy and business-rate costs. A planned 20% cut in business rates for hospitality venues in England was viewed as useful but far short of the broader tax relief sought by operators.

Greaves Sports, a long‑established Glasgow sports retailer, has been acquired by Mike Ashley’s Frasers Group, ending the Greaves family’s near century‑long presence in the city’s retail sector. The Gordon Street store will continue operating under the Greaves brand, following the company’s recent name change to Clydesdale Sports Retail Limited. The acquisition adds to Frasers Group’s growing portfolio, which includes major retail assets across Scotland and an expanded stake in Hugo Boss.

Burness Paull is expanding its footprint at Two Atlantic Square in Glasgow, signalling long-term commitment amid strong financial performance, including double-digit turnover and profit growth. The additional space will support more desks, collaboration areas and events capacity. The move reinforces growing confidence in Glasgow’s office market, which continues to attract major legal, financial and professional firms. Two Atlantic Square, developed by BAM Properties and Taylor Clark, is fully let and promoted as a high‑quality, sustainability‑focused workspace. Executives from Burness Paull and BAM highlight the expansion as aligned with their growth strategies and the building’s strong occupier environment.

Craneware reported a cybersecurity incident involving unauthorized access and exfiltration of some employee, customer, and partner data, prompting shares to fall before partially recovering. The company has contained the breach, engaged external specialists, and notified relevant authorities in the UK and US. It continues assessing affected data while maintaining that its operations and customer services were not disrupted. The report also notes recent financial performance expectations shaped by delays in enterprise contracts and complexities in the US pharmacy market.