Scottish Enterprise has taken its largest ever write-off in a single year, mainly as a result of the failure of wave power company Pelamis.
The Sunday Herald says the economic development agency’s annual accounts show £16.3m of the £23m it wrote-off in the 12 months to March 31 was related to the collapse of the Edinburgh company.
Pelamis went into administration in November last year with the loss of 56 jobs.
Entrepreneur Mike Welch expects revenue at online tyre seller Blackcircles to reach £100m in the next five years following its sale to Michelin.
Mr Welch, who is still chief executive at the Peebles company, told Scotland on Sunday he has used some of his own personal gain from the deal to set up a charitable trust which will look at a variety of children’s causes.
Royal Bank of Scotland is stepping up efforts on its spin-off of Williams and Glyn. The Sunday Telegraph reports RBS has hired Bank of America Merrill Lynch as lead corporate advisor on the stock market flotation plan. RBS has previously stated it hopes to complete the initial public offering before the end of next year
Publisher Trinity Mirror is looking to seal a £200m deal for Local World. The move could add more than 100 local newspapers to Trinity’s existing stable and spark further consolidation in the media sector, according to The Sunday Times.
The Scottish born chief executive of GVC Holdings has said the company remains in the market for further acquisitions after winning the long running battle to acquire Bwin. Kenny Alexander told The Sunday Times that GVC gets approaches all the time and he would expect to be seriously looking at new deals in around six months.
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