Hello and welcome to our daily digest of business, financial and economic news from around Scotland.
1. Serica Energy has completed a deal to take a 30 per cent stake in one of the North Sea’s largest development projects.
It is buying a holding in the Greater Buchan Area from Jersey Oil and Gas with an initial payment of $7.5 million.
Neo Energy is the operator of the site, having previously purchased a 50 per cent interest from Jersey.
Mitch Flegg, Serica’s chief executive, said: “As a potential domestic source of oil and gas with a low level of production emissions, a provider of quality jobs for UK workers and a generator of much needed future tax revenues, Buchan is the sort of project the UK needs as part of the energy transition.”
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2. Logan Energy has secured £5 million of investment to put towards developing technology in the hydrogen sector.
The firm, which offers items such as fuel cells and storage systems, is being backed by Scottish Enterprise and Lanxing New Energy, a Singapore investor.
The money will be used to grow Logan’s workforce in Edinburgh and internationally as well as developing its products.
Bill Ireland, the chief executive, said the energy mix is becoming more complex but it is clear hydrogen will have a part to play in the future.
3. The Royal Botanic Garden Edinburgh has extended its catering partnership with Heritage Portfolio for a further five years.
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Heritage Portfolio, part of Sodexo, has been running hospitality and events services at the gardens since 2007.
It has been re-appointed following a competitive tender for the contract.
The agreement will see about £1 million invested in facilities including a new venue in the John Hope Gateway, a coffee truck and more outdoor seating.
There is to be a continuing focus on Scottish produce including items grown on-site.
4. A hotel has started a project to phase out the use of gas and reduce its carbon emissions.
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The Radisson Blu Glasgow is to install a new heat pump system over the next three years with the cost expected to be in excess of £600,000.
Motion sensor and energy efficient lighting and an analytics system for food waste are among the other areas the hotel is investing in to become more sustainable.
It is already using more eco-friendly cleaning chemicals, has replaced plastic water bottles with glass and introduced coffee capsule recycling.
The hotel, which opened in 2002, has estimated its initiatives will lead to annual savings of £2.5 million.
5. The bus group McGill’s is launching a new coach holiday venture.
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Loch Lomond Travel will be offering a range of tours including Lewis and Harris and the North Coast 500.
Chris Bond has been appointed as the managing director having previously held senior positions at Caledonian Travel, Barrhead Travel and Tartan Travel.
He said: “A lot of work has gone into launching Loch Lomond Travel, making sure we have the right partnerships with the very best hotels and destinations that people want to visit.”
McGill’s is owned by the brothers Sandy and James Easdale.
6. The commercial landlord Hammerson has sold a shopping centre in Scotland at a £10 million discount in the latest evidence of the property market slump.
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The FTSE 250-listed company has sold Union Square in Aberdeen for £111 million to a fund controlled by Lone Star Funds, the US private equity group.
The sale, which is at an 8 per cent discount to the valuation placed on the 520,000 sq ft mall at the end of last year, is the latest disposal as Hammerson slims down its “non-core” assets.
The company, which also owns Brent Cross in London, Bicester Village in Oxfordshire, and the Bullring in Birmingham, said the proceeds would be used to reduce its debt and allow it to re-invest in other parts of its portfolio. The transaction is expected to be formally completed before the end of March.
