Faulds Advertising, one of Scotland's biggest advertising agencies, has lost its £5m account with Kwik-Fit.

The car repair giant's new owners, venture capitalists CVC, have awarded the deal to London firm BMP DDB.

One industry source said: "This is very significant indeed, especially as it comes hard on the heels of Faulds losing out on the Royal Bank of Scotland contract to Saatchi & Saatchi."