Business News Round Up (26/06/2020)

Fintech cluster to develop next generation services

Scotland is to spearhead next generation technology that will improve consumer access to financial services such as credit, property ownership and saving.

A £55 million package of support will fund research by a consortium led by Edinburgh University and is seen as a huge vote of confidence in Scotland’s growing fintech cluster.

FinTech Scotland, the Financial Data and Technology Association (FDATA) and Scottish Enterprise are also part of the programme which includes a £22.5 million innovation funding for the Global Open Finance Centre of Excellence (GOFCoE).

The Edinburgh programme is one of seven innovation projects across the UK which will share £400 million of public and private sector support as part of the UK Government’s target to invest 2.4% of GDP in research and development.

https://dailybusinessgroup.co.uk/2020/06/fintech-cluster-backed-by-55m-research-support/

 

Menzies loses another CEO as Wilson joins distiller

Airport services group John Menzies has lost its third CEO in four years after Giles Wilson announced he was leaving to join a whisky distiller.

Mr Wilson, who will become chief financial officer at William Grant & Sons, had been interim CEO at Menzies following the surprise departure of Forsyth Black in March 2019. He was appointed permanently last June, tasked with overseeing £10 million of cuts.

Mr Black replaced Jeremy Stafford who resigned in 2016 for what were described as personal reasons after just 15 months in the post.

Mr Wilson joined Menzies in 2011 and was appointed CFO in June 2016. He will leave at the end of August to join Glenfiddich owner William Grant & Sons.

https://dailybusinessgroup.co.uk/2020/06/menzies-loses-another-ceo-as-wilson-joins-distiller/

 

Karas Plating backed by £250k emergency loan

Manchester-based manufacturer Karas Plating has secured a £250,000 funding package from Barclays through the CBILS to maintain the ability to operate throughout the crisis.

Established more than 75 years ago, the company specialises in metal finishing, electroplating and surface coating to a range of clients in the pharmaceutical, food, medical and power generation sectors.

It has worked to help the response to the ongoing pandemic, plating urgent parts for ventilators and continuing to supply critical components across food manufacturing.

https://www.insidermedia.com/news/north-west/karas-plating-backed-by-250k-emergency-loan