Sir David Murray passes on ownership
Sir David Murray has completed a deal to cede ownership of the private investment office bearing his name to his sons, David and Keith.
Confirmation of the transfer came as Edinburgh-based Murray Capital Group released accounts revealing a large pre-tax loss as the business was hit by the economic fallout from the pandemic.
Sir David will remain as chairman of the group, which is flagging a “strong return to profitability” this year on the back of a number of positive developments in the portfolio and the future prospects of its large strategic land assets.
The company’s main activities are the development of land for the residential and commercial sectors, investment in private companies and property, wine importing and distribution, and the provision of metal stockholding, processing and distribution.
Sir David said: “I am pleased to remain as chairman, with an active interest in our core steel business in particular, and a small continuing equity stake.
“I have been through many ups and downs over the last 50 years in business but I retain great expectations and energy for the next phase.”the company’s annual accounting period was extended to 18 months.
Turnover from continued operations came in at £100.1 million, compared with £78.7m in the previous shorter 12-month period. Pre-tax losses widened to £11.6m, from a £1.8m deficit, due to exceptional costs relating to a restructure of the metals business, the Covid-19 pandemic, and trading losses within portfolio companies.