Scottish Business Summary week ending 30/07/24
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.
Cubo Launches flexible workspace in Glasgow’s Prestigious Aurora Building
Cubo, a flexible workspace provider, has launched a state-of-the-art workspace in Glasgow’s prestigious Aurora building. The new facility is designed to cater to modern business needs, offering a variety of workspaces including private offices, co-working spaces, and meeting rooms. The launch is part of Cubo’s expansion strategy in Scotland, aimed at providing high-quality, flexible working environments to businesses of all sizes. The Aurora building’s central location and modern amenities make it an attractive option for companies looking to establish or expand their presence in Glasgow.
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Azets acquires Renfrewshire accountancy firm Milne Craig
Accounting firm, Azets, has acquired Renfrewshire-based accountancy firm Milne Craig, which has been in operation for over a century. The acquisition is part of Azets’ ongoing strategy to expand its presence in Scotland and enhance its service offerings.
The acquisition provides Milne Craig’s more than 2,000 clients access to a greater breadth and depth of advice as part of Azets, while Azets adds more than 90 talented new colleagues to strengthen its offering across accounting, tax, audit, corporate finance, payroll, and wealth management.
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Hybrid Anchor acquires Off Canvas with 40 new jobs target
Hybrid Anchor, a web and software development company, has acquired Edinburgh-based tech support firm Off Canvas, a move expected to create 40 jobs over the next three years. Hybrid Anchor, which operates from Coatbridge and hires both locally and overseas, will benefit from Off Canvas’s specialization in PHP-based content management systems and its strong client base, which includes Colleges Scotland, United Farmers Ltd, and Forest Carbon. The acquisition, which retains 100% of Off Canvas’s clients, will allow Hybrid Anchor to enhance its core competencies while offering specialized support services. John Loudon, Hybrid Anchor’s managing director, sees this as a pivotal step in the company’s growth strategy, which will include expanding operations in Edinburgh, Glasgow, and Manchester.
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Luxury brand appoints new MD to drive towards ￡100 million
Scottish luxury accessories brand Strathberry has appointed Martin Byrne as its new managing director as the company aims to achieve ￡100 million in revenue within the next three years. Byrne, who is currently the chief commercial officer at Monica Vinader, brings over 20 years of experience in scaling luxury brands. Strathberry has seen significant growth, reporting a 53% increase in turnover to ￡27 million for FY24 and experiencing strong sales growth, particularly in North America, the Middle East, and Japan. Byrne will join the company in November, focusing on enhancing e-commerce, expanding retail, and strengthening wholesale partnerships.
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Motor dealer John Clark tops sales of ￡1billion
Aberdeen-based motor dealer John Clark has reported record sales, surpassing ￡1 billion for the first time. The company, which operates several car dealerships across Scotland, has seen strong performance across its various brands and services, contributing to this milestone.
The group sold total new car sales of 13,428 compared to 11,308 the prior year. Total used car sales were 18,412 (2022: 18,304). Aftersales revenues were ￡94.9m (2022: ￡85.8m).
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Oz fintech to establish Glasgow base
Australian-owned fintech company, HALO Invest, has announced plans to establish a new base in Glasgow, Scotland, which is expected to create 60 jobs in the region. The firm, known for its innovative financial technology solutions, aims to leverage Glasgow’s strong talent pool and reputation as a financial services hub to expand its operations in the UK. This move highlights Glasgow’s growing appeal to international businesses, particularly in the fintech sector, contributing to the city’s economic growth and job creation.
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Highland Spring sets sights on ￡200m turnover by 2030
Scottish bottled water company, Highland Spring, has set an ambitious target to achieve ￡200 million in turnover by 2030 by investing ￡10m in its Perthshire operations. The company plans to expand its product range and increase production capacity by 25% to meet growing demand. This growth strategy includes investments in sustainability, such as using more recycled materials in packaging and reducing carbon emissions.
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Knowvate?Hub?Launches?Ideation?Bootcamp?to empower Scottish BAME entrepreneurs
The Knowvate Hub has launched an Ideation Bootcamp designed to support BAME (Black, Asian, and Minority Ethnic) entrepreneurs in Aberdeen and Glasgow. The program aims to empower participants by helping them develop and refine their business ideas, providing them with the necessary skills and knowledge to succeed in the competitive market. The bootcamp is part of a broader initiative to promote diversity and inclusion within the Scottish business community, offering tailored resources and networking opportunities to underrepresented entrepreneurs.
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Timberlake and Woods St Andrews Cinema Revamp Approved
A redevelopment plan for a historic cinema in St Andrews has been approved, with backing from celebrities Justin Timberlake and Tiger Woods. The project will transform the New Picture House cinema into a modern facility, preserving its historical features while adding new amenities such as a café and rooftop bar. The renovation aims to create a state-of-the-art entertainment venue that respects the building’s heritage, enhancing the cultural offerings in the area. The backing from Timberlake and Woods underscores the project’s high-profile support and potential to attract visitors.
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Dunnet Bay Distillers secures ￡2 million funding for site development
Dunnet Bay Distillers, a Caithness-based distillery, plans to convert the historic Castletown Mill into a whisky distillery, supported by a ￡2 million funding package from HSBC UK. The mill, a 19th-century stone-built, water-powered grain mill, will become the home of Stannergill whisky, expanding the distillery’s product range, which already includes Rock Rose Gin and Holy Grass Vodka. The new facility is set to open by late summer 2025, creating 12 new jobs and helping to boost the local economy while preserving local heritage.
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Aberdeen marketing agency expands to Edinburgh
Aberdeen-based strategic marketing agency bspoq is celebrating its fifth anniversary by expanding with a new office in Edinburgh and promoting Kylie Moles to Chief Marketing and Operations Officer. Since its founding in 2019, bspoq has grown from three to 12 employees, with further recruitment planned. The company has also doubled its office space in Aberdeen to accommodate its growth. The new Edinburgh office, led by founder and CEO Matt Sandham, aims to attract new business, particularly in the retail and wholesale sectors, and enhance the agency’s presence in the central belt of Scotland.
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Prosthetic hand spin-out gets ￡800,000 funding
Metacarpal, an Edinburgh-based prosthetics company, has secured ￡800,000 in seed funding to advance the development of what it claims to be the world’s first mechanical bionic hand. The prosthetic hand is fully powered and controlled by body motion, eliminating the need for electronics. The funding, supported by investors included SIS Ventures, Scottish Enterprise, Worth Capital, Oxford Technology, the University of Strathclyde and Gabriel Investment Syndicate, will be used to finalise the product, begin manufacturing, and double the company’s workforce. Founded by Fergal Mackie in 2020, the company aims to provide a better alternative to traditional prosthetics, enhancing user acceptance and long-term health outcomes.
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