Scottish Business Summary - Week ending Friday 8th 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.
Ferguson Whyte acquired by Macdonald Henderson
Macdonald Henderson has acquired Ferguson Whyte Solicitors, a long-established firm in Glasgow’s west end known for private client and property services. This acquisition allows Macdonald Henderson to expand with a second office in Glasgow, strengthening its service offerings in corporate, property, private client, and dispute resolution. Led by Martin Ferguson and Helen Whyte, Ferguson Whyte brings expertise in property transactions and a deep knowledge of the local market.
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Drinks company Panther M*lk set for European expansion
Scottish drinks brand Panther M*lk is preparing for European expansion following rapid growth in Scotland. Founded by Paul Crawford in 2015, the plant-based, lower-alcohol beverage brand has expanded distribution points from 100 to 600 in the past year. Support from the Scottish EDGE competition, including ￡75,000 in funding and advisory services from Johnston Carmichael, has been pivotal in Panther Mlk’s growth. Crawford plans to further expand into high-street retailers and build on the brand’s appeal as a health-conscious, eco-friendly choice.
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Glacier Energy acquires Advanced Group Services Limited
Aberdeen-based Glacier Energy has acquired Advanced Group Services Limited (AGS), a heat transfer company in Tyne & Wear, establishing a mechanical solutions hub in the North-East of England. This acquisition, alongside Glacier’s earlier purchase of Francis Brown in Teesside, aims to strengthen Glacier’s presence in renewable and industrial markets, including rail. With investment from Averroes Capital and BGF, Glacier plans to double its business size within three years by expanding its heat exchanger repair services.
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Circular economy manufacturing centre gets ￡5.5 million investment
The ￡5.5 million ReMake Value Retention Centre (RVRC) is set to boost circular economy practices in Glasgow, focusing on re-shoring supply chains and sustainable manufacturing. Located within the National Manufacturing Institute Scotland (NMIS) and led by the University of Strathclyde in partnership with the universities of Exeter and Sheffield, RVRC is funded by UKRI’s Accelerating the Green Economy program. The center aims to support sectors like aerospace, marine, and power generation by promoting reuse and remanufacture to reduce emissions and cut waste. Sir Jim McDonald of the University of Strathclyde highlighted its potential to foster sustainable, high-value jobs in the UK.
Stephen Fitzpatrick, director of the Digital Factory at NMIS
￡1.4 billion for Scottish projects confirmed by UK Government
The UK Government has announced an investment of nearly ￡1.4 billion for local growth projects across Scotland over the next decade. Scottish Secretary Ian Murray has confirmed the green-lit projects with all 32 local authorities, with notable allocations including ￡160 million each for investment zones in Glasgow and the northeast, ￡26 million each for Cromarty and Forth freeports, ￡26 million for the Fair Isle Ferry, and nearly ￡39 million for transport improvements in the Advanced Manufacturing Innovation District Scotland South. Additionally, ￡15 million will support the regeneration of Drumchapel in Glasgow, and ￡18 million will advance Elgin’s city masterplan.
Gin Bothy secures investment for growth
Gin Bothy has partnered with Dark Blue Property Holdings and Neace Ventures, leveraging new investment to establish a board of directors and expand its spirit offerings. The partnership aims to support Gin Bothy’s growth in both local and international markets, as well as the launch of a new spirit. Founded by Kim Cameron, Gin Bothy has evolved from Angus roots into a global brand, selling over 70,000 units annually. Dark Blue Property, also owner of Dundee Football Club, and Neace Ventures, known for its drinks and hospitality focus in the U.S., bring strong industry experience to drive Gin Bothy’s expansion.
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Farmlay hatches ￡2 million investment in egg-sorting tech
Farmlay, Scotland’s second-largest egg producer, is investing ￡2.4 million in a new AI-driven egg grading system from Sanovo Technology Group, aiming to nearly double productivity by 2025. The system, set for installation in January, will boost output from 500 to 900 cases per hour, aiding the company’s response to high egg demand. This investment also includes infrastructure expansion at their Cockmuir Farm in Aberdeenshire, creating around 10 jobs. Farmlay supplies major retailers such as Aldi, Lidl, and Morrisons, producing over five million eggs weekly from one million hens.
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Clarks Speciality Foods acquired by Lomond
Lomond: The Wholesale Food Co, based in Glasgow, has acquired Clarks Speciality Foods in Penicuik, aiming to expand into the high-end hotel and restaurant sector. This acquisition is expected to help Lomond reach a record turnover of ￡55 million next year and supports its growth target of ￡90 million by 2028. Lomond recently doubled its storage capacity at its Port Dundas headquarters to accommodate increased demand, storing up to 4,000 pallets. The family-run business, founded by Sam and Barbara Henderson, also operates its own bakery, Cake, supplying 65 wholesalers across the UK.
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Emirates returns to Edinburgh Airport for Dubai flights
Emirates has resumed its direct flights between Edinburgh and Dubai, marking its return to the Scottish capital for the first time since 2020. Initially operated by a Boeing 777, the daily service will eventually be upgraded to an A350, introducing Premium Economy and a new Business Class cabin. The route strengthens Scotland’s international connectivity, allowing travelers easier access to destinations across Asia and Australia and providing local businesses with enhanced cargo solutions.
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￡400 million Centre Parcs proposal could create 1200 jobs
Center Parcs has announced plans to establish its first holiday village in Scotland, located three miles north of Hawick in the Scottish Borders. The ￡350m-￡400m project includes approximately 700 lodges, shops, restaurants, a spa, and a subtropical swimming pool. Center Parcs has signed an option agreement for 1,000 acres with the Buccleuch Group, with development expected to cover 400 acres. The holiday village, which aims to boost local tourism, would create 750-800 regional jobs during construction and 1,200 permanent jobs once operational. A formal planning application is anticipated in 2025.
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￡60 million Lost Shore Surf Resort opens
Lost Shore Surf Resort, Scotland’s first inland surf destination, opens on November 11th in Ratho, near Edinburgh. With a ￡60m investment, it features Europe’s largest wave pool, luxury accommodations, surf school, and various dining options. The Wavegarden-powered pool generates up to 1,000 customisable waves per hour, catering to all skill levels. Expected to draw 160,000 annual visitors, create over 130 jobs, and add ￡11 million to the local economy, the resort also promotes inclusivity through adaptive surfing programs and Surf Therapy for youth. The project, Scotland’s largest sports investment since 2014, positions the country as a key adventure tourism destination.
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Management at Morphsuits buy back firm from BGF
Managers at AFG Media, maker of MorphCostumes, have bought out stakeholder BGF after a twelve-year partnership. The Edinburgh-based costume company, generating a turnover of ￡42 million with 68 staff, primarily sells through Amazon across 12 countries, with Target and Walmart boosting U.S. sales. Recently, AFG expanded to Mexico and Canada. BGF initially invested ￡4.2 million in 2012, supporting growth, a merger with Digital Dudz, and acquisitions like Fun Shack. The buy-back marks a successful exit for BGF, reflecting AFG’s growth trajectory.
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Bio-Based manufacturing launchpad opens ￡5.25 million funding round
Innovate UK has opened applications for Round 2 of its Launchpad funding programme, offering between ￡25,000 and ￡1 million to support bio-based manufacturing innovation in Scotland. With up to ￡5.25 million available, this initiative aims to boost SMEs and consortia in sectors like green fuels, polymers, and alternative foods, aligning with Scotland’s goal to grow the industrial biotechnology sector’s turnover to over ￡1.2 billion by 2026. Developed in partnership with Scottish Enterprise, the programme is part of Scotland’s Industrial Biotechnology strategy, advancing sustainable production and bio-based technologies.
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Sutherland spaceport approval could bring economic boost
Forres-based rocket firm Orbex, along with local councillors and residents, is advancing development plans for a carbon-neutral spaceport in Sutherland, aimed at boosting the Highlands economy. The revised plans include relocating a communications hub and reducing peat excavation by 60% to protect the environment. Despite some local objections over traffic concerns, councillors approved the project, which is expected to attract tourism and create jobs. Orbex has offered training and job opportunities to locals, enhancing community involvement and aiming for positive economic impact.
MBO at Bon Accord Glass is a family affair in 50th year
Aberdeen-based Bon Accord Glass has undergone a management buyout led by Michelle Kinghorn and Danielle McAnespie, daughters of current owners Colin Kinghorn and Martin Allan, along with directors Ian McDonald and Neil Wilson. This acquisition, coinciding with the company’s 50th anniversary, sees Bon Accord Glass achieving a turnover of ￡6.25 million and employing 47 staff. Kinghorn and Allan, who previously acquired the company in 2008, will continue to advise the new team.
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M Group Services acquires BGEN
M Group Services has acquired Grangemouth-based BGEN, a technical engineering solutions provider specialising in mechanical, electrical, instrumentation, control, and automation. This acquisition aims to strengthen M Group’s capabilities in key sectors, including energy, water, telecom, and transport, and supports the energy transition to net zero. BGEN will maintain its focus on engineering excellence and safety while benefiting from M Group’s investment in workforce and skills development.
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Fishers Laundry washes away pandemic losses with ￡3.8m pre-tax profits
Fife-based commercial laundry firm Fishers returned to profitability in 2023 with pre-tax profits of ￡3.8 million, recovering from a ￡608,000 loss in 2022. The company’s turnover hit a record ￡47.4 million, driven by the hospitality industry’s recovery and rising travel demand. Fishers reopened its Perth facility in 2022, adding 80 jobs, and now employs 689 people.
A&A Civils acquired by CHAP Group
Westhill-based CHAP Group (Aberdeen) Ltd is expanding its civil engineering division through the acquisition of A&A Civils Limited, a company with 25 employees founded in 2018. This acquisition is projected to push CHAP’s annual revenue over ￡80 million, enhancing its capabilities and aligning with its strategic goals.
CHAP Group was advised on the acquisition by law firm Aberdein Considine and accountants AAB.
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Keenan Recycling acquired by Biffa
Biffa has acquired Keenan Recycling, a commercial food waste collections provider operating across the UK, ahead of new Simpler Recycling legislation mandating separate food waste collection. Established in 2003, Keenan Recycling collects 56,000 tonnes of food waste annually and operates a composting and biofuel facility. BGF supported Keenan’s growth since 2015, with this acquisition marking BGF’s exit delivering a 2.4x money multiple return on the original investment. This deal complements Biffa’s commitment to the circular economy and strengthens its capacity in food waste management, particularly with Keenan’s 80-vehicle fleet and route optimisation software.
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Bacardi makes major investment in distillery upgrades
Bacardi has invested in significant upgrades at its Scottish whisky production sites, including three new ageing warehouses at its Poniel blending and maturation centre, increasing capacity by over 15% and adding jobs. At Aultmore Distillery, a multi-million-pound expansion has introduced energy-saving technologies like thermal vapour recompression and a future hydrogen-compatible boiler, while Macduff Distillery now utilizes high gravity mashing for enhanced efficiency. These projects reflect Bacardi’s long-term commitment to sustainable growth for its premium whisky brands.
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