RETAIL tycoon Sir Tom Hunter has said a second referendum on Scottish independence is inevitable as he hammered home criticism of the handling of Brexit by politicians.

However, the Ayrshire entrepreneur said a vote on independence should not be held for the time being although any attempt by a UK prime minister to block one could backfire.

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“My position on a second referendum on Scottish independence is, one, it’s inevitable and, two, it definitely should not be now,” said Sir Tom, who highlighted the challenges posed by the coronavirus crisis.

He added: “Politicians are not good at multi-tasking … We need to get the economy back on a firmer footing, then let’s have a grown-up debate like we had last time.”

Sir Tom declined to say how he would vote in a second independence referendum.

He appears to feel Prime Minister Boris Johnson would be unwise to maintain his insistence that the result of the referendum held in 2014 should be binding for a generation.

He noted that the Scots word ‘thrawn’ means the more people are told they can’t have something the more they want it.

Sir Tom’s comments came as negotiators from the UK and the European Union raced against time to agree a trade deal before the end of the Brexit transition period on December 31.

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“All I would say is we need to get a deal, and I think we will get one, and when we do get a deal I would like politicians to explain why it’s better than the one we had before, because it won’t be,” observed Sir Tom.

Noting that Brexit had been billed as a move by the UK to take back control, he asked: “Control of what?”

Sir Tom said entrepreneurs could help lead the country out of the current crisis as he hailed the success of a firm he helped grow from a fledgling into a multi-billion pound business.

He was an early investor in The Hut Group ecommerce business, which turned heads in September when it completed a £5.4 billion stock market flotation.

Led by Matt Goulding and John Gallemore, Hut Group has expanded from selling DVDs online into markets ranging from fashion to heath and wellbeing through a stable of brands that includes Myprotein and eyeko.

The flotation is reported to have valued Sir Tom’s stake in the business at around £150 million.

It underlined his standing as one of Scotland’s most successful investors in the fast-changing retail industry.

Sir Tom shot to prominence after selling the Sports Division retail business he developed for £290 million in 1998 and has invested successfully in other retailers, such as the Office shoe business.

He said yesterday that the success of Hut Group underlined how much entrepreneurs who were prepared to take risks, and potentially disrupt the status quo, could contribute to the country.

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“The UK will be lead out of this crisis by entrepreneurs like Matt and Johnny creating jobs and plotting the future not moaning about the past. Good luck to all the disrupters we need you more than ever,” said Sir Tom.

He added: “The Hut Group plc has created 3000 high quality jobs since March 2020 taking their total to 10000, average age 26 years. We are very proud to be shareholders.”

The flotation came around 11 years after Sir Tom became a shareholder in Hut group, having invested what he described as a small amount in the business.

The West Coast Capital business Sir Tom founded to invest the proceeds of the Sports Division deal could net a big gain by selling its shares in Hut group.

West Coast Capital recorded a £30 million net gain in the latest financial year after gifting around £50m to the charitable Hunter Foundation, which Sir Tom founded to help promote positive change.

“To be clear the purpose of West Coast Capital is to make money and transfer to the Hunter Foundation where we will invest for the common good,” said Sir Tom.

In the latest accounts for the organisation the foundation says it will continue to support education, young people, entrepreneurship and poverty alleviation underpinned by leadership development in a highly focussed manner.

Trustees said the foundation continues to support, fund and back disrupters to the system in partnership with a range of partners.

In the year to March 31 it awarded grants worth £8.5m in total. The biggest grant, £2m, was made to Kiltwalk, which raises funds for charities. Children In Need and the Head Teacher Leadership Academy were awarded £1.1m and £0.4m respectively.