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  • The Summary: week ending 26 January 2024

The Summary: week ending 26 January 2024

Author

Mike Watson
January 26, 2024

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

Let’s go…..

Jump Ship Brewing moves into new non-alcoholic brewery after £300k fund raise

Jump Ship Brewing, a non-alcoholic beer maker, has moved into a new brewery in Pathhead, Midlothian, after raising over £300,000 through crowdfunding. The company, founded in 2019 by Sonja Mitchell, can now increase production to 800,000 liters per year.

Key Individual:

Coretrax targets international growth after positive start to the year

Coretrax, an oil and gas well integrity and production optimisation company, has secured five multi-year contracts for 2024 and is planning a 30% expansion in the Asia Pacific region. The company aims to grow its 320-person workforce by adding 100 more employees globally.

Key individuals

More than 38,000 new Scottish businesses started in 2023

Scotland saw the launch of over 38,000 new startups in 2023, a 12.1% increase from the previous year. This growth in entrepreneurial activity was reported reported by R3, the UK's insolvency and restructuring trade body.

4 star hotel plans lodged for St Andrew Square, Edinburgh

Dublin-based Dalata Hotel Group plans a £50 million four-star Clayton hotel with 167 rooms at 28 St Andrew Square, Edinburgh. This expansion into Edinburgh follows the group's established presence in Glasgow. The project, involves converting an office building into the hotel, enhancing the area and creating 376 local jobs. The hotel is expected to open in 2026 and contribute £6.5 million to the local economy.

Key individuals

Candle Shack targets £50 turnover within 6 years

Candle Shack, founded by Duncan and Cheryl Maclean, has grown from a small kitchen operation to a company with a £15 million turnover. Starting in 2010, the Falkirk-based firm now caters to nearly 10,000 customers, including international brands like Paul Smith. The Macleans aim to achieve £50 million in turnover within six years, driven by growth in Europe, particularly Germany. The company currently employs 86 staff and opened a European headquarters in the Netherlands last year.

Key Individuals:

BGF reports strong returns during 2023

The Edinburgh-based team of Growth capital investor BGF, invested £33 million into growth businesses and concluded five exits valued at over £260 million, resulting in a 2.3x money multiple during 2023. Key investments included £8 million in EV firm Trojan Energy and £4.5 million in tech firm Stellar Omada.

Key Individual:

Linlithgow distillery sells 75% equity and hire new CEO

Scottish gin and vodka producer, Linlithgow Distillery, has sold a 75% stake to Billion Global Chase (BGC). Founders Alyson and Ross Jamieson aim to expand the product range to include rum and whisky. George Matharu has been appointed as the new CEO.

Key Individuals:

  • Alyson Jamieson, Co-Founders, Linlithgow Distillery.

  • Ross Jamieson, Co-Founders, Linlithgow Distillery.

  • George Matharu, CEO, Linlithgow Distillery.

Ardgowan Distillery appoints whisky veteran as new chair

Paul Currie, a whisky industry veteran, has been appointed as the new chairman of Ardgowan Distillery. Currie brings 30 years of experience, having founded independent distilleries including the Isle of Arran Distillers and The Lakes Distillery. His expertise will be pivotal as Ardgowan Distillery prepares to open its £20 million 'cathedral of whisky' by the end of 2024.

Key Individual:

Camm-Pro secures bp contact which should lead to more than 10 new jobs

Camm-Pro Ltd. has been awarded a multi-million-pound contract by bp for a new pipeline project in Shetland. This project involves linking the Sullom Voe terminal to the SIRGE pipeline, facilitating additional gas export from the Clair field. The contract will expand Camm-Pro's workforce by 25%, raising the team size to over 50.

People mentioned:

MBO at Scottish pension firm

The Glasgow-based pension provider @sipp has undergone a management buyout (MBO) led by Managing Director Eddie McGuire and Finance Director Steve Lancaster. The entire share capital was acquired by a holding company formed by the existing management team, with the deal partly funded by Santander UK.

People mentioned:

Snugg raises £2m from government accelerator

Edinburgh-based startup Snugg has received nearly £2 million in funding from the UK Government's Green Home Finance Accelerator (GHFA) for developing its Green Home Hub. This digital platform assists financial institutions and energy providers in making homes more energy-efficient. Snugg has partnered with Perenna Bank and Scroll Finance for this initiative.

People mentioned:

James Scott and Son secures £450k grant to aid growth

James Scott and Sons, a Scottish commercial kitchen manufacturer, has received a £450,000 grant from Scottish Enterprise's Regional Selective Assistance (RSA) program. This funding, secured by Consilium Chartered Accountants, will support the company's move to a new, modern factory.

People mentioned:

Full story here.

Techscaler partners with Hometown Hub in South of Scotland

Techscaler, the Scottish Government's tech startup support program, has partnered with Hometown Hub to enhance entrepreneurial activity in the South of Scotland. This collaboration combines Hometown Hub's collaborative workspaces with Techscaler's support for tech entrepreneurs, providing an extensive ecosystem for startups, students, and professionals.

People mentioned:

  • Sarah-Jane Burns, Head of Regional Engagement for the South of Scotland, Techscaler

  • Andrew Earnshaw, Founder, Hometown Hub

Full story here.

Angus Dundee Distillers posts record pre-tax profits of £31.3 million

Angus Dundee Distillers reported a pre-tax profit of £31.3 million, a significant increase of over 25% from the previous year. Their turnover reached £81.6 million, marking a 14.9% growth. Despite global challenges, the company has shown resilience with over £107 million in cash reserves.

People mentioned:

  • Tania Hillman, Co-Leader, Angus Dundee Distillers

  • Aaran Hillman, Co-Leader, Angus Dundee Distillers

Spirit Label Solutions invest £5m in new facility

Spirit Label Solutions, a new premium spirit label production company, has invested £5 million in a new facility at Westway, Glasgow Airport. Founded by Alex Mulvenny (CEO), Tom Lightbody (MD), and directors Finlay McLachlan, Jamie Thomson, and Chris Crockert, the company targets the craft whisky and gin sector. The 15,113 sq ft facility features production and office space, with plans for rapid expansion and doubling the workforce in three years.

People mentioned:

New Haymarket hotel due to open this year

The new Hoxton hotel in Edinburgh's Haymarket area is set to open in the middle of this year. This 214-room hotel, spread across 11 Georgian townhouses on Grosvenor Street, will feature three-bedroom apartments, event spaces, and an Italian restaurant named Patatino. The design, led by Ennismore's in-house AIME Studios, integrates Georgian features with modern elements. Ennismore, which also owns Gleneagles, plans several new properties this year, expanding its global network.

Insurance broker Laurie Ross bought by Global group Howden

Howden, a global insurance group, has expanded its UK network by acquiring Laurie Ross, a Scottish personal and commercial lines broker. With this acquisition, Howden's high street branch count rises to 117, with over 200 centers across the UK. Founded in 1973, Laurie Ross operates seven sites around Glasgow, offering services in car, home, taxi, van, and business insurance. The acquisition aligns with Howden's commitment to providing local advised services and supporting local communities.

People mentioned

London & Partners launches Grow Global programme in Scotland

London & Partners has launched the Grow Global programme in Scotland, a year-long initiative to assist scale-up businesses in enhancing their international presence. Scottish companies participating include LiberEat, Pillow Partners, Eye to the Future, Thistle Rocketry, and Danu Robotics. The programme, supported by Scottish Enterprise, offers services like international trade missions, workshops, and connections to key partners and aims to drive economic growth and job creation in the UK.

People mentioned:

  • Barry Leaper, Founder and CEO, LiberEat

  • Scott Weir, Founder and CEO, Pillow Partners

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

  • Janet Coyle, Managing Director, Grow London at London & Partners

Decarbonisation powerhouse formed in Aberdeen

D2Zero, a new decarbonization supergroup, has been launched in Aberdeen, merging five companies: Hydrasun, Global E&C, Score Group, Fuel Cell Systems, and Powerstar. This powerhouse, employing 4,000 staff with combined revenues over £500 million, will focus on emissions reduction, clean hydrogen, power efficiency, and carbon capture and storage. Controlled by SCF Partners, D2Zero is led by Bob Drummond, CEO, and Colin Welsh, Chairman. Their goal is to accelerate progress towards net-zero objectives and innovate in transformational energy technologies.

People mentioned:

PE investment dips in Scotland

Private equity investment in Scotland saw a slight decrease last year compared to 2022. The KPMG UK's Mid-market Private Equity study reported 42 deals worth £3.3 billion, down from the previous year's 51 deals and £3.5 billion. This is indicative of a broader slowdown in the UK's mid-market and overall private equity sector.

People mentioned:

Full story here.

Earth Blox planning for growth based on blooming demand

Earth Blox, a high-growth nature and climate tech company, has doubled its customer base in the past six months, driven by increased demand in the finance industry and carbon markets for no-code access to geospatial data. The Edinburgh-based company appointed Katie Critchlow as a non-executive director to its board. Earth Blox's software-as-a-service technology uses satellite imagery analytics for reporting on climate and biodiversity impacts.

People mentioned:

Summer surge for Scottish overseas tourism

Scotland experienced a surge in overseas visitors last summer, surpassing pre-pandemic levels. According to the Office for National Statistics, Scotland saw 1.4 million international tourist visits between July and September, up 14% compared to the same period in 2019. Tourist spending also hit a record £1.5 billion, 18% higher than in 2019 when adjusted for inflation. This robust recovery in Scottish tourism outpaced the overall UK trend.

Napier University appoints new entrepreneur in residence

Edinburgh Napier University has appointed Lynne Cadenhead as its entrepreneur in residence. Cadenhead, an experienced businesswoman and university alumna, will focus on promoting an entrepreneurial spirit among women at the university. She chairs Women’s Enterprise Scotland and is a director at Tricapital Angels.

People mentioned:

Glenhaze acquired by McLaren Packaging

Port Glasgow's McLaren Packaging has acquired Bathgate-based Glenhaze, a company specializing in sustainable, paper-based product protection. This acquisition includes Glenhaze's Bathgate factory and all 25 employees. Donald McLaren, Managing Director at McLaren, emphasized the complementary services of Glenhaze to their product range. Gary McCulloch, Managing Director of Glenhaze, expressed enthusiasm about the venture's benefits for clients and the expansion of paper-based packaging products.

People mentioned

Aurum Biosciences raises £730k in new funding

Aurum Biosciences has raised almost £730,000 in new equity funding for developing its therapeutic and diagnostic technology. The funding, supported by Dr. Celestine Santosh (co-founder) and other investors, will advance the company's ABL-101 platform technology. This technology has potential applications in stroke treatment, spinal cord injury, and other conditions.

People mentioned

For the full story, visit here.

People

New chair appointed at Henderson Loggie

Accountancy firm, Henderson Loggie, has elected Shona Campbell as its new chair, succeeding Alan Davis who held the position for eight years. Campbell leads the firm’s business recovery and insolvency team and has 25 years of experience in advising businesses across Scotland.

Key Individuals:

Alba Bank appoints Michael Mustard as general council and company secretary


Alba Bank, which focuses on supporting SMEs, has enhanced its leadership team ahead of its launch. Michael Mustard, previously interim general counsel at Aldermore Bank, joins as general counsel and company secretary. Mustard has 15 years of experience in banking legal teams, including roles at Tesco Bank, RBS, and Citi. Founded by entrepreneur Jim McColl, Alba Bank aims to develop a network of regional commercial finance experts across the UK.

Key Individual:

New MD at Amplus Energy Services

Amplus Energy Services, headquartered in Aberdeen, has appointed Steve Gardyne as its new managing director. Gardyne's role includes overseeing Carbon Circle UK, a venture formed after investing in Norwegian company Carbon Circle. Former managing director Ian Herd, who founded the company, will now serve as an executive director.

For the full story, visit the article here.