Scotland’s professional services firms have suffered real pain prompted by the near-collapse of its two biggest banks, the shift in their centre of gravity to London, the continuing loss of corporate headquarters and the slump in commercial property and M&A deals.
Firms are generally reporting falls in turnover of 5 to 15 per cent in 2009 – with those specialising in commercial property harder hit. The gravy train of validating the security on bank loans has hit the buffers.
