The Summary: week ending 15 March 2024

Author

Mike Watson
March 15, 2024

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

Let’s go…..

£4.75m refurbishment of Granton Station with space for entrepreneurs and startups

Granton Station in Edinburgh has reopened as a hub for entrepreneurs and creatives after a £4.75 million restoration. The project, led by arts charity Wasps and the City of Edinburgh Council, aims to support 40 jobs and assist around 100 businesses in their growth. The station now offers a range of flexible working spaces, from hot-desk memberships to full office spaces, equipped with modern amenities. This development is part of an effort to nurture creativity and foster potential collaborations among its occupants.

Cashel Travel reports 267% increase in profits

Leith-based Cashel Travel, has reported profits after tax up 267% and turnover rising by 49% to £9.45m for the year ending 30 September 2023. The travel management company has expanded its staff from 26 to 32.

Showcase Scotland may boost Scottish food and drink by £77m

The Showcasing Scotland event has generated an estimated £77m in prospective sales for Scottish food and drink producers, marking a significant boost to one of the country's largest global export sectors. Held in Edinburgh, the event connected over 100 Scottish exporters with influential buyers from 22 countries, facilitating 1,822 official meetings.

  • Iain Baxter, Chief Executive at Scotland Food & Drink

  • Reuben Aitken, Managing Director of International Operations at Scottish Enterprise

Read the full article here.

£250m Charring Cross redevelopments plans submitted

A £250m masterplan for Glasgow's Charing Cross area, submitted by CXG Glasgow and 300 Bath Street's owners, proposes a mixed-use development. This ambitious project, envisioned in two phases, includes student accommodation, a GP practice, mixed-tenure housing, office space, and a hotel, coupled with the removal of the Tay House bridge over the M8.

Strathclyde Business School and SNIB launch new accelerator programme

The Scottish Impact Investor Readiness Programme has been launched by the Strathclyde Business School, in partnership with the Scottish National Investment Bank (SNIB), to support impact-oriented businesses in overcoming growth barriers. The program, designed to enhance understanding of environmental, social, and corporate governance (ESG) considerations, is delivered by experts from the University, including the Hunter Centre for Entrepreneurship and the Centre for Sustainable Development.

  • David Ritchie, Executive Director of Partnerships & Engagement, SNIB

  • Gillian Docherty, Chief Commercial Officer, University of Strathclyde

  • John Anderson, Director of Growth Programmes, Hunter Centre for Entrepreneurship

Diageo attraction visitors passes one million for first time

Diageo's whisky attractions in Scotland, including the Johnnie Walker Princes Street experience and 12 distilleries, have collectively welcomed over 1.13 million visitors, a first for the company. Significant investment, including £185 million in Scottish attractions and £85 million in the Johnnie Walker base, has paid off, reflecting Scotch whisky's role as a leading export and tourist draw.

  • Katie Harris, managing Director of Diageo Scotland Brand Homes

New 238-bed Edinburgh airport hotel proposal by Canadian firm Sandman

Sandman Hotels, a Canadian company, has submitted revised plans for a 238-bed hotel at Edinburgh Airport, updating a 2019 initial approval. The proposal, aiming to repurpose a current parking site, reflects Sandman's growth, with existing UK and Ireland locations.

Macfarlane Group buys Allpack Packaging for £3.25m

Macfarlane Group has acquired Allpack Packaging Supplies for £3.25 million, enhancing its protective packaging business. This acquisition follows three similar transactions in the last year, demonstrating Macfarlane's growth strategy. Allpack, based in East Anglia, is recognized for its strong distribution of protective packaging products. The deal includes a potential additional £750,000 based on profit targets and is financed through Macfarlane's existing bank facilities. Allpack's team, including its directors, will remain post-acquisition, supporting Macfarlane's expansion in East Anglia.

Boost for biotech with £847k government investment

The Scottish Government has invested £847,000 into the Industrial Biotechnology Innovation Centre (IBioIC) to support Scottish biotech companies in scaling their operations. This funding will enable the purchase and installation of a 300-litre fermenter at FlexBio, a scale-up facility at Heriot-Watt University in Edinburgh. This new equipment aims to bridge a critical gap in Scotland’s innovation infrastructure, facilitating the development of bio-based products by providing essential resources for scaling operations.

Mark Bustard, CEO of IBioIC
Jane Martin, managing director of innovation and investment at Scottish Enterprise

Read the full article here.

House of Bruar turnover reaches £45m with EBITDA of over £10m

The House of Bruar in Blair Atholl reported a strong financial performance for the year ending 31 January 2024, with a 15% increase in turnover to £45 million and an 11% rise in EBITDA, surpassing £10 million. This success is largely attributed to the expansion of direct shopping channels, which now contribute half of the company's revenue.

Tech company start-ups jumps by over a fifth

The number of tech company start-ups in Scotland saw a significant increase of over 21% last year, reaching 1,553 new incorporations. This growth closely mirrors the UK's national average of 22% and demonstrates Scotland's resilience and innovation in the tech sector despite broader economic challenges. The rise reflects Scotland's capacity to generate a substantial volume of tech start-ups, with the key challenge being their ability to scale within the country.

Ross Stupart, office managing partner for RSM

Scientist secures £2.5m for ultrafast laser technology

Professor John Travers of Heriot-Watt University has secured a £2.5 million Royal Academy of Engineering Chair in Emerging Technologies award to develop new ultrafast laser technologies. His research focuses on creating ultrafast optical pulses for applications in manufacturing, electronics, and drug discovery. This funding will support the recruitment of new academic staff and the establishment of a centre of excellence in this field, enhancing Heriot-Watt University's leading position in ultrafast laser technology.

FinTech Scotland partners with Techscaler to accelerate sector growth

Techscaler has joined forces with FinTech Scotland to boost the Scottish fintech sector's growth, benefiting over 226 fintech firms and their 10,500+ employees. This partnership focuses on providing fintech SMEs with extensive support services, including mentorship, education, and networking opportunities, aimed at nurturing innovation within the community.

Mattress maker secures first North America retail partner

Glencraft, an Aberdeen-based luxury mattress manufacturer, has secured its first retail contract in North America with Inform Interiors, a premium furniture retailer in Canada. This milestone deal is anticipated to generate an annual six-figure turnover for Glencraft and includes showcasing their Sovereign and Heritage mattresses along with luxury mattress toppers in Vancouver showrooms.

Murdoch Allan buys Dundee’s Teviotdale Bakery

Murdoch Allan, a North-east bakery, has expanded into Dundee by acquiring Teviotdale Bakery. This move marks Murdoch Allan's first venture outside the North-east, retaining eight staff members and creating 10 new jobs. Teviotdale Bakery, owned by Graham Cuthbert since 1978, boasts an annual turnover exceeding £1 million. This acquisition signifies a significant step for Murdoch Allan in expanding its high-quality bakery goods across Scotland.

Paul Allan, MD Murdoch Allan

Life sciences surpasses turnover targets reaching nearly £10.5billion

Scotland's life sciences sector achieved a record turnover of nearly £10.5 billion in 2021, surpassing its £8 billion target for 2025. This growth, a 19% increase over the revised 2020 figures, reflects the sector's critical contributions during the COVID-19 pandemic and positions Scotland as a leading hub for life science innovation and expertise. The sector, employing over 44,000 people across 972 sites, has seen its business turnover triple since 2010, highlighting the significant advancements and potential for future growth.

  • Mark Cook, Co-chair, Life Sciences Scotland Industry Leadership Group