The Summary: week ending 01 March 2024

Author

Mike Watson
March 01, 2024

It’s early Friday afternoon and time for your favourite summary of this week’s best Scottish business news stories.

Let’s go…..

£5 million for Logan Energy to help expand hydrogen power technology

Logan Energy, specialising in hydrogen power technology, has secured £5 million in funding to expand its operations. The investment, with over half from Singapore's Lanxing New Energy and the rest from Scottish Enterprise, supports Logan's decades-long work in the hydrogen sector and its growth ambitions.

Net zero economy now worth £74 billion

The UK's net zero economy grew by 9% in 2023, reaching a value of £74 billion and supporting 765,700 full-time jobs. This sector, encompassing renewables, electric cars, and green finance, accounted for 3.8% of the UK economy. It is particularly significant for Scotland, contributing 5.7% to its economy and supporting 85,500 jobs, largely due to its potential for renewable energy. The sector's growth offers high-paying jobs and attracts foreign investment, although policy uncertainties have affected investor confidence​​.

New crowdfunder from Fierce Beer

Aberdeen-based brewery, Fierce Beer, is launching a crowdfunding campaign to support its green growth strategy. This includes investments in sustainable production and operational improvements, such as a CO2 recapture system, a nitrogen generator, and solar panels. The campaign aims to position Fierce Beer as a leading environmentally responsible UK brewery.

People mentioned in this story

McGills Group to launch new coach holiday venture

McGill’s Group is launching Loch Lomond Travel, a coach holiday venture providing UK-wide tours, in partnership with quality hotels and destinations. Led by Managing Director Chris Bond, with extensive experience in the travel industry, and supported by McGill’s Group CEO Ralph Roberts, the company aims to fill the demand for high-quality, value coach holidays. Loch Lomond Travel is backed by Scottish businessmen Sandy and James Easdale.

Perthshire holiday park secures multi-million funding package

The River Tilt holiday park in Perthshire has secured a multi-million finance package from Cambridge & Counties Bank. This funding will support the park's expansion, including refurbishing on-site cottages and leisure facilities, and completing the redevelopment of The Roundhouse Inn. The park, set within Cairngorms National Park, offers lodges, caravan pitches, and a leisure club, aiming to enhance guest experiences and facilities.

  • Stuart Richardson, Director, Richardson & Others

  • Barry Rodger, Senior Relationship Manager, Cambridge & Counties Bank

Second Office for new pension fund

Aptia, a new pension fund administrator which was just set up at the beginning of the year, is set to open a second Scottish office in Glasgow. The company will occupy 4,528 sq ft on a five-year lease at 145 St Vincent Street. Aptia was formed following the acquisition of the US health and benefits administration and UK pension administration businesses of Mercer, and it administers pensions and benefits for over seven million people across 1,100 companies​

Mike Methley, group president and chief administration officer of Aptia

Kingdom Technologies raises £1.4m for robotic lawn mower development

Glasgow-based Kingdom Technologies has secured £1.4 million in funding to expand its fleet of robotic lawn mowers. The round included investments from the founders of Skype and Bolt, Iron Wolf Capital, Specialist VC, and Scottish Enterprise. This funding will support the development of a new mower model and the production of over 100 units. The company aims to address environmental concerns associated with traditional lawn mowers by offering an electric, efficient alternative.

  • Joan Kangro, CEO of Kingdom Technologies

  • Rachel Miele, Senior Solicitor at Harper Macleod

  • Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise

  • David Lane, New Board Member of Kingdom Technologies

OEG Energy acquires ONRG Limited

OEG Energy Group Limited has acquired ONRG Limited, a specialist in high voltage project engineering for the offshore and onshore energy industry, including wind farms and battery energy storage systems. This acquisition enhances OEG's renewables division by adding new services and market opportunities. ONRG, known for its expertise in managing high voltage network assets, will now be part of OEG Renewables.

People mentioned:

  • John Heiton, Chief Executive Officer, OEG

  • Chris Emmins, Founder and Managing Director, ONRG

ITZA secures £2m funding to roll out e-learning hub

E-learning company ITZA has secured £2 million from Scottish Enterprise, Alba Equity, and private investors for a digital learning hub in Edinburgh. This hub aims to promote independent learning for 10 to 16-year-olds through a web platform offering curated content and personalized analytics. ITZA plans to pilot the program in West Lothian, Dundee, and Aberdeenshire schools, aiming for a Scotland-wide rollout next school year. The funding will also support ITZA's expansion, increasing its staff from 15 to over 50 within three years.

Accountancy firm EQ on acquisition trail after Sumer investment

Accountancy firm EQ, plans to triple its turnover to £33m in five years, following investment from Sumer. This partnership allows EQ to expand by acquiring other local SME-focused accountancy businesses, with at least two acquisitions planned for this year and another two in 2025. The firm has started restructuring and developing an employee share incentive scheme to support growth and integration of acquired companies.

Sallyport Commercial finance plans significant 2024 growth

Sallyport Commercial Finance, an invoice financing firm, experienced a strong first year, securing £4.4 million in funding across key industries. The Glasgow-based company plans significant growth in 2024, including increasing its team by 50% and opening a new permanent base in England to manage its expanding operations. Sallyport aims to triple its client-funded turnover in the next 12 months, serving sectors such as haulage, recruitment, manufacturing, and healthcare throughout Northern Ireland, Scotland, and England.

  • Andy Tait, Managing Director, Sallyport Commercial Finance

Cooperage company doubles floorspace and headcount

Westway Cooperage, specialising in oak cask trade and repair for the whisky industry, is expanding its Glasgow premises at Westway, doubling its floorspace to 9,400 sq ft and workforce, to meet growing orders for 2024. The expansion, involving a new 10-year lease, marks significant growth since its founding two years ago by the Reilly brothers, third-generation master coopers.

Glasgow company contracted to launch pocket-sized connectivity satellites

Alba Orbital, a Glasgow-based satellite company, has secured a significant contract with Turkish space startup Hello Space to launch four pocket-sized satellites via SpaceX's Falcon 9 rocket. These satellites, known as PocketQubes, will enhance global connectivity through the Internet of Things (IoT). Measuring just 5 x 5 x 15 cm, these tiny satellites offer a cost-effective solution for space-based applications.

Kedras Clinics secures £50,000 funding boost

Kedras Clinics, which specialises in neurotechnology for wellbeing therapy, received a £50,000 loan from the British Business Bank’s Investment Fund for Scotland. This funding has enabled the opening of a second clinic in Edinburgh, following the success of their first clinic in Perth.

Quickblock raises £1.3m for future expansion

Quickblock has secured £1.3 million in funding to advance its unique recycled plastic construction blocks. This investment will enhance research and development, and support team expansion. The funds include contributions from Equity Gap, the University of Strathclyde, Scottish Enterprise, and a Defence Innovation Loan from the Defence and Security Accelerator (DASA).

Macfarlane lifts profits to £20.3m

Macfarlane Group reported a 2% rise in profit to £20.3 million, driven by recent acquisitions, cost control, and growth in Europe, despite challenging market conditions. The Glasgow-based packaging group's acquisition of German firm PackMann and Gottlieb Packaging Materials contributed to its success.

Aberdeenshire project to kickstart new business to help local economy

Aberdeenshire Council has launched "Enterprising Aberdeenshire," a project aimed at supporting local business start-ups and growth, funded by the UK Government's UK Shared Prosperity Fund. It covers all six areas of Aberdeenshire, providing free advice, support, and networking opportunities tailored to the community's needs. The project aims to foster enterprise and business success, with coordinators already receiving positive feedback from the local business community.

  • Paul Macari, Head of Planning & Economy, Aberdeenshire Council

  • Cllr Alan Turner, Chair, Infrastructure Services Committee, Aberdeenshire Council

  • Cllr Isobel Davidson, Vice-Chair, Infrastructure Services Committee, Aberdeenshire Council

Verdant Gin bought by Stargazey Spirits

Verdant Gin, the first gin distilled in Dundee and previously closed in 2023, has been acquired and revived by Stargazey Spirits. Stargazey's director, Joe Barber, was drawn to Verdant's history, quality, and potential. Initially involved in the drinks industry as a hobby, Barber's role expanded through judging and stewarding at spirits competitions, leading to his support for Verdant Gin's development and distribution.

  • Joe Barber, Director, Stargazey Spirits

Women in entrepreneurship supported with launch of Pathways Pledge

The Pathways Pledge, launched to support women in entrepreneurship, has seen commitment from leading organizations like AccelerateHER, CivTech, and CodeBase. These organizations have pledged to take actionable steps towards increasing gender diversity and female participation in entrepreneurship, based on the principles of the Pathways report. The pledge aims to drive change through collaboration, focusing on capturing enhanced gender data, ensuring gender diversity on selection panels, and integrating childcare into key programs.

For more details, you can read the full article here.

17% rise for Scottish tourist attractions

Visitor numbers to Scottish tourist attractions increased by 17.2% in 2023, with Edinburgh Castle and the National Museum of Scotland being the most popular paid and free attractions, respectively. This growth is seen as robust despite economic challenges, with both international and domestic visitors contributing to the rise. The overall boost in attendance is significant for the Scottish economy and tourism sector, showcasing a strong recovery to pre-Covid levels.

For more details, you can read the full article here.