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  • The Summary: week ending 2 February 2024

The Summary: week ending 2 February 2024

Author

Mike Watson
February 02, 2024

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

Let’s go…..

New English acquisition for Spotless

Edinburgh-based Spotless Commercial Cleaning, has acquired Ashdown Cleaning, adding 100 staff and boosting its annual turnover beyond £20 million. The Norwich-based Ashdown, acquired from its retiring founder, has a strong presence in Norfolk and East Anglia. This follows Spotless' acquisitions of Purity Group and Clearsprings Support Services last year. Founded in 1988 by Roger Green, Spotless now oversees 1,700 contracts across the UK.

Hospitality group eyes English expansion

The Scottish hospitality group DRG plans to expand its presence in England, targeting locations like Newcastle and London. DRG, known for its brands such as Di Maggio's and Cafe Andaluz, is seeking a second Cafe Andaluz site in Newcastle following the success of their Edinburgh venue. The group, employing around 1,000 people, is led by co-founder Mario Gizzi.

100 new jobs to be created at Arbroath call centre

Journeycall, part of ESP Group in Arbroath, has secured a four-year contract with Transport for London (TfL) for contactless payment card support. This new contract will create around 100 jobs in the area.

Read full article here.

Art trading website secures £300k funding

Scottish start-up Trademylux has secured a £300,000 investment from TRICAPITAL Angels and Scottish Enterprise. Trading as sellmyartworks.com, the company targets the art resales market, aiming to provide a transparent, secure, and cost-effective platform for buying and selling art.

  • Bob Corsie, Founder, Trademylux

  • Kerry Sharp, Director of Entrepreneurship and Investment, Scottish Enterprise

Carcinotech raises £4.2m to aid US expansion

Edinburgh-based Carcinotech has raised £4.2 million to expand into the US. The funding will support the development of its Carcino3D technology, which involves 3D printed micro-tumors for ethical drug screening and effective cancer treatment. Led by CEO and founder Ishani Malhotra, the company has built industry partnerships in Europe and is now targeting North America. Eos Advisory and other investors like Scottish Enterprise and TRICAPITAL participated in the funding round.

Holyrood Distillery secures £2m funding package

Holyrood Distillery in Edinburgh has secured a £2 million funding package from Ferovinum to support its domestic and international growth. The funds will be used to release capital from maturing casks, primarily for new-fill casks and overseas market expansion.

Craig International sees turnover grow to £188m

Energy procurement firm, Craig International, has increased turnover by 60% from £116m to £188m and nearly double the profits from £1m to £2.7m for the year ending April 2023. The growth is largely attributed to international operations, particularly in North America and the Middle East.

Increased turnover encourages Buzzwork’s growth

Buzzworks Holdings reported a revenue increase to £29.9 million and plans to double its size, creating about 800 new jobs.

As part of its growth strategy, Buzzworks continues to invest in new and existing venues. This totalled £4.7m in the year, including the opening of Scotts in Greenock, Thirty Knots in South Queensferry and Herringbone Abbeyhill in Edinburgh.

New entrepreneur in residence at Stirling management School

Stirling Management School has appointed Gillian Fleming as its latest entrepreneur in residence. Fleming, co-founder and CEO of Mint Ventures, will mentor students, staff, and alumni, bringing over 20 years of experience in advising science and technology start-ups. She's also a member of the school's international business advisory board and a Saltire fellow.

  • Gillian Fleming, Entrepreneur in Residence, Stirling Management School; Co-founder and CEO, Mint Ventures

Morris Leslie Plant Hire posts 10% revenue rise

Morris Leslie Plant Hire has reported a 10% revenue increase to £49.1 million in the last financial year, with profits before tax rising to £11.5 million. The Perthshire-based plant hire equipment supplier's success was driven by strong sales in the UK and overseas. Significant investments included a record £87.5 million order for JCB machinery. The company also acquired Harborough Hire Centre, expanding its network to 15 sites.

  • Graham Ogilvie, Operations Director and Managing Director, Morris Leslie Plant Hire

See AAB’s 2023 deals review below

40 transactions throughout the UK, Ireland and internationally.

AAB on LinkedIn: Our Corporate Finance Year in Review

What did 2023 look like for our Corporate Finance Team? Last year the team were busy acting on M&A transactions, fundraising, due diligence, and disposal…

www.linkedin.com/feed/update/urn:li:activity:7158428597320310784

Saturn Fluid Engineering to locate new division in Aberdeen

Dundee-based Saturn Fluid Engineering, is investing over £500,000 to establish a new integrity division in Aberdeen, creating up to ten jobs. This expansion will mark Saturn's 50th team member. Saturn was founded by Ewen and Shona Clunie in 2016.

Read full article here.

McLaggan Smith acquires Ceramicraft

Dumbartonshire firm McLaggan Smith Mugs Limited has acquired Ceramicraft Limited, enhancing their product range with high-quality screen-printed items like bone china mugs and Christmas baubles. Ceramicraft, established in 1982 by Tony and Angela Kilgariff, will continue to operate from Newcastle-under-Lyme with the Kilgariffs remaining in key leadership roles. The acquisition by McLaggan, backed by N4 Partners, is seen as a vital step for expanding their capabilities and market reach.

  • Tony Kilgariff, Co-founder, Ceramicraft

  • Angela Kilgariff, Co-founder, Ceramicraft

  • Keith Mitchell, Partner, N4 Partners and Chairman, McLaggan Smith

REDA Energy acquires Cistom Engineering

REDA Energy Ltd has acquired Cistom Engineering Limited, an Aberdeen-based specialty chemical supplier to the oil and gas and industrial markets for an undisclosed sum.

Read full article here.

Fintech Scotland launches innovation challenge

FinTech Scotland, in collaboration with Deloitte, Tesco Bank, Morgan Stanley, and abrdn, has launched an innovation challenge through the Financial Regulation Innovation Lab. This initiative, funded by the UK Government's Innovation Accelerator program, encourages financial institutions and innovators to develop new solutions for financial regulatory challenges using AI and emerging technologies.

Grant Thornton Scotland deals worth £363 million

Grant Thornton UK’s Scotland corporate finance team advised on 17 deals with a total of £363 million in 2023.

Neil McInnes, Partner Grant, Thornton

Bedding brand Ava Innes secures expansion investment

Scottish luxury bedding brand Ava Innes, founded by Joan Johnston has secured significant investment for global expansion. Investors include Kelvin Capital and Scottish Enterprise. The funding will aid in expanding into consumer and luxury hospitality markets. Lucinda Bruce-Gardyne and Craig Samuel have joined the board to support the expansion.

Read full article here.

Shakespeare Martineau expands practive in Edinburgh

Legal practice Shakespeare Martineau has expanded in Edinburgh, growing its team to ten and increasing revenue by 142% last financial year. Recent hires include dispute resolution partner Fiona Pask and commercial and corporate partner Trevor Fenton.

  • Amal Kaur, Head of Scottish Practice, Shakespeare Martineau

  • Fiona Pask, Dispute Resolution Partner, Shakespeare Martineau

  • Trevor Fenton, Commercial and Corporate Partner, Shakespeare Martineau

EnteroBiotix hires new CFO and COO

EnteroBiotix, a Glasgow-based biopharmaceutical company, has strengthened its executive team with Dr. James Barnes joining as Chief Operating Officer and Chris Lea as Chief Financial Officer.

  • Dr. James Barnes, Chief Operating Officer, EnteroBiotix

  • Chris Lea, Chief Financial Officer, EnteroBiotix

  • James McIlroy, Chief Executive, EnteroBiotix

Microplate Dx plans next stage of funding

Microplate Dx, based in Glasgow, is gearing up for a significant funding round to advance its antibiotic susceptibility testing platform, targeting urinary tract infections (UTIs) among other applications. The company, a spin-out from the University of Strathclyde, aims to streamline antibiotic prescription processes. It has engaged lead investors from the US and Europe and is working with NHS trusts and an Indian site for feasibility testing.

Read full article here.

People

New MD for i4 Product Design

i4 Product Design in Edinburgh has appointed Ryan Fenton as its new managing director, marking the first change in this role in 20 years. He succeeds Brian Combe, a co-founder, who guided the firm through growth and a transition to employee ownership.

  • Ryan Fenton, Managing Director, i4 Product Design

  • Brian Combe, Co-founder, i4 Product Design

Read full article here.

New executive chair for Balfour+Manson

Balfour+Manson has appointed David Short as the new executive chair, taking over from Elaine Motion, who led the firm for almost a decade. Short, who joined the firm in 2012 and later became head of litigation, will work alongside the existing management team. Motion, who joined in 1993 and became a partner in 1997, will continue as a partner at the law firm.

  • David Short, Executive Chair, Balfour+Manson

  • Elaine Motion, Former Executive Chair and Partner, Balfour+Manson

Read full article here.

New chief executive to take the reigns at AG Barr

Irn-Bru maker AG Barr, has appointed Euan Sutherland as the new chief executive. Sutherland, previously CEO of Saga and the Co-op Group, will replace Roger White, who is retiring. The company's revenue is expected to reach around £400m, a 26% year-on-year growth.

  • Euan Sutherland, Incoming CEO, AG Barr

  • Roger White, Retiring CEO, AG Barr

  • Mark Allen, Chairman, AG Barr

Read full article here.