Business News Round Up (14/07/2020)
Deals Done – Scotland’s M&A and funding activity for Q2 2020
Mergers and acquisitions activity in Q2 of 2020 in Scotland experienced its worst quarter in more than 10 years as many transactions were postponed or cancelled as a result of the impact of Covid-19. With global equity and debt markets faltering throughout Q2 2020 liquidity and shoring-up balance sheets has become a key focus for many with market sentiment on economic recovery still low. From a transaction perspective this has often resulted in the altering of deal structures towards ‘earn-outs’ with buyers not comfortable parting with much needed cash reserves on completion. Despite this, there have been a number of key deals such as Beeks Financial Cloud’s acquisition of Velocimetrics for £1.3 million and Malaysian-listed engineering specialist Serba Dinamik’s acquisition of Aberdeen-based Wellahead Engineering, establishing a strategic base in the North East for Serba.
https://scottishbusinessnews.net/deals-done-scotlands-ma-and-funding-activity-for-q2-2020/
North West shares in £40m of funding to kick-start next-gen nuclear technology
The North West is to receive shares of £40 million of funding to unlock thousands of green jobs by developing the next generation of nuclear energy technology, the Government has announced. Part of this funding will support three Advanced Modular Reactor (AMR) projects, which are far smaller than traditional nuclear plants and use intense heat generated in nuclear reactions to produce low-carbon electricity. They can be used at remote locations thanks to their size and can produce enough energy to power anything from a small village to a medium-sized city. Up to £30 million of funding will speed up the development of the three AMR projects, including sites in Cheshire and Lancashire, and drive them closer towards supplying low-carbon energy to the nation. The remaining £10 million will be invested into unlocking smaller research, design, and manufacturing projects to create up to 200 jobs.
G4S plans more than 1,000 job cuts at cash-handling business
Private security company G4S has announced plans to make more than 1,000 workers redundant at its UK cash business as it struggles with an increased shift to digital payments as a result of the coronavirus lockdown. The move follows a review of Cash Solutions’ footprint in the U.K. amid changing customer needs, Paul van der Knaap, managing director of G4S Cash Solutions UK, said in a statement, without giving details. The GMB union said as many as 1,150 jobs are at risk.
Bruntwood Works launches office share scheme
Bruntwood Works has launched a service designed to allow businesses to partner up and share a space. The Office Share initiative is geared towards helping companies adjust to a new normal following the pandemic. It will allow a single operation to spend two to three days in the office and enable staff to work flexibly. The partnered firm will then use the space for the remainder of the week. Office Share follows the launch of Spark by Bruntwood Works, a service designed in partnership with small business support network Enterprise Nation, to provide SME management teams with the support needed to develop new ideas, take the next step on their growth journeys and navigate the challenges created by the coronavirus.
https://www.insidermedia.com/news/north-west/bruntwood-works-launches-office-share-scheme