The Summary: week ending 08 March 2024

Author

Mike Watson
March 08, 2024

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

Let’s go…..

Artificial Lift performance bought by ChampionX

ChampionX, a Texas-based company, has acquired Edinburgh's Artificial Lift Performance (ALP), an analytics firm in the oil and gas sector. This acquisition aims to enhance ChampionX's digital offerings in optimizing artificial lift equipment, integrating ALP's Pump Checker software with ChampionX's XSPOC software.

  • Sandy Williams, Founder of Artificial Lift Performance

Edinburgh Hotels to get £50 million facelift

Henderson Park and Klarent Hospitality are investing over £50 million in Edinburgh's luxury hotels, The Caledonian Waldorf Astoria and the Hilton Edinburgh Carlton. This investment aims to enhance guest experiences through significant renovations and expansions, including new bars, lounges, and additional bedrooms.

Read full article here.

Blaney Carnan acquired by MacDonald Henderson solicitors

Macdonald Henderson has acquired Glasgow-based Blaney Carnan Solicitors, a firm specializing in business and property law, among other services. Paul Carnan, the founder and managing partner of Blaney Carnan, will continue in a consultancy role within the expanded business. This acquisition aims to enhance Macdonald Henderson's service offerings, particularly in private client work and both commercial and residential property, reflecting a shared commitment to client-centric service.

Read full article here.

Roy Cowie acquired by Nurture Group

Nurture Group has acquired Roy Cowie, an Aberdeenshire-based landscaping business, marking Nurture's 46th acquisition and fourth in Scotland since 2012. Roy Cowie has annual sales of nearly £4m and, the founder will continue in a consultative role, contributing to the company's goal of becoming Scotland's premier service provider in the field.

Read full article here.

8% second half rise in revenue at Craneware to nearly £72m

Craneware reported an 8% increase in revenue to £nearly £72million in the last half of the year. The Edinburgh-based healthcare software provider also saw an 8% rise in adjusted profit before tax to $17 million. This growth is attributed to positive responses to its Optimization Suites and a significant increase in sales to both new and existing customers. Customer retention remains above 90%.

Read full article here.

100 new Rolls-Royce jobs to be created at new Glasgow office

Rolls-Royce Submarines plans to open new offices in Cardiff and Glasgow, creating over 100 jobs in each city to meet the Royal Navy's growing demand. The Glasgow office will focus on recruiting specialists in electrical controls, instrumentation, and cybersecurity.

Read full article here.

Contract wins boosts revenues at Beeks

Beeks Financial Cloud reported a 25% increase in revenue to £12.96 million in the first half of the year, with profits rising 113% to £1.38 million. This growth is underpinned by a significant contract win with one of the world's largest banking groups, marking Beeks as a preferred vendor for cloud computing and connectivity. The deal, expected to commence revenue in H1 FY25, is valued at approximately £5 million over five years, bolstering the company's financial outlook and supporting its "land and expand" strategy.

MHD Law acquired by Gilson Gray

Legal firm Gilson Gray, has expanded its operations by acquiring MHD Law, enhancing its presence in Edinburgh. This marks Gilson Gray's second acquisition of the year, bringing a 17-member team from MHD, including partners Kieran Fitzpatrick, Chris Benson, and Raymond Fairgrieve, into its fold.

Read full article here.

Corran Capital takes stake in Vital Energi after SEP exit

Scottish private equity firm Corran Capital has acquired a 30% stake in Vital Energi from Scottish Equity Partners. Vital Energi is UK heat infrastructure company specializing in low-carbon heat networks. This move aims to accelerate Vital Energi's growth, allowing it to expand into new markets and technologies, including solar, battery and heat storage, and electric vehicle charging. The investment is part of an £80 million fund by Corran to support UK renewable energy entrepreneurs, with institutional investors like Strathclyde Pension Fund and Lexington Partners backing the deal.

Brechin recruitment firm ranked 16th fastest growing in Europe

Join Talent, a recruitment firm based in Brechin, ranked 16th on the Financial Times 1000 list of Europe's fastest-growing companies for the second consecutive year. Despite initial doubts about its growth potential, the company achieved over 6,000% growth between 2020 and 2022. Katrina Hutchinson-O’Neill, the founder, emphasized her commitment to supporting entrepreneurial women after facing early challenges herself. The firm, specializing in talent acquisition, boasts over 250 team members across 21 countries and plans to double in size within two years.

Babcock plans to recruit for 1000 new positions at Rosyth

Babcock International plans to create over 1,000 new jobs at its Rosyth facility within four years, including 400 apprenticeships and roles for engineers and tradespeople. These positions will support the Type 31 frigate program and other projects, aiming to attract diverse applicants and double apprenticeships at HM Naval Base Clyde.

Read full article here.

Lomond buys Tay Letting to operate under DJ Alexander brand

Lomond has expanded its portfolio by acquiring Tay Letting, a firm with offices in Glasgow, Dundee, and Edinburgh. This acquisition will see Tay Letting merge into the DJ Alexander brand, enhancing Lomond's presence in Scotland, particularly in Glasgow and the Tayside region. Lomond's rapid expansion strategy aims to strengthen its network across the UK, emphasizing its commitment to the Scottish market.

Lomond now brings together 1,200 staff across a network of 12 brands, from Aberdeen to Brighton, with more than 42,500 properties under management.

Read full article here.

New hotel to be developed in St Andrew Square

The former office building at 9 to 10 St Andrew Square in Edinburgh, previously occupied by Scottish Widows, is set to be transformed into a new Point A hotel. This development follows the acquisition of the property by Tristan Capital Partners’ fund European Property Investors Special Opportunities 6 (EPISO 6) and Queensway from PATRIZIA Hanover PUT.

New accelerator cohort launched by STAC

The Smart Things Accelerator Centre (STAC) has initiated its fourth accelerator cohort, welcoming 20 new companies, raising the total to over 50. The program, described as a comprehensive accelerator, focuses on scaling mentorship, space, investment, and talent acquisition. This cohort includes six female founders, underscoring STAC's commitment to diversity and inclusivity. STAC's recent launches, STAC Invest and STAC Jobs, aim to attract investment and retain Scotland’s talent in product design and engineering.

Online pharmacy ranked in Europe’s fastest Growing Companies

Simple Online Pharmacy, a Glasgow-based online healthcare provider, has been recognized in the FT 1000 ranking as one of Europe's fastest-growing companies, particularly excelling in the digital pharmacy sector. Founded in 2015 by Addy Mohammed and Karim Nassar, the company has achieved a 361.7% growth rate without external funding. Simple Online Pharmacy offers services including a digital doctor, online pharmacy shop, weight management program, and NHS prescription deliveries, with recent investments in robotics and AI technology.

Wobble Genomics raises £8.5m for commercialisation

Wobble Genomics, an Edinburgh University spin-out, has raised £8.5 million to commercialize its innovative RNA sequencing technology. This funding round was led by Mercia Ventures and BGF, with additional support from IQ Capital, EOS Advisors, and Old College Capital. The company's technology, which allows for the detection of full-length RNA, promises advancements in biotechnology applications ranging from drug development to agriculture. Currently employing 10 people, Wobble Genomics plans to double its team size within the next two years.