Scottish Business Summary - Week ending Friday 15th November 2024
Mike Watson
Owner of MWA Digital, the company behind Scottish Business Summary and Scottish Marketing News. All the essential Scottish headlines are curated and summarised and delivered to you via LinkedIn or directly to your Inbox.
￡148.7 million growth deal agreed for Falkirk and Grangemouth
The UK and Scottish governments have signed a ￡148.7 million growth deal to boost Falkirk and Grangemouth’s economy, creating 1,660 jobs and ￡628 million in economic benefits. Projects include a carbon dioxide utilisation centre, bioeconomy accelerator pilot plant, skills transition centre, and canal and arts centers. Additional funding includes ￡10 million from the Department for Energy Security and Net Zero and ￡10 million from the Scottish Government for Greener Grangemouth. The deal was signed at Rosebank Distillery by UK and Scottish officials, amid plans for industrial and cultural transformation in the region.
Chivas develops Ferrari tie-up as Diageo creates luxury brands group
Scotch whisky brand Chivas Regal has partnered with the Scuderia Ferrari HP Formula 1 team in a global multi-year collaboration to promote luxury and responsible drinking awareness. The campaign, set to launch next year, builds on Chivas Regal’s previous responsible drinking initiatives in markets like Mexico and Japan. This partnership is part of Diageo Luxury Group’s formation, which combines top-tier brands like Brora, Port Ellen, and Justerini & Brooks into a portfolio focused on $100+ luxury spirits. Diageo aims to accelerate luxury brand growth, targeting young and diverse consumers seeking premium experiences.
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Profits at Blackadders rise 6% to ￡4.6 million
Law firm and wealth management company Blackadders, has reported a 6% profit increase on a 1.4% turnover growth, reaching ￡16.9m in 2023/24. Profit before members’ remuneration rose to ￡4.61m. The firm invested in staff benefits, new premises, and IT upgrades. Blackadders consolidated services in key cities, reducing headcount from 220 to 180 and partnering with third parties for estate agency services.
Strategic goals by 2025/26 include increasing turnover to ￡25m, a 35% profit margin, and becoming a top five Scottish law firm.
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Ryan McKay, Joint managing partner
Veterinary diagnostics company MI:RNA opens new US lab
Scottish veterinary diagnostics company MI:RNA has opened a new laboratory in Georgia, USA, as part of its expansion into key markets in the southeastern states. Alongside the new lab, MI:RNA has appointed Judy Keator as head of global business development, Bob Nordgren as head of US research and development, and Will Hendrix for product development. The facility and team additions support MI:RNA’s mission to improve animal health through early disease diagnosis using biomarker technology and AI. CEO Eve Hanks highlighted these milestones as pivotal for global growth, with Keator emphasising the potential for expanded partnerships.
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Aberdeen and Glasgow Airports sold in ￡1.53billion package deal
AviAlliance, a global airport investor owned by Canada’s PSP Investments, has acquired AGS Airports, which includes Aberdeen, Glasgow, and Southampton airports, in a ￡1.53 billion deal from Ferrovial and Macquarie. This acquisition, pending regulatory approval, is expected to complete in Q1 2025 and aims to expand route networks and enhance passenger experience at the three airports. AGS Airports, established as a joint venture in 2014, has supported extensive investment to upgrade facilities, including a ￡20 million expansion at Aberdeen Airport.
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AAB holds top spot in Experian M&A rankings for second year
AAB has retained its position as Scotland’s top financial adviser, with 20 deals in 2024, according to Experian’s M&A rankings. Scotland’s M&A market remained steady, showing resilience with 313 deals year-to-date, a slight drop from 316 last year, and deal value up by 18.7% to ￡6.3 billion. Grant Thornton and Azets climbed to second and third places in the rankings. Notable deals included KCA Deutag’s ￡1.5bn acquisition by Helmerich & Payne, Cala Group’s ￡1.35bn acquisition by private equity firms, and EthosEnergy’s acquisition by One Equity Partners for ￡140m, highlighting strong international interest in Scottish firms.
New Scottish office for Pegasus Group
Pegasus Group has opened a new headquarters in Edinburgh’s Haymarket, marking an expansion of its services across Scotland. Led by newly appointed Scottish Director of Planning Jamie Scott, who joined from WSP, the firm plans to double its Scottish team in three years. Pegasus will focus on housing, leisure, tourism, and renewable energy projects, with aims to support Scotland’s growth in infrastructure and urban planning.
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Socotec UK acquires Aspect Land & Hydrographic Surveys
Socotec UK has acquired Aspect Land & Hydrographic Surveys, an Irvine-based coastal surveying firm known for its hydrographic, land, and utility surveying services. This acquisition expands Socotec’s land surveying capabilities, adding new market sectors and advanced surveying methods, including subsea capabilities.
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Crypto casino and sports betting firm launched by FanDuel founders
FanDuel co-founders Nigel Eccles and Rob Jones have launched BetHog, a new cryptocurrency-based casino and sports betting start-up, securing $6 million in seed funding led by 6MV, along with investors like Will Ventures, Bullpen Capital, and others. With headquarters in Edinburgh and New York, BetHog offers unique casino games, including BetHog originals, and supports cryptocurrencies like Bitcoin and Ethereum. CEO Nigel Eccles aims to drive innovation in the crypto casino space.
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Shot Scope relocates to new Edinburgh headquarters
Golf technology company Shot Scope, has opened a new headquarters near Edinburgh to accommodate its expanding workforce, supported by $8.5 million in Series B funding. CEO David Hunter highlighted the global growth of Shot Scope, which now serves customers in over 160 countries. Scottish Enterprise has been instrumental in Shot Scope’s journey, providing ￡1.75 million in innovation funding and ￡3.3 million in investment. Adrian Gillespie, CEO of Scottish Enterprise, unveiled the new office, expressing continued support for the brand’s ambitious expansion.
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Aviemore engineering contractor McGowan Group acquired by BRUSH Group
BRUSH Group has acquired a majority stake in Scottish infrastructure and environmental engineering firm McGowan Group, which will now play a key role in BRUSH Engineering Solutions. McGowan, founded by Ross McGowan in 2009, specialises in infrastructure, environmental projects, and cable protection, and will continue under its current management. The deal allows BRUSH to integrate McGowan’s environmental expertise and cost-effective Eco Cable Protect technology into its operations across the UK.
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The Seventy Ninth Group acquires ￡15m, 17.5-acre Loch Ness site for luxury lodges
The Seventy Ninth Group has acquired a ￡15 million, 17.5-acre site in Drumnadrochit, on Loch Ness, marking the beginning of a development that includes constructing over 30 luxury lodges. Managed by the family-owned firm led by David Webster and his sons, Jake and Curtis, this project aligns with their strategy to expand high-end properties in prime locations. Financed by the Websters and the group’s financing division, the development aims to offer a premier hospitality experience, catering to Loch Ness’s popularity among tourists.
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‘Transformative’ 4,500-capacity Dundee venue set to open next month
LiveHouse, a new 4,500-capacity entertainment venue and conference centre, is set to open in Dundee’s city centre by December, transforming a former Mecca bingo hall. Led by owner Michael Carolan, this development aims to revitalise the area and attract diverse events, including concerts, conferences, and e-sports, with future expansions planned for 2025. Architect firm Nicoll Russell Studios is overseeing the design, adding expertise from theatre and leisure sectors. Venue operator Angus Robb highlighted Dundee’s need for a mid-sized venue, noting LiveHouse’s adaptability for various events, from music to international e-sports.
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Ledingham Chalmers announces record turnover
Ledingham Chalmers, a Scottish law firm headquartered in Aberdeen, has reported its highest turnover since becoming an LLP, reaching ￡14.3 million in 2023/24, up from ￡13.4 million the previous year. Group turnover, including subsidiary Ledingham Chalmers Financial, rose to ￡14.9 million. Pre-tax profits slightly decreased to ￡3.2 million, due to workforce investment and higher operational costs, including a new Inverness office. Jennifer Young stepped down as managing partner, with Craig Pike, head of the private client team, now serving as chair.
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Wbg exapnds with new Prestwic kOffice
Scottish accountancy firm, Wbg, has opened a new office in Prestwick, aiming to support the Ayrshire business community with specialised business advisory services. The office, located at 104 Main Street, is led by Business Advisory Director Andrew Flinn and backed by Wbg’s partner group. Formed from a consolidation of John Kerr & Co in Saltcoats and Nicolsons in Kilmarnock, Wbg now operates in six locations, including Prestwick. COO Donald McKinnon highlighted that the new branch offers services like audit, tax, and insolvency, with support from the Glasgow office, and provides R&D tax advice to Ayrshire Chamber of Commerce members.
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LearnPro Group acquires Edinburgh-based Infographics UK
LearnPro Group has acquired Edinburgh-based Infographics UK, adding products such as FireWatch, FloSuite, and Prevent + Protect to its portfolio, which already includes XVR Simulation, pdrPro, and learnPro. This acquisition aims to expand LearnPro’s offerings for the emergency services and critical infrastructure sectors, covering HR, asset management, and virtual reality simulation. Infographics director Russell Wood will join LearnPro’s leadership team, backed by Apiary Capital, to support the group’s strategic growth and integrated resource management.
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Ranger Fire and Security acquires Motherwell-based Secureshield
Ranger Fire and Security has acquired Motherwell-based Secureshield to expand its presence in Scotland and north-eastern England. Secureshield, led by Managing Director John Hunter, provides fire, security, and critical services to SMEs and large clients, including the Ministry of Defence and NHS. Hunter will become Ranger’s regional chair.
This acquisition is part of Ranger’s growth strategy, backed by Hyperion Equity Partners and funded by ThinCats.
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Utopi is Scotland’s fastest growing tech firm
Two Scottish companies, Utopi and LendingCrowd, have made Deloitte’s list of the top 50 fastest-growing tech firms in the UK. Utopi, a Glasgow-based real estate ESG firm, ranked 18th with a 2,156% revenue growth over three years, making it Scotland’s fastest-growing tech company this year. LendingCrowd, an Edinburgh-based fintech lender, placed 25th with a 1,253% growth rate. The 2024 Deloitte Fast 50 list, sponsored by Citi, Oracle NetSuite, and Tipalti, collectively grew at 2,468% over three years, with fintech Allica Bank leading the list at a growth rate of 13,411%.
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