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Major Scottish shipyard mooted for closure

Category: Scotland Business News — Mark on November 30, 2012

The UK chief executive of BAE Systems has said that the firm could close one of its major Shipyards.

The move is being discussed because of the UK’s falling shipbuilding industry. BAE’s three shipyards, in Govan, Scotsoun and Portsmouth are presently building two new aircraft carriers. However, the viability of all three is all up for review with insufficient orders on the books.

The company’s UK CEO, Nigel Whitehead said:

“The issue is how to consolidate but make sure that we’ve preserved the capability to design and manufacture complex warships. We anticipate that there will be a reduction in footprint and we anticipate that part of that might actually be the cessation of manufacturing at one of the sites.”

Many shipbuilding companies in Scotland are facing problems in the present climate, though many are coping with the help of factoring.

Following a review of its business, it is highly anticipated that the BAE Portsmouth site could be at highest risk. However, both Scottish sites are also being considered seriously, particularly with both taking up sites on the River Clyde.

A significant reason for the lack of work is due to ongoing defence cuts. As a result, the firm says it is in talks about present and future works with the government.

However, the Ministry of Defence has not been drawn on the subject. It has released a statement saying that it is up to the company as to how deliver the vessels it has been contracted for.

A final decision is expected to be made at the end of the year.

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Comet stores to close before Christmas

Category: Scotland Business News — Mark on November 22, 2012

Electrics retailer Comet is set to start closing stores by the end of November if a buyer is not found for the insolvent chain.

The first of a reported 41 closures are due to start next week. There are presently 26 Comet stores in Scotland – two in both Edinburgh and Glasgow.

Remaining outlets will continue to trade over the festive period, with most stock being heavily discounted.

The retailer entered administration earlier in November, with more than six thousand jobs being put at risk. In a statement, administrators Deloitte said:

“While the administrators will look to redeploy staff from any stores which do face closure to other stores nearby, there will inevitably be redundancies.”

It is thought that rival chain Dixons could be ready to provide some help by offering Christmas positions to staff facing redundancy.

However, many industry analysts, as well as the administrators, feel that Comet is operating in a poor niche, with little chance of reversing fortunes. A high number of the firm’s customers tend to be first-time home-buyers.

The lack of access to credit also prevented the chain from restocking in the run-up to Christmas.

Many companies are not taking on credit presently, managing instead to cope through the economic downturn with factoring facilities. Others still are managing to grow with the use of such facilities as well as invoice discounting.

The downfall of Comet is one of the most significant failures in the British High Street since the demise of Woolworth’s, which worked to a similar business model.

Shipping company sees profits climb

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Small businesses need more support, says FSB

Category: Scotland Business News — Gary Cain on November 18, 2012

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Scottish laser manufacturer slices through economic uncertainties

Category: Scotland Business News — Mark on November 16, 2012

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Angels doing heavenly work for Scottish business

Category: Scotland Business News — Paul Morgan on November 14, 2012

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Business numbers growing in Scotland

Category: Scotland Business News — Gary Cain on November 12, 2012

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