News

Scottish businesses faced a sharp rise in financial distress in the second quarter of 2024, exceeding the UK average, according to Begbies Traynor. The business rescue and recovery firm's Red Flag Alert research revealed 30,435 businesses in Scotland experienced 'significant' financial distress (whi

Macallan Food Group, a new Scottish food business led by industry veterans Bill Hazeldean and Stewart McLelland, has acquired Malcolm Allan and made a significant investment in Macsween of Edinburgh, both for an undisclosed sum. Gordon Allan, son of Malcolm Allan's founder, expressed confidence that

Scotland's labour market experienced mixed results in the second quarter of 2024, with unemployment up, despite strong earnings growth. Median monthly pay reached £2,413 in June, a 5.2% year-on-year increase, exceeding UK growth and outpacing inflation.

Company insolvencies in Scotland fell by 4% in June 2024 compared to the previous year, totalling 109. This was comprised of 60 CVLs, 43 compulsory liquidations and six administrations. There were no CVAs and no receivership appointments.

Blackadders LLP has been ranked in the top band for Private Wealth Law in the Dundee area in the prestigious Chamber High Net Worth Guide. As well as appearing in band 1, Laura McDowall, head of the private client team, has achieved an individual band 1 ranking for the Dundee area.

House purchases faced delays due to a technical glitch in the Bank of England's crucial CHAPS payment system.

Grant Thornton's US arm, following a majority stake sale to private equity, is exploring a potential takeover of its UK and Irish affiliates. This would be a landmark deal in the accounting sector, creating a transatlantic powerhouse.

The Financial Conduct Authority (FCA) has told financial firms – including banks, payment firms and lenders – to do more to ensure parliamentarians, senior public servants and their families are not treated unfairly.

OpenAI CEO Sam Altman's $27 million (c. £21m) San Francisco mansion is reportedly riddled with problems, according to a lawsuit filed by Altman's legal team. The luxury abode located in San Francisco's Russian Hill neighbourhood, was said to once be the most expensive listing in San Francisco,

PwC made 234 promotions across Scotland, including two new equity partners and seven director appointments. The latest round of promotions – which extends to team members across all lines of service in PwC’s three Scottish offices – also includes seven new directors.

The Supreme Court has held that professional advisory fees totally around £2.5 million incurred by an investment firm in connection with the sale of a loss-making business could not be deducted as expenses of management under section 1219 of the Corporation Tax Act 2009. Centrica Overseas Hold

Largo Leisure Parks has formally launched an £800,000 development, expanding its Sauchope Links holiday park, with a traditional ribbon-cutting ceremony. The project, at the coastal park near Crail, is part of an overall investment programme by private equity firm Limerston Capital,

Frasers Group, led by Mike Ashley, saw its shares surge by nearly 10% after posting annual profit growth close to the top end of guidance.

Financial distress in Scottish football clubs has fallen significantly, with only three clubs (7%) in Scotland's top four leagues showing signs of trouble compared to eight a year ago, according to Begbies Traynor's March 2024 Football Distress Survey. This contrasts with a peak of 14 clubs in distr

Industry leaders have voiced their perspectives on the UK government's proposed measures aimed at addressing economic challenges and fostering growth, outlined in the King's Speech.