Buccleuch Estates returns to profit but Duke frets over political tensions

The Duke of Buccleuch has seen his family’s company return to profit after making progress in the property, tourism and energy markets.

The Duke is one of Scotland’s biggest landowners, and latest accounts for his company, Buccleuch Estates, show the firm made £1.7 million pre-tax profit in the year to October 31 after losing around £600,000 in the year before.

The group cut debt by £13 million to £137m.

But, writing in the accounts filed at Companies House before the Scottish National Party won 56 of the 59 seats in Scotland in the UK General Election in May, the Duke was at pains to stress the effects of continuing uncertainty regarding the political future of Scotland.

The 10th Duke’s notes said: “The political climate in Scotland during 2014 was dominated by the Scottish independence referendum, and although there was a decisive result in favour of remaining within the UK the issue does not appear to have been resolved.”

He added: “While the broader UK economic outlook looks to be improving, political instability continues to hinder progress in Scotland.”

The duke is waiting to see final details of proposed land reforms that will be contained in a bill the Scottish Government is expected to publish in coming weeks.

He concluded in the report: “Despite the difficult political climate in Scotland, the business is well-positioned to deliver on some exciting opportunities.”