The Press and Journal (Aberdeen and Aberdeenshire)
Chamber of Commerce welcomes announcement by minister
Economy:
Increases in business rates for offices in Aberdeen and the north-east will remain capped at a maximum of 12.5% until 2022, the Scottish Government has announced.
The cap, introduced under the government’s Business Growth Accelerator Programme last year following an outcry over
“Our regional economy is still recovering from the oil price fall”
hikes in rates bills, will also be maintained for hospitality businesses throughout Scotland.
The move, announced by Public Finance Minster Kate Forbes, has been welcomed by Aberdeen and Grampian Chamber of Commerce chief executive Russell Borthwick, who said it would allow organisations to “plan more positively”.
The government said the extension of the cap for offices in the northeast until April 1 2022 recognised the effect the fall in the price of oil has had on the local economy.
Ms Forbes said: “In order o continue supporting the economy in Scotland’s north-east, we must first ensure that local businesses, who play a valuable role in generating economic growth, receive the correct and necessary support in order to maintain business performance. We recognise that supporting businesses in the north-east is crucial for driving future growth and I look forward to seeing a boost in both local business performance and Scotland’s economy.”
Mr Borthwick said: “Our regional economy is still recovering from the impact of the fall in the oil price and this announcement, while wider not completely alleviating the difficulties facing all businesses in the hospitality sector, will allow many organisations to plan more positively in the short to medium term.” 2016 and soon bought a fleet of ROVs from failed oilfield services company Harkand Group after securing a multi-millionpound investment from private equity company Alchemy Special Opportunities.
The firm, led by chief executive and co-founder Mike Arnold, had pretax losses of £7 million for the period October 5 2016 to December 31 2017, according to accounts at Companies House.
M2S, which also has bases in Newcastle and Houston, employed 38 people on average during the period under review.
In its accounts the firm said it relied on financial support from its principal investor and that Simmons and Co had been hired to “advise on strategic options”.