Today’s news in brief – 6/3/2025
EY has revised Scotland’s growth forecast to a GVA of 0.9% for 2025, citing low productivity and labour market inactivity. Despite outperforming the UK in 2024, EY’s ITEM Club Scotland report attributes the slowdown to cautious household spending amid economic uncertainty. While GDP data initially suggested a strong outlook, growth stalled in Q4 due to rising inflation. Private services and construction are expected to drive future growth, but employment concerns persist. EY’s Ally Scott emphasized the need to address productivity and labour issues, while Sue Dawe highlighted the importance of workforce participation to revitalize Scotland’s economy.
US-based Ground Control Business Management has acquired UK accountancy firm Clay GBP, expanding its presence in the UK. The acquisition integrates Clay GBP’s operations into Ground Control, with its partners joining as managing directors. Founded in 2014, Clay GBP serves high-net-worth clients across sports, media, and entertainment, offering services such as tax planning, estate coordination, and wealth management. CEO Chris Bucci said the deal strengthens Ground Control’s international capabilities. Clay GBP’s leaders welcomed the move, noting that Ground Control’s expertise would enhance their services and introduce US-style business management practices to the UK market.
RSM UK has completed the pre-pack sale of Silcoms Limited, a Bolton-based aerospace and industrial components manufacturer, to Silcoms II Limited, backed by Breal Capital. The sale preserved over 80 jobs after financial struggles caused by Covid, supply chain pressures, and legacy liabilities. RSM UK’s Chris Ratten highlighted Silcoms’ strong industry reputation and the complexity of the deal. Breal Capital’s Mick Welden expressed excitement about supporting Silcoms’ growth and preserving vital manufacturing skills in the North West. The acquisition aims to ensure business continuity and strengthen Silcoms’ position in the aerospace sector.
MHA has facilitated the sale of Aberdeen-based IT services provider Internet for Business Limited after its administration on 20 February. Insolvency practitioner Michael Reid oversaw the pre-packaged sale, ensuring the preservation of 12 jobs and uninterrupted service for customers. The transaction follows five months of active marketing to secure a buyer. Reid acknowledged the company’s financial struggles in a competitive market but emphasized that the deal safeguards its long-standing operations. While future dividend prospects remain uncertain, the primary focus is a seamless transition for customers. A full financial report will be provided to creditors in due course.
