HELLO and welcome to the AM Business Briefing, as energy companies' pleas for help from the UK Government have "fallen on deaf ears" despite a majority of suppliers on the brink of administration, the chief of a collapsed business has said.
Green Energy founder Peter McGirr spoke out on BBC Good Monring Scotland as the firm became the fifth supplier to go out of business in September as rising gas prices contributed to the energy crisis engulfing the sector.
In the city, fashion brand In The Style has warned that its profitability will be hit by high shipping costs and increased returns from customers, amid disruptions to UK supply chains.
Shares in the company dipped more than 10% after the profit warning, despite In The Style revealing a recent spike in sales.
The business expects to see high freight costs and shipment disruptions to continue "at least" until the end of March, when its financial year comes to a close.
Also today, a disused industrial site is set for a major transformation, a technology firm has hailed £700,000 investment to roll out a new turbine blade protector, and Graeme Roy delves into the national insurance row in his Business Voices column.
Major industrial estate revamp announced
A £1.9 million project to transform a disused facility on Scotland’s largest industrial estate will see the creation of 22,540 sq ft of new warehousing to help fill the gap for modern industrial units in the Greater Glasgow industrial market.
The Carnegie Road redevelopment at Hillington Park is scheduled to start on 28th September, with the 34 week work programme involving the complete redevelopment of the dilapidated 1950s site into an energy efficient, modern warehouse facility with new office pod installation and a redesigned and enlarged service yard that meets modern HGV usage standards.
The redevelopment has been designed with improved energy efficiency at its core, the developr said. Modelling by independent energy consultants Carbon Futures has estimated that the proposed installation of enhanced insulation, LED lighting, air-source heat pump efficient heating and removal of gas appliances, will reduce energy consumption by 79% compared to the building’s current condition.
In business terms this will result in a typical future occupier saving £6000 in costs each year, with the EPC rating for the building expected to improve from F to B.
The project was tendered by lead consultants EPC Associates who are supplying principal designer, project and cost management services. The work programme, which will be undertaken by Glasgow-based contractor, Insite Contracts, will see the demolition of the redundant office element while the warehouse building will be stripped back to the structural frame and completely reclad with a mix of profiled and micro-rib metal panelling.
The scheme at Carnegie Road is an integral part of Frasers Property’s ongoing transformation of the Hillington Park estate and comes on the back of the West 100 and 200 development, which is scheduled for completion in the first quarter of 2022 and will see the creation of almost 133,000 sq ft of modern industrial units.
Grant Edmondson, commercial director at Hillington Park, said: “This is another substantial commitment by Frasers Property to invest in and substantially upgrade older stock on Hillington Park.
“The proposed scheme will deliver a new modern, energy efficient warehouse unit with a large secure service yard, with the quoted rental reset accordingly. There is a lack of available modern units in the Greater Glasgow industrial market and we expect this property will relet quickly once completed next year.”
Current occupiers at Hillington Park operate in a wide range of sectors including transport & last mile logistics, automotive, construction services, manufacturing, engineering, retail, technology and the public sector.
Graeme Roy: National insurance row puts fresh strain on Scotland-UK relationship
The decision by Boris Johnson to hypothecate the new levy on national insurance contributions to health and social care spending not just in England, but in Scotland, has sparked off another round of argument between the Scottish and UK governments.
Scottish company develops windfarm turbine protector
A technology firm has hailed £700,000 investment to roll out a new product it believes will transform the maintenance of windfarms.
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