The Summary: week ending 19 April 2024

Author

Mike Watson
April 19, 2024

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

Let’s go…..

WES and Napier University to collaborate to help women in business

Edinburgh Napier University and Women’s Enterprise Scotland (WES) have launched the SDG5 Living Lab initiative to support women in business. This collaboration will offer specialized training, resources, and networking opportunities aimed at fostering entrepreneurship and advancing careers among women. The initiative is a strategic effort to boost gender equality in alignment with the United Nations' Sustainable Development Goals, amid declining numbers of women-led firms in Scotland.

  • Lynne Cadenhead, Entrepreneur in Residence and WES Chair

  • Nick Fannin, Head of Enterprise, Bright Red Triangle (Edinburgh Napier University)

Read full article here.

Balgownie companies bought out of administration

Balgownie Limited and Balgownie Rentals Limited have been bought out of receivership by MacGregor Industrial Supplies Limited. This move preserved 15 jobs at the businesses' trading sites in Inverurie and Turriff. The acquisition aims to expand MacGregor Industrial Supplies' product and service capabilities in Aberdeenshire.

  • Richard Bathgate, Joint Administrator, Johnston Carmichael LLP

  • Graeme Bain, Joint Administrator, Johnston Carmichael LLP

  • John MacGregor, Managing Director, MacGregor Industrial Supplies

Read full article here.

Borders accountancy practices to merge

JRW and Hogg & Thorburn, two significant accountancy firms in the Borders, are merging to form JRW Hogg & Thorburn. This merger will combine their expertise and resources, creating a firm with nine partners and over 50 staff across six offices.

  • Kevin Crowford, Partner, JRW

  • Kenny Adamson, Partner, Hogg & Thorburn

Read full article here.

£4.2 billion generated for Scottish SME’s from public procurement


In 2021/22, Scotland's public procurement activities generated over £13 billion in economic output, contributing £7.5 billion to the GDP. Public sector spending reached £16 billion, with £8.9 billion spent within Scotland. Scottish SMEs benefited significantly, receiving £4.2 billion, accounting for 55% of the local spend. The spending supported approximately 130,000 jobs, with nearly half of all procurement expenditures made with suppliers from Scotland's most deprived areas.

Read full article here.

Nearly £67 million worth of deals done at COP28

Scottish businesses that participated in COP28 in Dubai are expected to secure almost £67 million in export sales over the next three years. The 19 net-zero focused businesses, part of a Scottish government delegation, reported these anticipated gains with three firms already winning business due to their involvement. The event was a significant platform for showcasing Scotland’s net zero ambitions and fostering international collaborations, particularly in renewable energy and other sustainable industries.

Read full article here.

Online pharmacy Phlo raises £9 million

Phlo, an online pharmacy based in Glasgow, has secured £9 million in funding to enhance its transformation into a comprehensive digital healthcare service. This investment comes from Par Equity and is complemented by contributions from Thairm Bio and Scottish Enterprise. The funding will support Phlo's expansion in the UK, particularly in areas like women's health, weight management, and on-demand prescribing services. This capital infusion follows Phlo's previous £10 million Series A round and the acquisition of TruePill UK's assets.

Read full article here.

South Korean heavyweight Hyundai backs Scottish wind projects

Hyundai Heavy Industries, under HD Hyundai, has signed a Memorandum of Understanding (MoU) with Scottish Enterprise and Highlands & Islands Enterprise to design and manufacture floating offshore wind structures in Scotland. This marks Hyundai's first such agreement in Europe and aligns with Scotland's investment in the offshore wind supply chain, aiming to bolster the region's net zero ambitions and create economic opportunities.

  • Hannae Choi, Senior Vice President, HD Hyundai Heavy Industries

  • Shona Robison, Deputy First Minister of Scotland

  • Adrian Gillespie, CEO, Scottish Enterprise

  • Stuart Black, Director, Highlands & Islands Enterprise

Read full article here.

French company Vinci Airports acquires 50.01% of Edinburgh Airport in a deal worth £1.27 billion

French company, Vinci Airports has acquired a 50.01% majority stake in Edinburgh Airport in a £1.27 billion deal. The acquisition promises new routes and additional investments to develop both aeronautical and non-aeronautical services at the airport. The transaction, which will be completed in the summer following regulatory approvals, is a continuation of Vinci’s strategic partnership with Global Infrastructure Partners (GIP), who retain the remaining 49.99% stake.

Read full article here.

£270 million plan to upgrade and transform Scottish sites unveiled by Harland & Wolff

Harland & Wolff plans a £270 million investment to upgrade its Scottish sites at Arnish and Methil into leading centres for renewable energy infrastructure, focusing on the offshore wind sector. This initiative, supported by the Scottish Offshore Wind Energy Council, aims to create numerous jobs and boost local economies by enhancing the facilities for large-scale renewable projects. The Methil site will expand to handle 750MW capacity per installation season, while the Arnish site will get a new quay and dry dock to support 255MW capacity.

Read full article here.

Seafood companies collaborate to create new processor

Denholm Seafoods, The Don Fishing Company, and Seafood Ecosse have collaborated to form Trinity Seafoods, focusing on processing under-utilised and sustainable stocks of whitefish such as haddock. The operation will be based in Peterhead, utilising new machinery in refurbished premises for processing. This venture is expected to enhance the Scottish seafood sector by providing a viable outlet for smaller-sized whitefish and boosting support businesses in the supply chain.

  • Richard Duthie, Managing Director, Denholm Seafoods

  • Bill McKenzie, Managing Director, The Don Fishing Company

  • David Leiper, Managing Director, Seafood Ecosse

Read full article here.

Startup will help textile makers mover away from synthetic dyes with seaweed innovation

SeaDyes, a Scottish startup, is innovating with seaweed-based natural dyes for textiles, aiming to replace synthetic dyes derived from petrochemicals. Founded by Jessica Giannotti, the company has developed a range of vibrant colors tested on various natural fibers. This initiative not only supports sustainable fashion but also promotes biodegradability and environmental safety. SeaDyes is currently scaling up their technology for industrial use with support from the Industrial Biotechnology Innovation Centre (IBioIC).

  • Jessica Giannotti, Founder, SeaDyes

  • Liz Fletcher, Director of Business Engagement, IBioIC

Read full article here.

INSUREPAIR doubles workforce with recent contract wins

INSUREPAIR, an insurance reinstatement building contractor based in Edinburgh, has doubled its workforce in just four months, growing from 15 to over 30 employees. This expansion is driven by a series of new contract wins and increased demand, particularly in Glasgow where the company recently opened a branch. The company's growth is also bolstered by public awareness that they can directly engage with INSUREPAIR for insurance reinstatement works.

Read full article here.

Global spotlight could shine on Scottish tech firms

Scotland's technology firms are invited to participate in the KPMG Private Enterprise Global Tech Innovator competition, aiming to spotlight Scotland's leading tech businesses. This annual contest, now in its 11th year, provides a platform for innovative companies to pitch their ideas to industry experts, with winners progressing from regional heats to a UK final, and potentially the global final in Lisbon. It highlights and supports fast-growing tech businesses and their contributions to the economy.

Read full article here.

Edinburgh architect chooses employee-owned model

7N Architects, an Edinburgh-based architecture firm, has transitioned to employee ownership, transferring the entire shareholding to an employee ownership trust for its 24 staff members. This change, announced ahead of the firm's 15th-anniversary event, aims to ensure long-term stability and foster an inclusive working environment. The leadership team includes Ewan Anderson, Ben Watson, and Craig Tait, working alongside a board of trustees.

Read full article here.

French firm Altrad to acquire Aberdeen based Stork

Altrad has reached an agreement to acquire Stork UK, an Aberdeen-based energy services company. This acquisition, set to be completed in the third quarter of this year, will include 1,800 employees, enhancing Altrad's North Sea operations and diversifying its services. The move follows Altrad's acquisition of Sparrows, aligning with its strategy to invest in companies that complement its vision and values. Stork's existing workforce is expected to be fully retained without any redundancies.

Read full article here.

GlenWyvis Distillery crowdfunding £2million to increase production

GlenWyvis Distillery in Dingwall is crowdfunding £2 million to increase whisky production. The funds will be used to expand a bonded warehouse and establish a new low-volume bottling facility, alongside developing a new visitor experience to attract tourists. The distillery, which prides itself on being community-owned and environmentally conscious, combines local renewable energy sources in its operations.

  • John McKenzie, Founder

  • David McIntyre, Chair

  • Jock Ramsay, Distillery Director and Head of the GoodWill Fund

  • Craig MacRitchie, Production Manager

Read full article here.

Culture & Business Scotland fund to reopen

The Culture & Business Scotland Fund has reopened for its seventh year to foster collaborations between cultural organisations and businesses. With an investment history of over £3 million since 2017, the fund matches every £2 of business sponsorship with £1 of investment, supporting projects that serve both cultural and business interests. This initiative aims to enhance Scotland's cultural sector while providing businesses with competitive advantages and fulfilling cultural needs.

  • Westaly Duignan, Head of Fundraising and Development, Edinburgh Festival Fringe Society

  • David Watt, Chief Executive, Culture & Business Scotland

Read full article here.

Orbex receives £16.7 million from investors to ramp up development

Orbex has secured an additional £16.7 million in funding to accelerate the development of its Prime rocket, aimed at launching small satellites into low Earth orbit. This latest funding, part of a Series C round that brings the total raised to £102 million, will support pre-launch testing and scale-up operations. Key investors include the Scottish National Investment Bank, Octopus Ventures, BGF, Heartcore, the Export & Investment Fund of Denmark, and others. This investment reflects growing confidence in Orbex's capabilities and Scotland's potential as a significant player in the space industry.

Read full article here.

New public-owned wind farm set to be build in Borders

Ripple Energy is developing the UK's largest people-owned wind farm at Whitelaw Brae near Tweedsmuir, Scotland. This community co-operative project allows thousands to co-own turbines and benefit from up to 100% green energy, reducing electricity bills and carbon footprints. The wind farm, developed by BayWa r.e. and utilizing turbines from Vestas, will power over 50,000 homes and generate 145GWh annually. Landscaping includes planting native woodland and promoting biodiversity.

Read full article here.

Scottish surgeon plans aesthetic medicine clinic for Edinburgh

Dr. David Jack, a Scottish surgeon specialising in aesthetic medicine, is opening a new skincare clinic in Edinburgh’s Howe Street. This clinic is part of his expanding practice which includes another in Belgravia and plans for more in London. Dr. Jack, who has a thriving Harley Street practice, is also planning to launch a range of skincare products in the US.

Read full article here.

Black Sheep Coffee choose to open biggest outlet in Edinburgh

Black Sheep Coffee is opening its largest venue in Edinburgh's Haymarket, a 3,600 square foot space that will include a bar serving beer and cocktails. This new coffeehouse, part of the Foster building, will feature seating for 190 people and an outdoor patio. The venue is owned by Urban Street Scene, operated by Ian Lindsay and his wife Desiree, who have invested significantly and will actively manage the location, employing 15 staff.

Read full article here.

David R Murray & Associates merges with Space Solutions

David R Murray & Associates (DMA) is merging with Space Solutions, creating an architecture firm that will leverage DMA's 35 years of experience and Space Solutions' expertise in workspace design. The merger will enable a broader range of projects and enhance both firms' market positions. The DMA team, including senior architect Neil Strachan and technician Steven Berry, will join Space Solutions, with David Murray continuing as a consultant.

Read full article here.