The Summary: week ending 12 January 2024

EnerQuip announces record turnover of over £20m

Aberdeenshire-based torque specialist EnerQuip has reported record turnover figures of over £20m.

Andrew Robins is EnerQuip MD.

Aberdeen’s Alto records 6 fold monthly revenue increase

Aberdeen-based Managed Services and Security Provider (MSSP) Alto has revealed a 6x increase in monthly project work from £8k to more than £50k per month.

Bruce Skinner is CEO of Alto.

Strathclyde Uni spin-out closing in on £10m funding package

NexaBiome, a Strathclyde University spin-out aims to raise £10m Series A funding to enhance its polymicrobial library.

To date the company has already raised £8m from Scottish Enterprise and private investors.

Dr Neil Clelland is NexaBiome chief executive.

£9m funding package for Cumulus Oncology

Edinburgh-based cancer therapeutics company Cumulus Oncology, which creates spin-out innovative cancer treatment companies has secured a £9m funding package from the Scottish National Investment bank (£6m) amongst others.

Clare Waring is founder and chief executive of Cumulus Oncology and Paul Callaghan is investment director at the Scottish National Investment Bank.

Slight fall in commercial investment volumes

Scotland saw £1.493 billion in commercial property investments in 2023, down about 33% on the previous year.

Stewart Milne Group goes into administration

NE-based Stewart Milne Group has gone into administration with the loss of 217 jobs with countless sub-contractor jobs at risk.

Teneo Financial Advisory have been appointed administrators for SMG and six of its subsidiaries.

RSE revenue rises 71% to £198 million

Revenue at Inverness-based Ross Shire Engineering (RSE) has increased by 71% year-on-year from £115m to £198m. Profit rose from £6.5m to £14 in the same period.

The acquisitive company bought three firms in the period - DPS in Glenrothes, Greenacre in Dewsbury and GPS in Bristol.

The firm also appointed chief executive Stephen Slessor and CFO Murray Tinning who start with the form this month.

Merger announced for Matthew Algie coffee roasters

Matthew Algie parent company Tchibo, has consolidated is UK and Ireland operations and will now operate under the 160 years old Matthew Algie brand.

Paul Chadderton is MD at Matthew Algie.

Aberdeen business parks acquisition

Manchester-based property company AM Sci Tech, a subsidiary of Hurstwood Holdings has acquired the 13 building that comprise Aberdeen Energy Park and Aberdeen Innovation Park in Bridge of Don for an undisclosed sum.

21CC Group buys funktioncreep in six figure deal

Events management company, 21CC Group Ltd, has acquired funktioncreep, a firm specialising in laser and visual effects, in a six-figure deal. This acquisition enhances 21CC Group's event services with advanced technology in laser shows and video mapping.

Key Individuals:

• Geoff Crow, Director, 21CC Group.

• Andy Stentiford, Technical Director, funktioncreep.

Edinburgh pension company acquires IC Select

Independent Governance Group (IGG) has acquired Edinburgh-based IC Select, a firm specialising in aiding trustee boards in selecting and monitoring investment consultants and fiduciary managers.

Key Individuals:

• Peter Doward, Managing Director, IC Select.

• Roger Brown, Founder, IC Select.

• Andrew Bradshaw, Chief Executive, IGG.

New CEO at Gordon & MacPhail

Whisky business Gordon & MacPhail, has appointed Phillip White as its new chief executive. White, previously with Kent Frozen Foods and Medina Foodservice, will focus on the international growth of brands such as Benromach and The Cairn. The appointment comes at a time of significant growth for Gordon & MacPhail, including a 24.3% sales increase and the opening of a new distillery.

Key Individuals:

• Phillip White, Chief Executive, Gordon & MacPhail.

• Neil Urquhart, Chair, Gordon & MacPhail.

Two Scottish startups in The Startups 100 for 2024

Two Scottish companies, OK Positive and Ujamaa Spice, have made it to the Startups 100 2024 list, highlighting the UK's top emerging businesses. OK Positive, an app developed by Charlie Winton for mental health support in the workplace, addresses employee wellbeing. Ujamaa Spice, founded by Raphael and Louise Maina, focuses on ethically sourced spices, emphasising fair pay for Kenyan farmers.

Key Individuals:

• Charlie Winton, Founder, OK Positive.

• Raphael Maina, Founder, Ujamaa Spice.

• Louise Maina, Founder, Ujamaa Spice.

£2 billion Edinburgh planning application submitted

A consortium led by Drum Property Group has submitted a planning application for the £2 billion West Town Edinburgh development. The project, set to be a major city extension, includes plans for 7,000 homes, schools, medical facilities, community spaces, commercial areas, and extensive green spaces.

Key Individual:

• Graeme Bone, Group Managing Director, Drum Property Group.

Fintech sector sees 24% growth over 2 years

Scotland's fintech sector has experienced a significant employment growth of 24% over two years, with over 10,500 people now employed across 226 enterprises.

Key Individuals:

• Nicola Anderson, Chief Executive, FinTech Scotland.

Wood revenue rises to hit $6billion

Aberdeen-headquartered Wood Group, reported a revenue increase to $6 billion (£4.7 billion) in 2023. The company has a $6.1 billion work pipeline and is selling its 51% stake in Ethos Energy, an Aberdeen-based turbine services business.

Key Individual:

• Ken Gilmartin, Chief Executive Officer, Wood Group.

Origami plant pots exported to Japan

Startup firm POTR, which makes origami self-watering plant pots, has secured a distribution deal in Japan for its origami self-watering plant pots. Founder and former Dyson engineer Andrew Flynn presented the products at the Scottish Development International (SDI) Showcase Trade event at the British Embassy in Japan. This expansion is expected to significantly boost POTR's turnover and export revenue.

Key Individual:

• Andrew Flynn, Founder, POTR.

Blackadders sees 12% increase in profits to £4.2m

Law firm Blackadders, has reported a 12% rise in profit to £4.23 million, with a turnover increase of 9% to £16.7 million for the 2022/23 financial year. The firm, under the new leadership of joint managing partners Emma Gray and Ryan McKay, is aiming to increase turnover to £25 million and achieve a profit margin of 35% by the end of the 2025/26 financial year.

Key Individuals:

• Emma Gray, Joint Managing Partner, Blackadders.

• Ryan McKay, Joint Managing Partner, Blackadders.

INSUREPAIR® to create 15 new jobs in Glasgow

Edinburgh-based INSUREPAIR® is expanding to Glasgow, opening a new office on Woodside Place. This move is expected to create up to 15 jobs in the next year. INSUREPAIR® specialises in fire and flood restoration.

Key Individual:

• Richard O’Donnell, Managing Director, INSUREPAIR®.

Graeme Bryson has been appointed as managing partner of Ayr-based William Duncan Accountants.

Phillip Chambers has joined Scottish space firm Orbex as its new chief executive at the same time as Miguel Belló Mora joints as executive chair.

Tynecastle Park, Heart of Midlothian’s new hotel venture has appointed Derek Paterson as the manager of the new ventire