Business News Round Up (05/11/2024)
Scotland retail sales ‘essentially static’ during October
Scottish retail sales remain “essentially static” – a trend which has run for the entire second half of the year so far. Figures from the Scottish Retail Consortium (SRC) and KPMG showed that total sales in Scotland decreased by 0.7% last month, compared with October 2023, when they had grown 2.9%. This was below the three-month average decrease of 0.6% and below the 12-month average growth of 0.1%. Adjusted for inflation, there was a year-on-year increase of 0.1%. On a like-for-like basis, Scottish sales decreased by 0.2% compared with October 2023, when they had increased by 2.8%. This is above the three-month average decrease of 0.3% and below the 12-month average growth of 0.1%. David Lonsdale, director of the SRC, said: “Scottish retailers will need even more patience as they wait for retail sales to return to significant growth.”
https://www.insider.co.uk/news/scottish-retail-sales-essentially-static-34030705
TechUK calls for government support to help UK datacentre market reach growth potential
The datacentre sector could become one of the fastest-growing industries in the UK, but doing so will require greater collaboration between industry and decision-makers at both local and national government level, according to a TechUK report. The tech trade body’s Foundations of the Future report said that demand for datacentre capacity in the UK is set to grow at a faster pace than ever before, as enterprises look to tap into technology advancements such as artificial intelligence (AI). According to the report’s figures, compiled by consultancy firm Henham Strategy, the UK datacentre market currently contributes £4.7bn in gross value added (GVA) annually to the UK economy and is a source of 43,500 jobs within the economy. Despite this figures, Nick King, managing director at Henham Strategy, said that the contribution the market makes to the UK economy is not fully appreciated.
Scotland’s bio-based manufacturing launchpad opens £5.25 million funding round
Businesses innovating in Scotland’s thriving bio-based manufacturing industry are being invited to apply for support packages of between £25,000 and £1 million as Innovate UK opens Round 2 of its pioneering Launchpad funding programme. A total investment of up to £5.25 million is being channelled into the Launchpad for Scotland in this round, with grant funding packages between £25,000 and £1 million available for projects from Micro Small or Medium Sized Enterprises (SMEs) or consortia that can provide exceptional impact to the bio-based manufacturing industry cluster. Developed in partnership with Scottish Enterprise, Innovate UK’s Launchpad is designed to support businesses growing their innovation activities, in different bio-based sectors across Scotland. Applications can be made from 4 November to 11 December 2024 with funding expected to provide additional financial backing to innovative companies ready to scale their operations and contribute to a greener economy.
Landsec takes control of MediaCity in £83m deal with Peel
Property giant, Landsec, has taken full control of MediaCity from Manchester-based Peel Group, which had held the remaining 25% stake in the Salford development. The deal also includes the television facility dock10 and the 218-bed hotel at the estate which were wholly owned by Peel. The acquisition is based on a cash consideration of £22m plus the assumption of £61m of secured debt. The overall consideration of £83m represents a discount to the latest book value of Landsec’s existing 75% interest in MediaCity. This discount reflects the value of contracted future income from wrapper leases to Peel which Landsec has agreed to surrender as part of the transaction. Taking this and the value of the hotel and studios into account, the transaction is broadly in line with the latest book value of the estate and earnings neutral in the near term, said Landsec.