Edinburgh land deal provides uplift for Murray Capital following £1.7m loss

Edinburgh land deal provides uplift for Murray Capital following £1.7m loss

David D Murray – Director of Murray Capital

Murray Capital Holdings, the investment business of the Murray family, has announced its financial results for the year ending 30 June 2024, revealing a challenging period particularly impacted by the steel sector.

The firm reported a pre-tax loss of £1.7 million, a significant shift from the £4.3m profit recorded in the previous year. Turnover decreased to £68.3m from £84.3m in 2023. Shareholders’ funds also reduced to £33m (£46m in 2023), primarily due to an internal debt-for-equity swap within its property development arm, Murray Estates. Net cash stood at £4.2m at year-end, down from £6.1m.

However, since the close of the financial period reported in this set of accounts, the company has made material progress in diversifying its assets and unlocking future opportunities.



This calendar year opened with the sale of the Redheughs site at Edinburgh Garden District to Places for People, one of the UK’s largest social enterprises. This will see 1,300 homes of various types and tenures built, including more than 330 new affordable homes. Plans also include extensive greenspace, a primary school and local amenities.

The sale marks a major milestone in Murray Estates’ land and property strategy, paving the way for significant receipts in the coming years. The company intends for all future proceeds from Murray Estates to directly flow through to Murray Capital, so it can fully expect to benefit and reinvest from the sale of Redheughs and any future such deals, given years of continuous investment.

Other key transactions include the successful sale of its interest in Blackford Insurance and Murray Estates’ Neighbourhood Centre at Kingdom Park in Kirkcaldy, further strengthening the company’s cash position for future investment.

The company also invested in and moved to its new head office at Rutland Street in March 2024.

With no external third-party debt at the Group level, Murray Capital remains financially robust and well-positioned to capitalise on new opportunities across its diverse portfolio. 

David D. Murray, Managing Director of Murray Capital Holdings, said: “We are pleased with the momentum that we have built in our estates portfolio, particularly with the sale of Redheughs in January, which we expect to support a notable financial uplift for the current financial year.

“This is despite wider market challenges, including the government’s proposed changes to Business Property Relief.

“Family businesses like ours play a vital role in driving sustainable growth, creating jobs, and investing for the long term. The proposed changes risk undermining this, but we remain optimistic that policymakers will recognise the importance of supporting businesses that contribute so much to the UK economy.

“We will continue to champion investment, innovation, and the next generation of entrepreneurs.”

The family also announced last month that Sir David Murray, Murray Capital’s chairman, will launch his autobiography, entitled ‘Mettle’, on 2 July 2025. The book will look back on his life in his own words.

Murray Capital was last month shortlisted in the ‘Family Business of the Year’ category at the British Business Awards, which will be decided later this month at a ceremony in Edinburgh.

Murray Capital continues to provide support to The Murray Foundation, with a percentage of profits directed to the family’s foundation each year to fund support for several different local charities in a time of great need. In total, The Murray Foundation supported 15 local charities across the financial year, covering issues from higher education to hospice care. Supporting the foundation has become an increased focus for the family.

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