Scottish pub tycoon Kevin Doyle is reportedly backing a £750,000 investment in British gun manufacturing.
Doyle’s Caledonian Heritable company is funding the expansion of a defence factory in Kent to enable it to make military rifles, according to The Scotsman.
Caledonian Heritable holds a 23.1 per cent stake in Manroy, an Aim-listed defence contractor, which has supplied the Ministry of Defence for 26 years and which operates the Slade Green factory.
Under a loan agreement between the two companies revealed in a stock market filing, Doyle’s business is advancing £350,000 to Manroy as part of the £750,000 expansion move.
Glyn Bottomley, Manroy’s chief executive, told The Scotsman: “This increase in production capacity, and its associated funding, are expected to produce significantly increased profitability on this contract than previously because major components will now be manufactured in-house rather than being sourced externally.”