Profits and net assets grow at former Rangers supremo Murray’s investment firm

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Edinburgh private investment company Murray Capital Group (MCG) has reported a £6 million jump in annual profits.

The firm, run by of former Rangers owner Sir David Murray, showed in its latest report that the performance came on the back of the sale of its majority stake in Glenrothes-based cable manufacturing business Brand Rex Holdings to American outfit Leviton.

The sale left Murray Capital with net cash of £23 million at 31 December, compared with net debt of £15 million at the end of the preceding year.

The investment vehicle was set up in 2000 to house existing family-owned private-equity investments and the annual results filed at Company’s House also revealed net assets jumped by 45 per cent in 2015 to more than £51 million.

Turnover reached £135 million to help generate profit of £19 million, up from £13 million in 2014, with shareholder funds now sitting at £55 million.

MCG director and Murray’s son, David D Murray, said the results reflected the family firm’s carefully-planned strategy of identifying, developing and then maximising outstanding investment opportunities.

He said the group’s immediate and priority focus will be on its Murray Estates business, which holds strategic land assets across Central Scotland.

The group acquired Murray Estates from Sir David’s Murray International Holdings business in 2014 in an arm’s length £13.9 million deal.

Murray International Holdings was wound up last year owing Lloyds Banking Group £200m after debt write-offs of £268m.

Mr Murray said the results for 2015 were “strong and robust” and a demonstration of the firm’s strategy of maximising investment opportunities.

He added that in spite of economic uncertainty, “from where we sit as a family office, we are looking to the future with great confidence.”

MCG said its main focus will be on its land business Murray Estates, which holds strategic assets across central Scotland for residential, mixed-use and commercial developments.

Additionally, Murray said he was “continuing to scan the horizon” for new investment opportunities, typically in the £1m to £10m bracket, “although larger propositions with exciting potential would be considered too”.

Sir David did not comment on the group’s results.

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