SIR Tom Hunter has declared it was a complete and utter scandal the UK had to vote on Brexit with only five per cent of the information required but his investment business has made good progress recently.

The serial entrepreneur said his West Coast Capital private equity operation did well in the latest year when it continued investing in property in the UK in site of uncertainty about Brexit.

He criticised the Scottish Government’s decision to increase tax in last week’s Budget warning the move could scare off badly needed investment.

Sir Tom also reiterated his view that now is not the time to hold a second independence referendum in Scotland.

“We’re not saying never, simply not now,” he said. “There’s so much uncertainty on Brexit to add Scottish independence on top would be foolhardy.”

READ MORE: Entrepreneur Sir Tom Hunter still backing technology and property ventures in Scotland

A fortnight after Theresa May agreed the initial terms of the UK’s divorce from the European Union, with a bill of up to £50 billion, Sir Tom complained businesses still faced massive uncertainty about what Brexit will mean.

“It’s a complete and utter scandal that we were required to vote at a time when we only had five per cent of the information we needed,” said the Ayrshireman.

He added:” We have more information now but we still have by no means got the amount we need about what it is going to look like.”

Potentially tortuous negotiations on a trade deal with the EU will not start until next year although the UK is due to leave it in 15 months.

Sir Tom said politicians on all sides had let the people of the UK down by failing to ensure voters had the information needed.

He noted: “Politicians said we would get £350 million a week back. I can’t find anything that said it might be costing us £50 billion to exit.”

However, asked if the prospect of Brexit had made West Coast less likely to invest in the UK he said the business made decisions on a company specific rather than a country basis.

Founded using proceeds from the £290m sale of his Sports Division retail business to JJB in 1998, West Coast invested in UK properties such as student accommodation developments in the year to March.

West Coast put lots of efforts into trying to advance its plans to develop what would effectively be a new town at Winchburgh in West Lothian.

The project has been delayed amid wrangling about how the costs of the necessary infrastructure work are split but Sir Tom is hopeful progress will speed up next year.

Sir Tom said the increases in Scottish income tax rates announced in last week’s Budget would raise little extra revenue but could mean the country is perceived as a high tax area. The priority should be to boost Scotland’s anaemic growth rate. “My goodness that is the worry,” he noted.

READ MORE: Entrepreneur Sir Tom Hunter still backing technology and property ventures in Scotland

West Coast continued to invest in its existing portfolio in the year to March, with the key themes being data analytics and property.

Sir Tom suffered big losses on investments he made in housebuilding firms before the market slumped in 2007 but has been pleased with the performance of more recent property-related investments.

West Coast has seen the value of its investment in the Secure Income REIT commercial property venture increase significantly.

The private equity business is not investing in the retail property sector, in which there has been consolidation at the top end. “Prime UK retail property is pretty good but secondary can quickly become tertiary,” said Sir Tom.

Since offloading its 11 per cent stake in House of Fraser in 2014, West Coast has had no big holdings in high street stores groups.

Sir Tom highlighted the success of e-commerce business The Hut, which West Coast has a stake in.

West Coast made significant investments in supporting growth in portfolio companies in the latest year.

The recipients included Edinburgh-based TVSquared, which has developed technology that lets users see what business they are getting from web searches, and US analytics business DynamicAction.

READ MORE: Entrepreneur Sir Tom Hunter still backing technology and property ventures in Scotland

Accounts filed at Companies House show the West Coast Capital Assets and Holdings investment vehicles made total retained profits of £2.6 million in the year to 31 March.

The book value of the listed investments held by West Coast Capital holdings increased by £28m to £49m.