Plans to transform the former Marks & Spencer store on Sauchiehall Street into student accommodation have moved a “step closer”, its developer has declared.

Fusion Group announced earlier this week that it has completed the acquisition of the landmark building from the high-street giant in a deal worth £150 million.

The deal paves the way for the building to be transformed into a major mixed-use development, including 619 student beds and 9,500 square feet of new commercial space at street level via a new shopping arcade. This will restore a historic pedestrian route from Sauchiehall Street to Renfrew Street, Fusion said.

Read Scott Wright's story here.

Scotch whisky distillery chief 'blindsided' by Budget duty hike

Patricia DillonPatricia Dillon (Image: Colin Mearns)

A Scotch whisky company boss has declared the business is in “such shock” it is still trying to work out how to deal with a duty rise in the Budget which “completely blindsided" it.

Chancellor Rachel Reeves announced in Wednesday’s Budget that duty on Scotch would rise in February next year in line with the rate of annual retail prices index inflation.


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Patricia Dillon, managing director of Speyside Distillery, told The Herald: “The impact for us is that we have to look at how to absorb that increase, and we have risk of reduced turnover due to that.”

Ms Dillon added: “We are still trying to work out the impact. We are in such shock we are still trying to work out how we will deal with it.”

Read Ian McConnell's story here.

Next profits to top £1bn as retailer cashes in on colder weather

(Image: Ian West/PA)

Autumn's chill blew in favour of Next as the group upped its profit forecast for the third time in three months, putting it on course to join the elite band of retailers to make more than £1 billion in annual profits.

Full-price sales during the three months to October 26 rose by 7.6%, well ahead of expectations of a 5% increase, thanks to the “early arrival of colder weather this year, versus an unusually warm September and early October last year”. 

As a result, the group has increased its full-year pre-tax profit guidance by £10 million to £1.01bn, marking a 9.5% rise on profits in 2023-24. Annual full-price sales are expected to come in at £5.02bn.

Read Kristy Dorsey's story here.