AS businesses prepare for a new year amid huge uncertainty about issues such as Brexit and the outlook for consumer spending, dealmakers’ experience suggests there is still plenty of ambition in Scotland’s boardrooms.
In his first interview since launching his own advisory firm in September, corporate finance veteran David Leslie has said a get on with it mentality prevails among directors.
He reckons levels of mergers and acquisition activity in 2018 could be in line with this year, during which predictions the Brexit vote would cause corporate paralysis proved mistaken.
A recent survey by accountancy body ICAS and wealth management firm Brewin Dolphin found almost 90 per cent of advisors in Scotland expected to be at least as busy next year as in 2017.
Mr Leslie’s prediction Scots firms will be acquirers will provide some reassurance for those concerned the fall in the value of the pound since the Brexit vote has made it easier for overseas bidders to buy local firms.
While Canada’s K-Bro acquired the Fife-based Fishers laundry business in November, Scottish firms such as Weir made notable overseas acquisitions last year.
Standard Life and Aberdeen Asset Management provided evidence of the scale of the ambition of some firms by agreeing a £11bn combination to help them grow in global markets.
The concern must be, however, that many more overseas businesses could decide now is the time to buy Scottish firms than vice versa.
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