Scottish Business Summary - Week ending 27th September 2024
Mike Watson
Publisher of Scottish Business Summary and Scottish Marketing News. All the essential Scottish headlines curated and summarised and delivered to you via LinkedIn or directly to your Inbox.
Scottish Business News – Summarised
growth : funding : entrepreneurial activity in Scotland
Robert P. Slight & Sons becomes employee owned
Robert P. Slight & Sons , a Scottish construction company with a rich history, has transitioned to employee ownership. The Wallyford-based business, founded in 1948 and owned by the Slight family for three generations, has been sold to an Employee Ownership Trust, ensuring the company’s values and principles remain intact. The move allows the company’s 40 employees to have a stake in the business. The transition was supported by EQ Accountants and law firm TLT.
Peterhead construction underway for the ￡4.3billion transmission project
Construction has begun on the ￡4.3bn Eastern Green Link 2 (EGL2), the UK’s largest electricity transmission project. The project includes a 2GW subsea cable stretching over 500km, providing enough green electricity to power around two million homes. It is a joint venture between SSEN Transmission and National Grid Electricity Transmission (NGET). The project is expected to boost energy security, create jobs, and support local communities, with full operation planned by 2029.
Hunter restarts search for next billion pound business
The Hunter Foundation has relaunched its ScaleUpScotland 2.0 programme to find Scotland’s next billion-pound companies. The initiative aims to provide strategic support for high-growth businesses, helping them reach turnovers of ￡100m or more. The programme features masterclasses, peer-to-peer collaboration, and mentorship from leading entrepreneurs. Participating companies must have a track record of strong growth and revenues of over ￡10m. The programme is heavily subsidized and offers leadership retreats at Blair Estate.
XLCC subsea cable factory gets initial ￡20 million from UK Infrastructure Bank
The UK Infrastructure Bank has invested ￡20 million in XLCC , a subsea high-voltage direct current (HVDC) cable manufacturer, to help build a new factory in Hunterston, with an option to invest a further ￡67 million. This facility will create around 900 permanent jobs, including over 200 apprenticeships, and will help support the UK’s energy transition by enabling the transportation of renewable energy across long distances with increased efficiency.
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￡5.5 million karting track and e-sports venue for XSite
A new leisure attraction at XSite in Braehead will feature Scotland’s longest indoor karting track and an e-sports venue. The karting track will be 700 meters long and will be operated by ScotKart, a company with a strong presence in the sector. The e-sports venue, operated by Belong Gaming Arenas, will offer gaming facilities for casual and competitive players. Both venues are expected to boost the area’s appeal and attract a wide range of visitors.
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Aveni.ai crowned Fintech of the Year at Scottish Financial Technology Awards
Aveni.ai , an AI fintech firm based in Edinburgh, has been named Fintech of the Year at the 2024 Scottish Financial Technology Awards (full list of winners). The company, which saw its revenue triple and workforce expand significantly this year, was recognised for its strong growth. CEO Joseph Twigg expressed satisfaction with the progress, citing increased adoption of Aveni’s technology. Mickael Paris of Fintech Scotland also received the Special Recognition award for his contributions to the Scottish fintech ecosystem.
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PropEco secures ￡275,000 seed funding for tech to future-proof property
PropEco , a Glasgow-based tech firm, has secured ￡275,000 in seed funding to advance its AI-powered platform that assesses long-term property risks, including climate change impacts. The funding will help the company expand its team and accelerate product development. The investment was led by Symvan Capital and included the University of Strathclyde’s Inspire Entrepreneurs Fund. PropEco aims to provide tools for property professionals, insurers, and lenders to manage evolving environmental and social risks.
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Scotcoin launches ￡5,000 start-up grant
Scotcoin has launched a new ￡5,000 start-up grant, which includes ￡2,000 in Scotcoin cryptocurrency, along with a package offering website creation, branding, marketing services, AI courses, and 20 tonnes of carbon offset. The grant aims to support new businesses by easing their startup process. Scotcoin’s Business Support Grant will launch at the Fintech Scotland Festival . The initiative is backed by the Scotcoin Project CIC and aims to help businesses focus on growth by providing essential tools and support.
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QikServe acquired by The Access Group
The Access Group has acquired Edinburgh-based QikServe , a provider of digital ordering and payment solutions for the hospitality industry, as part of its strategy to build a comprehensive hospitality platform. QikServe’s technology, which is used in over 8,000 outlets globally, will complement Access Group’s existing solutions for guest management, procurement, and table service. The acquisition is expected to enhance service capabilities and drive international expansion.
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Lomond buys Aberdein Considine letting book
Lomond has acquired the residential lettings portfolio of Aberdein Considine , adding 1,700 properties across Aberdeen, Aberdeenshire, and the central belt to its Scotland brand, DJ Alexander. This acquisition brings Lomond’s total properties under management in Scotland to more than 11,000.
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Stirling chosen for new base by Swedish heat pump firm
Swedish heat pump company Aira has opened a new hub in Stirling, initially creating 30 jobs. The facility will serve Scottish customers and include a showroom and training academy, which will open in 2025. The hub is part of Aira’s expansion to help Scotland meet its heat pump installation targets, with the Scottish government aiming for 200,000 installations annually by 2030. Aira has partnered with Scottish Enterprise for the launch and plans to provide green skills training locally.
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3t acquires GTSC, Middle East’s largest energy training business
3t Energy Group , an Aberdeen-based specialist in training for safety-critical industries, has acquired the Middle East’s largest energy training business, GTSC , from Al Mansoori Specialized Engineering. The deal includes over 100 employees and several purpose-built training facilities. 3t, supported by private equity firm Bluewater, aims to expand its global presence and reach $100m in revenue during 2024. This acquisition aligns with its strategy to meet the growing demand for skilled workers in the booming Middle Eastern energy sector.
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Leap Automation secures ￡7.9 million to scale manufacturing robotics
Leap Automation Ltd , an Aberdeen-based AI robotics firm, has secured ￡7.9 million in funding, led by ￡3.5 million from the Scottish National Investment Bank . This investment will help Leap scale its operations, create new jobs, and develop its IP for the manufacturing sector, with a focus on the food and drinks industry. Additional backing comes from Mercia Ventures , WA Capital , Scottish Enterprise, and Alba Equity . The funding will support Leap’s robotic solutions, addressing labour shortages and increasing productivity.
Read full article here: Scottish Financial News .
Invizius raises $950,000 for “breakthrough treatments for patients on dialysis”
Invizius , an Edinburgh-based biotech company developing treatments for dialysis patients, has raised ￡950,000 in a funding round led by Mercia Ventures , alongside Calculus Capital , Syensqo , the University of Edinburgh’s Old College Capital , and Scottish Enterprise. This funding will support the next phase of clinical trials for its H-Guard product, which reduces inflammatory responses during dialysis that can lead to severe complications. A ‘First in Human’ study earlier this year showed promising safety and efficacy results. The company plans a Series B funding round in early 2024.
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8.5% profit rise to ￡24.9 million at AG Barr
AG Barr reported a 5.2% increase in total revenue, with soft drinks contributing 7% growth, driven by brands like Rubicon and IRN-BRU. Profit before tax rose by 8.5% to ￡24.9 million, despite ￡4.4 million in one-off costs related to the closure of Barr Direct and integration of Boost. The company’s operating margin improved by 50 basis points, while net cash at the bank was ￡43.7 million, down from ￡47.3 million due to the acquisition of Rio in 2023. AG Barr declared a 3.10 pence interim dividend, up 17% from the previous year.
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Scotmid Cooperative reports a ￡2.1 million profit on 6 months trading
Scotmid Cooperative has reported a ￡2.1 million trading profit for the 26 weeks ending 27 July 2024, a ￡600,000 increase compared to the same period in 2023. This result was achieved despite challenging conditions, including poor summer weather, high interest rates, wage costs, and the ongoing cost-of-living crisis. Scotmid managed costs tightly and leveraged technology investments to drive growth. Its food convenience division and Semichem experienced reduced footfall due to the wet weather, though events like the Euros provided a boost. The funeral division saw a shift toward direct cremation services.
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William Grant & Sons buys Famous Grouse from Edrington
Edrington is selling its blended Scotch whisky brands, The Famous Grouse and Naked Malt, to William Grant & Sons . This move aligns with Edrington’s strategy to focus on ultra-premium spirits, such as its flagship single malt, The Macallan. Edrington CEO Scott McCroskie stated that the sale reflects their decision to exit the blended category and concentrate on growth opportunities in the high-end spirits market.
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Ascensos acquired by Firstsource Solutions
Ascensos , the Motherwell-based contact centre company with a global network, has been acquired by Firstsource Solutions , which specialises in AI, analytics, and automation. Ascensos will retain its brand and headquarters in Motherwell but will benefit from Firstsource’s technology capabilities. Co-founder John Devlin will remain CEO, ensuring continuity for clients. The acquisition expands Firstsource’s reach into the retail and B2C sectors.
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EY Entrepreneur Of The Year? 2024 UK winners – Scottish Region
The winners of the EY Entrepreneur Of The Year 2024 UK programme were chosen by an independent judging panel across four UK regions – London & South, North, Midlands & South West, and Scotland – and will now be in the running to compete in the UK finals for the title of Entrepreneur Of The Year 2024 UK overall winner. The shortlisted UK finalists will be announced on 25 September 2024.?
The Scottish winners are –
Dundee University success in top European entrepreneurship award
The University of Dundee has been awarded the title of Innovative & Entrepreneurial University of the Year in Europe by the Triple E Awards , which celebrate entrepreneurship in higher education. Dundee was recognised for fostering an entrepreneurial culture, focusing on creating new businesses, particularly in health and life sciences. Its Centre for Entrepreneurship and Research & Innovation Services are notable for supporting start-up and spin-out companies. The university was also ranked the UK’s best for supporting spinout businesses in 2023, with a notable success being the ￡2.2 billion IPO of Exscientia.
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