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  • The Summary: week ending 23 February 2024

The Summary: week ending 23 February 2024

Author

Mike Watson
February 23, 2024

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

Let’s go…..

OEG Energy acquires Netherlands based MCS

OEG Energy Group Limited has acquired Marine Coordination Services (MCS), a Netherlands-based specialist in marine coordination and offshore project services. This acquisition, OEG's 12th since 2020, expands its Renewables division, enhancing its marine coordination capabilities and market reach in the European offshore wind sector.

People mentioned in this article:

Read the full article here.

Aberdeen gift card has generated £3 million

The Aberdeen Gift Card, launched by Aberdeen Inspired in 2020, has generated over £3 million in sales, boosting the local economy by supporting more than 300 businesses. Ranking as the top-selling Town & City Gift Card in the UK and Ireland with £590,000 in sales in 2023, it showcases the scheme's success in encouraging local spending and supporting community businesses. A surge in corporate purchases and use by charities highlights its growing acceptance and impact on the Aberdeen community.

People mentioned in this article:

Adrian Watson, Chief Executive of Aberdeen Inspired

Read the full article here.

Timberbush Tours expands with new executive chauffeur division

Timberbush Tours, an Edinburgh-based coach tour operator, has launched Balmoral Executive Travel, an executive car division offering luxury chauffeur services. This new venture, backed by a £1m investment in high-end Mercedes Benz vehicles, aims to cater to both business and leisure customers across Scotland and the UK. The launch responds to increasing demand for private hire in corporate, tour operator, and sporting sectors.

  • Ben Voy - Operations Manager, Balmoral Executive Travel

  • Gary Voy - Owner, Timberbush Tours

  • June Voy - Owner, Timberbush Tours

Read the full article here.

Tech firm Xergy raises £3.1million for expansion

Xergy secured £3.1 million in additional investment for its Proteus project management software, aiming to enhance AI capabilities and expand in Australia and the US. The total funding now exceeds £10.2 million since 2018.

Read full article here.

Archibald Marckay Group secures £530,000 funding for hotel expansion

Edinburgh-based Archibald Marckay Group has secured £530,000 from Reward Finance Group for the expansion of its hospitality ventures, including the acquisition and refurbishment of a listed building in Leith and a boutique hotel in the city centre. This move is part of a broader regeneration in Leith, enhancing the group's portfolio in the hospitality sector.

PhaSER Biomedical receives £2.3m grant from Bill & Melinda Gates Foundation

PhaSER Biomedical received a $2.3 million grant from the Bill & Melinda Gates Foundation to enhance drug discovery. This funding will support the use of PhaSER's innovative 8HUM transgenic mouse models for drug development, facilitating research on diseases like Malaria, TB, and HIV.

  • Professor Roland Wolf - Founder, PhaSER Biomedical, University of Dundee

Read full article here.

Scottish Forestry invest £2m in Scottish timber transport

Scottish Forestry is investing £2 million to support timber transport projects across Scotland. This includes £1.2 million for ongoing initiatives like TimberLINK, road improvements, a three-year electric lorry trial, and funding for Timber Transport Forum officers, with around £800,000 earmarked to encourage new project proposals from local authorities and landowners.

Read full article here.

M & A market slows after years of growth

The Scottish M&A market experienced a slowdown in 2023 after years of growth, with a 15% decrease in transactions from the previous year. The total transactions amounted to 394, valued at £7.3 billion, showing a consistent decline across all deal sizes. Notably, employee buy-out activity increased, diversifying exit strategies for company owners. The market's contraction reflects wider economic challenges impacting deal completions.

Read full article here.

UKSE backs furniture manufacturer’s growth

Livn Manufacturing Limited, a furniture manufacturer in Cumbernauld, has received a significant investment from UKSE to fund technology upgrades and expand its workforce. This move will enhance their bespoke furniture production capabilities and increase their team size to 48 within a year.

£2.6 million profit on £12.8m revenue for Edinburgh International Conference Centre

The Edinburgh International Conference Centre (EICC) reported a record profit of £2.6 million for the year ending December 31, with revenue reaching £12.8 million. This performance, attributed to the strategic retention of the sales team during the pandemic, marks a significant improvement from the previous year. The EICC also highlighted its economic impact on Edinburgh, hosting over 132,000 delegates in the year.

Profits at Linn hits a high note at £1.9m

Linn, a Glasgow-based audio equipment manufacturer, celebrated its 50th anniversary by reporting a £1.9m profit for the year ending 30 September 2023. Sales remained steady at £22.3m, bolstered by their new 360 loudspeaker and continued demand for their flagship Klimax DSM streamer. The company invested £3.1m in research and development, focusing on hi-fi systems at their Glasgow factory.

23 new stores to be opened by VPZ by mid 2024

VPZ, an Edinburgh-based vaping retailer, plans to open 23 new stores across the UK by mid-2024. This expansion aims to offer specialist stop-smoking advice, sustainable products, and a recycling service, creating more than 80 jobs. The expansion will increase VPZ's total store count to nearly 200. Doug Mutter, VPZ's director, emphasizes the initiative's focus on aiding smokers' quit journeys and addressing the environmental impact of disposable vapes.

Highland hackathon to be staged by AccelerateHER

AccelerateHER, in partnership with Techscaler, is hosting a Hackathon in Inverness for female and non-binary business founders to address technology challenges in business development. The event offers mentorship, expert advice, and networking opportunities, aiming to demystify technology options for startups. This initiative aligns with the Scottish Government's Techscaler program, providing participants access to a supportive tech community.

Whitebox Cocktails signs global expansion deal

Edinburgh-based Whitebox Cocktails has partnered with Glasgow's Artisan Spirits to expand into new markets, including the Netherlands, Germany, Japan, and the UAE. This follows a successful crowdfunding campaign that raised over £820,000, enabling Whitebox to double its cocktail range within the next year.

New Dalkeith factory for luxury pod manufacturer Armadilla

Armadilla, an Edinburgh-based luxury accommodation pod manufacturer, is set to boost its production by 120% after moving into a new 42,000 square feet factory in Dalkeith. This expansion follows a year of exceptional growth, enabling the company to meet the increasing demand for its products in the UK and Europe. The new facility is equipped with advanced technology and a lean manufacturing design to streamline production.

Union Square to be sold for £110million

Aberdeen's Union Square shopping mall is set to be sold for £110 million to American private equity firm Lone Star, after previously being valued at £150 million. Hammerson, the current owner, had put the mall up for sale in 2022. Union Square, a mix of a shopping centre and retail park, boasts 80 shops, restaurants, and leisure options, including a Cineworld cinema. The deal, supported in part by NatWest, underscores significant American investment in Aberdeen's retail sector.

Sumitomo agrees to £350m Highland investment project

Sumitomo Electric has committed to a £350 million investment project in the Highlands, aimed at establishing operations for supplying high voltage cables to the offshore wind energy sector. The project is supported with £24.5 million of public funding and is expected to create about 330 jobs in Scotland over the next decade, with 156 of these in manufacturing at the new facility. This investment is a significant boost for the regional and UK economy, particularly in renewable energy infrastructure.

  • Osamu Inoue, Chief Operating Officer of Sumitomo Electric;

  • Màiri McAllan, Secretary for Wellbeing Economy, Fair Work and Energy; Stuart Black, Chief Executive of Highlands and Islands Enterprise (HIE); Yasuyuki Shibata, Chair of SEUK.

Subsea robotics firm HPR ROV acquired by Subtron Group

HPR ROV, a subsea robotics firm based in Inverurie, has been acquired by Aberdeen's Subtron Group. This move will bolster HPR's research and development in the renewable energy market while maintaining its services in the North Sea oil and gas sector, including decommissioning. The acquisition safeguards all 17 jobs at HPR and adds five new positions as the company expands into ETZ's Altens facility.

Acumen Accountants merges with Ambly Accountants


Aberdeenshire-based Acumen Accountants has merged with Surrey's Ambly Accountants, enhancing its UK presence. The merger, effective from December, follows Acumen's recent acquisition of Graeme Munro and Company, signaling further growth. Ambly's founder, Andrew Wilson, joins as a new director, bringing his extensive experience to the expanded team, now totaling 45 employees.

Innovative Partners moves from Aberdeen to Edinburgh

Innovative Partners, an innovation funding consultancy, is relocating its head office from Aberdeen to Edinburgh to support its growing client base in innovation advisory and investment. Established in 2019 by Andrew Marshall and Liam Hurley, the firm focuses on simplifying funding solutions for UK businesses. The move to Edinburgh aims to enhance support for clients and investees across Scotland. The company has also expanded its team to facilitate this growth.

Techscaler sets up in Silicon Valley

The Scottish Government has initiated the first Techscaler hub in Silicon Valley to assist Scottish startups in connecting with international investors and customers. The pilot provides office space for 12 startups in San Francisco, aiming to establish a permanent presence there. Managed by CodeBase, this initiative is part of Scotland's ambition to become a leading startup community in Europe, promoting global business growth and innovation.