FORMER Rangers owner Sir David Murray has passed ownership of his family business on to his sons.
Murray Capital Group, which has interests in metals, property and wine, has been taken over by Sir David’s sons David and Keith under a planned transition of ownership. The brothers acquired the share capital of the company for an undisclosed sum in March.
Sir David, who sold Rangers to Craig Whyte in a controversial deal a decade ago, remains chairman of the group.
The announcement came as Murray Capital reported a pre-tax loss of £11.6 million for an extended 18-month accounting period ending June 30, 2020.
Murray Capital cited the impact of exceptional costs relating to the restructure of its metals business, the impairment of investments because of Covid-19, and trading losses within portfolio companies. However, it declared that it expects a return to “strong profitability” this year.
Sir David said: “Running a family business presents many challenges, but it allows you to always think about long-term benefits, rather than short-term issues. Being able to transition the ownership successfully to the next generation has been in our plan for many years. I am delighted that we have now achieved this successfully, with David focused on the Murray Capital Group and Keith on our wine businesses.
“I am pleased to remain as chairman, with an active interest in our core steel business in particular, and a small continuing equity stake. I have been through many ups and downs over the last 50 years in business – as anyone willing to bear risk inevitably does – but I retain great expectations and energy for the next phase.
“I have complete confidence in my sons, who are willing and able, and for the businesses they now own and lead.”