West Coast Capital owner Sir Tom Hunter has said that the firm has seen good progress this year and the hoarding of cash reserves is due to the company’s readiness to invest in more firms.

The cash reserves could also help Sir Tom capitalise on opportunities that emerge if the market turbulence experienced in recent months continues to rage on.

Sir Tom has previously stated that he thinks politicians have failed significantly in their management of Brexit, claiming that h public had not been given the facts required to make an informed decision in advance of the referendum held back in 2016, The Herald reports.

A week prior to the General Election, Sir Tom announced his view that there should be another referendum, he said: “If it’s like: ‘just the bad deal done’ it doesn’t sound like a great strategy for me.”

However, he feels confident enough in the prospects for the housing market in Scotland to be prepared to invest monumental sums to help grow the West Lothian village of Winchburgh into a significant commuter town.

Yesterday, he said that the forming of a joint venture in January with housebuilder CALA should instigate the creation of around 3,500 homes at Winchburgh over the next 15 years.

He said: “2020 will see five UK housebuilders on-site, major progress with a new motorway spur, progress on new schools and negotiations continuing to bring a railway station to Winchburgh.”

Sir Tom said the main reason West Coast Capital exists is to make money so that he can make donations to the charitable foundation he established.

He added: “I’m very proud to say we donated over £5m there over this period, more on this next year.”