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Scottish Business Summary: week ending 19 April 2024

Author

Mike Watson
April 26, 2024

OK, so we have gone and done it. After our exhaustive market research on LinkedIn (thank you if you voted) it was pretty clear that we should rename to ‘Scottish Business Summary’ to show more relevance to the content we cover.

Summaries of stories relating to business having an impact of Scotland was just too long so ‘Scottish Business Summary’ it was.

Look out for some more changes soon.

Now here’s the important stuff…

Hyble raises £2.8 million in latest funding round

BGF has invested £2.5 million in Hyble, an Edinburgh-based marketing technology firm. This funding is part of a £2.8 million round to support Hyble's expansion into the US market and a significant contract with Southern Glazer’s Wines and Spirits. This move aligns with Hyble's strong growth trajectory, having expanded its team significantly due to increasing demand in the global drinks and hospitality sector.

Read full article here.

Northern Star Business Awards 2024


W M Donald, an Aberdeen-based civil engineering contractor, won the Business of the Year at the 20th anniversary Northern Star Business Awards, hosted by the Aberdeen & Grampian Chamber of Commerce. The event celebrated the accomplishments of businesses making a positive impact in the North-east economy. W M Donald was recognised for its substantial growth and involvement in major local projects. Additionally, they won the Inspiring Futures award, highlighting their commitment to workforce development and community engagement.

£3 billion jobs boom with approval of new floating wind farm

The Scottish Government has approved the construction of one of the world's largest floating wind farms, the Green Volt project, off the coast of Peterhead, Aberdeen. This £3 billion investment, a joint venture between Flotation Energy and Vårgrønn, will include up to 35 floating turbines generating up to 560 MW. This project aims to support the oil and gas sector with renewable energy and contribute to the UK grid, creating hundreds of jobs and showcasing Scotland as a leader in floating wind technology.

Read full article here.

MacNeil Shellfish opens £5 million Spanish distribution centre


MacNeil Shellfish has invested £5 million in a new distribution hub in Bilbao, Spain, enhancing its operations and presence in the European market. This 3,000 square meter facility will help increase production and distribution across Spain, Portugal, and Europe, supporting a projected 30% growth in 2024 turnover. The facility focuses on sustainably sourced seafood, aiming to meet European consumer demand for ethical and traceable products.

  • Michael MacNeil, Co-founder, MacNeil Shellfish

  • Amber Knight, Co-founder, MacNeil Shellfish

Read full article here.

New Campbelltown distillery gets go ahead

R&B Distillers has received approval to build the Machrihanish Distillery in Campbeltown, the first in the area in over 180 years. The distillery will focus on sustainable practices, eliminating fossil fuel use and enhancing local biodiversity. It will create up to 20 jobs and aims to produce a new single malt Scotch whisky. The project also includes developing a visitor center, and is part of R&B's broader strategy to grow their new wave spirits business globally.

Read full article here.

£5 million committed to support smaller business growth

The British Business Bank’s Investment Fund for Scotland has committed £5 million to support the growth of smaller businesses across various sectors including drinks, healthcare, and creative industries. This initiative, managed by FSE Group, aims to boost economic growth by providing accessible funding, enhancing Scotland’s SME landscape. Significant investments include a £2 million package for Elanic Clinic's expansion in Glasgow and a £200,000 loan for Panther M*lk to develop new products.

Read full article here.

Northern Irish kitchen company acquires Dundee-based JTC Furniture Group

Woodland Kitchens, a Northern Irish manufacturer, has acquired JTC Furniture Group based in Dundee, which specialises in furniture for social housing and student accommodations. This merger is backed by investment from BGF, aiming to create one of the UK's largest cabinet producers. This strategic move will allow both companies to leverage their combined scale to enhance product offerings and service levels.

Read full article here.

Borders Distillery secured £35million funding from Ferovinum

The Borders Distillery has secured a £35 million funding agreement with Ferovinum to support its growth over the next three years, covering the period until it can release its first whisky. This partnership will provide the Borders Distillery with financial stability and operational support in trading across the UK, Europe, and the US, including integration with key logistics and commercial services. This strategic funding will help position the distillery for future success in the competitive whisky market.

Read full article here.

Meldrum House Hotel bought by Apex Hotels


Apex Hotels has expanded its portfolio by acquiring Meldrum House Country Hotel and Golf Course in Aberdeenshire. This marks Apex Hotels' second rural property purchase, adding to their city-based offerings. The hotel features 51 rooms and a golf course, providing guests a mix of urban and rural accommodations. The existing management team at Meldrum House will continue under the leadership of Jordan Charles.

  • Jordan Charles, General Manager, Meldrum House

  • Bob Edwards, former owner of Meldrum House

Read full article here.

Shetland to get its first distillery

Lerwick Distillery is set to open later this year becoming Shetland’s first whisky producer and the most northerly distillery in the world.

Scottish startups raise £100million in first quarter

Scottish startups secured nearly £100 million in venture capital during the first quarter of 2024, distributed among 19 companies. This marks a significant increase from £70 million the previous year, indicating rising confidence in Scotland’s entrepreneurial sector. Notable investments include £28.6 million for Intelligent Growth Solutions and £13.9 million for Ember. The overall investment in Scotland last year was over £359 million across various industries.

Read full article here.

JPMorgan Chase open new Glasgow office for its 2,600 employees


JPMorgan Chase has officially opened a new technology center in Glasgow, which will serve as a hub for over 2,700 tech employees. This expansion is set to bolster the firm's global technology operations, emphasising Glasgow's growing importance in the financial technology sector.

  • Lori Beer, global chief information officer at JPMorgan Chase

  • Mark Napier, managing director of JPMorgan Chase’s Glasgow Technology Centre

  • Adrian Gillespie, chief executive of Scottish Enterprise

Read full article here.

Ithaca and Eni combines North Sea assets in £754 million deal


Ithaca Energy and Eni are to merge their UK North Sea assets, creating a major independent energy company. Ithaca will acquire Eni's UK oil and gas assets, while Eni will receive a 38.5% stake in Ithaca. The merger will increase Ithaca's production capacity to over 100,000 barrels per day. The deal is expected to complete in the third quarter

Read full article here.

Ashton McGill closes in on £1 million revenue after 41% increase in turnover


Ashton McGill, a Dundee-based accountancy firm, reported a 41% increase in turnover and is on track to reach £1 million in revenue in 2024. This growth is attributed to an expanding client base across Scotland. The firm's success is bolstered by a proactive approach to client management and strategic hires, including a new Aberdeen-based accountant.

Read full article here.

Network & security services firm Systal opens new site in Florida, USA

Systal Technology Solutions has opened a new Network Operations Centre in Tampa, Florida. This marks a significant expansion in their US presence, aiming to meet increasing demand for managed network, cloud, and cybersecurity services in North America. Tampa's growing reputation as a tech hub influenced Systal's choice for its US headquarters.

Read full article here.

Glen Clova Scientific closes £4 million seed financing round

Glen Clova Scientific has closed a £4 million seed funding round to advance the development of their biologic drugs for treating chronic inflammatory and autoimmune disorders. This funding, led by Norcliffe Capital along with DSW Ventures, TRICAPITAL Angels, and Scottish Enterprise, will help progress the preclinical development of three drug candidates aimed at treating skin conditions and asthma.

  • Dr. John Foerster, Co-founder, Glen Clova Scientific

  • Steven Powell, Co-founder, Glen Clova Scientific

  • Patricia Reynolds, CEO, Norcliffe Capital

  • Doug Quinn, Partner, DSW Ventures

Read full article here.

Kangaroo Self Storage buys 40,000 sq ft Sunderland site


Kangaroo Self Storage has expanded into the northeast of England by acquiring a 39,700 sq ft former retail warehouse in Sunderland. The site, located at the edge of the Hylton Retail Park, will be transformed into a multi-purpose storage center offering over 60,000 sq ft of lettable space and a business hub with offices and meeting rooms.

Read full article here.

Who made it to the finals of Scottish Edge 23?