Port of Cromarty Firth in line for huge offshore wind investment

Hello and welcome to our daily digest of business, financial and economic news from around Scotland.

1. The Port of Cromarty Firth has been selected as one of two sites that can benefit from a £160 million UK government initiative to support floating offshore wind.

The Highlands site was picked along with Port Talbot in Wales to move forward to the next phase of the Floating Offshore Wind Manufacturing Investment Scheme.

Any money secured is expected to be put towards infrastructure required to support renewable energy.

Bob Buskie, the port’s chief executive, said: “The offshore wind industry has made it clear that Port of Cromarty Firth is critical to the forthcoming large-scale expansion of the offshore wind industry, which is needed to deliver national energy security and net-zero commitments.

“Today’s announcement will provide certainty for offshore wind developers that the infrastructure they need will be ready in time to deliver their projects and will hopefully now unlock the other elements of the financial plan necessary to meet the government’s due diligence requirements so that construction can begin.”

2. The value of Scottish estate sales in 2023 was £173 million, according to research by Strutt & Parker.

The group said that was the total for 23 deals meaning an average price of £7.5 million for the land.

It was down on the £188 million across 23 sales that was booked in 2022.

Strutt & Parker noted 70 per cent of buyers last year were families or individuals and 30 per cent were investment funds, charities or corporate bodies.

That compares with the 39 per cent of 2022 sales to individuals or families and 61 per cent going to investors and other entities.

3. One of Scotland’s best known railway officials is moving to the Department for Transport (DfT).

Alex Hynes will take up the position of director-general for rail services on a two-year secondment to the UK government.

Hynes will leave his role as managing director for Scotland’s Railway next month.

He said: “Our railways play a vital role connecting people right across the country and I look forward to working closely with DfT colleagues to help industry deliver the services that passengers rightly expect, while laying the track for a simpler, more effective rail system.

“One of my primary objectives in my current role has been to deliver a better, safer and more reliable railway for our passengers and our staff across the country.

“I am proud that over the past five years Scotland’s Railway has become more efficient and improved the reliability of train services for our customers.”

4. Law firm Lindsays has announced the new head of its board.

Nina Taylor, a partner in family law, takes over as the chair from Peter Tweedie, 63, who is retiring at the end of the month after eight years in the post.

Taylor, 57, joined the Edinburgh firm, which can trace its history back more than two centuries, 11 years ago.

She said: “It is important to me that we retain our independent Scottish status, while growing within our markets.

“That’s about growth where it is organic and feels natural to do so. Where opportunities emerge to work with the right people, in the right places, maintaining the strong values of integrity and independent advice for which the firm has a hard-earned reputation.”

5. Caltech Lifts has bought a new headquarters and warehouses as part of a £1 million investment.

The Dundee company, founded in 1978 and still controlled by the Renwick family, believes the move to Affinity House in the Dryburgh industrial estate will help it increase turnover.

Capacity had been constrained at its previous base, at the Port of Dundee, with equipment stored in shipping containers.

The move to the new site will also involve the setting up of a product showroom.

Caltech supplies and maintains passenger and goods lifts across the public and private sector.

6. An agricultural machinery supplier has gone into administration with 24 staff made redundant.

Balgownie, founded in 1907, was said to have struggled with its cashflow.

Richard Bathgate and Graeme Bain, from Johnston Carmichael, have been appointed as the joint administrators.

The insolvency practitioners have retained 17 staff to help them in assessing the firm’s assets across its Inverurie and Turriff sites.

7. A Scottish distillery has opened its doors again on Tuesday, more than 40 years after it closed.

The Port Ellen distillery on Islay has undergone a multimillion-pound revamp by its owner Diageo and is moving back into production.

It follows on from Diageo’s revival of the Brora distillery in 2021.

Port Ellen, which first began making whisky in the 19th century, is known for its smoky single malts and the rarity has pushed up prices in recent decades.

The rebuilt site is carbon neutral and features exact replicas of the original stills.