Scottish Business Summary - Week ending Friday 31st May 2024
Absoft acquired by Applexus Technologies
Aberdeen-based Absoft Limited, a SAP service provider, has been acquired by Applexus Technologies Inc., a global leader in SAP Advisory and business transformation services. This merger will expand SAP offerings in the UK and Europe, focusing on technologies such as SAP S/4HANA and analytics. The combined entity aims to enhance its global delivery capabilities, bringing innovative solutions like Applexus CeleRITE for S/4HANA migrations.
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Scottish Government passes Visitor Levy Bill
The Scottish Parliament has passed the Visitor Levy Bill, enabling local authorities to impose a levy on overnight stays. The revenue generated will fund local visitor facilities and services. This bill, which aligns with similar levies in Europe and Canada, will take 18 months to implement, allowing time for necessary preparations by councils and businesses. An expert group will assist in creating guidelines for the levy’s implementation.
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Balfour+Manson expands in Aberdeen with Alastair Hart & Co merger
Law firm, Balfour+Manson is expanding its presence in Aberdeen by merging with Alastair Hart & Co (AH&Co), marking 20 years of its business in the region. The merger, effective June 30, 2024, will see AH&Co’s offices integrate into Balfour+Manson’s operations, with Alastair Hart joining as a consultant. This merger aims to enhance the range of legal services offered in both Aberdeen and Portlethen.
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Record number of start-up businesses in the Highlands
The Highlands has seen a record number of start-up businesses, supported by Highland Council’s Business Gateway service. Over 2,000 businesses received start-up and growth support last year, with 358 successfully starting to trade. The service, which operates across the region, offers local support and online resources. Initiatives like this have helped the Highlands maintain strong economic growth and entrepreneurial activity.
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FINDRA raises £300,000 from existing investors to be followed by £300,000 crowdfunding
FINDRA, a sustainable clothing brand from the Scottish Borders, celebrates its 10th anniversary with ambitious growth plans, fueled by new investments totaling £600,000, half from crowdfunding. The company, led by founder Alex Feechan, aims to quintuple its turnover in three years by expanding its e-commerce team and product range. FINDRA’s products are primarily sold online, with plans to reach a global audience.
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Peel Ports Clydeport plans to spend up to £150 million in yard redevelopment to support the offshore wind sector
Peel Ports Group is investing up to £150 million in redeveloping the Hunterston marine yard in Ayrshire to support the UK’s offshore wind sector. This upgrade includes modernizing facilities and constructing new infrastructure, aiming to attract major offshore wind projects. This redevelopment is part of Scotland’s broader effort to lead in renewable energy and to create green jobs. Public consultations have been held, with plans for a competitive tender for developers to be launched soon.
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NE’s largest soft play centre to open on Aberdeen’s Union Street creating 20 jobs
Scott and Soumaya El Kadiri are set to open “The Wee Gym,” the largest soft play center in the North-East, on Aberdeen’s Union Street. Previously a JJB Sports and then a World Street Food Shack, the location will now host a facility catering to children aged 0-12, creating about 20 jobs. This unique soft play center will feature immersive spaces for various age groups, integrating play with structured movement activities to promote fitness and engagement among children.
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Scotland’s top companies list published
NEO Energy, based in Aberdeen, has climbed 26 positions to become the number one company on Scotland’s list of top 100 limited companies. This list, which collectively recorded £40 billion in revenue last year, includes companies from various sectors like food and drink, which predominantly hail from the west of Scotland. The list shows resilience and growth amidst economic challenges, showcasing strengths across 11 industries.
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See full list here.
Scottish EDGE distributes £1.5 million to start-ups
The Scottish EDGE awards, held in Edinburgh, showcased 35 winning businesses sharing £1.5 million in prizes. New awards introduced this year included the Scale EDGE Award and the Creative EDGE Award, focusing on supporting high-growth and creative industries respectively. The event highlighted Scotland’s innovative entrepreneurial talents, with recipients spanning various sectors from renewable technologies to social enterprises.
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Read full list if winners click here.
Persimmon linked with CALA takeover
Persimmon, a major UK property developer, is reportedly considering a £1 billion takeover of CALA, a housebuilding company founded in Aberdeen. This acquisition is speculated as Persimmon prepares to make a bid before an upcoming deadline, enhancing its market position. The deal, attracting interest from other major developers, will be managed by Rothschild and comes as Legal & General, which fully owns CALA, transitions leadership under their new CEO, António Simões.
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£3.4 million plan for a mountain bike riding park submitted
A planning application has been submitted for the £3.4 million Ride Ness project on the Glendoe Estate near Fort Augustus, aiming for a 2026 opening. The proposed bike park, developed by Andrew Vernon and Neil Campbell, will feature 26 kilometers of trails, a coaching zone, and a bike shop. It also includes family-friendly amenities like picnic areas, a café, and an adventure playground, designed to boost tourism and the local economy while creating sustainable, year-round jobs.
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Aurora Avionics secures £320,000 to pioneer rocket control systems
Start-up Aurora Avionics has received over £320,000 in funding from Gabriel Investment Syndicate and Scottish Enterprise to develop universal rocket control systems. This initiative aims to standardize avionics for rockets, making them more modular, cost-effective, and reliable. The funding will also help expand Aurora’s team and advance their technology, with a prototype expected within a year. This development supports the UK’s growing role in global space launches.
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Spirits of Virtue nears crowdfunding target of £400,000
Spirits of Virtue, a Scottish non-alcoholic spirits company, is close to reaching its £400,000 crowdfunding goal on Seedrs with less than five days left in the campaign. The company plans to expand its production facility, which will create 65 new jobs and enable it to enter 10 additional countries. This expansion aims to solidify Spirits of Virtue’s leading position in the non-alcoholic beverage market.
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The Scottish Business Summary is distributed every Friday at 12 noon. The above is last week's edition.
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