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Profits down 87% at Suttie’s First Tech group of companies

Scottish businessman Ian Suttie
Scottish businessman Ian Suttie

Profits nosedived by 87% last year at the Aberdeen holding company controlled by Scottish businessman Ian Suttie.

First Tech, which is made up of eight separate firms, recorded pre-tax profits of £424,085 for the 12 months ended April 30, 2015, down from £3.2million a year earlier.

The group’s revenues sank 45% to £13.5million, according to accounts submitted to Companies House.

During the year, First Tech repaid Mr Suttie £40million, completely wiping out the balance owed to the businessman, whose wife, Dorothy, is the group’s other director.

First Tech was also charged £238,095 in interest on a £9.8million loan advanced by First Financing, which is also controlled by multi-millionaire Mr Suttie.

Mr Suttie, who was ranked among the wealthiest people in Scotland in last year’s Sunday Times rich list, with a personal fortune of £350million.

The First Tech group of companies owns First Subsea, First Construction, First Whisky, First Inn, Mooring Systems, First Marine Solutions, Nautricty and Argyll Tidal.

The group employed about 50 people during the period under review, compared to 85 the previous year.

First Construction had planned to carry out a £50million redevelopment of Aberdeen’s Broadford Works, which would have created more than 500 homes on the factory site, as well as commercial units.

But no work has taken place on the derelict site in the years since First Construction was granted planning permission.

The city council is currently mulling a proposal from Ferness Investment Holdings to erect 890 units on the site, which has lain abandoned since 2004.

A demolition warrant for the building was submitted at the end of last year and is expected to be approved in the next few weeks.