The Summary: week ending 05 April 2024

Author

Mike Watson
April 05, 2024

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

Let’s go…..

Edinburgh biotech firm secures £5 million for dental technology

Edinburgh-based biotech company Calcivis has raised £5 million to support the launch of its innovative dental decay detection technology in the US, with future plans for UK and European expansion. This technology, which has received FDA premarket approval, utilizes a biologic diagnostic agent and imaging device to highlight early signs of tooth decay through bioluminescence.

  • Chris Long, CEO of Calcivis

  • Eilidh Mactaggart, CEO of the Scottish National Investment Bank

  • David Milroy, Investment Director at Maven

Read full article here.

Tech firm Cofficient to become employee owned

Glasgow-based business software solutions firm Cofficient has transitioned to employee ownership. This move allows employees a meaningful stake in the company, aiming to increase resilience, productivity, and engagement. Cofficient's co-founders, Paul Grant and Paul Tindal, along with the team, are enthusiastic about the positive impact this change will bring to the company's culture and success.

Read full article here.

Lynne Cadenhead is the new COO at TRICAPITAL Angels

Professor Lynne Cadenhead has been appointed as the Chief Operating Officer (COO) of TRICAPITAL Angels, a Scottish angel investment syndicate. Having joined the company in 2023 as Women’s Advocate and Investor Relations Director, Cadenhead brings extensive experience from the start-ups, equity investment, and life sciences sectors. In her new role, she aims to recruit, retain, and engage members while supporting portfolio companies and advancing equality, diversity, and inclusion initiatives.

Read full article here.

Balmoral Castle to open for tours this summer

For the first time in its 169-year history, Balmoral Castle will open its doors for public tours this summer. These exclusive tours priced at £100 each, offer a rare opportunity to explore the interior of the royal residence, including significant rooms not previously accessible to the public. Scheduled between July 1 and August 4, the event is anticipated to attract tourists and offer unique insights into the estate's rich history and its role in the lives of the British royal family.

Read full article here.

Loans fund delivers £10 million to Edinburgh start-ups

OJE Studios, a film and photography startup, is expanding in Edinburgh thanks to a boost from the British Business Bank's Start Up Loans scheme. Founded by 19-year-old Omar Etherington-Brown, the studio focuses on community engagement and local collaborations. With new funding, OJE Studios is growing its team and relocating its music production studio from Dundee to Edinburgh. This move marks OJE Studios as the recipient of the ten millionth pound in start-up funding in Edinburgh, supporting 897 businesses since 2012.

  • Omar Etherington-Brown, Founder of OJE Studios

  • Barry McCulloch, Senior Manager, UK Network, Scotland, at the British Business Bank

Read full article here.

Omni Center in Edinburgh snapped up by Triple B

The Omni Centre in Edinburgh, a popular leisure and entertainment venue, has been acquired by Triple B, an international investment group founded by family members of the pioneering Bata Shoe business. The complex, attracting around 4 million visitors yearly, hosts a variety of establishments including Vue Cinema, Nuffield Health Club, and The Glasshouse Hotel. The sale price was undisclosed, but the centre was initially put on the market for £65 million by US asset manager Nuveen.

  • Thomas A. Bata, Director, Triple B

  • Scott Dwyer, Senior Real Estate Advisor, Triple B

Read full article here.

Turner & Townsend appointed to manage BAE Systems’ Glasgow shipbuilding facility

Turner & Townsend has been selected to manage the construction of BAE Systems' new Ship Build Hall in Glasgow, as part of a £300 million modernisation of BAE’s shipbuilding facilities at Govan and Scotstoun. The project, which aims to enhance shipbuilding efficiency and capabilities, is set to complete by Spring 2025. It will support the construction of Type 26 warships under a £4.2 billion contract with the MoD, sustaining approximately 1,700 Scottish jobs.

  • Steven Jackson, Director of Infrastructure, Scotland, Turner & Townsend

Read full article here.

Growth at Scott & Fyfe attributed to employee ownership

Scott and Fyfe, a Fife-based technical textiles company, reports significant profit growth, reaching £18.2M in sales and £1.1M in operating profit for the year ending December 31, 2023. This employee-owned firm, established in 1864, credits its success to its focus on innovation, market expansion, and employee ownership, which has fostered a motivated and engaged workforce. The company, which exports 94% of its sales, has seen substantial growth in the USA, Canada, and the EU markets.

Read full article here.

EnteroBiotix raises £27 million to finance growth

EnteroBiotix, a Scottish biopharmaceutical company, has raised over £27 million to accelerate its development of microbiome medicines. The funding round includes £6 million from the Scottish National Investment Bank, £10 million from other investors, and about £11m in loan notes converting to equity. This investment will support the company in advancing clinical trials for drugs aimed at treating conditions like irritable bowel syndrome (IBS), blood cancer, and liver cirrhosis.

Read full article here.

Visiativ UK acquires Solid Apps

Visiativ UK, an Edinburgh-based professional services and consulting business, has acquired Solid Apps, a specialist in 3D CAD and data management solutions for the SOLIDWORKS product range, for an undisclosed amount. Founded by Chris Hill in 1998 in Oldbury, near Birmingham, Solid Apps has a robust client base in key UK cities. This acquisition enables Visiativ to expand its digital engineering and manufacturing solutions, further developing its presence in the UK CAD market.

Read full article here.

Next Month - Glasgow Tech Week

Glasgow Tech Week, happening from May 13-18, will gather entrepreneurs and innovators in Scotland's largest city to showcase and discuss the thriving tech, digital, and creative industries. The event, supported by Glasgow City Innovation District, features conferences, workshops, and networking opportunities, with Glasgow Tech Fest as the highlight. It aims to foster ecosystem growth, job creation, and economic development. Dame Dr. Maggie Aderin-Pocock and Jason Bradbury are the keynote speakers, focusing on breaking barriers and the future of technology, respectively.

  • Alisdair Gunn, Director, Glasgow City Innovation District

  • Dame Dr. Maggie Aderin-Pocock, Scientist, Educator, Broadcaster

  • Jason Bradbury, Journalist, Presenter

Read full article here.