Business News Round Up (12/05/2020)
‘Particularly difficult outlook’ for tourism, oil and gas in Scotland
Key sectors of Scotland’s economy could be facing a ‘particularly difficult’ future due to the impact of Covid-19, a report has warned. The Scottish Council for Development and Industry has released a new briefing paper warning of the impact on areas including oil and gas, aviation, tourism and hospitality. The SCDI noted that early indications suggested Scottish employers shed jobs at the fastest rate in over two decades in March, adding that this had happened at a faster rate than in UK-wide firms. It said just over half (51%) of Scottish businesses had reduced staff numbers while 81% had cut staff working hours.
British Business Bank increases FW Capital’s funding capabilities to £142m
A capital market company has been allocated more than £40 million to support SMEs in the North. FW Capital has been allocated £40.6 million from the Northern Powerhouse Investment Fund (NPIF), taking its new total to £142.6 million. It was appointed in 2017 to manage NPIF-FW Capital Debt Finance to support businesses through two funds focusing on the North West and the Tees Valley & Cumbria. The money from the British Business Bank will see the North West NPIF fund increase by £30.6 million to £81.6 million and FW Capital’s Tees Valley & Cumbria NPIF fund rise by £10 million to £61 million.
Scottish Q1 property investment is up despite the pandemic
Quarterly investment volumes in Scotland reached £420 million in Q1 2020, up from the £414 million transacted in Q4 2019 and up 40% compared to the same period the previous year, according to Colliers International’s Q1 Scotland Snapshot report. The report shows that deal volumes remained below the five year quarterly average of £581 million. The sale of the Springfield private rented homes scheme (PRS) in Edinburgh accounted for half of all the activity by value at £215 million. Offices and industrial recorded only limited activity during the first quarter, while the sale of two larger retail warehouses helped retail investment volumes to recover from a weak Q4 2019.
https://www.insider.co.uk/news/scottish-q1-property-investment-up-22012353
Greater Manchester establishes night-time economy task force
Greater Manchester Combined Authority (GMCA) has convened a task force of leading figures from the hospitality, events, and cultural sectors to develop a long-term plan for the protection and promotion of the region’s night-time economy. The Night-Time Economy Task Force has been put together by Sacha Lord and Elise Wilson, with those working in the industry expected to be among the most affected and for the greatest amount of time. The organisation will work together to better understand the full extent of the impact lockdown and social distancing has, and will have, on operations in the coming months, as well as developing longer-term plans for support and recovery.