Scottish Business Summary - Week ending 16th August 2024
Mike Watson
Owner of MWA, the company behind Scottish Business Intelligence - a tool built for those interested in finding out what lies beneath the headlines in the Scottish business landscape.
Multi-million pound MBO at Edinburgh recruitment business
Peace Recruitment, an Edinburgh-based recruitment firm, has been sold to its management team in a deal that facilitates a management buyout. The company, founded by Chris Peace in 2009, specializes in the construction, property, and engineering sectors. The buyout will see the current management team take over the running of the business, ensuring continuity and the company’s growth strategy. Chris Peace will exit the business following the sale.
People mentioned:
Read full article here.
Scottish salmon sales jump by 41% in the first half to ￡431 million
Scottish salmon exports are on track for a record year in 2024, driven by strong demand from key international markets, particularly in Asia and North America. The Scottish Salmon Producers Organisation (SSPO) has reported that the sector is experiencing significant growth, with export values reaching new highs. This surge in exports is expected to bolster the Scottish economy and reinforce the industry’s position as a leading global supplier of premium seafood.
Read full article here.
Inverness-based Aurora Energy expands into South America with Chilean acquisition
Aurora Energy, a Scottish energy company, has expanded into South America by acquiring a controlling stake in Chilean solar energy firm, Altitec Blade Services. This acquisition marks Aurora Energy’s first entry into the South American market, aiming to capitalize on Chile’s significant solar energy potential. The move is part of Aurora’s broader strategy to increase its international presence and bolster its renewable energy portfolio.
People mentioned:
Read full article here.
Rodd & Gunn opens new retail unit in Edinburgh
New Zealand clothing brand Rodd & Gunn has opened its first UK store in Edinburgh, joining other high-end brands on George Street. The store is part of the company’s strategy to expand into the UK and European markets. Rodd & Gunn is known for its premium menswear and has a significant presence in New Zealand, Australia, and North America. The Edinburgh store is seen as a key location to introduce the brand to a wider European audience.
People mentioned:
Ford dealership to open first Dundee site thanks to ￡3m funding boost
Dalkeith Retail Centre Ltd, operating as Your Ford Centre, is set to open a new dealership in Dundee with a ￡3 million funding boost from Royal Bank of Scotland. This expansion will make it Dundee’s primary Ford franchise, enhancing its presence in Scotland. The new site is projected to create 20 jobs, adding to their existing workforce across locations in Cupar, Peebles, Dalkeith, and Kirkcaldy.
People mentioned:
Read full article here.
Commsworld reports 45% rise in earnings on a ￡36.5m turnover
Commsworld, an Edinburgh-based telecom provider, has seen a notable financial growth in the first half of 2024. The company’s adjusted earnings before tax increased by 45% to ￡6.6 million, with total turnover rising to ￡36.5 million, thanks largely to ￡21 million in public sector contracts. Although the pre-tax profit increased to ￡4.6 million, this represents a more moderate rise from the previous year’s ￡3.3 million. Commsworld’s expansion efforts include the addition of new fibre infrastructure projects across Scotland.
People mentioned:
Read full article here.
Glacier Energy acquires Francis Brown
Glacier Energy has acquired Francis Brown, a Teesside-based fabrication company specialising in pressure vessels and structural fabrications. The acquisition was conducted via a pre-pack administration facilitated by FRP Advisory. This move increases Glacier Energy’s workforce to over 300 employees and expands their manufacturing capabilities in Teesside and Rotherham, supporting future sustainable energy projects. The acquisition aligns with Glacier’s growth strategy and its recent investments aimed at enhancing its production capacity for hydrogen storage and distribution products.
People mentioned:
Read full article here.
Hampden & Co posts strong first half growth for 2024
Hampden & Co, an Edinburgh-based private bank, reported significant growth in the first half of 2024 with a 15.8% increase in deposits, reaching ￡895 million, and a 20.4% rise in lending to ￡555 million. The bank saw a 15.2% increase in client numbers due to strong referrals. Despite robust growth, the bank’s pre-tax profit was ￡4.2 million, down from ￡5.1 million in the previous year, reflecting higher deposit costs. Hampden & Co is focusing on enhancing client experiences, including upgrading digital banking services and integrating mobile payment options like Apple Pay and Google Pay.
People mentioned:
Read full article here.
HIE fuels Inner Moray Firth growth with 650 Jobs and ￡407m turnover boost
Highlands and Islands Enterprise (HIE) reported that businesses and communities it supported in Inner Moray Firth are expected to create or retain around 650 jobs, with a projected increase in turnover by ￡407 million. Significant projects, like the Sumitomo Electric Industries subsea cable factory at Nigg, contribute to this growth. HIE’s investments and support span various sectors, including energy efficiency initiatives and support for the creative industries, driving regional economic development and job creation.
People mentioned:
Read full article here.
Green light for Scotland to Yorkshire ￡3.4 billion 500km electricity superhighway
The ￡3.4 billion Eastern Green Link 2 (EGL2) project, which involves a 500km electricity ‘superhighway’ from Scotland to Yorkshire, has received approval from Ofgem. This major infrastructure project includes a 436km undersea cable and 70km of underground cables, aiming to transport clean power from offshore wind farms to 2 million homes across Britain. Construction is expected to start later this year, with the system operational by 2029. This initiative is part of a broader plan to clean the UK’s national power grid by 2030.
Read full article here.
Maven makes investment in ￡400K in Praveen Kumar’s Curry Club
Praveen Kumar’s Curry Club, based in Perth, Scotland, received a ￡400,000 investment from Maven Capital Partners via the IFS Maven Equity Finance. This funding will support the expansion of the company’s range of premium Indian ready meals across both new and existing retail channels and enhance its online sales and marketing efforts. Praveen Kumar, a seasoned chef, aims to bring authentic Indian cuisine to a wider UK audience through quality frozen meals.
People mentioned:
Read full article here.
Turnkey IPS backed by private equity firm Bowmark Capital
Turnkey IPS, a Glasgow-based software provider for the insolvency industry, has received investment from Bowmark Capital. This partnership aims to fuel Turnkey’s growth and support its international expansion, particularly enhancing its IPS Cloud platform. As part of the deal, Deborah Baxter, previously the COO, will take over as CEO, and Peter Little will join as the non-executive chair to contribute his expertise in growing financial services software companies.
People mentioned:
Read full article here.
Newton Property Management acquires chartered surveyor Atholls
Newton Property Management has acquired Atholls, a chartered surveyor firm based in Aberdeen, as part of its strategic expansion. The acquisition, completed at the end of July, transfers the management responsibilities for 2,600 factored properties from Atholls to Newton. This move strengthens Newton’s presence in Aberdeen, now managing over 11,000 properties. The acquisition is aligned with both companies’ commitment to maintaining high service standards through local teams and extends Newton’s community support programs.
People mentioned:
Read full article here.
Aberdeen start-up turns whisky co-products into ￡90m opportunity
RIPCELL, an Aberdeen start-up, has developed a method to extract high-value bio-based chemicals from whisky distillery waste, potentially generating a ￡90 million opportunity in global markets. This innovative process involves separating valuable compounds like lactic acid from pot ale and spent lees, which could be used in pharmaceuticals, food, and cosmetics. The project, in collaboration with the University of Aberdeen and supported by the Industrial Biotechnology Innovation Centre, aims to reduce reliance on petrochemicals and decrease CO2 emissions.
People mentioned:
Read full article here.
20 new jobs in two years plan from CX Services
CX Services, a company based in Dunoon, plans to double its workforce, adding 20 new jobs within two years, responding to increased demand for direct mail and call centre outsourcing. The company, which has grown significantly since a management buyout in 2017, aims to boost its current turnover of ￡1.7 million to ￡2.5 million in the next five years. This growth follows a 20% increase in direct mail services, attributed to higher demand from people working from home.
People mentioned:
Read full article here.
Government allocates ￡7.2 million funding for industrial decarbonisation
The Scottish Government has allocated ￡7.2 million in grants through the Scottish Industrial Energy Transformation Fund to aid nine industrial projects in reducing carbon emissions. This fund, leveraging private funding to a total investment of ￡19 million, supports energy-intensive sectors like distilling and manufacturing. Notable among the grants is a ￡3.1 million allocation to Chivas Brothers’ Strathclyde Distillery for new technology expected to cut their carbon emissions by over 50% and energy usage significantly, impacting local jobs and contributing to Scotland’s climate change goals.
People mentioned:
Read full article here.
Edinburgh R&D programme worth potential ￡78.5m to Scottish economy
The Creative Informatics R&D program in Edinburgh has generated ￡33.1 million in Gross Value Added (GVA) for the Scottish economy from 2019 to 2023 and is projected to add an additional ￡45.5 million by 2026 if current employment levels are maintained. This program has significantly contributed to economic growth, fostering innovation across various creative sectors.
People Mentioned:
Scottish Government launches ￡885,000 youth entrepreneurship fund
The Scottish Government has launched the Entrepreneurial Education Pathways Fund with an allocation of ￡885,000 to stimulate youth entrepreneurship. This initiative aims to inspire future business leaders by providing grants up to ￡250,000 to public and private organisations that offer innovative courses and projects designed to foster entrepreneurial skills among individuals under 18.
AES Solar acquires heating systems specialists Black Isle Renewables
Moray-based solar firm AES Solar, has expanded its renewable energy portfolio by acquiring Black Isle Renewables, a specialist in heat pump systems. This move allows AES Solar to enhance its capabilities in providing comprehensive renewable energy solutions by incorporating heat pump technology, which is pivotal for sustainable heating systems.
People Mentioned:
iconsys opens new office in Scotland
Iconsys, an industrial automation specialist, has opened its first office in Scotland, located at Regus Eurocentral in Lanarkshire. This expansion follows a ￡5 million increase in sales, bringing the company’s turnover to ￡14.5 million for the 2024 financial year. The new office is strategically positioned to better serve Northern clients and enhance staff experience. Iconsys plans to recruit 15 more engineers and support staff, adding to its current workforce of 81 people.
People Mentioned:
To receive the Scottish Business Summary in your inbox every Friday at noon click here to subscribe - https://scottishbusinesssummary.co.uk/subscribe/