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  • The Summary: week ending 16 February 2024

The Summary: week ending 16 February 2024

Author

Mike Watson
February 16, 2024

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

Let’s go…..

Entrepreneurial cohort heads to Texas for SXSW programme

A 14-person cohort of Scottish entrepreneurs has been selected for a program in Austin, Texas, including full access to the SXSW conference and a startup showcase. This initiative, supported by the Scottish Ecosystem Fund, Scottish Enterprise, and the Scottish Government, aims to foster connections and growth in the US startup community. The entrepreneurs represent various industries and include Don Smith of 1nhaler, Colin Gray of Alitu, and Ana Betancourt of Black Goblin, among others.

Read more about this here.

Elevator launches new programme for Scottish business women

Elevator has launched the E3f program, supported by the Scottish Government, to empower Scottish women entrepreneurs. The six-week free initiative is designed to transform passions into successful businesses, offering workshops and a digital platform for networking and support.

Read full article here.

Scotland saw more than 40,000 new business launched last year

Scotland saw over 40,000 new businesses launched last year, marking a 12% increase from 2022, making it the third fastest-growing UK region for new businesses. Growth was notably driven by the property letting sector, online retail, and new takeaway shops. Additionally, there was significant growth in female-founded businesses across the UK.

  • James Holian, Head of Business Banking, Royal Bank of Scotland

Read full article here.

Expro buys Coretrax for £166 million

Expro has acquired Coretrax, a drilling tech firm based in Aberdeenshire for $210 million. This deal, aiming to enhance Expro's portfolio in well construction and well intervention & integrity, reflects a strategic expansion in established regions and new growth avenues across North and Latin America, Europe, Sub-Saharan Africa, the Middle East, and Asia-Pacific.

Hunter expands search for next unicorn

The Hunter Foundation is looking for businesses to join its ScaleUpScotland program aimed at accelerating growth. Twelve companies will be invited to this 18-month cohort experience, designed to build leadership capabilities and explore key drivers of scaling a business. The program has already supported businesses in achieving significant growth, adding jobs, and securing funding.

  • Sir Tom Hunter, Programme Funder, The Hunter Foundation

  • Ian McKenzie, CEO, Trojan Energy (Cohort Three Participant)

Read full article here.

National Investment Landscape Survey launched by EIE24

EIE24 has initiated the first national survey to analyse Scotland's investment landscape. This survey is part of an effort to understand perceptions of risk among investors and align startup companies with suitable investment opportunities. Insights gathered will be used to enhance the startup ecosystem and investment matching process.

  • Duncan Martin, EIE24 Lead Executive and Director of Entrepreneurship, Bayes Centre, University of Edinburgh

Read full article here.

AccelerateHER sees 100 companies take part in Female Founder Accelerator

The Female Founders Accelerator, a partnership between Barclays Eagle Labs and AccelerateHER, welcomed 100 technology-led companies across the UK. Funded by the Department for Science, Innovation, and Technology, this nine-week program aims to support female entrepreneurs in healthcare, education, food, and finance sectors, offering masterclasses, one-to-one mentoring, and networking events in London and Glasgow. The initiative underscores the importance of female-led businesses in the technology sector.

Scottish hotel market sees a record £310 million in transactions

Scotland's hotel market witnessed a significant increase in transactions in 2023, totaling £310 million, nearly double the previous year's figure. This surge, accounting for 14% of the UK's hotel transactions, was marked by key sales such as the Waldorf Astoria in Edinburgh to Henderson Park and Klarent Hospitality for £85 million. The market saw robust interest from both UK and international investors, with a notable 77% of purchases by UK investors. The outlook for 2024 remains positive with several high-profile openings and developments anticipated in Edinburgh.

  • Steven Fyfe - Hotel Capital Markets Director, Savills Scotland

Read full article here.

Entrepreneurs launch female business summit

Three female entrepreneurs, Laura Maginess, Heather Offord, and Clare Baillie, are launching Scotland's largest business summit for women in Glasgow. The Scottish Growth Summit, set for March 14 at The Studio, Glasgow, aims to support women in business through speakers, workshops, and networking. It addresses challenges like confidence and access to investment, highlighted in the Rose Review, which suggests £250bn could be added to the UK economy by matching men's business startup rates.

Read full article here.

Vinyl pressing plant to open after £1.75 million fund raise

A Scottish vinyl pressing plant, Rockvinyl, is aiming to raise £1.75 million through a crowdfund to support the installation of three pressing machines and hire staff. Located in Glasgow, it's set to be the city's first, targeting a monthly production of 60,000 records to meet rising vinyl demand. The initiative, led by David Brady as managing director, is backed by industry figures and aims to support emerging artists with a Fan Funded Vinyl initiative.

  • David Brady - Managing Director, Rockvinyl

  • Mark Mackie - Chief Executive, Regular Music

  • Mark Wilson - Former Band Manager

  • David Low, Peter McGowan, Denis Kinane - Investors

Read full article here.

Net Zero Technology Centre announces accelerator start-up cohort

The Net Zero Technology Centre (NZTC) has announced the 2024 TechX Clean Energy Accelerator cohort, featuring 12 innovative startups. These startups, selected for their potential to advance clean energy solutions, will receive up to £100,000 in funding, mentorship, and access to industry networks, including partnerships with bp, Equinor, ADNOC, and ConocoPhillips. The program aims to foster the development of technologies critical for the energy transition, with a Demo Day scheduled for June 2024 to showcase their solutions.

  • Mark Anderson - Chief Acceleration Officer & TechX Director, Net Zero Technology Centre

Global exports of whisky reaches £5.6billion in 2023

Whisky exports reached £5.6 billion in 2023, equivalent to 1.35 billion 70cl bottles. This represents a decrease compared to 2022 but shows a 14% value increase over 2019, amidst significant challenges. Asia-Pacific remained the top market, with notable growth in China, Singapore, and Taiwan. Europe, especially France, continued as a key region, while exports to the US declined.

  • Mark Kent - Chief Executive, Scotch Whisky Association

  • Lord Offord - UK Government Minister for Exports

Read full article here.

AAB keeps top place on Experien M&A league

AAB maintained its leading position in Experian's M&A league in 2023, completing 18 deals despite a slowdown in Scotland's M&A market, which saw a 15% decrease to 394 transactions. Cortus Advisory and Grant Thornton followed in rankings. Small cap deals declined by 22%, large deals by 46%, and mega deals saw a significant drop. Acquisitions dominated the market, with employee buy-outs notably increasing. The Scottish M&A market represented 6% of the UK's total activity by volume.

Read full article here.

Aberdeen firms collaborate to launch new ERP solution

STC INSISO and ANSA Data Analytics have launched Centerpoint ERP, an enterprise resource planning solution, with a significant investment aimed at enhancing operational efficiency for organizations. The solution is expected to contribute to 20% of STC INSISO's £5m turnover in the next 18-24 months and is seen as ideal for well intervention and service companies.

Read full article here.

Glasgow seen as one of Europe’s top cities for foreign investment

Glasgow was recognized as one of Europe's top cities for foreign investors in the fDi Intelligence European Cities and Regions of the Future 2024 listing, ranking first in the large cities category. This accolade reflects the city's effective strategy in attracting overseas investment, particularly noting its strong biotech and pharmaceutical sectors. Glasgow's achievements in securing substantial funding for innovation, its connectivity, and business-friendly environment were also highlighted, marking an improvement across key categories compared to the previous year.

Read the full article here.

Scottish salmon is UK’s top 2023 food export

Scottish salmon was the UK's top food export in 2023, with sales reaching £581 million, a 0.5% increase from the previous year. Leading the global demand was France, followed by notable growth in the US and Asian markets. Despite facing challenges such as increased red tape post-Brexit and economic downturns, the sector's resilience is evident.

Read the full article here.