The Summary: week ending 29 March 2024

Author

Mike Watson
March 29, 2024

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

Let’s go…..

RMSpumptools to be taken over by ChampionX in £90m deal

RMSpumptools, an Aberdeen-based company specialising in completion systems and subsea connectors, is being acquired by US-based ChampionX in a £90m deal. Owned by James Fisher and Sons, RMSpumptools employs 40 people in Aberdeen and 130 globally across the UK, UAE, and Saudi Arabia.

Read full article here.

Recruitment for AND Digital after contract wins

AND Digital is expanding its Scottish data teams after securing contracts with major clients including Google, Nationwide Building Society, and International Airlines Group. The expansion will result in 10 to 15 new roles out of 100 being created across the UK, located in the company's Edinburgh and Glasgow offices. Additionally, about 75 current employees will receive training to boost data capabilities, alongside the hiring of 25 senior staff members. This move aims to triple AND Digital's data work turnover in 2024, building on the previous year's £150 million turnover.

Read full article here.

Campsie Glen Holiday park acquired by Largo Leisure

Largo Leisure Holidays has expanded its portfolio by acquiring Campsie Glen Holiday Park in Fintry, marking the second acquisition since Limerston Capital took over Largo Leisure. The park joins five other locations under the company's management and offers lodges, caravans, glamping, and various facilities including a swimming pool and fishing.

Read full article here.

Kinetics Controls and Innovation becomes employee owned

Kinetics Controls and Innovation (KCI), an Aberdeen-based engineering firm specialising in leak sealing solutions, has transitioned to employee ownership through an Employee Ownership Trust. The move, spearheaded by founder and CEO Roy MacKenzie, aims to secure the company's future as he approaches retirement. KCI, with a turnover increase from £2.5m in 2021/22 to £2.9m in 2022/23 and a projection of 10% yearly growth over the next five years, has been committed to rig-less well integrity and intervention isolation since 2002.

Read full article here.

EDC to become employee owned

EDC Group, specialising in ABB variable speed drives, motors, and air compressor solutions will becomes to an Employee Ownership Trust (EOT). This move, aimed at preserving company culture and motivation, empowers employees by placing them at the business's forefront. The decision facilitates a closer relationship with customers and suppliers, with Nick Brown highlighting the role of employees in guiding the company's future.

Read full article here.

N4 Partners now major shareholder of Opulus

N4 Partners has made a seven-figure investment in Opulus Financial, becoming its majority shareholder. Opulus has expanded rapidly since 2021, acquiring several firms to become one of Scotland's largest independent accounting, tax, and audit entities. Allan Dowie of N4 will step in as chief executive to drive further growth and a 15% staff increase, while Keith Gibson will develop a corporate finance function to support SMEs and entrepreneurs across Scotland and the UK. Opulus, employing over 170 staff, operates from multiple locations including Glasgow, Edinburgh, and Manchester.

  • Allan Dowie, Chief Executive, Opulus Financial

  • Keith Gibson, involved in corporate finance function, Opulus Financial

Read full article here.

UK Space Agency opens first office in Scotland

The UK Space Agency is set to open its first office in Scotland, at Queen Elizabeth House in Edinburgh, to support the growing space sector. Initially, about 30 staff will be based there, with potential for future growth. The move aligns with Scotland's prominent role in satellite manufacturing and data analysis, and precedes the UK's first satellite launch from Shetland.

  • Paul Bate, Chief Executive, UK Space Agency

  • Hina Khan, Executive Director, Space Scotland

Read full article here.

Bar operator Arc Inspirations scores £7m to accelerate expansion

Bar group, Arc Inspirations, known for premium bar brands Banyan, BOX, and Manahatta, has secured a £7m investment to fuel its UK expansion, including its Scottish debut with Manahatta Edinburgh. The funding comprises a £4m loan from HSBC UK and a £3m equity injection from shareholders, including BGF. The investment supports Arc's aim to open at least four new venues yearly over the next five years, alongside refurbishing existing Manahatta sites.

Read full article here.

Scottish VC investment almost halves to £359m during 2023

In 2023, venture capital investment in Scottish companies decreased to £359 million across 115 deals, nearly half of the 2022 total. This represents a significant drop from the record levels of £707 million in 2022 and £628 million in 2021. Key investments included £31 million in ENOUGH, a meat alternative startup, £2.6 million in Manus Neurodynamica for neuromotor assessment, and £7.69 million in fintech firm DirectID. The report from KPMG indicates a market stabilization and investor caution, despite ongoing strong interest in Scottish firms.

Read full article here.

Edison Capital acquires Burrito Picante

Edison Capital, headquartered in Ayrshire, has purchased the quick service restaurant business Burrito Picante in an all-cash transaction. Since its founding in 2012, Burrito Picante operates locations in Altrincham and Sheffield, with plans for expansion into Manchester, Liverpool, Glasgow, and additional UK cities by 2025. The acquisition is part of Edison Capital's strategy to grow the brand nationally and internationally through franchising, managed by its subsidiary MMI Raptor, specializing in contract catering and facilities management.

Read full article here.

Wood revenue nearly at £5 billion

Revenue at Aberdeen-based John Wood Group has nearly reached £5 billion, with sustainable solutions contributing 22% of total revenue. The net zero division generated £1.03 billion, marking a 15% increase from the previous year. Contract wins, including a new global agreement with Shell and a strategic partnership with Harbour Energy worth about £260 million, contributed to growth. Wood's order book rose to £4.98 billion, a 7% increase, with operating profit at £30.04 million, turning around from a loss in the previous year.

Read full article here.

Profits surge at Irn-Bru maker on £400 million revenue

AG Barr's CEO, Roger White, announced his departure alongside a significant profit surge for the company. The revenue increased by 25.9% to £400 million, leading to an adjusted profit before tax of £50.5 million, up 16.1% from the previous year. The dividend rose by 14.9% to 15.05 pence per share.

Read full article here.

Positive contribution from private equity investment

Private equity investment in Scotland has shown significant positive economic impacts, with Scottish private equity-backed businesses seeing an average annual EBITDA growth of 54% over three years, according to a BDO report. This growth is in line with the UK average and highlights the sector's resilience and dynamism amid economic challenges. The 15 fastest-growing businesses in Scotland, including Incremental Group and Murgitroyd Group, created 247 jobs between 2020 and 2022. The findings emphasize private equity's role in fueling business growth, innovation, and job creation in Scotland.

Read full article here.

My Smash Media secures £370,000 from investors

My Smash Media, an AI platform co-founded by Fiona Gillies, has nearly secured half a million pounds for its creative industry matchmaking service. The platform connects content creators with streaming services and broadcasters using digital tools. It received over £370,000 from Equity Gap, Scottish Enterprise, and a Future Economy Innovate UK grant. My Smash Media aims to expand across the TV and film industry and other sectors, facilitating content creation and discovery.

Read full article here.

Hawick-based Emtelle aquires Ridgemount Technologies

Emtelle, a blown fibre and cabling provider based in Hawick, has acquired Bicester-based Ridgemount Technologies, a manufacturer of fibre optic cable connectors. This move aims to enhance connectivity solutions to meet the global demand for reliable telecommunications infrastructure. Emtelle plans to invest in automation and capacity expansion, leveraging Ridgemount's expertise in fibre optic connectors to offer comprehensive solutions and accelerate R&D, particularly in the defence industry.

  • Tony Rodgers, Chief Executive, Emtelle

  • Chris Peters, Managing Director, Ridgemount Technologies

Read full article here.

Plumbing start-up Water Kinetics secures £150k from British Design Fund

Water Kinetics, an East Kilbride startup, received a £150,000 investment from British Design Fund for its penguin-inspired 'Eco-Duo' pipe-within-a-pipe water recirculation system. This innovation, inspired by penguin physiology, aims to reduce carbon emissions, energy use, and maintain safe pathogen levels in drinking water systems. An independent study showed Eco-Duo could cut energy costs by up to 50%. The investment will support expansion, new machinery, and further product development.

Read full article here.

Imrandd launches AI-powered asset integrity solution after £1 million investment

Aberdeen-based Imrandd, an industrial data and engineering consultancy, has launched ALERT, an AI-powered asset integrity solution following a £1 million investment. This innovative software, developed to enhance asset management and reduce inspection time and costs, allows real-time monitoring of corrosion threats, providing organizations with the ability to act proactively. Imrandd has received additional funding from the Net Zero Technology Centre to support this project.

Read full article here.

Skyscanner co-founder invests in electric bus firm Ember

Gareth Williams, co-founder of Skyscanner, has invested in the electric coach firm Ember, which has raised £11 million to expand its electric fleet. Ember, operating routes including Dundee, Glasgow, Edinburgh, Stirling, Kinross, and Edinburgh Airport, aims to enhance its services with the Series A funding led by Inven Capital, 2150, and AENU, with additional support from existing investor Pale Blue Dot. The investment will accelerate Ember's mission to improve passenger experience and expand its eco-friendly transportation options.

Read the full article here.

£35 million rebrand and refurbishment for Edinburgh’s Caledonian Hotel

The Caledonian Hotel in Edinburgh, currently known as the Waldorf Astoria, is set for a £35 million refurbishment and rebranding to become The Caledonian, Curio Collection by Hilton. This renovation aims to increase the hotel's room count to over 300 by early 2026, enhancing its status as a top Scottish destination. The project is spearheaded by Henderson Park and Klarent Hospitality.

Read full article here.

Techscaler startups attracted £52 million investment in 2023

The Scottish Government's Techscaler programme, operated by Codebase, has facilitated over £52 million in investments for startups in 2023, supporting more than 500 companies and amassing nearly 2,500 members. This initiative aims to empower companies and entrepreneurs through education, expert mentoring, and a network of hubs, with a notable participation of women exceeding the industry average. The programme has significantly contributed to Scotland's startup ecosystem, promoting entrepreneurship, innovation, and sustainable growth.

Read full article here.

Microbiology firm moves to employee ownership

E & O Laboratories Limited, a Scottish healthcare manufacturer, has transitioned to an Employee Ownership Trust (EOT). Founded in 1990 by Virginia Lucey, the company is recognized in the UK diagnostic sector and across 36 countries. The transition aims to empower the experienced, diverse management team and loyal workforce, ensuring the company's culture remains progressive and the business thrives.

£10 million site investment for Highland Spring

Highland Spring Group has allocated £10 million for additional capacity and new technology at its Blackford site to introduce a new flavored still water range. This investment is expected to increase production capacity by 25% or 100 million litres annually, supporting the brand's growth.

Read full article here.