Chad Griffin, Geoff Rowley and Graham Smith of FRP Advisory have been appointed administrators of Orbex, or Orbital Express Launch Ltd.
Orbex, which had operations in Forres and Denmark, entered administration following unsuccessful attempts to secure new investment or a strategic acquirer.
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The joint administrators will now explore all options for the business, including a potential sale of its assets or technology. FRP said it is already in active discussions with more than 20 interested parties, which include other rocket developers.
More than 100 acres of “rarely available, prime” land has been put up for sale, with the property agent declaring this is a “once-in-a-lifetime” opportunity.
The land, which is available to purchase as a whole or in two lots, is described as being in a “renowned arable area” of Scotland.
Andrew Beedie, an associate of Scottish rural property agent Aberdeen & Northern Estates, said the firm was “thrilled” to be marketing “such an attractive block of land in such a renowned productive area”.
He highlighted the firm’s expectation of “very strong interest” in the land at Ardersier, between Nairn and Inverness, declaring that demand for land in this area outstrips supply.
Aberdeen & Northern Estates, a division of agricultural co-operative ANM Group, said: “The attractive farmland at Ballinreach Farm, Ardersier, lies in a renowned arable area between Nairn and Inverness, just 1,500 yards off the A96. This rarely available offering features predominantly grade 3 arable land and extends to 106.13 acres, boasting excellent roadside access, and is available to purchase as a whole or in two lots.”
An Edinburgh-based craft brewer has declared it is on course to record its best-ever year against a backdrop of sweeping closures across the market.
Sour beer specialist Vault City Brewing has revealed it is on track to reach the £10 million turnover mark by the end of 2027 amid strong progress in international markets and in UK supermarkets.
Vault City, which first began making beer in Portobello in 2018, is now available in 26 countries, with export sales up 62% year-on-year, led by the Nordics and France.
The company, which is now expanding its repertoire beyond sour beer, said it is powering ahead in the off-trade too, with Vault City now supplying more than 5,000 supermarkets across the UK. Its beers are listed by Tesco, Sainsbury’s, Morrisons, and Waitrose.
Business Insight
The owner of Glasgow’s “grande dame” hotel is set to return more than $1 billion to shareholders following a record year for new openings.
InterContinental Hotels Group (IHG) – also the owner of Holiday Inn, Crowne Plaza and Hotel Indigo – opened 443 hotels last year to add more than 65,000 rooms. It also completed the acquisition of European hotel brand Ruby, bolstering its presence in Germany, Austria, London and other key markets.
IHG took over the Grand Central Glasgow in 2019 and subsequently converted it to the voco brand, the group’s “upscale conversion” portfolio. Built by Caledonian Railway and opened in 1883, the Victorian structure is the global group’s only voco hotel in Scotland.
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IHG posted total revenue of $5.19bn (£3.8bn) during the 12 months to the end of December, up 5% from 2024, while operating profits rose 15% to $1.2bn.
Revenue per available room increased by an average of 1.5%. Growth was strongest in Europe, the Middle East, Asia and Africa, where revenue per available room rose 4.6%. The Americas edged up 0.3% and Greater China fell 1.6%.
Chief executive Elie Maalouf said the group delivered an “excellent financial performance” despite some turbulent trading conditions.