Orkney: Plans for the island’s first new whiskey distillery in 138 years

It has been very busy indeed as plans were announced for Orkey’s first new whiskey distillery in 138 years. The following day, James Watt, co-founder of BrewDog, announced that after being rejected twice by the BBC show Dragons’ Den, he was swapping out mythical creatures by launching his own competition ‘The Next Unicorn’.

Other people in the news included Debra Crew, who has been named the next chief executive of Scottish whiskey giant Diageo, while the great-grandson of the creator of Scotland’s favorite soft drink is cutting formal ties after 62 years in the business.

In the meantime, it seems there isn’t too much gold in the hills, as Scotland’s sole commercial prospector has warned of “significant doubts” over its ability to continue the business. Energy companies also remain high on the agenda, including news that Scottish energy group SSE has raised its earnings forecast for the second time in just over two months.

Read on to find out more, otherwise enjoy the rest of your weekend.

Plans for the island’s first new whiskey distillery in 138 years

Construction of the first whiskey distillery to open on Orkney in 138 years is set to begin this summer. Family-run Deerness Distillery – makers of award-winning Sea Glass Gin – is funding six-figure expansion by pre-selling 200 casks of their first single malt.

Irn Bru Veteran Retires After 60 Years As Profits Soar

Roger White, CEO of AG Barr (Image: Newsquest)

Irn Bru maker AG Barr has reported profits soaring to almost £45m on news that Robin Barr is stepping down from the board after almost 60 years. Barr boosted pre-tax profit by 5.2 per cent to £44.4m for the year ended 29 January on sales up 18.2 per cent to £317.6m amid the cost of living crisis and soaring consumer spending overhead.

Gold miner Scotgold warns of ‘material uncertainty’

The Argyll gold mining company has warned it could face “material uncertainty” which would cast “significant doubt” on its ability to continue as a business “in the very short term”. Scotgold Resources’ shares fell more than 60 percent after the company announced that its Cononish mine near Tyndrum would produce significantly less mineralized ore than originally thought.

Cambo oil giant Ithaca hits Windfall Tax

Gilad Myerson, CEO of Ithaca Energy (Image: Ithaca Energy)

The Israeli-backed company, which owns a majority stake in the controversial Cambo oil field west of Shetland, has warned that the windfall tax on oil and gas industry profits threatens investments in the North Sea. Ithaca Energy said the Energy Profits Levy (EPL) has created “significant fiscal instability” since it was introduced last May and renewed in November.

‘Transitional year’ as Wood awaits confirmation of takeover bid

The boss of Aberdeen-based energy services company Wood has underscored his confidence in the company’s strategy as the group awaits further information on a potential takeover bid. Chief Executive Ken Gilmartin said there is “good momentum” in the new fiscal year after Wood returned to sales growth in the 12 months ended December after resolving a number of legacy assets and turnkey projects that were damaged have bottom line in recent years.

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