Last week began in controversial circumstances for one of Scotland’s biggest stock market listed companies.

Following a pursuit lasting several months, the Middle East company which had designs on Wood Group suddenly pulled out of the running. Dubai-based Sidara, which had made its first approach to the engineering services giant in May, declared last Monday that it “does not intend to make a firm offer” for a firm that employs 4,500 people across its Aberdeen and North Sea operations.

The announcement came on a day of turmoil on global markets amid concern the US economy could be heading for recession, with Sidara citing “rising geopolitical risks and financial market uncertainty” as factors behind its withdrawal.

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It sent shares in Wood tumbling on the day, and they have shown no sign of significant recovery since, with the stock now well below the level it had been prior to the first Sidara approach. While the fourth and final approach from Sidara was worth 230p per share, valuing Wood at around £1.6 billion, shares in the Scottish firm were changing hands for around 130p per share towards the end of the week.

Wood’s depressed value may open the door to other potential suitors, but for the time being the company is showing faith in the strategy overseen by chief executive Ken Gilmartin.

In its response to the Sidara announcement, Wood, which has a global workforce of around 35,000, said it retained confidence in its “strategic direction and fundamental prospects” and made no change to its outlook for 2024 and 2025. It will update the City on its progress when it publishes its half-year results on August 20.

The outlook appeared brighter for another major listed Scottish company last week. Edinburgh investment giant reported that it had returned to the black in the six months to June 30, announcing a pre-tax profit of £187 million compared with a loss of £169m for the same period last year.

The improvement partly reflected the benefit of an £88m gain recorded on the sale of its European private equity business to Patria Investments in April, though interim chief executive Jason Windsor said its results had also been helped by efforts to reduce costs.

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Former abrdn chief executive Stephen Bird announced a restructuring programme in January that it said would save it around £150m per year. However, it will also involve the removal of around 500 jobs, around 10% of the abrdn headcount, from the payroll.

Mr Windsor, who is considered the favourite to replace Mr Bird, said: “While market conditions remain challenging, we are firmly on track to realise at least £150m of annualised cost savings by the end of 2025.”

Meanwhile, it was a difficult few days for owners, staff and customers of 5pm.co.uk, the popular Scottish online bookings website. The firm, which had been trading under the brand name Kooble over the last year, fell into administration, leading to the loss of nearly 30 jobs.

There continues to be uncertainty over the status of vouchers which had not been redeemed by the time it went under. Some restaurants have said they will honour vouchers that have yet to be redeemed. However, no refunds will be forthcoming from the company in administration for either unredeemed vouchers or bookings which have been cancelled as a result of the insolvency event.

“5pm Ltd has unfortunately been placed into administration following challenges with cashflow that could not be overcome,” said Donald McNaught, restructuring partner at Johnston Carmichael and one of two joint administrators appointed to the stricken firm on Friday, along with Graeme Bain.

“This has resulted in the loss of 27 jobs. Administrators are now seeking interest in the company’s remaining business and assets, and we invite any parties interested to get in touch as quickly as possible.”

The demise of 5pm.co.uk was the subject of my Business Voices column on Thursday, which examined the rise and fall of a company that would have a big impact on the Scottish hospitality scene after it launched around 25 years ago.

“As a young adult who savoured the hospitality scene of Glasgow and Edinburgh in the early noughties, 5pm was a priceless resource,” the piece stated. “It was a gateway to the wave of stylish new bars and restaurants which were emerging, not to mention established high-end eateries, which would otherwise be beyond my budget.

“Over the years, 5pm, which was run by Ronnie Somerville, David Maguire, and Charles Shaw, would go from strength to strength, and thrived even as competitors entered the deals market. It particularly came into its own in the aftermath of the financial crisis of 2008 and 2009, when the credit crunch meant people were worried about cash and restaurant operators found it difficult to attract custom.”