Business News Round Up (26/06/2023)
New lending law good news for Scottish business – banking expert
A new law aimed at making it easier for Scottish businesses to borrow against its moveable assets can potentially open new avenues to obtaining much needed working capital, a banking expert believes. Gavin Buchan, a Partner who heads the banking law team at Scottish legal firm Lindsays, has welcomed the Scottish Government’s Moveable Transactions Bill, which has recently been granted Royal Assent (June 13). As well as allowing businesses to borrow more easily against physical – moveable – assets, such as machinery and stock, the bill also enables firms to raise finance against intellectual property including trademarks and patents. It also brings about reforms to some commercial transactions, making them more efficient and less expensive. Mr Buchan said: “This is good news for Scottish businesses and the Scottish economy. It makes the process of being able to borrow against assets and income streams far simpler. One of the important features is that companies will find it simpler to borrow against the value of invoices which they have out to be paid. Businesses will be able to transfer the benefit of those payments to lenders for money up front so there is access to working capital on the basis of the monies owed to them. They’ll also be able to provide physical assets and stock as security to raise finance whilst still having access to actually use those assets – that’s a significant benefit as the current law requires those assets to be passed to the security holder.”
One in five UK employers has hired a Ukrainian, report reveals
One in five British employers has hired a Ukrainian refugee and significant numbers have taken on Hong Kong British nationals or resettled refugees, new research reveals. A survey for the Social Market Foundation of more than 2,000 HR managers revealed that 19% said their organisation hired at least one Ukrainian national in 2022. 12% said they had employed a Hong Kong British national, and the same proportion had hired a refugee. The survey was carried out for an SMF report (see notes) on immigration and employment that proposes significant simplification to Britain’s migration system, granting work visas simply on the basis of wage levels, not occupation groups. The SMF report on migration and labour shortages in the UK economy was sponsored by Fragomen. The SMF retained full editorial independence. The latest official migration statistics show there were more than 154,000 arrivals from Ukraine last year, and 52,000 with British nationals status from Hong Kong. Around 6,000 refugees are resettled in the UK each year. The SMF said the results of the survey – conducted by YouGov on behalf of the Chartered Institute of Personnel and Development – demonstrated Britain’s openness to economically integrating new arrivals through whatever immigration route they have come, but also made the case for a new approach to migration and work.
Amazon to fund 350 apprenticeships and traineeships
In a significant boost to the creative industry, Amazon has unveiled its plans to fund 350 apprenticeships and traineeships, with a specific emphasis on the fields of TV, film, and books.The initiative seeks to bridge the skills gap in these industries and provide aspiring individuals with invaluable hands-on experience and training. New analysis released today from independent macroeconomic consultancy Capital Economics shows that Amazon’s investments in the creative industries supported more than 16,000 jobs in 2022, ranging from directly employed in-house designers to indirectly employed external producers, and Amazon has invested more than £4.2 billion since 2010 across Kindle Direct Publishing, Amazon Publishing, Prime Video, Audible, Amazon Fashion, Amazon Music, Amazon Games and more. The new data shows that Amazon’s investments have contributed £4.8bn of gross value (GVA) to the UK economy since 2010. Amazon has doubled its investments in the creative sectors across the UK in the last five years, reflecting the support for more UK-based creatives, a record number of Amazon Originals filmed in the UK, and state-of-the-art studios and facilities for Amazon Music, Audible and Prime Video, including the new production facilities to open at Shepperton Studios.
Deal creates Scotland’s biggest property factor
Strathspey Capital has become Scotland’s largest property factor after acquiring Rutherglen-based Speirs Gumley for an undisclosed sum. The deal brings the total number of Scottish properties managed by the Strathspey Group to more than 86,000. Speirs Gumley has 32,000 units under management in Glasgow and Edinburgh. Strathspey aims to consolidate the sector to “improve professional standards in the industry and deliver better value to homeowners.” Strathspey is the parent company of James Gibb Property Management, which operates in the central belt, Dundee and Aberdeen and currently manages about 54,000 properties. Strathspey chairman Stuart Pender said: “This transaction unites two of the strongest businesses and management teams in the sector. We believe we now have the most experienced, knowledgeable and technically capable team in Scotland, which will ensure that we can maintain our market-leading position.” Speirs Gumley and James Gibb will continue to operate as separate businesses and brands, led by chief executives Lorraine MacDonald and David Reid, respectively. Ms MacDonald will also join Strathspey Capital’s board. Strathspey said there would be further investment in Speirs Gumley “to both retain its culture and expand its operations”.
https://www.bbc.co.uk/news/uk-scotland-scotland-business-65990897