Business Briefs - June 24

The UK government’s stake in Lloyds Banking Group has fallen below 17 per cent after more shares were sold to investors.

UK Financial Investments (UKFI), the body responsible for handling the government’s stakes in the privatised banks, has been gradually selling down the Treasury’s stake in Lloyds.

The banking group received £22.5bn from taxpayers during the financial crisis.

Education firm wins £2m SLF backing

Online education provider Interactive Design Institute has received £2 million of investment from the Scottish Loan Fund, which is managed by Aberdeen-based Maven Capital Partners.

Musselburgh-based Design Institute provides art and design courses for students at degree and masters level in more than 70 countries.

The business also works with corporate partners to provide learning services with publisher Penguin Random House among its customers.

The money will be used to boost its systems as well as increasing its digital marketing spending overseas.

Scotgold boss buys 2.9m shares in the company

Richard Gray, the chief executive of Scotgold Resources, the firm developing a gold and silver mine at Tyndrum in Argyll, has bought more than 2.9 million shares in the company.

Mr Gray paid 0.58 pence for each share meaning his total outlay was almost £16,900.

Scotgold floated on the Alternative Investment Market in 2010.

SSC boss backs Commission’s plans

The leader of the Scottish Chambers of Commerce has welcomed the “ambitious and deliverable” plan to boost UK exports produced by the Cole Commission.

SCC chief executive Liz Cameron said the report does not “seek change for change’s sake” but builds upon existing models with a track record of success while focusing on business needs.