Business Briefs - April 21

The news comes amid a major overhaul of the controversial company a major customer compensation scheme.

The lender, which made a pre-tax profit of £39.7m in 2013 admitted that it needed to address “the problems of the past” and is predicting another loss in 2015.

Last year, it apologised and agreed to pay compensation to customers after using letters from fake legal firms when chasing debts.

That left it with a compensation bill of £2.6m to be paid to 45,000 customers, not all of whom have been located yet.

It also had to write off thousands of unsuitable loans.

Debts worth £220m from more than 300,000 customers were cancelled, owing to a failure to assess properly whether those borrowers could repay.

Glasgow-based finance broker firm First Vehicle Leasing has increased turnover by 25 per cent to £2.5 million in its latest financial year.

The record growth came on the back of some 3200 cars and vans supplied to customers and funded £50 million of vehicle transactions.

First’s Graham McCarthy said: “Sixty-five per cent of our turnover is personal vehicle leasing, rather than the commercial market, and we have benefited from a healthy rise in demand within this market sector.

“And with new car registrations in the UK reaching a 10-year high last year… we are optimistic there is ample scope for further significant growth.”

Forfar-based food company McIntosh of Strathmore has won an £800,000 deal to supply Asda.

The family-run firm, which employs 140 people, sells about 70,000 of its macaroni cheese pots a week and expects demand for its new flavours will see production hit 4.4 million meals a year.

Asda will be stocking the pots in all its Scottish stores and a selection of branches south of the Border.

Asda’s regional buying manager Brian O’shea said: “The Mcintosh macaroni ranges are premium quality products which are popular with our customers so it’s great to be the first to offer the new flavours.”

Neil Macrae, sales manager at Mcintosh, added: “This is a very exciting opportunity which will bring our products to a much wider audience, enabling more people to enjoy a taste of Scotland. It’s fantastic that Asda is supporting our brand and we’re really excited about introducing other flavours.”

Anacail, a spin-out from Glasgow University that uses ozone to preserve food and sterilise medical equipment, has raised £2 million from backers that include the Scottish Investment Bank and technology commercialisation firm IP Group.

The pair of existing backers have been joined in the latest funding round by new investor Sussex Place Ventures, the London Business School’s fund management company.

Richard Gourlay, managing partner at Sussex Place Ventures, said: “We were particularly attracted to Anacail because of its technology, market potential and team.

“They have made significant progress since the seed funding stage and we were keen to be part of this funding round.”

Dunne Group has been awarded three new contracts within central Scotland worth a total of £17 million.

Operating as main contractor the firm has firstly been awarded the contract to build a £4.5m seven storey block of student accommodation on the site of Glasgow’s Pewter Pot public house.

The second is the £10.5m design and build of car park number three at the New South Glasgow Hospital and finally the £2m contract to deliver the latest Maggie’s Cancer Caring Centre located within the grounds of the Forth Valley Royal Hospital.