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The Summary - week ending 1/12/23

The Summary - week ending 1/12/23

Mike Watson
December 01, 2023

Its early Friday afternoon and time for your favourite summary of this weeks best Scottish business news stories.

Let’s go…..

Letting agent Cairn Group acquires Rannoch Property

Cairn Group has acquired Rannoch Property and now manages 1,400 units and plans to reach 2,500 with a £3m turnover.

Mint Ventures invests undisclosed sum in Inicio AI

Mint Ventures has invested an undisclosed sum into Inicio AI, led by CEO Rachel Curtis. Inicio AI uses AI to help those struggling with debt.

Maven Capital Partners to acquire Newable Ventures

Glasgow-based Maven Capital Partners, which is part of wealth and asset management form Mattioli Woods is acquiring Newable Ventures from Newable Capital Group.

Scottish EDGE awards £1.5 million into 38 Scottish businesses

For a full list of all the winners, click here.

Six-figure raise for Ingenious Audio

Edinburgh based Ingenious Audio, has secured a six-figure funding round to advance its patented Wi-Fi Audio technology. Kelvin Capital and Scottish Enterprise contributed to the round.

Ski tech firm Maison Sport in £3.1 million raise

Online platform Maison Sport, which connects ski enthusiasts with professional instructors, has raised £3.1 million in an investment round. The funding was secured through a private investment firm and angel investors.

ACE Winches bought by Ashtead Technology for £53.4 million

Westhill-based Ashtead Technology has acquired Turriff-headquartered ACE Winches from its founders, Alfie and Valerie Cheyne, for £53.5million on a cash and debt free basis.

Nova Consortium wins €20 million EU funding for 16 turbine install

Edinburgh-based Nova Innovation has won €20m of EU funding for a 4MW tidal energy farm that will be home to the largest number of tidal turbines anywhere in the world.

Nova will lead a pan-European consortium aiming to kick-start mass manufacturing of turbines in the tidal industry from headquarters in Edinburgh.

Scottish exports grow to almost $80 billion

Statistics published by the Scottish Government show that the value of Scottish exports has increased by 11.3% from £71.8 billion in 2020 to £79.9 billion in 2021. This is lower than the total of just over £82bn that was recorded in pre-pandemic 2019.

Gap site in Aberdeen could become Scotland’s biggest EV charging station

The former Muller Dairies 4-acre gap site at Craigshaw Drive in Aberdeen could become Scotland’s biggest EV charging station with capacity for up to 50 commercial vehicles.

Ledingham Chalmers posts record turnover

Law firm Ledingham Chalmers as posted record turnover figures of £13.4 million since it became an LLP in 2006 with headcount increasing to 210.

RSE takes 75% stake in Chem Resist

Ross-shire Engineering (RSE) has taken a 75% majority investment in Dewsbury-based Chem Resist.

Scotch Whisky Investments opens new £10m Fife facility

Four whisky storage warehouses, maintenance and bottling buildings and offices will be created with the £10 million investment.

Duncan Di Biase crowned at Entrepreneur of the year awards

Scottish entrepreneur Duncan Di Biase was crowned Innovation Entrepreneur of the year for Scotland & Northern Ireland at The Allica Bank Great British Entrepreneur Awards for his work at Brillband.

Scottish chocolatier moves to new premises

Forfar-based Chocolatia has expanded into new premise.

Former Gleneagles chocolatier, Chloe Oswald set the company up in 2020.

Double turnover plan for workplace gifting startup

Thankbox, an Edinburgh-based start-up, aims to double its turnover in two years by capitalising on the market for workplace gifting. The company, founded by Valentin and Tsvetelina Hinova, has just surpassed 100,000 users and has issued over £5.5m worth of gift cards since it launched in 2020.

The start-up partners with over 700 global retailers and sees the teachers' gift market as a significant opportunity.

Waste management company Biffa acquires Hamilton Waste and Recycling

Biffa has acquiring the entire share capital and will retain the 100-strong team and 49 vehicles.

£2million raised by single use inhaler start-up

Scottish inhaler startup 1nhaler has raised £2million from Archangels, Dr Yasuf Hamied, British Business Investments and various seed investors.

The company has developed a credit card sized cardboard Dry Powder Inhaler.

Foodmek assets acquired by Clyde Associated Engineers

Clyde Associated Engineers has acquired the assets of Tayport-based Foodmek from liquidator Henderson Loggie.

Staff made redundant in October have been offered their jobs back.

Smiths Interconnect receives £1.9m from UK Space Agency

Smiths Interconnect has received £1.9m from the UK Space Agency Space Clusters Infrastructure Fund to enhance its Space Qualification Laboratory in Dundee.