Changing of Reimagining Preparing for

the guard Scotland Brexit

Nick Scott takes the New vision to transform Challenges facing
reins at Brodies the road network Scots firms

insider.co.uk

TOP500
in association with

ROLLERCOASTER YEAR
FOR SCOTTISH FIRMS
Big names rise back to the top
as corporates brace for Brexit
THE NEW
INFLUENCERS:
MEET THE SCOTS THAT
Vol 36 No.1 Jan/Feb 2019 £4.00
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PLUS IS SCOTLAND SUITABLY GEARED UP TO BE A WORLD LEADER IN LIFE SCIENCES?

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BUSINESSES: THE
TIME IS NOW TO
PLAN FOR THE
CHALLENGES
THAT LIE AHEAD
Ken Symon’s regular view on business
W
ELCOME to our first edition of 2019 which
features our annual listing of our best
performing companies. Our Top500 listing
has again produced some fascinating results,
revealing some surprises in who is up and who is down
from last year (page 27).
It is one that has seen some major businesses having a
rollercoaster ride so hence our front cover.
It is also surely a suitable image for the start of a year in
which Brexit will begin to bite, with the implicit hopes that
there will be some up times in addition to the expected
dips in our collective economic fortunes.
As I have talked to many business leaders over the past
few weeks I have heard from many that they are positive
when they focus on their own business but when they
look outwards and view the uncertainty imposed by the
political world they become less so.
Those kind of thoughts received their echo in the
Big Profile interview I did with Nick Scott, the recently
appointed managing partner at Brodies (page 20). He
spoke repeatedly of the inspiration he took from the
resilience displayed by the firm’s clients.
There is a growing wish that government does
its job and provides a bit more certainty in
which business leaders can continue to run
and build their enterprises
Having uttered that positive note I have to say that it is
a concern about how few businesses have done detailed
preparations for the impact of our planned imminent
departure from the European Union as we report in this
issue (page 79). If you have not done so then start now –
working through the implications of the various scenarios
and how they will affect your business.
Another theme that has emerged along with resilience
is a growing wish that government does its job and
provides a bit more certainty in which business leaders
can continue to run and build their enterprises.
This is certainly a theme that emerged from our State of
contact: editor@insider.co.uk
www.insider.co.uk
Agenda
Scotland survey with many calls to the UK Government
to conclude Brexit and get the new trading terms with the
EU sorted. One response called for : “Finalising Brexit
and communicating, clearly, the impact to the country
specifically trade and personnel impact.”
Others called for the UK Government to “stabilise the
economy” and “return to some stability in government.”
The survey responses also do not spare the calls on the
Scottish Government. Respondents said that the Scottish
Government should “Run the country and ensure the
correct businesses are supported.” One response also calls
for Nicola Sturgeon’s administration to “Get out and stay
out of the way of the UK Government.”
Other calls are for the Scottish Government to “be
honest”, to “avoid debate that deflects from what has not
been achieved” and “focus on manning the country rather
than continually going on about Scottish independence.”
In the equivalent column last year I highlighted some
of the then political developments and expressed the hope
that “political considerations will work their way through
to a successful conclusion.”
I am now writing at a time when the British Prime
Minister has just survived a vote of confidence by her
own party colleagues and just after a sitting US president
or rather “individual one” has been mentioned in the
indictment of a close associate who has just been jailed.
The latest developments are perhaps not what I had in
mind when I expressed that hope.
But for all these political machinations there are many
businesses that are in good health and are resolved to face
if not fully prepared for what lies ahead.
There is of course a future beyond all the current mess
of Brexit. We are looking to the future with a new series
of special features that will run throughout this year in
the magazine. Reimagining Scotland (pages 63-65) will
outline some blue sky thinking, some big ideas that could
transform our economy for the benefit of us all.
The first of these is an idea to radically transform
our road network, aimed at increasing safety, cutting
emissions, saving time and allowing people to be much
more productive on journeys.
We would like to thank Shepherd & Wedderburn for
their support of a series which we hope will provide much
food for thought over the year ahead.
January 2019 INSIDER 3
ISSUE: JANUARY/FEBRUARY 2019

contents
Changing of Reimagining
the guard Preparing for
Scotland Brexit
Nick Scott takes the New vision to transform
reins at Brodies Challenges facing
the road network Scots firms
insider.co.uk

TOP500
in association with

ROLLERCOASTER YEAR
FOR SCOTTISH FIRMS
Big names rise back to the top
as corporates brace for Brexit

THE NEW
Vol 36 No.1
INFLUENCERS:
Jan/Feb 2019 £4.00 MEET THE SCOTS THAT
ARE AFFECTING OUR
BUYING CHOICES
PLUS IS SCOTLAND SUITABLY GEARED
UP TO BE A WORLD LEADER IN LIFE SCIENCES?

COMMENT
3 Agenda: Ken Symon on the rollercoaster year ahead for
Scottish business
39 Ian Ritchie: On the need to clean up Facebook

REPORTS 27
20 Big Profile: Nick Scott, managing partner of Brodies
27 Top500: Some big corporate names have clawed their 55
way back this year 32 Insider’s exclusive listings 48 Index
50 Notes
55 Influencers: Scotland’s new influencers who are
riding the social media wave
63 Reimagining Scotland: In the first of a 2019
series we look at the technology that could revolutionise
Scotland’s road network
69 Q3 Deals: Deals hold up despite the wider economic
uncertainty 73 Deals Analysis 74 Deals Tables
79 Preparing for Brexit: How ready are businesses for
the great economic departure?
87 MBA Report: How online studies are fuelling the
growth of the master of business degrees
69
91 Corporate Responsibility: New thinking driving
changing views of business’s wider contribution
97
97 Business Insurance: March of technology advances
into the sector
101 Regional Report – Ayrshire: Aspirational county
sees optimism grow
109 Doing Business With China: Business Insider is
supporting the China-Britain Business Council Awards

87

4 INSIDER January 2019 www.insider.co.uk

REGULARS
9 Briefing: The latest news affecting Scottish business
12 Quoted Companies: How Scotland’s market listed
companies are performing
18 Burning Question: Is Scotland suitably geared up
to be a world leader in life sciences?
106 International: Why Scottish businesses should say
hello to Dubai
110 IT Matters: Are corporates falling out of love with
social media?
113 Property Feature: Pressure grows for construction
firms to embrace new tech
115 Property News: Updates on new developments,
office projects and incubators 115 127
117 Property: The runners and riders in the Scottish
Property Awards 2019
124 Wealth: Reading the runes on interest rates
126 Appointments: Who’s moving and shaking?
127 Personnel: Who owns what is created on
behalf of a company?
128 Slainte: People, events and parties
130 Ten Minute Interview: Ben Di Rollo,
106
director of Coulters 128
EVENTS
119 Top500 Business Breakfast: Top panel
unveiled for Insider’s first event of the year
120 Deals Business Breakfast: Prominent industry
figures joining the speakers list
121 Made in Scotland Awards: Leading
entrepreneur Jim McColl unveiled as keynote s
peaker at awards

79
110

www.insider.co.uk January 2019 INSIDER 5

 COMMENT
Let Corporate Tax fund the future
Mark Pryce is a Corporate
Tax Partner with
Campbell Dallas.
Mark Pryce
MANY businesses that are
being run well, managing cash
flow and generating healthy
profits are fortunate to have
built up substantial cash
balances.
Given the relatively capex
friendly tax landscape at
the moment, now is the
time to utilise these reserves
and re-invest in new capital
assets enabling tax to help
fund future productivity and
earnings.
We have lower corporation
tax now than in previous
years and decades. The rate
is set to fall to 17% in 2020,
and could fall even further to
encourage inward investment.
There are also many attractive
tax reliefs, such as Annual
Investment Allowances, R&D
allowances and a new regime
for buildings and structures
from 2019.
Indeed, the range of
deductions available on new
capital items has rarely been
as extensive, or attractive.
Energy saving projects or
investment in environmentally
friendly assets, short life
assets and granular cost
apportionment for example,
give rise to accelerated relief.
In some situations, full tax
deductibility can be achieved.
Several of the above
beneficial allowances will end
from April 2020. A case of buy
now or lose the tax deal?
There is a health warning
to consider, however.
HMRC are supportive of
mark.pryce@campbelldallas.co.uk
6 INSIDER January 2019
computations, which include
well laid out cost analysis
and facts documenting and
underpinning claims. On the
contrary they take a grim
view of unsubstantiated and
arbitrary allocations, with the
risk of adjustment on enquiry
where the paperwork is not
robust.
Long-life assets, whilst often
highly subjective, can be a
trap for the unwary as recent
Revenue challenges have
shown. Effective use of AIA
speeds up tax relief and is to
be increased up to £1m within
a two year temporary window
from 1 January 2019. The
timing of spend and ensuring
correct documentation, are
therefore crucial.
Managing an effective
corporate tax relief strategy is
an increasingly complex and
challenging management
function.
A sound tax relief strategy
will boost cash flow, sharpen
competitiveness and enhance
profitability. An inefficient
strategy can be costly and
even damage the trading
position of the business.
As we enter a New
Year, Scotland’s business
community faces a period
of exceptional change and
uncertainty. However, one
of our resolutions should
be to take advantage of the
many corporate tax incentives
currently on offer. It is a
good time to invest in our
businesses.
www.campbelldallas.co.uk
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NEWS: BRIEFING
News and quotes compiled by Ken Symon
New Scottish stock exchange moves closer
PLANS to create a new Scottish
stock exchange took a step
forward after Bourse Scot, the
company behind the move,
agreed a partnership with
Euronext, the European stock
market operator.
The tie-up, announced in
December, means the initiative
– known as Project Heather and
to be based in Edinburgh – is
expected to launch during the
second quarter of 2019, subject
to approval from the Financial
Conduct Authority.
Project Heather, which would
be Scotland’s first stock exchange
since the early 1970s, is led
by experienced broker and
entrepreneur Tomás Carruthers.
It is in discussion with Scottish
Enterprise to secure Regional
Selective Assistance, with a view
to creating around 60 jobs.
The proposed new exchange
will be powered by the Euronext
trading platform Optiq.
Euronext is one of the world’s
largest stock exchange operators
– and is the leading pan-
Plans for historic Glasgow site approved
A PROPOSAL to convert a
derelict site in the historic heart
of Glasgow into Scotland’s
biggest build-to-rent scheme to
date has been given planning
consent.
Glasgow City Council has
approved the plans of Get Living
Plc’s scheme, which will enable
the investment partnership to
invest £200m to build 727 new
build-to-rent homes on a 7.5-
acre site.
The scheme will feature a new
public square, 99 student studios
and approximately 3,365 sq m of
space for retail, leisure, food and
drink and commercial business.
The proposals include a
high quality public realm for
residents of the new homes and
the wider community. For the
first time, new tree-lined access
routes on the site will connect
the Merchant City through to
the East End via High Street.
Work on the first phase of the
8 INSIDER January 2019
Tomás Carruthers
European exchange covering
Belgium, France, Ireland, The
Netherlands, Portugal and the
UK. It has 1,300 listed stock
issuers worth €3.9trn in market
capitalisation.
Bourse Scot is already in talks
with a number of potential
issuers who intend to use it to
raise investment.
Once established, a Scottish
stock exchange will aim to
provide a new route for Scottish
development is expected to start
in 2019.
Other than a section currently
used as a car park, the site has
lain vacant and derelict for many
years. The Molendinar Burn, the
original freshwater source upon
which Glasgow was founded,
passes underneath the site.
Throughout its rich history,
the area has been home to the
original Glasgow University and
businesses and organisations to
raise funding and complement
government-backed initiatives
such as the Scottish Investment
Bank, Scottish Enterprise
funding, and the proposed
Scottish National Investment
Bank.
Carruthers, said: “A Scottish
stock exchange will ensure
companies can continue to find
the financing they need to reach
their full potential.”
the Hunterian Museum. Most
recently the City of Glasgow
Union Railway Company used it
as a goods yard.
Glasgow-based architects
Stallan-Brand has a vision of
creating inspiring and sustainable
public areas.
This new district for Glasgow
will be operated and managed
by Get Living, the UK’s leading
large-scale residential investor.
An artist’s impression of the
proposed new scheme
IN BRIEF
£4m funding sets
up 100 new jobs
ACCOUNTANCY firm Anderson
Anderson & Brown (AAB) is set
to create more than 100 new
jobs over the next three years
after securing a £4m funding
package.
AAB will use the funding from
Barclays to grow its Aberdeen,
Edinburgh and London offices
and expand into key global
markets. The Aberdeen-
headquartered firm also aims
to double its group revenues to
£40m by focusing on winning
new clients in areas including
global payroll and mobility as
well as upstream oil and gas,
food and drink, technology and
public sectors.
AAB currently has more than
280 staff with business clients
ranging from individuals, start-
ups and global corporations.
It launched its Edinburgh
office earlier this year.
N
New rum di tilll
distillery
is launched
AN INNOVATIVE rum distillery
which aims to combine the
latest technology with “the
timelessness of a quality rum”
has been launched in Glasgow.
Wester Spirit Co says it aims to
create a truly unique premium
spirit in its distillery in the
Partick area of the city.
Instead of using a traditional
copper still the distillery uses a
stainless steel one, which it says
will increase the efficiency of
the distilling process and allows
for manual control.
Zander Macgregor, co-
founder of the Wester Spirit
Co. said: “Being a completely
independent start-up, we are
delighted to finally announce
the launch of Wester Spirit
Distillery.”
www.insider.co.uk
NEWS: BRIEFING
Entrepreneurs receive investment insights
A GROUP of eight Edinburgh-
based entrepreneurs have
taken part in Business Gateway
Edinburgh’s 10th Gateway
to Investment five-week
programme to help businesses to
secure investment.
The programme has resulted
in 80 companies securing more
than £2m of investment since
2015.
It covers everything from
investor buy-in and research to
financial readiness and pitch
presentation training and runs
three times a year at Edinburgh
City Chambers.
The entrepreneurs who
took part in the programme
were Edward Baillie, founder
of Zip Electric Bikes; Sabine
Klaus-Carter, founder of Saltire
Coconuts; Jamie Birse-Stewart
founder of Aeon Ltd; Anne
Brookes, founder of Minute H;
Cameron Johnston, founder of
Riixo Ltd; Scott Newby, founder
of NewbyCore Consultant Ltd;
Martina Zupan of Alterwaste
Limited; and Calum Scott
founder of Better Nutritional
Science.
The programme culminated
with a live pitch to angel
FLICQ selects Aberdeen business park
FLICQ, a California-
headquartered industrial
internet of things (IoT)
business, has chosen Aberdeen
as its first European base in an
international expansion drive.
QUOTE UNQUOTE
“Brexit or
no Brexit,
Scotland
needs to get
better
at trade”
Tracy Black, director,
CBI Scotland
10 INSIDER January 2019
Participants in, and programme leaders of, Gateway to Investment
investors including Apollo
Informal Investment, Equity
Gap, LINC Scotland, Archangels
and Wallace Equity.
Edward Baillie said: “The
Gateway to Investment
programme was a fantastic
experience. It was great to
learn exactly what investors are
looking for and to get advice
from so many experts on the
process including lawyers and
accountants.
“Pitch practising was
The new office on Aberdeen
International Business Park is
part of an expansion programme
that has also included opening
operations in Perth, Australia
and in Chennai, India. The new
FLICQ UK operation covers
Europe, Middle East and Africa.
In choosing its first European
location, FLICQ worked closely
with Scottish Development
International (SDI) on securing
this investment for Aberdeen.
Karthik Rau, CEO, of FLICQ
said: “Having already seen strong
interest for our remote sensing
solution in the oil and gas sector,
Aberdeen was a logical location
for our office.”
Jim Kealy of SDI’s Chicago
office said: “FLICQ selected
Aberdeen as the location for
its new international office,
having recognised Scotland’s
particularly useful for me as it’s
an area I really needed to fine-
tune.
“Being able to do this at the end
of each session and get feedback,
not only from the experts in the
room, but also from the other
entrepreneurs was invaluable
and really helped me to deliver
confidently to investors on the
final day.”
The next Gateway to
Investment programme takes
place in February.
position as a global leader in the
development of digital solutions
for the oil and gas sector.
“Using new digital technology,
the company will drive improved
performance, increase uptime,
optimise production, enhance
safety and reduce the cost of
doing business in the North Sea.
The industrial IoT offering
includes connecting sensor
technology.
It provides insight into the
condition expensive assets such
as valves, compressors, power
supplies and pumps.
While the majority of IoT
solutions today use relatively
simple sensor nodes to collect
and transmit data to the cloud for
big data analytics, FLICQ’s smart
sensors rely on edge computing
to analyse data at the sensor
location wherever possible.
IN BRIEF
Jobless figures
take a tumble
SCOTLAND’S unemployment
rate has fallen to record low,
with new figures showing 3.7
per cent of the population do
not have a job.
The jobless total for the
country fell 13,000 over the
three months covering August
to October – a drop of 11.2 per
cent – to stand at 100,000.
Joblessness fell among both
males and females, with the
number of men out of work
down by 8,000 over the period
to 58,000, while the number
of women without a job
decreased 5,000 to 42,000.
Data from the Office for
National Statistics (ONS)
showed there was also a small
reduction in the number of
people in work.
This fell by 1,000 over
the period, with 2,633,000
people aged 16 and over in
employment.
Three-quarters (75 per cent)
of the working age population
– those aged between 16 and
64 – had some form of work,
according to the data, putting
the employment rate below the
75.7 per cent recorded across
the UK as a whole.
But the Scottish
unemployment rate was lower
than the 4.1 per cent recorded
across the UK.
Crown Estate £3m
ahead of target
CROWN Estate Scotland
generated £9m for the Scottish
public purse in its first year of
operation – a figure that was
£3m ahead of target.
The figure was revealed in
the organisation’s first annual
report and accounts, published
in mid-December.
It set out the public body’s
work including developing
a new scheme to promote
local management of land
and property and designing
proposals for new offshore
wind leasing.
Crown Estate Scotland
manages seabed, rural estates,
coastline and other land and
property throughout Scotland.
www.insider.co.uk
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SHARES: SCOTLAND’S QUOTED COMPANIES

information provided by

Fallers significantly ouweigh

risers as Johnston Press departs
Ken Symon’s regular digest of Scottish stock performance

A
T THE turn of the year the majority of period was Aim-listed IDE Group Holdings,
Scottish shares were in negative territory
Biggest risers which lost a third of its share value. The
with fallers outnumbering risers by NAME % CHANGE 1 MTH Edinburgh-based IT managed services provider
almost three to one – there were 29 SCOTGOLD RESOURCES LIMITED 51.84 was known until a year ago as Coretx, when it
companies that saw their prices fall while 11 saw JOHNSTON PRESS PLC 50.00 changed its name after a legal dispute.
a rise. FRONTIER IP GROUP PLC 15.38 The group has seen significant changes over
On the main market the fallers outweigh STAGECOACH GROUP PLC 10.07 the last few months after it experienced losses.
the risers by 14 to 4 while on the alternative SPRINGFIELD PROPERTIES 6.76 The company’s new leadership under executive
CALEDONIAN TRUST PLC 3.72
investment market there were 15 companies that chairman Andy Parker completed a strategic and
PARKMEAD GROUP PLC THE 3.70
saw their share prices fall while seven saw their INDIGOVISION GROUP PLC 3.60
operational review in October. Further board
prices rise and four were unchanged. J SMART & CO CONTRACTORS PLC 1.85
changes saw Bill Dobbie resign as a director and
The company showing the biggest proportional A.G. BARR PLC 1.85 Matthew Royde joining the board as a non-
share rise was Aim-listed Scotgold Resources Ltd executive director.
whose shares saw a hike of nearly 52 per cent. The The group sold subsidiary 365 ITMS for £3m
Scottish-Australian company is developing a gold Biggest fallers as part of the turnaround plans for the business.
and silver mine at Cononish Farm near Tyndrum NAME % CHANGE 1 MTH It had previously bought ITMS in 2017 as part of
to the North East of Loch Lomond. It held its mergers and acquisition activity.
IDE GROUP HOLDINGS PLC 33.33
AGM at the end of November and passed all the CLYDESDALE BANK CYBG 29.20
Ian Smith, executive director, had criticised
board’s motions intended to move the company QUIZ PLC 26.52 the previous business leadership and claimed
forward. CAIRN ENERGY PLC 25.23 that the company would have become insolvent
The company has over the last few months MURGITROYD GROUP PLC 21.60 without a change in direction. The company said
moved to strengthen its company with the STANDARD LIFE PLC 20.93 that the proceeds of the deal, which saw an MBO
appointment of two business heavyweights in MACFARLANE GROUP PLC 19.79 by the management of 365, would be used to
the form of Peter Hetherington, chief executive JOHN WOOD GROUP PLC 18.12 reduce its debt. The sale leaves the group with two
of spread betting group IG Holdings, and Bill BRAVEHEART INVESTMENT GROUP PLC 16.67 remaining businesses, Selection Services and C4L.
NUCLEUS FINANCIAL 16.15
Styslinger, who heads Nasdaq-listed technology The second biggest faller was Clydesdale and
firm Casa Systems, as non-executive directors. Yorkshire banking group CYBG, which saw a
In May it announced that it had raised £9m 29 per cent plus fall in its share price. The group,

This is the last time

to press ahead with the development of the gold which has just merged with Virgin Money, saw its
mine at Tyndrum. share price fall by 10 per cent in a morning after it
Ironically, the second biggest riser in
percentage terms was Johnston Press. The 50 Johnston Press will released its results in November.
The results were below analysts’ forecasts after
per cent rise in the Edinburgh-based publisher
of The Scotsman newspaper shares albeit appear in the quoted CYBG reported losses of £145m largely due to
legacy payment protection insurance costs. It
from 2p to 3p came just before the company’s
announcement of insolvency and the subsequent companies list and made an additional provision of £352m for PPI
legacy costs and £44m for other legacy costs,
pre-pack administration announcement. It was
taken over by JPI Media, a company formed
takes the number which gave it the statutory loss.
The group has also lost executive director and
by its bondholders. This is therefore the last
time Johnston Press will appear in the quoted
of Scottish companies chief operating officer Debbie Crosbie who has
gone to take the helm at troubled UK banking
companies list and takes the number of Scottish
companies listed on the main market down from
listed on the main group TSB. It saw a second significant departure
when it was announced that David Kerr, who had
18 to 17.
Johnston Press shares had declined in value
market down from been head of SME banking at CYBG since August
2016, was to become managing director, SME
from 800p five years ago to 12p a year ago.
The biggest faller over the last two-month
18 to 17 banking at the Manchester-based Cooperative
Bank. ■
12 INSIDER January 2019 www.insider.co.uk
 SHARES: SCOTLAND’S QUOTED COMPANIES

Main Market
LIST MARKET* SHARE PRICES
DATE VALUE (£m) SECTOR 5 YEARS AGO 1 YEAR AGO LAST MONTH THIS MONTH % CHANGE
A.G. BARR PLC 2/4/1970 858.00 SOFT DRINKS 566.00 667.00 758.00 772.00 1.85
AGGREKO PLC 29/9/1997 1823.63 BUSINESS SUPPORT SERVICES 1796.00 799.00 837.00 714.00 -14.70
ALLIANCE TRUST PLC 17/7/1947 2408.28 INVESTMENT TRUSTS 450.00 747.00 728.00 708.00 -2.75
CAIRN ENERGY PLC 22/12/1988 988.59 EXPLORATION AND PROD. 270.00 214.00 214.00 160.00 -25.23
CLYDESDALE BANK CYBG 3/2/2016 2705.70 BANKS N/A 339.70 264.40 187.20 -29.20
DEVRO PLC 30/6/1993 288.82 FOOD PRODUCTS 288.00 229.00 185.00 175.00 -5.41
FIRSTGROUP PLC 16/6/1995 1050.65 TRAVEL AND TOURISM 124.00 111.00 90.00 87.00 -3.33
J SMART & CO CONTRACTORS PLC 25/3/1973 47.57 REAL ESTATE HOLD, DEV 95.00 110.00 108.00 110.00 1.85
JOHN MENZIES PLC 3/10/1962 429.44 BUSINESS SUPPORT SERVICES 708.00 681.00 520.00 500.00 -3.85
JOHN WOOD GROUP PLC 5/6/2002 4280.06 OIL EQUIP. & SERVICES 686.00 650.00 734.00 601.00 -18.12
JOHNSTON PRESS PLC 29/4/1988 2.65 PUBLISHING 800.00 12.00 2.00 3.00 50.00
MACFARLANE GROUP PLC 20/6/1973 118.56 BUSINESS SUPPORT SERVICES 34.00 78.00 96.00 77.00 -19.79
ROYAL BANK OF SCOTLAND GROUP PLC 10/7/1968 25301.86 BANKS 338.00 278.00 238.00 212.00 -10.92
SSE PLC 18/6/1991 11179.00 ELECTRICITY 1370.00 1320.00 1129.00 1072.00 -5.05
STAGECOACH GROUP PLC 19/10/1998 979.08 TRAVEL AND TOURISM 378.00 165.00 149.00 164.00 10.07
STANDARD LIFE PLC 10/7/2006 6000.62 LIFE INSURANCE 502.00 499.00 301.00 238.00 -20.93
STV GROUP PLC 25/3/1973 131.69 BROADCAST AND ENTERTAIN 299.00 325.00 371.00 332.00 -10.51
WEIR GROUP PLC 25/1/1946 3650.21 INDUSTRIAL MACHINERY 2132.00 2123.00 1623.00 1371.00 -15.53

Alternative Investment Market

LIST MARKET* SHARE PRICES
DATE VALUE (£m) SECTOR 5 YEARS AGO 1 YEAR AGO LAST MONTH THIS MONTH % CHANGE
BEEKS FINANCIAL CLOUD GROUP PLC 27/11/2017 54.81 COMPUTER SERVICES N/A 44.00 120.00 110.00 -8.33
BOWLEVEN PLC 7/12/2004 80.88 EXPLORATION AND PRODUCTION 38.00 31.00 26.00 24.00 -7.69
BRAVEHEART INVESTMENT GROUP PLC 30/3/2007 4.06 EQUITY INVESTMENT INSTRUMENTS 12.00 18.00 18.00 15.00 -16.67
CALEDONIAN TRUST PLC 29/9/1995 22.98 REAL ESTATE HOLD, DEV 69.00 153.00 188.00 195.00 3.72
CELTIC PLC 22/12/2005 155.40 RECREATIONAL SERVICES 76.00 130.00 166.00 166.00 0.00
CRANEWARE PLC 13/9/2007 740.90 SOFTWARE 525.00 1573.00 2875.00 2735.00 -4.87
ELAND OIL & GAS 3/9/2012 236.99 OIL AND GAS PRODUCERS 104.00 70.00 107.00 104.00 -2.80
FAROE PETROLEUM PLC 27/6/2003 568.28 EXPLORATION AND PRODUCTION 119.00 105.00 152.00 153.00 0.66
FRONTIER IP GROUP PLC 31/1/2011 30.95 SUPPORT SERVICES 27.00 82.00 65.00 75.00 15.38
GOALS SOCCER CENTRES PLC 7/12/2004 54.16 RECREATIONAL SERVICES 176.00 80.00 73.00 72.00 -1.37
IDE GROUP HOLDINGS PLC 30/6/2010 8.42 INDIVIDUAL AND FAMILY SOCIAL SERVICES 62.00 29.00 3.00 2.00 -33.33
INDIGOVISION GROUP PLC 2/8/2000 8.64 COMPUTER SERVICES 377.00 114.00 111.00 115.00 3.60
IOMART GROUP PLC 19/4/2000 357.55 INTERNET 265.00 390.00 388.00 330.00 -14.95
LANSDOWNE OIL & GAS PLC 21/4/2006 10.92 EXPLORATION AND PRODUCTION 24.00 1.00 2.00 2.00 0.00
MINOAN GROUP PLC 18/10/2011 6.56 TRAVEL AND LEISURE 12.00 7.00 3.00 3.00 0.00
MURGITROYD GROUP PLC 30/11/2001 44.15 BUSINESS SUPPORT SERVICES 584.00 488.00 625.00 490.00 -21.60
NUCLEUS FINANCIAL 26/7/2018 103.24 SPECIALITY FINANCE N/A N/A 161.00 135.00 -16.15
OMEGA DIAGNOSTICS GROUP PLC 18/3/2004 17.46 MEDICAL SUPPLIES 18.00 17.00 16.00 14.00 -12.50
PARKMEAD GROUP PLC 13/3/2000 57.38 EXPLORATION AND PRODUCTION 229.00 36.00 54.00 56.00 3.70
PLEXUS HOLDINGS PLC 9/12/2005 51.11 OIL EQUIPMENT AND SERVICES 270.00 60.00 52.00 49.00 -5.77
QUIZ PLC 28/7/2017 44.79 FAST FASHION BRAND N/A 158.50 50.00 36.74 -26.52
SCOTGOLD RESOURCES LIMITED 15/1/2008 15.52 PRECIOUS METALS AND MINERALS 47.50 24.50 23.05 35.00 51.84
SIGMA CAPITAL GROUP PLC 27/4/2000 106.76 ASSET MANAGERS 41.00 88.00 128.00 114.00 -10.94
SMART METERING SYSTEMS PLC 8/7/2011 603.26 BUSINESS SUPPORT SERVICES 304.00 875.00 554.00 528.00 -4.69
SPACEANDPEOPLE PLC 31/12/2004 4.10 MEDIA AGENCIES 137.00 31.00 21.00 21.00 0.00
SPRINGFIELD PROPERTIES 16/10/2017 109.82 HOME CONSTRUCTION N/A 108.50 105.00 112.10 6.76
*Figures to close of market Thursday, December 6, 2018

www.insider.co.uk January 2019 INSIDER 13

VITAL:STATISTICS
Business statistics in Scotland compiled by Steven Wilson
UK Autumn Budget IN FOCUS
GDP forecast GDP per capita forecast CPI inflation forecast Top companies in Ayrshire
3

2.5 Ranked by profit (in millions) before tax

Name Profit Postcode
2
Spirit AeroSystems Ltd 69.28 KA9 2RW
1.5 GE Caledonian Ltd 42.02 KA9 2RX
Rohr Aero Services Ltd 12.09 KA9 2SA
1
Plantfinder (Scotland) Ltd 9.61 KA2 9BL
0.5 Hillhouse Estates Ltd 9.61 KA10 7HX
UPM-Kymmene (UK) Ltd 8.62 KA11 5AT
0
2017 2018 2019 2020 2021 2022 2023 Emergency One UK Ltd 3.33 KA8 1SH
Billy Bowie Special Projects Ltd 2.56 KA2 0BA
The Chancellor of the Exchequer Philip Hammond outlined his latest UK Autumn Budget in October. There Lowmac Alloys Ltd 1.80 KA11 5DG
were high profile measures, particularly the measure to introduce a digital services tax in April 2020 which Nobel NC Europe Ltd 1.76 KA12 8TG
the Chancellor said was aimed at established technical companies rather than start-ups. He will introduce a
digital tax – not an online sales tax – which he said would raise £400m a year. The Chancellor also said that UK
manufacturing was currently in recession and that pressure was being felt in many sectors. The Budget also
provides an extra £950m for the Scottish Government. Also the Government pledged £150m towards the Tay
Cities Region Deal. Source: UK Government

Bank customer satisfaction

Which? score %
90

85
Which? score %

80

75

70
38%
The number of Scottish retailers
65 judged to have been at a higher than
Monzo First Direct Nationwide Metro Bank M&S Bank Tesco Bank Santander
usual risk of insolvency between
Smartphone bank Monzo has topped a survey from Which? into how satisfied people are with their October and November 2018
accounts, while TSB has plunged to the bottom of the rankings following its recent IT woes.
Which? surveyed more than 4,200 people to determine overall customer satisfaction with their bank’s
current account and how likely they are to recommend that brand. Monzo came first with an “impressive”
customer score of 86%, Which? said, finishing just above telephone and online-only bank First Direct, Potential economic improvement
which scored 85%. Nationwide Building Society was third with a score of 79%, and Metro Bank came for SMEs
fourth with 76%. Challenger brand Monzo describes itself as “a bank that lives on your smartphone”. Other
challengers which scored relatively highly were Marks & Spencer and Tesco. Source: Which? Area Potential economic boost (£bn)
Scotland 4.64
NI 1.6
North West England 6.74
EXCHANGE RATES VS STERLING - % CHANGE Wales 2.51
West Midlands 5.61
South West England 6.29
US Dollar (1.27) Euro (1.12) Australian Dollar (1.72) Singapore Dollar (1.74) Mexican Peso (25.61) Qatari Riyal (4.63)
4.00%
New research from TSB found that under half (49%)
2.03%

of SMEs believe that their bank understands their

2.00%
needs and 42% think that the performance of their
bank is holding their business back.
0.00%
47% of small businesses believe that they pay an
% Change

unfair amount in business banking charges and

-0.88%

-2.00%
68% believe that their needs are being overlooked
-1.75%

-1.46%

-1.91%
-2.25%
-2.31%

in favour of larger, more profitable companies.

-2.82%

-4.00%
Additionally, just 24% of small businesses say they
-3.87%
-4.44%

have access to advice, tools and services that give

-6.00% their business the confidence to be more digital.
-7.40%
-5.93%

TSB concluded that “if all small businesses in Britain

-8.00% realised these productivity gains it could deliver up
to £70bn boost to UK GVA”.
This month’s exchange rates (seen in brackets above) recorded on 3rd December, 2018
Source: TSB

14 INSIDER January 2019 www.insider.co.uk

 VITAL:STATISTICS

IN FOCUS BUSINESS OUTPUT - OCTOBER 2018

High Street business closures Oct 17 Oct 18

Area Jan 18 Jul 18 111.39

Aberdeen 472 452 Employment
114.11
Ayr 163 164
99.48
Dundee 227 225 Inflation
101.27
Edinburgh 995 982
Falkirk 128 128 Output
97.72
99.06

Glasgow 898 887

Leith 50 51 Optimism
103.17
101.25
Paisley 121 117
Perth 155 154 85 90 95 100 105 110 115 120

Scottish high street retailers are suffering the most Business output weakened in October as confidence fell for a third consecutive month, according to the
testing retail and leisure climate in five years. New latest Business Trends Report by accountants and business advisors BDO LLP. The manufacturing sector was
research from Big Four accountant PwC shows that the worst hit by this malaise, with confidence plummeting to its lowest level since June 2017. October’s
net store closures have increased to almost two a index reading found that manufacturing confidence slipped for a fourth consecutive month, declining by
week in 2018. The rate of store closures remains high 1.82 points to 106.66. This marks a concerning turnaround for the sector, which was credited for propping
as a result of the growth in online shopping, a shift to up British business output last month amid stagnation in the services sector. Source: BDO
home leisure and continued digitisation of services. In
% Change in business output this month
the first half of 2018 there were 58 new store openings
0.00%
in Scotland’s main cities and towns but 107 closures
leading to a net change of -49, according to research -0.10% Output
compiled by the Local Data Company. The first half of
2017 saw a net change of -42. The rate of net closures -0.20%
Optimism
in Scotland is slightly higher than the overall picture -0.30%
across Great Britain.
Inflation
Source: PwC -0.40%

-0.50%
Employment
-0.60%

Labour productivity
Gross Value Added (GVA) Output per hour Output per job
110.0

109.0

£165m
Index score

108.0

107.0

106.0
The annual economic contribution by
Celtic to the Scottish economy 105.0

104.0
2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2

UK Christmas spending
Est. £ 2017 Est. £ 2018
Gifts 294 299 Women in business
Food 146 151 GVA per head (Women majority-owned businesses) GVA per head (Women-led businesses)
£50k
Socialise 64 66
Travelling 55 51
£40k

UK consumers intended to spend £567 each over

£30k
Christmas, up just one per cent from 2017 but 42%
more than the European average, according to
£20k
the latest findings from Deloitte’s 2018 European
Christmas Survey. According to the research, based on £10k
responses from 9,169 consumers across 10 European
countries, UK retailers braced themselves for a “fiercely £0
competitive Christmas amid cautious consumer UK Scotland England NI Wales

appetite”. About 42% of Christmas spending will
likely have been made online in the UK, making it the
biggest online spender in Europe. Deloitte said the
fact that consumers in the UK expected to spend little
more than they did last year reinforces the notion that
consumers are in a cautious mood as they entered the
festive shopping season. Source: Deloitte
www.insider.co.uk
Women-owned businesses contribute £8.8bn to the Scottish economy and £105bn to the UK economy,
according to new research from the Federation of Small Businesses. Their contribution to the Scottish
economy grew by a staggering 76 per cent from £5bn GVA in 2012 to an £8.8bn figure in 2015. The figures
were revealed in a new report Supporting Women’s Enterprise in the UK: The Economic Case. From a sector
perspective, Scottish women-owned businesses contribute more GVA than Food and Drink and Life Sciences
combined (£7.26bn). Scotland’s women-owned businesses are now responsible for creating 231,000 Scottish
jobs, up from 153,000 in 2012. Source FSB
January 2019 INSIDER 15
INSIDER: CREATIVE
Insider’s regular focus on Scotland’s creative sector by Ken Symon

IN BRIEF Debt cut gives hope for reborn Johnston Press

Volpa secures a
range of new PR
contracts
VOLPA, the marketing and
PR agency, has won new PR
contracts to work for Dundee
and Angus Chamber of
Commerce and three events.
The Perth and Dundee-based
agency will again do PR for
Etape Caledonia, the mass
participation cycling event
taking place in the Highlands
on 19 May.
The Scottish Game Fair,
organised by the Game and
Wildlife Conservation Trust and
taking place on the 5-7 July,
is another high profile event
which has called upon Volpa’s
services.
Volpa won the marketing
contract which will aim to
attract more visitors to the
event, which takes place
annually at Scone Palace in
Perth.
THE BLOW that those concerned
with Johnston Press had expected
for months fell in mid-November.
The company which
publishes The Scotsman and
the ‘i’ newspaper was put into
administration on 17 November
and was the same day acquired
by JPI Media, a company that was
newly formed by Johnston Press’s
bondholders.
It means that Scotland has lost
another business from the main
stock market, taking the number
down to 17.
David King, chief executive
of JPI Media said that the
deal “ensures that operations
can continue as normal, with
employees’ rights maintained,
suppliers paid, and newspapers
printed”.
The new company was keen to
stress that the deal provided the
group with “a substantially de-
levered balance sheet, new capital

As one company
The agency has also won and a strong platform for its staff, of writing whether such a legal
a contract with the Falkirk operations and publications”. action will go ahead.

source said, the

Community Trust, to deliver the As JPI Media director John The bigger question is about
PR for it’s January 2019 Fire and Ensall said at the time: “As part the long term future of the group

eventuality was
Light event. of this transaction we have and whether it is provided with
For Dundee and Angus reduced the level of net debt very the continuing investment and

probably the best

Chamber, the agency will
design, edit and produce
print and digital editions of its
members magazine ConnectED.
significantly and invested £35m to resources to do as it said it would
put the business in a far stronger at the time “support local and
that could have been
financial position.” national journalism and embrace
In the weeks since the deal it the digital future”.

ShortList print
edition canned by
publisher
Men’s magazine ShortList
– which will be familiar to
those who work in Glasgow,
Edinburgh and Dundee – is to
shut its print edition.
Shortlist Media will stop
publishing its free print version
of the magazine, which had a
circulation of 500,000 and had
been distributed in London,
Birmingham, Liverpool,
Manchester, Newcastle and
Leeds as well as the three
Scottish cities.
Publisher Shortlist Media
will rebrand itself as The Stylist
Group under plans to focus
efforts on the Stylist brand,
according to reports, although
it will continue ShortList as an
online brand.
16 INSIDER January 2019
appears that these pledges have
been met and the publishing
and business operations have
continued.
Indeed, as one company source
said, the eventuality was probably
the best that could have been
hoped for in terms of the group’s
staff with all the publications
continuing but less encumbered by
debt. However, the administration
means that those with Johnston
Press defined benefit pensions
who are not yet receiving benefits
will see their pensions cut.
Notices have been sent out to
members of the scheme saying
that they will receive 90 per cent
of the pension that they could
previously have expected.
The other losers from
the company going into
administration are shareholders.
Shareholder Christen Ager-
Hanssen, who had previously
hoped for
sought to replace the Johnston
Press management reacted
furiously to the pre-pack
administration.
On a website he launched called
“Johnston Press The Truth” he
claimed the move was “not a
pre-pack rescue but effectively a
pre-planned corporate theft.”
At time of writing he was
still threatening to sue over the
move and thus “holding those
responsible accountable for their
actions”.
Ager-Hanssen, who had
originally sought to have former
First Minister Alex Salmond,
appointed as chairman of Johnston
Press, was trying to get other
shareholders and pensioners to
take part in a possible class action.
It remains to be seen at the time
Are the new owners in it for
the long term or will they seek to
build up the company titles and
other assets and sell the business
as a whole or individual assets in
future? There is certainly value in
the company and its assets – the
administrators said that they had
received an offer in the region
of £96-120m for company assets
excluding the ‘i’ newspaper.
Hopefully the event of mid-
November will prove to be
a genuine turning point and
will give a secure future to The
Scotsman and other titles such
as Scotland on Sunday and the
Edinburgh Evening News.
In an era of fake news we
need all the quality newspapers we
can get. ■
In the interests of full disclosure it
should be stated that the author of
this article has part of his pension
with Johnston Press.
www.insider.co.uk

CREATIVE VIEW: Gordon Higgins, Adeo
Supporting customer journeys from browsing to buying
UX is simple – or it should be. It
stands for ‘user experience’ and
refers to design that is not so much
about colours and mood boards but
functional and even psychological.
Its ultimate aim is to ease the way
for the customer from the first time
they land on your website until they
complete the transaction at the digital
check out.
Our work with Scottish premium gin
brand Eden Mill highlights just some
of the principles we live by when it
comes to supporting the customer
journey from browsing to buying.
We have worked for many years with
US internet marketing guru Matt
Bailey and have distilled some of the
most important things to consider
when developing UX, so good your
customers barely even notice they are
giving you money.
Need for speed
Users no longer have the patience
to wait for content – not even two
seconds.
They don’t often appreciate they
have millions more times computing
power in their pocket than it took
to land on the moon. They just
start getting antsy when a page or
a video hasn’t loaded in less than
a second, according to Google.
There are any number of stumbling
blocks – unoptimised images, clunky
JavaScript, no compression. And don’t
get me started on Flash.
Eye of the beholder
George McGregor wins major public affairs award
GEORGE McGregor, a Scot who
has been working in public affairs
in London for 15 years, has won
the Outstanding Achievement
Award in the 2018 Public Affairs
Awards.
The award which is in effect
a lifetime achievement award
marked McGregor’s 30 years in
the communications industry
including his eight as managing
partner of the London office of
the global public affairs business
Interel.
In 2018 his work won both
the PRWeek and Public Affairs
awards for the best public affairs
campaign of the year.
McGregor has built Interel’s
www.insider.co.uk
Just because your picture files need to
be small, doesn’t mean the imagery
should be.
Eden Mill knew that quality and
pictures that tell a story were intrinsic
to their brand values. Working with
a craft distillery really gave us focus
to show the amount of effort they
put into producing their product
range and we really wanted to show
that off through a visual journey for
customers on the website. Beautiful
product images, in this case taken by
a professional photographer, really tell
a story. But then so do images taken
or created by amateurs – just not the
right ones.
Consider the touchpoints
Eden Mill have any number of ways
they ‘touch’ their customers and this is
integral to the UX design. The distillery
offers a visitor experience and an
UK operation into a top five
public affairs consultancy with
clients including John Lewis,
Babcock, Expedia, Alibaba and
Siemens.
Prior to heading to London in
2004 initially to head Interest’s
consumer and leisure practice,
McGregor was a special advisor
to Helen Liddell, the then
Scottish Secretary of State in the
Tony Blair Government.
Before that McGregor worked
for a decade for the UNISON
trade union in Scotland.
Within the profession George
McGregor has worked on the
Association of Professional
Political Consultants Committee.
active programme of pop-up retail
units in malls, events and markets
across the UK. As a result of this we
aimed the structure and feel of the site
on user ‘personas’ we created based on
the data collected at all these points
and more.
This underlines that people rarely
buy anything straight away. So, in the
first instance, ditch that intrusive pop-
up that demands the customer give
them something – i.e. their precious
data – before letting them browse
or experience the site. Don’t be the
digital version of a sweaty salesman in
a bad suit.
All platforms, all the time
We know the site needs to be quick,
but it also needs to be optimised
for desktop and mobile. There is still
currently a trust issue with buying on
mobile. Currently 60 per cent of users
browse on phones but only 20 per
cent complete the transaction. But this
may be a generational issue. Those
Millennials and their younger siblings,
Generation Z, have never seen a mail
order catalogue outside of a museum.
Trends are changing.
Progressive web apps now take
the pain out of optimising sites for
desktop or mobile – soon their use will
be ubiquitous. ■
Gordon Higgins founded Adeo in
2004 in a bedroom in Cardonald. The
award-winning digital agency now has
offices in Glasgow, Newcastle, London
and Dubai.
Award winner George
McGregor (left) with Michael
Gilby, head of marketing at
sponsors DeHavilland
INSIDER: CREATIVE
ON THE MOVE
Kieran Andrews has become
Scottish political editor of The
Times Scotland replacing
Hamish McDonnell. Andrews
moves from the role of
investigations editor of The
Sunday Post.
The Sunday Post has promoted
Judith Duffy to the role
of political editor. She was
previously a news reporter at
the title and prior to that was an
assistant producer at STV.
Ellis Allan
Represent, the Edinburgh-
based PR agency, has appointed
Ellis Allan as a PR and digital
account manager. She previously
worked at sector body Scotland
Food and Drink.
Tom Peterkin has been
appointed political editor at
The Press & Journal. He moves
from The Scotsman and its sister
paper Scotland on Sunday,
where he covered politics for
ten years.
Website Glasgow Live has
appointed Gillian Loney as
editor. She was previously
deputy editor. Magdalene Dalziel
replaces Loney as deputy editor.
Kathryn Samson has joined
STV News as Westminster
correspondent. She will join
this month from ITV News
Border, where she was political
correspondent.
BBC TV Scotland has appointed
Connor Gillies as a news
reporter in Glasgow where he
will mainly work on Nine, the
main news programme of the
new BBC Scotland channel.
Also at the BBC, Ewan Murrie
has moved from his role as
a broadcast journalist on
BBC Radio Shetland and BBC
Scotland to that of a reporter on
BBC Radio Cumbria.
January 2019 INSIDER 17
THE BURNING:QUESTION
in association with
The burning question
Is Scotland suitably geared up to be a
Q world leader in life sciences?
MAYBE
Stephen Martin
head of office
Brewin Dolphin
Glasgow
Scotland’s universities have a great track
record of producing graduates and research
in conjunction with institutions like the NHS.
Perhaps less well developed is our history of
turning these assets into locally developed
commercial ventures.
There’s some great work going on in
creating innovative hubs and bioclusters
across Scotland, but they should be
embraced by an attractive taxation system
to secure the best talent. This would support
the targets set by industry bodies and create
an environment for robust growth.
YES
Dave Tudor
co-chair
Life Sciences Scotland
Industry Leadership
Group
Scotland has the perfect mix of academic,
commercial and health service expertise to
continue to lead the life sciences world. Our
universities are eager to form partnerships
with industry and have the highest research
impact of any nation relative to our gross
domestic product.
Our health service operates as a cohesive
unit, with fast approval for clinical trials. And
our commercial ecosystem extends into the
data and imaging sectors to enable stratified
or personalised medicine.
If you would like to contribute to the Burning Question or suggest topics please email editor@insider.co.uk
18 INSIDER January 2019
YES
Dr. Claudia
Cavalluzzo
director
Converge Challenge
The pioneering research carried out in
Scotland’s universities, paired with the
national and international talent that
Scotland attracts, gives the country a great
chance of becoming a world leader in life
sciences.
Throughout the years, we have seen
ground-breaking ideas emerging from
Scotland’s academia that have led to the
formation of innovative businesses such as
Chromacity from the University of Heriot-
Watt and Elasmogen from the University of
Aberdeen.
YES
Carina Healy
partner
CMS
Scotland has all the right components to be
a world leader in the sector. Our universities
produce world-class research, a talented
workforce and many innovative spin-outs.
We benefit from great industry accelerators
such as the SMS-IC and Roslin Innovation
Centre. We also have an established
manufacturing base and great resources
within our NHS. Moving forward the sector
needs to focus on further collaboration
and develop greater self-belief that our
companies can be and, in some cases
already are, among the best in the world.
YES
Jane Kennedy
community manager
Talent Spark
But Scotland needs to take an inclusive
and collaborative approach if it is to truly
lead the world. The demands of tomorrow’s
health care will be solved by innovative
convergent technologies and will require a
mix of skills involving data analytics as well
as the traditional technology skillsets.
We remain too divisive and must learn
to utilise expertise from all areas to really
capitalise on the lead advantage we have in
precision medicine.
YES
Stuart Patrick
chief executive
Glasgow Chamber of
Commerce
World-leading life sciences research is
taking place across Scotland, spearheaded
by globally-recognised institutions like
Glasgow’s Queen Elizabeth Hospital and
Edinburgh’s BioQuarter. We need to support
universities with furthering links between
academia and the business community.
The QE Hospital recently expanded its
facilities to accommodate a larger pipeline
of SMEs while working with corporates to
create revenue from research but every city
has to play a part in growing the sector – not
just Glasgow and Edinburgh.
www.insider.co.uk
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THE BIG PROFILE: NICK SCOTT, BRODIES

20 INSIDER January 2019 www.insider.co.uk


CLIENT RESILIENCE IN FACE
OF BREXIT INSPIRES NEW
BRODIES MANAGING PARTNER
By KEN SYMON
N
ICK SCOTT, the recently
elected managing partner
at Brodies, Scotland’s
largest independent law
firm, urges its staff to take a lesson
that he sees in its clients: resilience.
In the face of Brexit he says: “We’ve
been pleasantly surprised by the
amount of activity that is still going
on, I’ve said to all of our staff, take
a lesson from the resilience of your
clients. Many of them – despite what
you might read in the press – their
underlying businesses are performing
relatively well.
“We as a business, we take that
lesson from them and you focus on
the things that you can do – and that
seems to be what a lot of our clients
are doing, they’re focused on what
they can still get on with doing.”
Scott says that there has been a
good level of mergers and acquisition
activity and a bit of inward
investment.
He says: “Certainly so far we’ve
seen nobody pulling deals or pausing
activity levels or anything like that.
We would like to think a lot of the
Scottish firms are seeing quite a lot of
activity.”
Scott, a tall, quietly spoken man
took over as managing partner of
the firm at the start of May having
shadowed his predecessor Bill
Drummond for six months.
“It is an elected post, I emerged as
the logical candidate, shall we say,
during that process last Autumn, so
there was a good six months to pick
www.insider.co.uk
THE BIG PROFILE: NICK SCOTT, BRODIES
up the reins and work with Bill to
make sure the transition was smooth
and well organised and we’re quite
pleased with how all that went.
“We tried to make the transition
very much about people. When Bill
handed over the reins there were
comfortably over 600 people in this
business and there are now about 682
as of this morning.
“We’re very much a people
business so you try and make the
transition very much about them.
One thing I learned in that process –
I think they think they work for me
We’re very much a people business so
you try and make the transition very
much about them
whereas I’ve worked out I work for
them,” he laughs. “It’s my job to make
sure that we have a business plan
that will see us continue to invest in
them and they make progress in their
careers and we continue to create
more jobs.”
The Brodies managing partner role
is elected and Scott says he wanted to
go through the process of an election
despite being the only candidate.
“I insisted on there being a
hustings, and I stood in front of
them and explained what I thought
my skills that I could bring to the
job were and asked for their vote.
Ultimately it’s their plans, their
sectors, their careers that I’m here to
help to make progress.”
He was elected by the then 97
partners, a number that Scott hopes
will increase. I asked him if he looked
at things afresh at the firm’s makeup,
at whether the right people were in
the right places.
He answers: “One of the things
we took from Bill, and he had been
rigorous about throughout his time
managing the firm, was a focus on
strategy. We have three-year strategic
plans, that is where we take a step
back every three years and look at
what is the scope of our business:
what’s the market doing? What are
the clients up to? Where is the wider
legal market going and where should
we as a business fit in that?
“Those plans form the backdrop
of everything we’re doing, we’re quite
rigorous about testing ourselves
month by month, where are we in
terms of our strategic plan?
“My job as managing partner is
two things: one is the operational
aspect, which is to make sure we
get the best return on the current
platform we’ve built and providing a
top class service to our clients.
“But the second part is to work
with our strategic board to make sure
that, if our strategic plan is to be at a
certain place in three years time how
do we plug the gap between where
the operational bit is at the moment
and where the strategic plans want
us to be.
“So a lot of my job is working with
the practice area heads and with the
strategic board to make sure not only
January 2019 INSIDER 21
THE BIG PROFILE: NICK SCOTT, BRODIES
are we running a business efficiently
today, but where did we say we were
going to be in three years time and
working with that.
“The strategy is driven from the
bottom up, it’s not my strategy, it’s
the strategy of all of our partners.
Again it is quite essential that you
get their approval and their vote and
their buy-in when you become the
managing partner because my job
is to work with them to get their
individual plans.
“The plans we have over a three
year period are not one grand vision,
it’s individual, practice area by
practice area, industry by industry,
sector or service line by sector or
service line.
“Where do we think the
opportunities are? That is again
where you go back to that resilience
point. You watch clients and you see
their underlying businesses perform
relatively well and we can see parts of
our firm that are performing well and
saying we should carry on investing
in that. So we are quite rigorous
about that focus on strategy.”
Bill Drummond was known as
being very combative, something
attested to by leaders of other
business organisations when he was
chair of the SCDI among others.
I asked Nick Scott if his style of
leadership is different from his
predecessor’s?
He replies: “I learned an awful lot
from Bill over the years. I’ve been
20 years with this firm so I think I
was joining the firm just as he was
becoming managing partner so I’ve
worked with him very closely over
that period both on management
boards and also just personally. So
I’ve learnt a lot from Bill.
“This is a people business and our
greatest asset is our people so my
principal focus is on encouraging
them and giving them the confidence
to implement the plans and create
the space in which they are both
rewarded for doing so and supported
in their efforts. If I had one single
focus it would be that.
“A lesson that I took from the real
estate sector was that what matters is
the things that you do, not the things
that you don’t do, so I always remind
myself of that.”
He underlines his point about
taking the lesson from clients’
resilience and says: “Never forget
what your strategic plans are and
always remember that there’s
something you can be doing to
22 INSIDER January 2019
grew to £68.59m, up from £66.68m
in 2016/17. Profits before partner
distributions also increased, up
3.5 per cent or £1.1m, to £32.86m,
compared to £31.73m the previous
year.
There were a number of others of
the major commercial firms that also
reported record figures, but were they
the winners and other law firms the
losers?
“I think ultimately what’s good for
clients is good for the profession so
if clients are making good progress
whether it’s in their personal plans
or their businesses that they are
involved in or they’re operating then
the law firms themselves should
benefit from that.
“In terms of relative performance
as opposed to absolute performance,
that’s about rigorous focus on
strategy. You can see there have been
many successful Scots law firms over
the piece and if you look at them and
why they’ve been successful, usually
it’s because they’re very clear on what
their strategy is, where they’re headed
and they stick to trying to implement
that quite rigorously.
The strategy is driven from the bottom “That means different spaces in
the market, different client bases and
up, it’s not my strategy, it’s the different financial outputs from that.
But there is space for plenty of law
strategy of all of our partners firms and plenty of different models
to make progress in the marketplace.”
It is a marketplace that Nick
implement them. Every day you Scott entered because of what he
come to the office, there will be saw growing up. “My grandfather
something we can do today to help us was a lawyer in Cupar, a high street
implement our plans.” practitioner in Cupar, well known,
In July last year, Brodies reported well respected in his town, knew
its eighth consecutive year of most of the local business people.
revenue growth. In its financial So I was always attracted to the law
year to 30 April 2018, revenues because I thought it was a career in
which you got the trust of people and
IN FOCUS: Law firm marketing their respect. As it was the first job
I got was as a trainee with Clifford
Nick Scott says that the marketing of law firms has changed Chance in London, the biggest law
radically over the last twenty years. “It’s hugely important that firm in the world,” he laughs. “So
you get your messages out. I think one of those things is that the radically different career or type of
world is truly global and our client base is both domestic and non- law shall we say from the one that my
domestic. grandfather had.
“Our client base includes all the people and companies and “Six years in London at a ‘Magic
government that work in Scotland or work from Scotland as their Circle’ firm gave me a fascinating
base or invest into Scotland.
insight into how they run their
“So in your communications you have to be very clear what
messages you are sending to all of those different constituencies.
businesses and the way they operate;
We have to be very clear and our clients have to recognise their approach to businesses, markets
themselves in the communications. and investments and all the rest of
“So the numbers of channels in which we communicate with our that stuff. That was a great insight
clients and the means by which we do it have changed radically in I got from that early stage of my
the last 20 years. career.”
“I think that’s a good thing because it gives us new opportunities He was born in Aberdeen, went
to reach out to people from all around the world and gives us new to university in Glasgow and now
means by which we can communicate with them.” lives in Edinburgh and has worked
in London. “I said it to our partners
www.insider.co.uk

when I was taking on this job I’ve
lived in each of the cities in which we
have our principal resource but I’ve
also worked in our largest export city,
if you want to call it that, in London.
That’s been helpful for me to have
personal insights into the markets
and the geographies in which we
operate.”
Scott worked for 20 years in the
real estate side of law both in London
and then back in Scotland for eight
years; before he was managing
partner he was head of the real estate
practice in Brodies.
“I really enjoyed that industry, I
enjoyed working with the people
there. It’s a very entrepreneurial
industry and very attuned to capital
flows in international markets and
what sentiment does to activity levels
in markets.
“One of the things that I’ve enjoyed
most in the last six months is the
ability to take a deep dive into lots of
other industries. In 20 years you get
to know a lot and understand a lot
about the people and the drivers and
the businesses and the economics
of a particular industry. So now I
had the privilege of getting to work
with partners who understand an
awful lot more of a whole pile of
other industries and sectors that we
service.”
His role is now completely a
management one – he doesn’t handle
any clients directly. “I have stepped
back entirely from client work. It was
a very pleasing thing that the clients
I had been working with or looking
after, how they reacted to the news.
They were delighted for me and very
supportive of that. Other partners
and other people in our firm have
taken control of those mandates. I
still keep in touch with them. But in
terms of the operation of our firm,
with 680 people I think they are
entitled to know that their managing
partner regards it as full-time role.”
He says that the job also involves a
fair bit of ‘ambassadorial work’. “A fair
bit of it is front of house, being a bit of
a public face of the firm. One of the
great things is that I am supported
by a very strong operational board,
which are all the practice area heads,
and then by key support directors in
IT, finance, HR and marketing. But
I’m also supported by a very strong
strategic board and of course by a
chairman, Christine [O’Neil] who
is one of the leading lawyers of her
generation. She as much as me is the
public face of the organisation.”
www.insider.co.uk
THE BIG PROFILE: NICK SCOTT, BRODIES
Scott’s elevation to the managing there to be successful independent
partner role at Brodies is one of a law firms. That’s certainly our view of
number of ‘changing of the guard’ at it. So I made quite an effort to get to
the top of Scotland’s leading law firms know my opposite numbers.”
with changes also having taken place But does Scott think that the
at others including Burness Paull and recent trend of law firm mergers
at CMS. will continue? “It’s hard to predict.
He says: “I made a conscious effort Genuinely, we don’t spend a lot of
to go round all of them, both the time speculating about other firms.
existing managing partners of the We focus on our strategic plans and
major Scottish firms but also those we stick to getting those achieved.
who were being newly elected to their “My observation is that in any
roles just as I was, to compare notes market around the world there is
and to make personal connections a vibrant place for independent,
with them, but also to discuss things well-run firms who’ve built the
like the legal services review and market presence, the strength and the
selling Scotland as a place in which to financial wherewithal to get on and
do business. implement their own plans. We think
“There’s a lot we can achieve by the same about the Scottish market
working together and there is plenty as we do about other European
of work in the Scottish market for jurisdictions.
“So we view the merger activity
Six years in London at a ‘Magic Circle’
that’s gone on as creating space for us
and we welcome the competition.
ğUPJDYHPHDIDVFLQDWLQJLQVLJKWLQWR Brodies is an independent firm
and will continue as an independent
KRZWKH\UXQWKHLUEXVLQHVVHVDQGWKH firm? “Those are our strategic plans.”
He continues: “It’s important to
ZD\WKH\RSHUDWH have cohesion and alignment is as
important as strategy, so it’s been
very useful to us and I think it’s going
to continue to be useful to us to
have a set of plans that everyone in
the business can see and touch and
understand and they can all feel that
it’s something they’re contributing
to and every single person has
something to do that is relevant to
the wider plans of our firm. And
I have realised that that is a very
compelling proposition to put to your
staff and I think a lot of clients realise
that as well.”
Scott again stresses the key role of
managing and motivating the people
in the firm.
“What I have discovered is a
huge part of this job is people. It’s
about creating an environment
and having strategic plans in which
people can thrive, about creating an
environment in which they are both
encouraged and rewarded and will
want to make progress in their own
practice areas.
“But also creating an environment
in which they can try and if they’re
successful then we celebrate that
IN FOCUS: Downtime success but also they can try and if it
doesn’t work out quite to plan, that’s
“I used to enjoy eating out a lot. I now find I do a lot more eating okay as well. And we just go back to
out than I did before so unfortunately at the weekend it’s usually our plans, work out how we can do
about eating less rather than more. I exercise quite a lot, play golf better and try again.
when I can. I’ve got three kids, all at the business end of school so “So creating an environment where
that’s quite a focus for us at the moment.” people can succeed and be celebrated
is a big part of the job.” ■
January 2019 INSIDER 23
LETTER TO MY YOUNGER SELF: MARGARET MCPHERSON
Margaret
McPherson
Margaret McPherson is the
founder and now non-executive
director of Intelligent Office which
helps law firms support partners
and fee earners. She completed
a buy-in of its predecessor
DocuServe and built it into a UK-
wide business that is a leader in its
sector. She is also a non-executive
director of the property business,
Coulters and a non-executive
director of ObjectiveManager,
which helps legal businesses
clarify their strategy.
24 INSIDER January 2019
Dear Mags
I BET AS you read this you can’t believe that
you’ve actually managed to scrape through
your Highers and have left school after a few
years of misery. How great it must feel to be
leaving and moving on to Glasgow College of
Food Technology to start your career in the
hospitality industry.
Your first summer placement at Peebles
Hydro will be interesting, you’ll realise that
you’re the first girl ever to have been allowed
to work in their kitchens.
You’ll also manage to get yourself nominated
by the other twenty students to go and speak
to the French general manager to complain
about the staff food.
Just charge on, for someone who doesn’t
like confrontation these little events will make
you realise that you really can stand up for
yourself after all; you will find that everyone
in the kitchen will like you in the end, and
even the GM will come around – and the food
will improve!
The rest of your college years will be quite
uneventful and when you leave you won’t
have a clue what to do, that feeling will last for
quite a while but don’t worry, it won’t harm
your career. Your first job will be in Jenners in
Edinburgh as a trainee manager and being a
west coast girl you’ll be shocked that people
aren’t as friendly as you. Don’t worry that you
only last there a year, plenty of time to get to
know and love the city where you will end up
working, living and marrying.
The next few years might be a bit mixed
up, another three jobs in three years and
a redundancy thrown into the mix. You’ll
dust yourself down, get out and find another
job. This time with a brilliant boss, Fergus
Chambers at Catering Direct. Fergus will
give you opportunities that you didn’t merit,
push you, mentor you and help shape you as
a manager and leader. It’s his belief in you that
will set you up for the rest of your career. You
will win an industry award and realise that
maybe you can achieve more in life than you
ever thought was possible.
In your late twenties you will learn that some
relationships don’t last forever and that time
actually does heal all.
When you’re thirty you’ll be headhunted to
move to London and you’ll pack up and take
what seems like a huge step. Working for your
new boss will teach you to stand strong in
your own conviction. Continue to treat people
as you would want to be treated regardless
of their position. You’ll be headhunted
again, this time to go and work in the City
for Williams Lea. It’s not a familiar field but
you should be curious to see if your skills are
transferrable and trust you can make a success
in another sector. You will quickly prove that
indeed you can and end up managing their
London operations.
Don’t feel too home sick, enjoy the London
life and the friends you will meet and enjoy
life in the city as it is setting you up for an
experience that you never think will happen
to you.
Remember that summer fayre when you
went to a fortune teller who said you would
work in a city with tall buildings? Well she
was right and it isn’t London. You’ll have the
chance to go to New York. You’ll probably not
want to go as you will be keen to head home,
but grasp this opportunity. You’ll love it. It will
be defining. The six weeks you plan for will
become two years! You will have a ball and
return home a different person.
Remember growing up on the farm when
you were little? You didn’t get any pocket
money but got a wage like the other farm
workers. You asked Dad if you could invest
your pay in a piglet and sell it, then you
bought two piglets and on it went until you
had enough cash for your first car. That was
your early entrepreneurial training and you’ll
put that to good use throughout your life.
Despite all of this, you still lack a little
confidence, it’s no bad thing, remain open
to every opportunity that comes along. One
of those will lead to a management buy-in
to a printing company called DocuServe.
www.insider.co.uk
 LETTER TO MY YOUNGER SELF: MARGARET MCPHERSON

Grab it with both hands. It will be a base to

build from and will shape the rest of your
career.The only downside you might think
is its location, Edinburgh. But remain open
minded. Keep doors open and always look
forward.
A great friend will introduce you to
Malcolm McPherson, he will guide you
through buying the business and will become
your mentor and chair of your company. But
the relationship will not end there.
Entrepreneurship will go well for you and
you’ll be joined by Rachel McCorry who you
will earlier have worked with in the US, that
will move the business forward and take it
south, to England. Together you shape its
future and form Intelligent Office UK. You
will continue to work as hard as ever, but now
with the added challenge of being the boss
and owner of the business.
2008 and 2009 will be a particularly tough
period, like so many businesses you will need
to restructure.
Many of your team will be friends as well as
employees and prepare for the worst period in
your career as you have to let people go. Just
remember, you are responsible for the whole
company and its success and you will need
to be strong in your decisions. It will be a sad
time but you will get through it and as a result
www.insider.co.uk
so will the business.
You will not be able to imagine it now but
you will end up creating a company operating
across the UK, employing almost 1,000
people. You will learn loads of lessons along
the way but your few catchphrases will hold
you in good stead, you will regularly preach
that “the only place that you find success
before work is the dictionary” and that “the
harder you work the luckier you get”.
Your secret aim will be to sell the business by
the time you are 50 and you will achieve it in
a way that frees you up to stay involved, take
on non-exec roles and spend time giving back
to The Prince’s Trust, a charity which you will
feel very passionate about.
Throughout your career you will have many
lucky breaks and you’ll never experience
a glass ceiling, maybe you’ve got Peebles
Hydro’s kitchen to thank for that.
Your career, friends and family are
important to you, good fortune will shine on
you when you marry Malcolm and you’ll end
up with wonderfully fulfilling relationships
with his four children. As you reach mid-
50s you will look back on life and appreciate
you’ve had the best of all worlds. But, the best
is yet to come as you will by then have more
time to spend sailing the world, travelling
and being with family and friends. How lucky
you are, enjoy every minute and realise every
opportunity.
Yours,
Mags x
January 2019 INSIDER 25
 Empowering
Digital
Workplaces

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26 INSIDER January 2019 www.insider.co.uk


ROLLERCOASTER
YEAR SEES BIG
NAMES RISE AGAIN
By KEN SYMON
I
T WAS A rollercoaster year
for some of Scotland’s top
companies with some notable
businesses soaring back into
the top ten after a year or more
languishing in the bottom half of the
index.
The top turnaround story and the
most notable re-entry to the top ten
is that of Royal Bank of Scotland
which continued its recent white
knuckle ride in the index by coming
back into third place.
This jump from 270th place last
year came on the back of profits
of £2.24bn compared to a £4.08bn
loss the year before. The group had
77,000 employees, a figure that was
unchanged in the year in focus,
giving a profit per employee figure of
a little more than £29,000.
But that was not the lowest place
that the Gogarburn-based bank
inhabited – it was down to 288
in 2014 and 287 in 2015 before
whizzing back up to hit second place
in 2016 and then starting a rapid
www.insider.co.uk
descent which saw it in the 270s
ranking in the following two years.
Those positions were a long
way from the top spot that the
Edinburgh-headquartered banking
group had notched up until the
financial crash hit in 2008-2009.
RBS, Insider reported, was “streets
ahead of other corporates” in 2008
and was then again number one in
2009 before the effects of the financial
The top turnaround story and the
most notable re-entry to the top ten is
that of Royal Bank of Scotland
crash began to hit and it began its
tumble down the index.
Another company on a similar
trajectory to Royal Bank was Aegon,
the Edinburgh-based pension,
protection and investment business
which soared back in to the top
ten at number seven having been
marginally above its bigger banking
neighbour at 268 last year.
INSIDER TOP500: OVERVIEW
TOP500
in association with
Aegon rocketed back into the
black with a profit of £120m this
time compared to an £868m loss
in the previous year. This was
achieved on the back of turnover up
to £8.41bn from £8.13bn last time.
The Netherlands-owned business
increased its employee numbers by
28.5 per cent to 3,435, giving it a
profit per employee figure of just less
than £35,000.
This notable rise was matched
by an overall positive balance with
288 companies – or 57.6 per cent
– showing a profit growth while
210 businesses (42 per cent) saw a
profit slump. Two companies saw
no change in profit. In addition,
33 companies have gone from loss
to profit in the latest year while 23
companies have gone from profit to
loss.
There were fewer new additions
this year, with 54,or nearly 11 per
cent, of this type of movement
compared to 67 last year. There
were 220 companies, or 44 per cent,
which moved up the rankings this
year compared to 210 last year. The
January 2019 INSIDER 27
INSIDER TOP 500: OVERVIEW
number slipping down the rankings
at 218 – or 43.6 per cent – was the
same as last year.
The other of Scotland’s traditional
two banking giants, Bank of
Scotland, was in fourth place for
the second year running despite its
turnover falling to £6.89bn from
£7.25bn and its profits down to
£2.80bn from £3.39bn previously.
The number of people the
Edinburgh-headquartered company,
which is part of Lloyds Banking
Group, employed fell by 5.2 per cent
to 33,907 and profit per employee
was down 12.9 per cent to £82,697.
Energy giant SSE retained its top
spot for the fourth year running with
it notching up the biggest turnover
growth in this year’s index. The
Perth-based group increased its
turnover to £31.22bn from £29.03bn,
although profit fell back to £1.09bn
from £1.78bn previously.
However, the group saw its profit
per employee fall by more than 38
per cent to £51,613 with the number
of employees very marginally down –
by 0.5 per cent – to 21,045.
Scottish Widows, also part
of Lloyds Banking, was ranked
in second place, rising one from
last year after reporting profits of
£1.17bn, up from £346m last time,
despite reporting the largest turnover
drop in this year’s index – turnover
having fallen back £6.22bn to
£18.19bn from £24.41bn previously.
The Edinburgh-based life
assurance group continued to
enjoy the profits benefits of a major
reorganisation which had seen it the
previous year rise from the 279th
place to that top ten spot last time.
The second-biggest turnover
drop was experienced by Standard
Life Aberdeen, the Edinburgh-
headquartered global investment
businesses which slipped down to
fifth place from last year’s second top
spot after its turnover saw a £2.76bn
fall to £16.98bn from £19.74bn
previously. Of course, the business
sold Standard Life Assurance to the
Phoenix Group in a £2.99bn deal
earlier this year.
Just below it was ScottishPower,
which had slipped down to sixth
from last year’s fifth place with
turnover slipping back to £5.24bn
from £5.42bn last time and profits
28 INSIDER January 2019
dropping £467.8m down from
RBS is back amongst £624.7m. The Spanish-owned,
the Top500’s highest Glasgow-headquartered utility saw
ranked companies
its employee numbers fall a little
over two per cent to 6,066, giving it a
profit per employee figure of £77,118.
The top food and drink company
in the index was William Grant &
Sons Holdings which, as last year,
claimed the eighth spot. The Bellshill-
based spirits distiller saw its profits
rise to just under £304m up from
£260.2m last time on the back of
turnover up to £1.19bn from £1.06bn
previously.
But in one place below at nine was
another distiller Chivas Brothers,
the French-owned, Paisley-based
distiller which had climbed one
place from last year’s Top500 on the
back of turnover up to £1.07bn from
£927.5m last year. The distiller, whose
brands include the Glenlivet and
Chivas Regal, saw profits also up to
£371.01m from £284.2m last time. Its
employee numbers were 2.3 per cent
up at 1,698, meaning that its profit
per employee figure was second
highest in the top ten at £218,498.
Completing the top ten was
Glasgow-based engineer, Weir
Group which rose 11 places up
the rankings from 21 last time
The top food and drink company in boosted by turnover up to £2.36bn
from £1.84bn last time and profits
the index was William Grant & Sons up £180.6m up from £42.8m. The
Holdings which, as last year, claimed
company saw its employees numbers
rise 6.7 per cent to just more than
the eighth spot
14,000 while its profit per employees
figure was the lowest in the top ten at
£12,816.
A look at the sectorial figures
Big numbers (without RBS or BoS) Total: 498 companies with 2 years’ figures shows the continued fallout from
the oil price issues with offshore
Latest Previous %
engineering having seen the biggest
Year Year Change
percentage turnover fall – down just
Turnover £171.73bn £173.02bn -0.75% over 20 per cent to £2.13bn, while
Profit £9.32bn £4.91bn 89.74% employee numbers were down over
Employees 588,096 569,102 3.34% seven per cent at 12,861.
Profit per emp £15,846 £8,630 83.61% Life and assurance had the second
worst turnover fall as a sector over
the year, showing a 16.5 per cent
Change Present Old
Rank risers Rank Rank
turnover drop from to £43.80bn,
although the number of employees in
The Scottish Salmon Company Limited 303 63 366 the sector rose by nearly 4.8 per cent
DigitasLBi Ltd 286 145 431 to 16,732.
Dana Petroleum Ltd 279 28 307 The sector that produced the
Repsol Sinopec Resources UK Limited 276 17 293 biggest turnover growth was property
Royal Bank of Scotland Group Plc 267 3 270 investment and development which
Maersk Oil North Sea UK Ltd 262 18 280 saw a 26.5 per cent hike in turnover
AEGON UK Plc 261 7 268 to £456.61m. It was also the sector
www.insider.co.uk
 INSIDER TOP 500: OVERVIEW
with the biggest employee number production growth in its oil licences
proportional fall – down nearly 30 The Chivas Regal brand in Nigeria.
per cent at 902. played a part in Chivas The business experiencing the
Brothers’ rise to ninth in
Unsurprisingly with the level of second biggest proportional turnover
this year’s rankings
investment over the past few months growth over the period was in a
the sector that produced the second very different sector – commercial
biggest percentage turnover growth property and investment – but was
was hotels and leisure, up more than also a newcomer this year to the
22 per cent to £1.14bn. It was also the index. The Bellshill-based HFD
sector with the biggest employment Group saw its turnover rise by nearly
growth, rising as it did by just short 830 per cent to £104.77m from
of 47 per cent to 17,802. £11.27m previously with profits
Bucking the sectorial trend, the rising £24.8m from £320,000 last
company that experienced the biggest time around. Employee numbers
proportional growth in turnover by grew 3.1 per cent to 99, giving a
quite some distance was Eland Oil remarkable profit per employee
and Gas plc, which saw a turnover figure of £250,505 – up more than
boost of 2560 plus per cent – up 7,415 per cent on the previous year.
to £51.08m turnover from £1.92m The highest-ranked newcomer
previously. This remarkable turnover to the index is Aker Solutions, the
growth, which saw the Aberdeen- Aberdeen-based offshore services
based business enter the Top500 business ranked at 57 which saw its
index at number 481, was due to profits rise to £11.1m from a loss
what it hailed its “breakthrough” of £22.37m last time on the back of
year. The African-focused business annual turnover down to £444.75m
chalked up very significant from £551.82m.
Three companies that are
newcomers in this year’s index were
Top500 annual comparison in Insider’s SME300 rankings in
Taken from each year’s Turnover Profit Employees Profit per 2018, led by Stonehaven-based gas
published Top500 £bn £bn employee turbine maintenance business Alba
2001 94.7 9.8 644,311 £15,225 Power which came in at number 312,
2002 108 12.3 726,162 £16,938 having been sixth in the SME300.
2003 109.5 12.4 779,611 £15,913 Edinburgh-based healthcare recruiter
2004 113.1 10.8 793,491 £13,597 Chase Search & Selection Ltd was
2005 121.4 17.7 806,826 £21,962 ranked at 456, having been eighth in
2006 131.1 18.5 770,749 £23,999 the other index. The third business
2007 160.9 23.5 759,554 £30,947 was Adam Investment Company,
2008 174.7 28.8 774,827 £37,402 the Selkirk-based machinery supplier,
2009 179.7 28.2 793,870 £35,476 which is at number 487 having been
2010 180.9 -22.9 874,076 -£26,244 ranked at 52 in the 300.
2011 202.1 5.9 831,803 £7,144 Another notable newcomer
2012 RBS & HBOS 202.48 10.98 778,609 £14,105 was Edinburgh-headquartered
2013 RBS only 176.51 10.15 721,848 £14,061 commercial law firm Morton Fraser
2014 RBS & BoS 180.07 3.6 760,976 £4,731 which entered the index at 361,
2015 RBS & BoS 189.99 2.1 731,627 £2,843 having previously hit the number one
2016 RBS & BoS 184.61 13.35 623,779 £21,402 spot in the Insider SME300 Index in
2017 RBS & BoS 153.09 -0.22 621,550 -£353
2017.
2018 RBS & Bos 194.81 3.46 674,994 £5,120
Another notable new entrant to the
2019 RBS & BoS 191.76 14.36 699,003 £20,546
HBOS tracked from 2003 to 2012. Prior to 2003 Insider tracked Bank of Scotland plc. In 2013 HBOS nor Bank of Scotland were included. In 2014 Bank of
index is Leidos Innovations, which
Scotland is tracked. The 2013 employee number would have been 770,414 if Bank of Scotland had been included. was ranked at 128 after it moved
Without RBS, HBOS or BOS from a loss of £9.81m last time to
2011 137.3 9.67 574,501 £16,831 a profit of £8.15m. The company
2012 146.85 13.43 568,687 £23,619 was awarded a £26.9m contract in
2013 147.57 10.92 577,548 £18,907 October to support the Scottish
2014 154.79 10.09 595,851 £16,933 Government’s Purchase-to-Pay
2015 162.51 8.9 573,311 £15,471 procurement programme, so it will
2016 158.81 7.38 571,631 £12,910 be interesting to see where they figure
2017 132.88 -0.17 573,199 -£297 in next year’s index.
2018 174.97 4.14 556,842 £7,440 The Top500 company that
2019 171.73 9.32 588,096 £15,846 increased its employee numbers by

www.insider.co.uk January 2019 INSIDER 29

INSIDER TOP500: OVERVIEW
the greatest amount over the year
in question was 25th ranked John Scottish Widows has moved up
to second in the Top500 list
Menzies plc, which saw its employee
numbers rise by almost 9500 from
27,176 to 36,653.
Since the period in question, the
group sold Menzies Distribution
to private equity firm Endless
for £74.5m, in a deal announced
in September, which saw 3,700
employees being transferred out of
the group.
This year’s biggest rank faller was
Aberdeen-based passenger player
First Group which plummeted 268
places from six to 274. It was also the
biggest loss leader in this year’s index
falling nearly £480m down from
£152.6m the previous time to a loss
of just less than £327m.
The second biggest rank faller
down 267 places to 439 from 172
was Plexus (UK) Group Ltd, which
saw its previous profit of £11.4m
swing redwards to a loss of £2.67m,
a fall of more than £14m. This
was despite turnover at the Kelso- Family businesses, of which there owned with 48 or 9.6 per cent being
owned elsewhere in the UK. The
based electronics developer and
manufacturer rising to £59.17m from were 166 in this year’s Top500 Index, third biggest country of ownership
is the US where 42 companies or 8.4
£52.99m previously.
An analysis of ownership shows boosted their combined turnover by per cent of the listing are owned.
France has 12 businesses or 2.4
that the vast majority of companies
– 325 or 65 per cent are Scottish-
more than 10.5 per cent per cent; Norway nine (1.8 per cent)
Netherlands and Japan each have
six, while Canada and Germany
Sector breakdown have five businesses each.
Family businesses, of which there
Latest Turnover Latest Employees were 166 in this year’s Top500 Index,
Turnover £m Change % Employees Change %
boosted their combined turnover
Banking & Finance 22796.23 0.89% 123560 -1.33% by more than 10.5 per cent, rising
Construction 4946.06 13.80% 16908 3.80% to £25.26bn from £22.84bn the
Distribution & Wholesale 6949.33 11.92% 50028 23.92% previous year. Profits rose by 7.46
Drinks (+soft ) 4470.97 12.33% 11141 6.76% per cent to £1.25bn from £1.16bn.
Electronics 2422.14 -4.25% 7917 7.76% Employee numbers at 151, 890
Engineering 5770.2 9.74% 28425 3.16% were 7.71 per cent up on last year
Food & Farming 4444.28 9.62% 21712 1.56% (when they were 141,017). Profit per
Hotels & Leisure 1136.42 22.08% 17802 46.95% employee was marginally down to
Industrial & Manufacturing 9676.65 5.20% 40727 2.04% £8,240 from £8,259.
Life & Insurance 43798.04 -16.50% 16732 4.77% There were 332 non-family
Marketing & Media 1852.82 3.08% 16139 4.70% businesses which saw combined
Motor 8157.78 7.40% 20744 3.89% turnover falling back from
Offshore 18120.02 -1.03% 66232 -7.04% £150.18bn last time to £146.47bn
Offshore Engineering 2133.13 -20.02% 12861 -7.18%
this year, a fall of 2.47 per cent. But
Offshore Equip Supply 624.07 -11.75% 3381 -16.83%
despite the fall in sales, pre-tax profit
Offshore Exploration 5186.03 9.69% 3298 -1.41%
rose by a notable 115 per cent plus
Offshore Gen Service/People 10344.35 -0.30% 47566 -6.67%
Paper & Packaging 476.64 7.67% 1558 59.96%
to £8.07bn from £3.75bn.
Property Investor/Developer 456.61 26.50% 902 -29.48%
There was a rise of just under two
Retail 3091.57 1.43% 30815 20.25% per cent of numbers employed –
Services & Utilities 50211.24 8.20% 140016 7.99% up to 436,206 from 428,085 and
Textiles 90.11 14.80% 799 3.23% profit per employee increased
Transport 11371.53 1.21% 147645 -2.75% more than 111 per cent to £18,494
Note: Some companies may fall into more than one sector. from £8,752. ■

30 INSIDER January 2019 www.insider.co.uk


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All of these approaches are well known and
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For more information contact Neil Dinnes, International Liaison Partner,
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Tel: +44 (0)3332 419887 Visit: www.aab.uk
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structures to minimise overall effective tax rate,
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INSIDER TOP500: 1-50
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

1-25
1 1 SSE Electricity distribution and supply Perth Sco 31,226.40 29,037.90 1,086.20 1,776.60 21,045 -0.5 51,613 -38.5 Mar-18
2* 3 Scottish Widows Life assurance Edinburgh UK 18,192.00 24,413.00 1,174.00 346.00 2,692 0.0 436,107 239.3 Dec-17
3* 270 Royal Bank of Scotland Group Banking and financial services Edinburgh Sco 13,133.00 12,590.00 2,239.00 -4,082.00 77,000 0.0 29,078 n/a Dec-17
4* 4 Bank of Scotland Banking and financial services Edinburgh UK 6,893.00 7,254.00 2,804.00 3,395.00 33,907 -5.2 82,697 -12.9 Dec-17
5* 2 Standard Life Aberdeen Global Investment Company Edinburgh Sco 16,980.00 19,736.10 964.00 1,010.90 9,114 0.0 105,771 -4.6 Dec-17
6* 5 Scottish Power Multi-utility services Glasgow Spain 5,239.10 5,422.50 467.80 624.70 6,066 -2.2 77,118 -23.4 Dec-17
7* 268 AEGON UK Pensions/protection/investment/dist Edinburgh NL 8,412.00 8,125.00 120.00 -868.00 3,435 28.5 34,934 n/a Dec-17
8 8 William Grant & Sons Holdings Spirits distiller Bellshill Sco 1,188.14 1,061.67 303.98 260.21 2,371 24.5 128,208 -6.2 Dec-17
9 10 Chivas Brothers Whisky distiller Paisley Fr 1,068.80 927.54 371.01 284.20 1,698 2.3 218,498 27.6 Jun-17
10 21 Weir Group Engineering Glasgow Sco 2,355.90 1,844.90 180.60 42.80 14,092 6.7 12,816 295.4 Dec-17
11 9 Aggreko Rental of temperature control systems Glasgow Sco 1,730.00 1,515.00 154.00 172.00 6,090 0.0 25,287 -10.5 Dec-17
12* 13 Life Technologies Biological products Paisley USA 1,037.89 859.54 226.55 186.17 995 14.2 227,688 6.5 Dec-17
13 7 Arnold Clark Automobiles Motor dealer Glasgow Sco 3,931.41 3,662.46 106.61 125.35 11,427 7.1 9,330 -20.6 Dec-17
14* 22 Chevron North Sea Oil and gas exploration Aberdeen USA 1,030.80 662.90 257.70 64.80 n/a n/a n/a n/a Dec-17
15 29 Stagecoach Group Public transport services Perth Sco 3,226.80 3,941.20 95.30 17.90 35,987 -9.4 2,648 487.1 Apr-18
16* 17 Tesco Bank/Tesco Personal Finance Financial services Edinburgh UK 859.60 812.40 202.70 110.10 3,948 1.8 51,342 80.8 Feb-18
17* 293 Repsol Sinopec Resources UK Oil and gas exploration Aberdeen Can/Ch 758.84 614.38 357.78 -1,177.49 940 -2.6 380,617 n/a Dec-17
18 280 Maersk Oil North Sea UK Oil exploration Aberdeen Den 759.04 879.39 171.17 -70.81 619 -1.7 276,527 n/a Dec-17
19 12 Scottish Water Water supply; waste water treatment Dunfermline Sco 1,424.00 1,213.50 71.80 94.20 3,823 0.0 18,781 -23.8 Mar-18
20* 16 Edrington Whisky and rum distiller Glasgow Sco 739.30 701.30 194.70 189.00 2,255 -1.2 86,341 4.2 Mar-18
21* 14 Subsea 7 Offshore services Aberdeen Lux 1,189.37 798.43 71.73 251.62 n/a n/a n/a n/a Dec-17
22 11 Technip UK Offshore engineering; construction Aberdeen Fr 871.62 1,356.88 86.79 120.10 748 -16.8 116,029 -13.1 Dec-17
23* 24 Miller Homes Building; construction; property dev Edinburgh Sco 660.80 534.50 124.90 92.60 830 12.2 150,482 20.3 Dec-17
24* 20 Sky Subscribers Services Satellite TV broadcast support West Lothian UK 924.96 893.40 63.58 72.67 9,673 12.6 6,573 -22.3 Jun-17
25 28 John Menzies News wholesaler; aviation services Edinburgh Sco 2,460.50 1,981.60 26.70 19.80 36,653 34.9 728 -0.1 Dec-17
26-50
26 26 Cala Group Housebuilder; property developer Edinburgh Sco 747.93 587.09 65.65 50.31 873 13.5 75,200 14.9 Jun-17
27 23 Edinburgh Woollen Mill (Group) Clothing retail; tourist goods Langholm Sco 592.12 576.31 83.84 89.79 10,195 104.3 8,224 -54.3 Feb-17
28 307 Dana Petroleum Oil and gas exploration Aberdeen KorRep 489.09 435.45 119.34 -137.66 241 -13.6 495,187 n/a Dec-17
29* 54 Apache North Sea Oil and gas exploration Aberdeen USA 496.26 530.27 94.90 9.16 n/a n/a n/a n/a Dec-17
30* 27 GE Caledonian Aero engines overhaul/repair Prestwick USA 685.53 640.06 42.02 42.03 591 6.3 71,100 -5.9 Dec-17
31 43 Marine Harvest (Scotland) Salmon farming Rosyth Nor 368.63 225.11 120.15 37.30 702 13.4 171,154 184.0 Dec-17
32 176 Spirit AeroSystems (Europe) Airframes; wing structures Prestwick USA 559.82 488.72 69.28 1.23 897 0.6 77,235 5500.8 Dec-17
33* 25 Cirrus Logic International (UK) Mixed signal integrated circuits Edinburgh USA 1,077.98 1,236.75 20.48 25.10 138 9.5 148,406 -25.5 Mar-18
34 18 Enquest Oil and gas exploration Aberdeen Sco 470.02 646.82 48.59 176.06 477 0.0 101,866 -72.4 Dec-17
35 34 Walter Scott & Partners Investment management Edinburgh USA 238.00 215.22 161.35 149.39 138 8.7 1,169,203 -0.6 Dec-17
36 40 Park’s of Hamilton (Holdings) Motor dealer Hamilton Sco 777.06 551.15 21.82 16.97 1,847 2.1 11,814 25.9 Mar-17
37 37 Robertson Group (Holdings) Building contractor Elgin Sco 565.35 438.00 26.15 21.40 1,943 18.7 13,459 3.0 Mar-17
38 31 Alexander Dennis Bus manufacture Falkirk Sco 577.01 601.24 24.42 23.73 2,365 0.0 10,326 2.9 Dec-17
39* 44 Babcock Int’l Group (Marine Division) Marine engineering Dunfermline UK 467.37 594.79 29.79 6.45 1,467 -8.9 20,307 406.9 Mar-18
40 39 City Refrigeration Holdings (UK) Technical services/facility management Glasgow Sco 821.67 617.74 19.61 15.66 11,992 1.2 1,635 23.7 Dec-17
41* 30 Johnson & Johnson Medical Surgical supplies Livingston USA 581.85 579.00 21.96 32.03 1,779 -1.3 12,344 -30.6 Jan-18
42 35 AG Barr Soft drinks manufacturer Cumbernauld Sco 277.70 257.10 44.90 43.10 976 -2.5 46,004 6.8 Jan-18
43 38 Forth Ports Port operator Edinburgh Lux 214.80 214.40 90.30 58.00 1,063 -2.5 84,948 59.6 Dec-17
44 41 DC Thomson & Co Printing and publishing Dundee Sco 277.04 275.37 38.11 24.22 2,122 1.4 17,959 55.2 Mar-17
45 36 Wood Mackenzie Energy/life sciences consultants Edinburgh USA 234.30 226.57 64.89 55.23 905 1.5 71,702 15.8 Dec-17
46* 134 PetroIneos Manufacturing Scotland Oil refiners Grangemouth UK 286.67 250.68 25.29 2.52 534 8.3 47,360 826.4 Dec-17
47 297 TAQA Bratani Oil exploration Westhill UAE 570.84 570.92 16.12 -695.41 545 3.4 29,578 n/a Dec-17
*See notes on pages 50-51

48 49 Scottish Sea Farms Fish farming Stirling Nor 200.08 154.40 61.48 40.83 428 6.2 143,645 41.8 Dec-17
49 46 Edinburgh Airport Airport operation Edinburgh Sco 184.88 164.13 86.44 47.62 628 4.3 137,643 74.0 Dec-17
50 89 Devro Casings for the food industry Glasgow Sco 256.90 241.10 21.60 6.20 2,178 -3.8 9,917 262.3 Dec-17

32 INSIDER January 2019 www.insider.co.uk

 INSIDER TOP500: 51-100
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

51-75
51 100 Skyscanner Online travel search engine Edinburgh Sco 214.20 158.34 24.07 7.32 579 13.3 41,572 190.2 Dec-17
52 45 Schuh Shoe retailer Livingston USA 280.94 266.81 15.80 14.33 1,761 -4.4 8,972 15.4 Jan-17
53 147 Arthur J Gallagher Insurance Brokers Insurance brokerage Glasgow UK 214.04 180.94 21.03 2.75 1,491 0.0 14,105 664.9 Dec-17
54 47 Farmfoods Food retail and distribution Cumbernauld Sco 642.68 669.20 11.12 9.24 3,953 -3.6 2,813 24.8 Jan-18
55 59 James Jones & Sons Sawmilling; timber engineering Larbert Sco 163.88 141.28 33.19 34.15 731 11.9 45,404 -13.2 Dec-17
56 50 Eastern Holdings Franchised motor dealer Broxburn Sco 606.33 549.97 9.57 9.55 1,224 8.4 7,819 -7.6 Dec-17
57* New Aker Solutions Offshore services Aberdeen Nor 444.75 551.82 11.10 -22.37 53 0.0 209,434 n/a Dec-17
58* 66 Breedon Northern Quarrying; road surfacing Monifieth UK 191.60 155.59 19.37 17.67 860 27.2 22,523 -13.8 Dec-17
59 70 J&J Denholm Shipping/logistics/seafoods/industrial Glasgow Sco 238.04 217.59 12.66 9.25 1,000 8.1 12,660 26.6 Dec-17
60 64 GAP Group Plant and tool hire Glasgow Sco 186.16 174.65 15.10 15.01 1,713 9.4 8,815 -8.0 Mar-18
61 76 Shin-Etsu Handotai Europe Silicon wafers manufacturer Livingston Jap 173.15 155.58 19.12 11.21 430 3.9 44,465 64.2 Dec-17
62 58 Mitsubishi Electric Air Conditioning Air-conditioning systems manufacturer Livingston Jap 164.42 147.15 20.22 17.77 882 2.0 22,925 11.6 Mar-17
63 366 Scottish Salmon Company, The Salmon farming Edinburgh UK 150.95 109.92 24.00 -7.54 502 4.6 47,809 n/a Dec-17
64 60 Scottish Friendly Assurance Society Life assurance Glasgow Sco 190.41 248.35 14.52 10.55 96 0.0 151,250 37.6 Dec-17
65 67 Glasgow Airport Airport operators Paisley UK 121.89 112.46 90.81 59.03 516 9.3 175,988 40.7 Dec-17
66* 51 John Clark (Holdings) Motor dealer; garage proprietor Aberdeen Sco 741.85 702.78 7.03 8.24 1,262 4.6 5,571 -18.5 Dec-17
67* 91 Forth Holdings Electrical/mechanical installations Stirling Sco 204.57 185.98 12.27 6.74 1,927 1.3 6,367 79.8 Aug-17
68* 71 JR Dalziel Meat supplier Bellshill Sco 178.79 164.85 13.03 12.68 627 7.0 20,781 -4.0 Sep-17
69* 96 Castle View Ventures Catering; facilities management Stirling Sco 175.66 137.09 13.26 9.09 6,416 35.2 2,067 7.9 Mar-17
70 65 Ingenico UK Electronic banking terminals Dalgety Bay Fr 131.86 137.60 28.65 23.96 400 18.3 71,625 1.0 Dec-17
71 55 UPM-Kymmene (UK) Paper, timber and plywood products Irvine Fin 280.65 262.90 8.62 10.76 737 311.7 11,696 -80.5 Dec-17
72 48 Peter Vardy Holdings Motor dealer Glasgow Sco 450.16 438.36 7.28 10.06 857 7.3 8,495 -32.5 Dec-17
73* 113 EWOS Fish feed manufacture Bathgate USA 143.38 116.04 19.99 8.00 70 -2.8 285,571 157.1 May-17
74* 52 RJ McLeod (Contractors) Civil engineering; building Glasgow Sco 134.92 180.72 21.84 19.60 437 -4.8 49,977 17.0 Oct-17
75 56 LifeScan Scotland Medical diagnostic devices Inverness USA 114.52 134.63 33.96 51.57 961 -8.3 35,338 -28.2 Jan-18
76-100
76 88 John Dewar & Sons Whisky distiller, blender and bottler Glasgow Berm 114.47 109.91 36.97 19.54 318 9.3 116,258 73.1 Mar-17
77 78 James Walker (Leith) Timber; construction; property Livingston Sco 164.64 151.21 12.54 11.02 626 4.3 20,032 9.1 Mar-17
78* 85 JW Galloway Production/sale of beef and lamb Bridge of Allan Sco 349.00 311.07 6.87 5.60 991 2.5 6,935 19.8 Feb-17
79 90 Macfarlane Group Packaging/distribution/warehousing Glasgow Sco 195.99 179.77 9.26 7.81 821 3.3 11,279 14.8 Dec-17
80* 74 Gates (UK) Power supplies Dumfries USA 127.38 124.31 20.53 20.77 505 4.3 40,653 -5.3 Dec-17
81 93 Emtelle UK Ducting; blown fibre solutions Jedburgh NL 114.99 93.44 22.92 19.14 294 17.1 77,959 2.2 Dec-17
82* 196 Orion Group/Orion Engineering Services Engineering recruitment agency Inverness Sco 289.96 293.46 6.65 0.96 262 -19.6 25,382 761.9 Dec-17
83 68 Cruden Investments Construction; property development Edinburgh Sco 188.61 200.64 8.98 10.39 636 1.9 14,119 -15.2 Mar-18
84* 61 WebhelpTSC/Telecom Service Centres Call centre operator Falkirk Fr 138.00 170.75 15.04 16.83 5,526 -25.1 2,722 19.3 Dec-17
85 New HFD Group Commercial property and investment Bellshill Sco 104.77 11.27 24.80 0.32 99 3.1 250,505 7415.9 Dec-17
86* 69 Scottish Midland Co-operative Society Retail stores Edinburgh Sco 373.71 376.17 5.96 7.62 4,081 -4.5 1,460 -18.1 Jan-18
87* 72 Lothian Buses Local transport service Edinburgh Sco 152.88 146.92 10.01 14.00 2,389 7.0 4,190 -33.2 Dec-17
88 81 Malcolm Group Distribution; construction Linwood Sco 212.97 225.67 6.76 15.77 2,157 0.1 3,134 -57.2 Jan-18
89* 145 McLaughlin & Harvey Construction Construction Bellshill UK 198.94 179.87 6.94 2.79 357 -5.1 19,440 162.0 Dec-17
90 124 Whyte and Mackay Group Whisky distiller Glasgow Phil 143.17 125.74 11.45 5.78 505 3.3 22,673 91.8 Dec-17
91 84 WL Gore & Associates (UK) Technology-driven solutions Livingston USA 98.80 112.01 21.67 16.53 300 -21.1 72,233 66.1 Mar-17
92 107 Gray & Adams Holdings Refrigerated trailers Fraserburgh Sco 148.31 124.91 9.70 8.08 731 7.2 13,269 12.0 Apr-17
93 62 Balmoral Group Holdings Offshore/environmental equipment Aberdeen Sco 105.55 134.45 18.63 41.00 518 -10.1 35,965 -49.5 Mar-17
94* 133 Beam Santori Whisky distiller Glasgow Jap 80.88 58.85 30.64 20.60 180 -2.2 170,222 52.0 Dec-17
95 87 STV Group Media communications Glasgow Sco 117.00 120.40 13.90 15.70 503 -1.0 27,634 -10.6 Dec-17
96 271 First Milk Milk and cheese supplier Paisley Sco 202.59 291.45 6.47 -3.44 292 -20.2 22,158 n/a Mar-17
97* 103 Ogilvie Group Construction; housing developer Stirling Sco 269.40 207.00 5.35 4.60 551 19.5 9,710 -2.7 Jun-17
*See notes on pages 50-51

98 80 Peoples Motor dealer Falkirk Sco 274.41 276.57 5.30 6.17 400 -2.7 13,250 -11.7 Jul-18
99* 86 Edrington-Beam Suntory UK Dist Alcoholic drinks wholesaler Stirling Sco 222.87 198.61 5.54 7.50 193 -2.0 28,705 -24.6 Mar-17
100 108 Browns Food Group Quality cooked meats, salmon Dumfriesshire Sco 163.86 151.23 7.86 6.07 1,285 3.3 6,117 25.4 Dec-17

www.insider.co.uk January 2019 INSIDER 33

INSIDER TOP500: 101-150
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

101-125
101* 63 Dobbies Garden Centres Garden centres Lasswade UK 151.02 167.71 8.40 15.84 1,927 2.4 4,359 -48.2 Feb-17
102 111 CCG (Holdings) Building contractor and services Glasgow Sco 144.21 135.81 9.09 6.39 571 0.0 15,919 42.2 Mar-18
103* 99 CAN (Holdings) Asset integrity service provider Aberdeen UK 98.27 91.94 15.96 16.53 649 5.9 24,592 -8.8 Dec-17
104* New Servest Arthur McKay Electrical/mechanical data contractors Loanhead Sco 137.58 128.14 9.64 -0.01 1,228 31.2 7,850 n/a Sep-17
105* 97 Turner & Co (Glasgow) Diesel equipment/facilities management Glasgow Sco 160.78 190.66 7.32 5.82 1,224 -14.3 5,980 46.8 Mar-17
106 126 Springfield Properties Housebuilder/property developer Elgin Sco 140.72 110.59 9.22 6.69 101 -78.9 91,287 553.6 May-18
107 105 Scottish Leather Group Leather manufacturing Bridge of Weir Sco 144.54 128.64 8.79 7.75 646 7.8 13,607 5.2 Mar-17
108* 114 GEG (Holdings) Maintenance and construction Inverness Sco 305.24 292.38 4.30 3.13 3,500 -2.5 1,229 40.9 Mar-17
109 115 Iomart Group Cloud computing/managed hosting Glasgow Sco 97.67 89.57 14.80 14.65 370 -4.4 40,000 5.7 Mar-18
110* 130 Produce Investments Potato farming Duns UK 184.74 185.10 6.07 3.50 1,200 -4.3 5,062 81.4 Jul-17
111 173 G1 Group Holdings Entertainment, leisure, property Glasgow Sco 125.73 73.00 9.86 6.96 1,485 0.0 6,640 41.7 Mar-18
112* 238 Avant Homes Private housing developer Stirling UK 107.66 68.71 12.08 2.27 145 31.8 83,310 303.7 Apr-18
113 95 Archer (UK) Offshore personnel and equipment Aberdeen Berm 113.73 125.84 10.62 10.04 710 -0.7 14,958 6.5 Dec-17
114 136 R&A Trust Company (No.1) Golf promotion/management St Andrews Sco 94.63 73.02 13.67 9.17 176 10.0 77,670 35.5 Dec-17
115* 183 Lomond Motors Motor dealer Glasgow UK 214.29 224.47 4.55 1.63 335 -8.5 13,582 204.9 Dec-17
116* 364 Marine Harvest VAP UK Fish merchants Edinburgh Nor 144.81 124.09 6.99 -10.61 387 2.1 18,062 n/a Dec-17
117* 337 Wyman-Gordon Metal forger Livingston USA 94.67 71.42 12.61 0.39 258 9.8 48,876 2844.3 Dec-17
118 94 Lunar Fishing Co Fishing and storage Peterhead Sco 86.23 81.97 14.08 23.23 279 -1.4 50,466 -38.5 Dec-17
119* 310 David MacBrayne Ferry operator Gourock Sco 195.47 190.17 4.81 -4.81 1,658 5.7 2,901 n/a Mar-17
120 109 Dingbro Motor component distributor Aberdeen Sco 136.51 132.53 8.10 7.19 1,327 3.2 6,104 9.2 Sep-17
121 118 Smart Metering Systems Gas connects; metering systems Glasgow Sco 79.59 67.19 17.97 18.24 791 10.8 22,718 -11.1 Dec-17
122* 110 Brodies Legal services Edinburgh Sco 66.68 65.10 31.73 30.90 589 -15.0 53,871 20.8 Apr-17
123* 144 JFD Diving equipment Aberdeen UK 81.58 82.20 15.01 6.97 396 1.5 37,904 112.1 Dec-17
124 102 James Donaldson & Sons Timber engineering, sawmilling Glenrothes Sco 136.55 127.05 7.76 5.92 694 2.1 11,182 28.4 Mar-17
125 135 BioReliance Biotech and evaluation services Glasgow USA 66.03 56.03 27.13 23.40 345 12.0 78,638 3.5 Dec-17
126-150
126 143 Ian Macleod Distillers Whisky blending Broxburn Sco 79.20 64.75 15.30 11.53 153 29.7 100,000 2.3 Sep-17
127* 77 Alliance Trust Investment trust Dundee Sco 60.53 84.79 49.63 74.23 272 0.0 182,463 -33.1 Dec-17
128* New Leidos Innovations UK IT systems and software Renfrew USA 123.44 85.38 8.15 -9.81 827 10.0 9,855 n/a Dec-17
129* 116 Search Consultancy Recruitment Glasgow UK 200.16 178.82 4.19 4.29 627 -1.1 6,681 -1.3 Dec-17
130* 112 Macdonald Hotels Hotel operator Bathgate Sco 154.17 178.29 5.61 68.07 3,555 -1.0 1,578 -91.7 Mar-17
131 185 Kent Foods Food wholesaler Renfrew Sco 222.54 169.88 3.71 1.88 164 14.7 22,622 72.1 Dec-17
132 57 M-I Drilling Fluids UK Oil rig drilling services Aberdeen USA 140.17 144.41 6.49 32.19 416 -4.8 15,601 -78.8 Dec-17
133* 75 North Star Holdco Shipping; energy services Aberdeen Sco 160.58 163.88 5.32 10.63 994 -12.5 5,352 -42.8 Apr-17
134 92 Bilfinger Salamis UK Multi-discipline offshore services Aberdeen Ger 143.37 139.04 6.11 9.26 1,634 0.3 3,739 -34.2 Dec-17
135 213 John Lawrie (Aberdeen) Scrap metal; steel supply Aberdeen Sco 82.56 56.16 11.48 4.57 62 -4.6 185,161 163.4 Dec-17
136* 167 Allied Vehicles Manufacturer of adapted vehicles Glasgow Sco 129.64 119.57 6.74 3.73 578 6.1 11,661 70.4 Apr-17
137* 122 Media Scotland Multimedia publisher Glasgow UK 70.67 69.50 17.52 13.15 400 -7.0 43,800 43.2 Dec-17
138 146 Glen Turner Company Whisky bottling and maturation Bathgate Fr 72.62 70.08 14.61 8.92 127 3.3 115,039 58.6 Dec-17
139 155 Mactaggart & Mickel Group Housebuilder and contractor Glasgow Sco 74.27 65.10 12.74 9.80 278 5.7 45,827 23.0 Apr-17
140 149 Braid Group (Holdings) Shipping/forwarding agent Renfrew Sco 139.06 117.50 5.32 4.60 222 3.7 23,964 11.5 Jun-17
141 79 Walkers Shortbread Shortbread/biscuits/bakery products Aberlour Sco 143.12 138.74 5.07 12.89 1,478 1.3 3,430 -61.2 Dec-17
142 98 Advance Construction Group Property devt; civil engineering Bellshill Sco 205.18 154.74 3.14 7.62 1,383 22.0 2,270 -66.2 Mar-17
143 117 Charles River Laboratories Preclinical Scientific research Tranent USA 74.78 70.81 11.25 14.32 991 11.3 11,352 -29.4 Dec-17
144* 139 M & Co/Mackays Stores Group Clothing retailer Inchinnan Sco 174.21 165.61 3.64 3.32 1,556 2.2 2,339 7.3 Feb-18
145 431 DigitasLBi Marketing and technology agency Edinburgh Fr 84.94 69.30 8.76 -18.74 456 -23.2 19,211 n/a Dec-17
146 163 Aberdeen International Airport Airport management Aberdeen UK 56.22 55.90 23.71 12.81 261 -1.5 90,843 87.9 Dec-17
147 151 VELUX Company Roof windows and accessories Glenrothes Den 164.94 154.34 3.62 3.42 274 8.7 13,212 -2.6 Dec-17
*See notes on pages 50-51

148* 156 Distell International Whisky distiller East Kilbride SA 75.43 69.70 9.36 7.88 291 2.1 32,165 16.3 Jun-17
149* 174 Johnstons of Elgin/James Johnston & Co Woollen goods Elgin Sco 73.89 68.84 9.92 6.24 956 -3.3 10,377 64.5 Dec-17
150* 140 Burness Paull Legal services Edinburgh Sco 53.84 53.32 21.97 22.53 425 7.9 51,694 -9.6 Jul-17

34 INSIDER January 2019 www.insider.co.uk

 INSIDER TOP500: 151-200
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

151-175
151 141 Celtic Football club management Glasgow Sco 90.64 52.01 6.90 0.46 465 0.0 14,839 1400.4 Jun-17
152* 138 Rohr Aero Services Aircraft components maintenance Prestwick USA 66.47 62.57 12.09 13.45 293 0.3 41,263 -10.4 Dec-17
153* 129 Vascutek Vascular prosthesis Inchinnan Jap 67.79 66.26 10.57 14.67 783 -0.4 13,499 -27.7 Mar-18
154 158 Scot JCB (Holdings) Machinery distributor Glasgow Sco 135.42 119.12 4.37 4.14 274 14.2 15,949 -7.5 Dec-17
155 119 Tennent Caledonian Breweries Wine, beer and spirits wholesaler Glasgow Eire 76.47 84.04 8.68 9.67 169 -3.4 51,361 -7.1 Feb-17
156* 227 Babcock Mission Critical Services Helicopter operator Aberdeen UK 129.73 132.75 4.38 -3.23 464 -8.1 9,440 n/a Mar-18
157 132 Ethigen Pharmaceuticals distribution East Kilbride Sco 184.47 176.60 2.66 3.55 261 0.0 10,192 -25.1 May-17
158 123 Tennent Caledonian Breweries UK Brewery Glasgow UK 85.16 91.04 6.49 8.90 273 -10.5 23,773 -18.5 Feb-17
159 157 Apex Hotels Hotelier Edinburgh Sco 65.00 61.28 10.51 10.29 6,137 676.8 1,713 -86.8 Apr-17
160 142 QTS Group Rail Infrastructure, engineering Strathaven Sco 71.87 70.89 8.80 5.31 311 2.0 28,296 62.5 Mar-17
161 177 Petroleum Experts Petroleum engineering software Edinburgh UK 44.22 39.23 31.81 32.35 66 1.5 481,970 -3.2 Sep-17
162* 148 Shepherd & Wedderburn Legal services Edinburgh Sco 50.50 52.97 20.03 21.50 469 2.0 42,708 -8.6 Apr-17
163 195 Albert Bartlett & Sons (Airdrie) Fresh foods supplier Airdrie Sco 145.68 123.87 3.23 2.24 755 -2.5 4,278 47.8 May-17
164* 101 Maclean Electrical Group Wholesale electrical supplier Aberdeen Sco 101.70 119.89 4.76 9.51 187 -12.2 25,455 -43.0 Dec-17
165 159 Richard Austin Alloys Non-ferrous metal stockholder Glasgow Sco 116.77 105.99 4.10 3.05 237 19.7 17,300 12.3 Mar-17
166 189 Coilcraft Europe Electronic components Glasgow USA 49.04 41.00 18.50 16.90 46 -4.2 402,174 14.2 Dec-17
167* 187 Score Group Engineering materials and labour Peterhead Sco 180.26 186.45 2.26 1.65 1,639 -5.4 1,379 45.0 Sep-17
168* 161 United Closures & Plastics Bottle tops and closures Stirling Fr 95.64 90.86 4.55 5.06 601 3.6 7,571 -13.3 Mar-17
169* New Macduff Shellfish (Scotland) Shellfish supplier/retailer Mintlaw Can 77.97 75.19 6.28 7.50 452 15.6 13,894 -27.5 Dec-17
170 104 Sodexo Remote Sites Scotland Offshore/onshore facilities management Aberdeen Fr 88.91 108.09 4.90 9.95 1,160 -20.5 4,224 -38.1 Aug-17
171 206 Brand-Rex Structured cabling systems Glenrothes Sco 78.18 66.60 6.14 4.16 312 1.3 19,679 45.7 Dec-17
172 168 QED International (UK) Project management services Aberdeen UK 89.62 97.33 4.75 4.32 54 -18.2 87,963 34.4 Dec-17
173* 315 Teledyne Manufacture/repair of avionics systems Cumbernauld USA 80.84 61.80 5.48 1.02 540 19.2 10,148 350.6 Dec-17
174* 182 William Tracey Recycling and resource management Paisley Sco 70.14 70.21 6.86 5.04 479 6.2 14,322 28.2 Mar-17
175* 160 Trespass/Jacobs & Turner Clothing manufacturer Glasgow Sco 99.43 95.16 4.18 4.66 1,634 2.8 2,558 -12.7 Jun-17
176-200
176 184 Farne Salmon & Trout Fish processing Duns Fr 117.00 97.57 3.45 3.28 765 -4.0 4,510 9.6 Jun-17
177 180 The Harbro Group Animal feed Turriff Sco 108.92 100.37 3.66 3.49 446 4.4 8,206 0.4 Jun-17
178 175 William Wilson Plumber’s merchants Aberdeen UK 62.50 60.89 8.11 8.14 241 -1.6 33,651 1.3 Jul-17
179 191 Highland Fuels Fuel distribution Inverness Sco 193.87 172.50 1.83 1.70 209 1.5 8,756 6.1 Dec-17
180* 198 Holland & Sherry/Venlaw Road Cloth merchant Peebles USA 65.84 60.82 6.91 5.73 282 -2.8 24,504 24.0 Dec-17
181 210 Forsyths Oil & gas and distillation equipment Moray Sco 57.99 52.23 8.90 5.71 404 6.3 22,030 46.6 Oct-17
182 201 SGL Carbon Fibers Carbon & oxidised fibre Muir of Ord Ger 67.10 61.77 6.58 4.99 281 12.4 23,416 17.3 Dec-17
183* 165 Inver House Distillers Whisky distiller Airdrie Thai 62.71 63.99 7.20 9.00 212 0.0 33,962 -20.0 Sep-17
184* 82 Urban & Civic Commercial property devt/investment Glasgow Sco 60.33 95.17 7.92 25.86 79 19.7 100,253 -74.4 Sep-17
185 53 Babcock Rail Multi-displinary rail infrastructure Blantyre UK 173.36 251.05 1.87 12.20 1,052 -5.5 1,778 -83.8 Mar-18
186 154 Highland Spring Bottled water producer Perthshire Liecht 110.13 100.02 3.28 4.92 519 7.9 6,320 -38.2 Dec-17
187* 219 Lightbody of Hamilton Bakery products Hamilton UK 81.33 74.55 4.43 2.43 1,138 10.0 3,893 65.9 Jul-17
188 164 United Wholesale (Scotland) Cash and carry Glasgow Sco 224.87 234.06 1.43 2.01 277 -1.8 5,162 -27.6 Dec-17
189 218 Craneware Software consultancy and supply Edinburgh Sco 44.45 37.22 12.99 10.40 263 14.3 49,392 9.2 Jun-17
190 137 Leiths (Scotland) Quarrying; civil engineering Aberdeen Sco 71.65 71.66 5.49 9.28 577 2.7 9,515 -42.4 Dec-17
191 248 Hillhouse Estates Quarry materials; Farming Troon Sco 52.89 42.10 9.61 4.59 178 4.7 53,989 100.0 Mar-17
192* 125 Macrae & Dick Motor dealer Stirling Sco 173.37 181.91 1.81 3.63 327 -24.0 5,535 -34.5 Mar-17
193 127 Pipeline Technique Pipeline/riser welding contractor Huntly NL 44.69 67.30 12.49 14.48 176 -6.4 70,966 -7.9 Dec-17
194 170 Franklin Templeton Global Investors Financial services Edinburgh USA 42.06 40.99 15.55 44.15 251 -5.6 61,952 -62.7 Sep-17
195 197 Kettle Produce Vegetable production Cupar Sco 128.33 113.57 2.54 2.37 1,158 13.4 2,193 -5.5 May-17
196* 186 Dentons (Scotland) Legal services Glasgow Sco 44.24 44.80 12.28 13.10 362 -10.6 33,923 4.9 May-17
197* 207 Johnston Carmichael Accountants and business advisors Aberdeen Sco 43.66 40.80 12.57 11.83 648 0.9 19,398 5.3 May-17
*See notes on pages 50-51

198 265 McCurrach UK Food and sales marketing Glasgow Sco 56.73 56.50 7.17 2.06 1,416 3.5 5,064 236.3 Jun-17
199 241 Caledonian Heritable Pub operator; plant hire Edinburgh Sco 46.10 38.86 10.23 7.34 844 3.6 12,121 34.6 Oct-17
200* 234 Tillicoultry Quarries Quarrying; asphalt; concrete Kincardine Sco 56.71 48.42 6.99 4.50 144 7.5 48,542 44.5 Mar-17

www.insider.co.uk January 2019 INSIDER 35

INSIDER TOP500: 201-250
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

201-225
201* 199 Vroon Offshore UK Offshore rescue vessels Aberdeen NL 82.32 92.49 3.46 2.97 1,066 -9.5 3,246 28.8 Dec-17
202* 336 Speymalt Whisky Distributors Scotch whisky distiller/merchant Elgin Sco 39.46 28.30 12.95 4.03 154 -1.3 84,091 225.5 Feb-18
203 348 Stena Drilling Drilling rig owners/managers Aberdeen Swe 40.73 57.58 11.98 0.75 129 9.3 92,868 1361.1 Dec-17
204* 225 Klondyke Group Garden centres Falkirk UK 54.51 48.95 5.89 4.81 951 7.7 6,193 13.7 Sep-17
205 194 Glenrath Farms Egg production Peebles Sco 52.61 51.72 6.40 8.19 216 4.3 29,630 -25.1 May-17
206* 178 Barrhead Travel 2007 (Group) Travel agents; tour operators Glasgow Sco 127.73 124.46 1.80 2.79 819 0.0 2,198 -35.5 Dec-17
207 407 Trac International Engineering products and services Aberdeen Sco 57.78 47.89 4.84 0.34 542 9.1 8,930 1205.6 Mar-17
208 233 Macphie of Glenbervie Manufacture of food ingredients Stonehaven Sco 53.92 47.62 5.73 4.66 321 7.0 17,850 14.9 Mar-17
209 202 Don & Low Industrial textiles manufacturer Forfar Gre 64.86 59.76 3.72 5.68 479 3.5 7,766 -36.7 Dec-17
210 220 Tulloch Homes Group Construction; housebuilding Inverness Sco 43.43 45.02 7.73 6.77 156 1.3 49,551 12.7 Jun-17
211* 212 CJ Lang & Son Food wholesale and retail Dundee Sco 185.43 194.61 0.93 0.91 2,000 -3.3 465 5.7 Apr-17
212* 208 Cameron Group (Perth) Motor dealer Perth Sco 92.10 92.83 2.05 2.22 183 0.0 11,202 -7.7 May-18
213 261 Fraser Hart Retail jeweller Glasgow Eire 80.86 76.36 2.37 1.25 467 3.1 5,075 83.9 Jun-17
214 211 Everwarm Wall insulation Bathgate UK 60.22 58.59 4.04 4.33 323 2.9 12,508 -9.3 Sep-17
215* 239 John G Russell (Transport) Road/rail freight transport Glasgow Sco 60.59 61.07 3.91 2.91 586 -5.6 6,672 42.4 Mar-17
216* 423 Coherent Scotland Laser systems manufacture Glasgow USA 67.73 29.17 3.19 1.47 133 19.8 23,951 80.9 Sep-17
217 314 Barclay & Mathieson Steel stockholder Glasgow Sco 67.73 53.14 3.19 1.47 229 0.4 13,930 116.1 Dec-17
218 276 Morris & Spottiswood Fit out; social housing; construction Glasgow Sco 80.81 67.86 2.29 1.31 391 1.3 5,857 72.6 Dec-17
219 192 Muir Group Contractor; private housing; golf club Inverkeithing Sco 65.38 74.71 3.26 4.01 280 1.4 11,643 -19.9 Feb-18
220 221 Strachans Distributor of food and chandlery Peterhead Den 63.46 62.77 3.42 3.58 141 -15.1 24,255 12.5 Dec-17
221* 228 Blackrock International Investment management Edinburgh USA 28.65 37.98 42.40 8.53 6 -68.4 7,066,667 1474.1 Dec-17
222* 256 Wright Health Group Dental supply company Dundee Sco 73.09 66.79 2.55 1.88 384 2.9 6,641 31.8 Dec-17
223* 267 Dover Fueling Solutions UK Electronic equipment Dundee Fr 80.77 77.13 2.03 1.07 432 11.6 4,699 69.9 Dec-17
224 260 Prosource.IT (UK) IT project delivery; managed services Aberdeen Sco 44.01 38.49 5.92 4.45 222 -19.6 26,667 65.4 Jun-17
225* 121 Tilhill Forestry Forestry management Stirling UK 121.16 117.94 1.41 6.55 189 -0.5 7,460 -78.4 Mar-17
226-250
226* 306 Insights Group People development Dundee Sco 42.17 28.75 6.54 5.60 332 13.7 19,699 2.7 Mar-17
227 263 Zonal Retail Data Systems EPoS systems manufacturer Edinburgh Sco 54.28 45.06 4.02 3.27 451 19.0 8,914 3.3 Jun-17
228 209 Bell Group UK Comm/industrial painting contractor Airdrie Sco 74.63 70.02 2.29 3.23 1,258 12.4 1,820 -37.0 Mar-17
229* 236 BHC Structural steel fabricators, erectors Carnwath UK 50.29 53.12 4.44 3.88 348 1.8 12,759 12.5 Mar-18
230 169 Argent Energy (UK) Manu/sale of bio diesel from waste oil Motherwell UK 171.54 164.00 0.69 2.39 80 17.6 8,625 -75.5 Dec-17
231 200 Brewdog Brewers; pub operators Ellon Sco 111.55 71.85 1.41 3.76 777 31.0 1,815 -71.4 Dec-17
232 245 Euroforest Timber harvesting Huntly Swe 96.93 76.81 1.57 1.84 81 58.8 19,383 -46.3 Dec-17
233* 275 Quiz Clothing/Kast Retail Clothing retailer Glasgow Sco 63.23 49.80 3.01 2.18 721 10.2 4,175 25.3 Mar-17
234 272 Scottish Woodlands Timber and forestry management Edinburgh Sco 76.80 70.36 1.99 1.18 148 3.5 13,446 62.9 Sep-17
235 215 Axle Group Holdings Tyres and parts retailer Glasgow Sco 162.34 160.27 0.72 1.17 1,467 2.2 491 -39.8 Dec-17
236 203 Thomas Tunnock Bakery and biscuit manufacturer Uddingston Sco 52.61 53.08 4.00 7.16 547 7.5 7,313 -48.0 Feb-17
237* 251 United Holdings UK Wholesale grocers; property rental Glasgow Sco 123.93 124.37 1.21 0.85 143 -4.7 8,462 49.3 Dec-17
238* 222 Walker Holdings (Scotland) Building and property developer Livingston Sco 33.53 37.07 10.15 10.32 55 7.8 184,545 -8.8 Sep-17
239 204 Johnston Fuels Fuel distribution Bathgate Sco 170.23 150.94 0.60 1.74 192 13.6 3,125 -69.6 Dec-17
240 243 JW Filshill Wholesale food and drink Glasgow Sco 144.58 141.91 0.90 0.89 201 4.7 4,478 -3.4 Jan-18
241 252 Emtec Group Building services Uddingston Sco 57.93 50.74 3.15 3.12 454 17.0 6,938 -13.7 May-17
242 235 WN Lindsay Grain merchant, agri, warehousing Tranent Sco 83.32 81.14 1.61 1.98 47 2.2 34,255 -20.4 May-17
243* 370 Carron Phoenix/Franke UK Holding Sink manufacturer Falkirk Swi 69.83 69.08 2.11 0.07 255 -1.5 8,275 2964.8 Dec-17
244 316 Klondyke Fishing Co Fishing and fish selling Fraserburgh Sco 28.89 22.05 19.41 14.09 9 -10.0 2,156,667 53.1 Jun-17
245 231 McAlpine & Co Plumbing products Glasgow Sco 64.63 60.11 2.44 3.46 768 2.3 3,177 -31.0 Dec-17
246* 224 Enterprise Foods Food industry supply chain solutions East Kilbride UK 63.99 65.55 2.41 3.01 56 19.1 43,022 -32.8 Jul-17
247 249 Grahams the Family Dairy Group Milk processor/distributor Bridge of Allan Sco 100.48 83.69 1.31 1.43 631 6.9 2,076 -14.4 Mar-17
*See notes on pages 50-51

248* 274 Lothian Electric Machines Electric motors; stairlift carriages Haddington Sco 43.97 40.82 4.43 3.52 203 -15.1 21,823 48.1 Sep-17
249 254 Alexander Inglis & Son Grain and agricultural merchant Ormiston Sco 75.07 67.37 1.83 1.91 42 0.0 43,571 -4.2 Dec-17
250* 120 Bluewater Scotland Operation of offshore facilities Aberdeen NL Ant 106.11 135.12 1.20 5.69 84 -4.5 14,286 -77.9 Dec-17

36 INSIDER January 2019 www.insider.co.uk

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www.macdonaldhenderson.co.uk e: info@macdonaldhenderson.co.uk t: 0141 248 4957

 INSIDER TOP500: 251-300
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

251-275
251* 309 Clark Contracts Construction; refurbish/maintenance Paisley Sco 71.96 56.24 1.87 1.36 262 20.7 7,137 13.9 Oct-17
252 244 Edinburgh Partners Investment management; admin services Edinburgh Sco 28.44 34.41 15.98 17.39 60 -1.6 266,333 -6.6 Feb-17
253* 266 Di Maggio’s Group Restaurants Glasgow Sco 38.03 33.80 5.81 5.77 771 -1.7 7,542 2.5 Apr-17
254 312 Goals Soccer Centres Sports arenas; leisure activities East Kilbride Sco 33.06 33.53 8.16 3.66 691 -7.4 11,809 140.7 Dec-17
255* 253 Murgitroyd Group European patent/trade mark attorneys Glasgow Sco 44.25 42.23 3.80 4.29 257 9.8 14,786 -19.3 May-17
256* 179 The Anderson Group Vehicle franchise; haulage; property Newhouse Sco 255.72 239.72 -0.26 1.60 643 13.6 n/a n/a Dec-17
257* 223 Terex Equipment Earthmoving equipment Motherwell USA 84.79 58.28 1.32 4.06 368 21.1 3,587 -73.1 Dec-17
258 285 Angus Soft Fruits Fruit/vegetable distribution Arbroath Sco 123.99 95.10 0.76 0.53 161 25.8 4,720 14.0 Apr-17
259* 237 Maxi Caledonian Haulage/construction/storage Irvine Sco 74.23 65.17 1.59 2.59 374 5.1 4,251 -41.6 Sep-17
260* 387 PD&MS Group (Aberdeen) Offshore services provider Aberdeen Sco 54.20 35.52 2.79 1.37 86 17.8 32,442 72.9 Jun-17
261* 229 Scottish Investment Trust Investment trust Edinburgh Sco 25.90 28.44 21.35 23.50 10 0.0 2,135,000 -9.1 Oct-17
262* 247 Baxters Food Group Scottish food products Fochabers Sco 296.72 271.24 -0.68 0.19 1,463 -4.9 n/a n/a Apr-17
263 New DR Collin & Son Fish wholesaler Eyemouth Sco 43.91 19.31 3.59 0.83 160 8.8 22,438 297.4 Apr-17
264 281 Meallmore Nursing home operator Inverness Sco 43.19 39.94 3.69 3.28 1,447 0.0 2,550 12.5 Mar-17
265* 442 Caledonian Maritime Assets Holding company for ferry operations Port Glasgow Sco 35.91 33.55 5.52 0.81 29 7.4 190,345 534.5 Mar-17
266 162 I&H Brown Plant hire, mining, civil engineering Perth Sco 54.60 72.54 2.30 6.49 217 5.9 10,599 -66.5 Aug-17
267 15 John Wood Group Energy related services Aberdeen Sco 3,998.02 3,339.45 -16.01 53.49 29,031 0.1 n/a n/a Dec-17
268 427 Texas Instruments (UK) Micro-electronics Greenock USA 53.20 71.61 2.37 -26.35 293 -11.7 8,089 n/a Dec-17
269 295 Morris Leslie Equipment wholesaler; auctioneer Perth Sco 44.21 40.06 3.11 2.72 261 26.1 11,916 -9.3 Apr-17
270 42 National Oilwell Varco UK Offshore equipment manufacturer Aberdeen USA 268.66 285.01 -1.29 21.93 1,466 -5.6 n/a n/a Dec-17
271* New Day International (UK) Image transfer products Dundee Lux 34.72 49.54 5.41 -3.95 92 -32.4 58,804 n/a Dec-17
272 291 BSW Timber Sawmilling Earlston Sco 286.49 245.08 -2.10 -5.55 1,262 2.0 n/a n/a Mar-17
273 250 Scottish Citylink Coaches Coach operator Glasgow UK 37.94 39.46 4.29 5.32 100 -2.0 42,900 -17.7 Dec-17
274 6 FirstGroup Passenger transport services Aberdeen Sco 6,398.40 5,653.30 -326.90 152.60 100,046 -0.8 n/a n/a Mar-18
275 32 Halliburton Manufacturing & Services Offshore services and equipment Dyce USA 494.65 478.04 -4.63 27.11 1,384 -22.8 n/a n/a Dec-17
276-300
276 313 Matthew Algie & Co Tea and coffee supplier Glasgow Sco 40.98 37.38 3.48 2.72 234 4.0 14,872 23.0 Dec-17
277 New Loch Duart Salmon farming Angus Sco 42.38 42.50 3.21 8.48 116 6.4 27,672 -64.4 Mar-18
278* 392 Scottish Rugby Union Rugby sport governing body Edinburgh Sco 57.24 51.45 1.84 1.72 387 8.1 4,755 -1.0 May-18
279 258 Sterling Furniture Group Furniture retailer Tillicoultry Sco 56.74 53.19 1.82 2.49 657 5.0 2,770 -30.4 Feb-17
280* 279 Clydesdale Bank Banking and financial services Glasgow Aus 1,037.00 998.00 -261.00 -352.00 6,818 1.5 n/a n/a Sep-17
281 269 KCA Deutag Drilling and engineering contractor Aberdeen UK 866.77 1,014.82 -85.16 -32.50 6,117 -6.4 n/a n/a Dec-17
282 257 Benkert UK Cigarette paper manufacturer Alva Ger 40.12 43.28 3.28 4.01 236 -2.5 13,898 -16.1 Dec-17
283* 19 GE Oil & Gas UK Oil & gas engineering Aberdeen USA 669.48 889.78 -30.80 77.83 2,574 -14.7 n/a n/a Jun-17
284 299 Aquascot Salmon farming Alness Sco 49.55 45.88 2.04 2.06 177 -0.6 11,525 -0.4 Jan-17
285* 321 Walter Davidson & Sons Retail chemist; vet products Blairgowrie Sco 38.42 37.05 3.44 2.51 374 8.4 9,198 26.4 Jan-18
286 New DF Concerts Concert/events promotion Glasgow USA 34.19 41.08 4.52 -4.90 82 -3.5 55,122 n/a Dec-17
287* 282 Digby Brown Legal services (litigation) Glasgow Sco 28.71 27.30 8.34 8.60 231 5.0 36,104 -7.6 Mar-17
288 304 Barnetts Motor Group Motor dealer Dundee Sco 65.38 62.84 1.32 1.07 153 2.0 8,627 20.9 Dec-17
289* 327 Adria Group Industrial waste management Aberdeen Sco 26.28 27.84 10.16 4.73 131 1.6 77,557 111.5 Oct-17
290* 322 Compello Staffing Group Recruitment outsourcing Glasgow Sco 58.31 64.47 1.56 0.89 149 -9.7 10,470 94.1 May-17
291 New Seafood Ecosse Fish and shellfish exporter Peterhead Sco 41.13 32.33 3.07 2.70 67 3.1 45,821 10.3 Dec-17
292* 277 Harper Macleod Legal services Glasgow Sco 26.81 25.98 9.76 9.29 308 -4.0 31,688 9.5 Mar-17
293 389 Balhousie Holdings Care homes operator Perth Sco 36.84 33.09 3.69 1.63 1,334 6.7 2,766 112.1 Sep-17
294* New BenRiach Distillery Co Whisky distiller Newbridge Sco 33.83 40.96 4.50 10.68 146 -9.9 30,822 -53.2 Apr-17
295 217 Patersons Quarries Quarrying; landfill; engineering Coatbridge Sco 66.91 69.08 1.17 3.07 1,118 18.7 1,047 -67.9 Nov-17
296* 205 Briggs Commercial Offshore engineering; fabrication Burntisland Sco 49.82 65.65 1.88 4.32 669 11.7 2,810 -61.0 Mar-17
297 226 George Leslie Civil engineering Glasgow Sco 47.00 68.67 1.96 2.61 212 -7.4 9,245 -18.9 Mar-18
*See notes on pages 50-51

298 298 ASCO Group Int’l offshore logistics and services Dyce Sco 482.00 454.85 -52.01 -41.75 1,578 -1.9 n/a n/a Dec-17
299 311 Phoenix Car Company Motor dealer Paisley Sco 124.97 134.53 0.10 0.12 308 -5.2 325 -11.9 Jan-17
300* 106 Munro Healthcare Group Pharmaceutical wholesaler East Kilbride Sco 162.47 120.65 -0.63 8.81 191 -3.5 n/a n/a Mar-17

www.insider.co.uk January 2019 INSIDER 39

INSIDER TOP500: 301-350
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

301-325
301 232 Grayloc Products Offshore connectors Aberdeen USA 31.77 28.87 4.59 21.12 35 -7.9 131,143 -76.4 Dec-17
302* 288 Petrofac Scotland Engineering and construction Aberdeen UK 478.35 563.90 -59.77 -35.71 284 -88.6 n/a n/a Dec-17
303 357 Hydrasun O&G fluid transfer; process controls Aberdeen Sco 61.91 77.66 1.25 -0.05 425 -19.0 2,941 n/a Mar-17
304 273 Campbells Prime Meat Fresh meat, fish and delicatessen Linlithgow Sco 55.46 52.67 1.54 2.15 328 4.5 4,695 -31.4 Dec-17
305 334 CMS Enviro Systems Manufacturer of UPVC & aluminium doors Cumbernauld Sco 36.21 35.30 3.39 2.39 246 -5.0 13,780 49.3 Mar-18
306 437 Emergency One UK Vehicle body building/repair Cumnock Sco 36.17 24.62 3.33 2.11 170 5.6 19,588 49.5 Dec-17
307 296 Vets Now Emergency Out of hours emergency veterinary care Dunfermline Sco 35.10 31.69 3.51 4.35 986 0.0 3,560 -19.3 Mar-17
308 318 CNR International (UK) North Sea oil and gas exploration Aberdeen Can 407.14 290.97 -84.49 -274.88 326 -7.6 n/a n/a Dec-17
309* 329 Braemar Investments Motor dealer Melrose Sco 71.26 68.56 0.90 0.60 218 -1.4 4,128 52.0 Dec-17
310 324 Stewart Milne Group Construction and development Westhill Sco 240.55 209.23 -13.71 -26.09 794 -2.7 n/a n/a Jun-17
311 416 Helix Well Ops (UK) Subsea intervention services Dyce USA 100.30 72.30 0.25 -12.85 71 1.4 3,521 n/a Dec-17
312 New Alba Power Gas turbine maintenance services Stonehaven Sco 28.79 17.79 6.25 3.79 60 5.3 104,167 56.7 Dec-17
313* 301 City Building (Glasgow) Construction; repair; maintenance Glasgow Sco 223.90 294.15 -11.32 -5.59 2,176 -4.1 n/a n/a Mar-18
314 351 Ashleigh (Scotland) Builder Dumfries Sco 45.01 41.89 1.84 1.32 115 1.8 16,000 37.0 Mar-18
315 320 Speirs & Jeffrey Private client stockbroker/investment Glasgow Sco 25.34 23.96 9.02 9.10 149 9.6 60,537 -9.5 May-17
316 308 Gleaner Oils Fuel distribution Elgin Sco 120.87 105.00 0.03 0.31 189 2.2 159 -90.5 Jun-17
317 403 Rembrand Timber Timber merchant Dundee Sco 37.30 35.40 2.81 1.08 204 1.0 13,775 157.6 Sep-17
318* 300 Granfit Holdings Bathroom equipment; shopfitters Edinburgh Sco 36.69 35.48 2.94 3.57 234 3.5 12,564 -20.5 Dec-17
319 461 Scotia Homes Construction; land development Ellon Sco 37.21 58.00 2.75 -12.12 215 -6.5 12,791 n/a Apr-17
320 333 Peterson (UK) Offshore logistics services Aberdeen NL 150.99 98.23 -1.45 0.10 638 3.7 n/a n/a Dec-17
321 374 Freeworld Trading Dried fruit, nuts and seeds importer Edinburgh Sco 79.61 66.59 0.44 0.16 16 -5.9 27,500 192.2 Jun-17
322 294 John R Adam & Sons Metal recycling Glasgow Sco 61.51 49.04 1.02 1.90 60 1.7 17,000 -47.2 Dec-17
323 New Zenith Oilfield Technology Downhole data technology development Inverurie USA 29.17 22.85 5.31 -0.56 78 -18.8 68,077 n/a Dec-17
324 491 Honeywell Security UK Alarm detection equipment Motherwell USA 46.64 44.11 1.57 -5.34 116 -12.8 13,534 n/a Dec-17
325 425 Robertson Metals Recycling Scrap metal processor/exporter Inverkeithing Sco 34.64 27.31 3.09 3.32 35 2.9 88,286 -9.6 Jan-18
326-350
326* 354 BAM FM Facilities management Glasgow NL 47.47 47.18 1.50 0.94 38 0.0 39,474 59.6 Dec-17
327 343 Mentholatum Co Pharmaceuticals East Kilbride Jap 34.90 32.35 2.81 2.63 107 -0.9 26,262 7.8 Feb-17
328 New Saltire Energy Drilling equipment supplier; oil tools Aberdeen Sco 22.51 29.91 10.48 -34.59 65 6.6 161,231 n/a Jun-17
329 New W M Donald Civil engineering contractor Stonehaven Sco 33.58 26.97 3.08 0.17 123 2.5 25,041 1667.2 Mar-17
330* 420 Oracle Scotland Computer contract manufacturer Linlithgow USA 29.44 35.00 4.38 0.93 312 -35.5 14,038 630.8 May-17
331 317 Whitelink Seafoods Seafood wholesaler Fraserburgh Sco 74.02 62.18 0.43 0.98 185 10.8 2,324 -60.4 Jun-17
332* 325 Johnston Press Newspaper publisher Edinburgh Sco 201.62 242.95 -94.97 -327.56 2,141 -14.2 n/a n/a Dec-17
333 246 Odfjell Drilling (UK) Drilling contractors Aberdeen Nor 39.46 39.26 1.95 5.92 280 7.3 6,964 -69.3 Dec-17
334 340 Entier Offshore catering and support services Aberdeen Sco 49.35 44.87 1.29 1.49 526 28.0 2,452 -32.4 Sep-17
335 394 Star Refrigeration Industrial refrigeration Glasgow Sco 50.18 40.28 1.22 0.90 325 1.9 3,754 33.1 Dec-17
336* 432 NWH Group Construction; recycling; plant hire Dalkeith Sco 32.27 25.42 3.08 2.00 258 18.9 11,938 29.5 Sep-17
337* 399 Lindsay & Gilmour/Raimes Clark & Co Retail chemists Edinburgh Sco 32.30 28.10 3.04 2.07 280 9.8 10,857 33.7 Dec-17
338 319 FMC Technologies Subsea systems design/manufacture Aberdeen USA 172.82 199.29 -20.72 -10.53 715 -28.7 n/a n/a Dec-17
339 287 Axis-Shield Diagnostics In vitro diagnostics development Dundee USA 25.52 23.96 6.10 12.89 136 -0.7 44,853 -52.3 Dec-17
340* 332 Chisholm Hunter Retail jeweller Glasgow Sco 36.05 32.93 2.06 3.03 251 -9.1 8,207 -25.2 Mar-17
341 302 Edgen Murray Europe Steel stockholder/distributor Newbridge Jap 160.36 190.96 -9.02 -3.69 266 -12.5 n/a n/a Mar-17
342 395 Head Resourcing Recruitment consultancy Edinburgh Sco 61.98 44.64 0.60 0.60 123 51.9 4,878 -34.1 Dec-17
343 339 AB 2000 Plant and machinery hire Glasgow Sco 29.52 23.63 3.55 3.60 306 31.3 11,601 -24.9 Jan-17
344 372 Hawco & Sons Motor dealer Inverness Sco 77.58 77.57 0.10 -1.10 190 -2.1 526 n/a Dec-17
345 289 Dolphin Drilling Oil & gas drilling contractor Aberdeen Nor 166.29 379.93 -55.91 -15.39 45 -50.0 n/a n/a Dec-17
346 401 Faroe Petroleum Oil & gas exploration Aberdeen Sco 152.92 94.78 -13.74 -61.50 80 17.6 n/a n/a Dec-17
347* 344 AM Phillip Commercial vehicle retailer Forfar Sco 82.86 77.29 -0.11 0.22 343 -0.6 n/a n/a Dec-17
*See notes on pages 50-51

348 259 Luddon Construction Construction Glasgow Sco 56.63 68.92 0.73 1.68 419 1.5 1,742 -57.2 Aug-17
349 384 ECG Facilities Services Building maintenance Blantyre Sco 40.72 35.68 1.58 1.39 325 9.1 4,862 4.2 Dec-17
350 331 Cordia Services Home care and facilities management Glasgow Sco 147.33 144.20 -9.91 -3.78 3,908 -3.4 n/a n/a Mar-18

40 INSIDER January 2019 www.insider.co.uk

Grow with us
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© Copyright 2018 Womble Bond Dickinson (UK) LLP. All rights reserved.
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Chief Information Officer,

ringcentral.co.uk
©2018 RingCentral, Inc. All rights reserved. RingCentral and the RingCentral logo are registered trademarks of RingCentral, Inc.
Other third-party marks and logos displayed in this document are the trademarks of their respective owners.
 INSIDER TOP500: 351-400
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

351-375
351* 284 George Sharkey & Sons Interior fit out contractor Musselburgh Sco 40.87 60.47 1.56 1.53 75 -8.5 20,800 11.5 Mar-17
352 375 Veitchi (Holdings) Construction subcontractor Glasgow Sco 41.55 38.86 1.50 1.24 328 -1.2 4,573 22.4 Nov-17
353 303 TUV Sud Technical consultants East Kilbride Ger 54.23 56.08 0.77 1.49 539 -4.6 1,429 -45.8 Dec-17
354* 393 McPherson Bulk spirit transportation Aberlour Sco 30.86 29.38 2.90 1.98 344 -4.4 8,430 53.3 Jul-17
355* 355 McGill’s Bus Service Bus services Greenock Sco 36.49 38.34 1.87 3.59 831 1.8 2,255 -48.8 Jan-17
356* 352 Optical Express/DCM (Optical Holdings) Optician Cumbernauld Sco 91.57 94.55 -0.56 -1.07 996 0.5 n/a n/a Dec-17
357* 465 Tough Civil Engineering Civil engineering Glasgow Sco 47.79 32.99 1.06 0.47 397 26.4 2,670 78.4 Jul-17
358* 341 Addleshaw Goddard (Scotland) Legal services Edinburgh UK 21.05 21.60 9.10 9.93 197 -2.0 46,201 -6.5 May-17
359 353 Sparrows Offshore Group Cranes and offshore services Aberdeen Sco 148.00 150.66 -20.97 -46.87 1,404 -11.3 n/a n/a Dec-17
360 365 ARR Craib Transport Haulage contractor; logistics Dyce Sco 44.82 43.49 1.14 1.05 373 -1.8 3,056 10.6 Mar-17
361* New Morton Fraser Legal services Edinburgh Sco 21.70 19.90 7.91 7.00 227 0.0 34,846 13.0 Apr-18
362 438 Bancon Developments Holdings Property developer and manager Banchory Sco 68.72 55.03 0.15 -1.22 241 -9.7 622 n/a Mar-18
363 342 Speyside Cooperage Coopers and cask makers Aberlour Fr 37.65 37.00 1.67 2.12 85 7.6 19,647 -26.8 Apr-17
364 373 LFF (Scotland) Offshore fittings and flanges Aberdeen UK 34.12 29.80 1.95 2.20 n/a n/a n/a n/a Dec-17
365 396 Ithaca Energy (UK) Offshore services Aberdeen Can 145.81 99.29 -54.58 -75.31 37 2.8 n/a n/a Dec-17
366* 290 John Davidson (Pipes) Pipe distributor Edinburgh Belg 58.61 57.59 0.44 1.54 255 9.9 1,725 -74.0 Dec-17
367 345 Avondale Environmental Landfill site operator Falkirk UK 29.62 30.93 2.86 2.90 23 0.0 124,348 -1.4 Mar-17
368 367 Howco Group Metal and processing services Glasgow Jap 105.65 91.60 -2.49 -2.72 449 -2.2 n/a n/a Apr-18
369 New Grassick’s Garage Motor dealer Perth Sco 31.70 31.27 2.33 0.18 58 1.8 40,172 1172.1 Dec-17
370 411 Vetcel Consultant buying facilities for vets Kincardine Sco 64.53 53.91 0.22 0.17 12 0.0 18,333 29.4 Apr-17
371 363 Caledonian Plywood Company Timber merchant Glasgow Sco 51.33 50.69 0.68 0.87 70 1.4 9,714 -23.0 May-17
372 385 House of Bruar Clothing/country living goods retailer Pitlochry Sco 26.69 24.42 3.81 3.65 236 5.8 16,144 -1.4 Jan-17
373* 346 CHC Scotia Helicopter operation, engineering Aberdeen Can 133.57 140.98 -17.90 -8.10 345 -16.5 n/a n/a Apr-17
374 358 Campion Homes Housebuilder Dunfermline Sco 30.39 14.58 2.33 0.56 109 38.0 21,376 201.5 Jun-17
375* 391 Thorntons Law Legal services Dundee Sco 23.86 22.83 5.10 4.32 336 -5.4 15,179 24.7 May-17
376-400
376 398 Sykes Global Services Assembly and fulfilment services Galashiels USA 33.11 28.33 1.88 2.04 1,041 21.0 1,806 -23.9 Dec-17
377 362 Clark Commercials (Aberdeen) Motor dealer Aberdeen Sco 86.95 79.23 -1.68 -0.19 170 7.6 n/a n/a Dec-17
378 434 RM Easdale & Co Non-ferrous metal processor Glasgow Sco 54.27 43.82 0.48 0.30 56 -6.7 8,571 71.4 Dec-17
379 390 Professional Beauty Systems (Holdings) Professional hair products manufacture Renfrew Sco 25.40 23.06 4.22 4.28 173 13.1 24,393 -12.8 Sep-17
380 378 Anderson Strathern Legal services Edinburgh Sco 21.55 21.03 6.67 6.44 232 11.5 28,750 -7.1 Aug-17
381* 359 Scotframe Timber Engineering Timber frame manufacturers Inverurie Sco 29.62 35.71 2.44 2.04 162 -8.0 15,062 29.9 Apr-17
382 376 HF Group Electrical engineering Glasgow Sco 40.99 39.13 1.13 1.22 311 3.7 3,633 -10.7 Mar-17
383 153 Hunter Boot Wellington boot manufacturer Edinburgh UK 104.51 102.91 -5.32 4.88 289 23.5 n/a n/a Dec-17
384* 361 Border Cars Group Motor dealer Dumfries Sco 79.24 80.74 -0.81 -0.38 316 -3.4 n/a n/a Aug-17
385 181 Loganair Flight services Paisley Sco 110.65 102.98 -8.93 3.06 650 7.4 n/a n/a Mar-18
386* 166 Gleneagles Hotels Hotel and spa operator Auchterarder UK 51.21 55.28 0.51 12.50 938 6.2 544 -96.2 Dec-17
387 New Kooltech Air conditioning; refrigeration Glasgow Sco 35.35 29.86 1.51 0.23 103 -1.0 14,660 562.7 Oct-17
388 380 Thornbridge Sawmills Timber importer; sawmills Grangemouth Sco 35.84 33.60 1.48 1.71 157 9.0 9,427 -20.6 Dec-17
389 New Malcolm Allan Housebuilders Housebuilder Kintore Sco 29.65 19.58 2.05 2.47 67 1.5 30,597 -18.2 May-17
390 292 Thistle Seafoods Fish processor and wholesaler Peterhead Sco 89.55 79.30 -3.61 0.67 451 13.3 n/a n/a Dec-17
391* New Akela Group Civil engineering; building; pty devt Glasgow Sco 29.39 25.55 2.35 -0.01 232 0.4 10,129 n/a Aug-17
392 326 Worldmark UK Product ident/decoration technology East Kilbride UK 34.60 30.07 1.55 3.78 157 3.3 9,873 -60.3 Dec-17
393 409 Mackenzie Construction Construction; civil engineering Glasgow Sco 32.54 30.76 1.76 1.54 207 2.0 8,502 12.1 Mar-18
394 255 Wemyss Development Co Property; wine and tea estates Edinburgh Sco 28.70 31.42 2.63 8.57 2,117 -4.0 1,242 -68.0 Mar-17
395* New LHD Agent for fishing boats Lerwick Sco 21.75 18.28 5.47 3.37 64 6.7 85,469 52.2 Sep-17
396 262 Konecranes UK Cranes; mateiral handling equipment East Kilbride Fin 72.39 58.91 -0.65 2.05 441 -3.9 n/a n/a Dec-17
397* 408 Clyde Travel Corporate travel Glasgow Sco 43.28 41.11 0.71 0.62 62 -4.6 11,452 20.6 Dec-17
*See notes on pages 50-51

398* New ECS Europe IT infrastructure provider Glasgow Sco 36.75 36.84 1.24 1.04 152 0.0 8,158 19.2 Dec-17
399* 458 McGill & Co Building services Dundee Sco 41.84 41.23 0.77 0.17 447 5.9 1,723 336.2 Sep-17
400 459 TPS Healthcare Group Medical products; logistical services Cumbernauld Eire 44.87 46.89 0.54 -0.76 86 -2.3 6,279 n/a Mar-18

www.insider.co.uk January 2019 INSIDER 43

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 INSIDER TOP500: 401-450
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

401-425
401 386 Southeast Traders Delivered wholesaler Cumbernauld Sco 40.90 39.83 0.86 0.99 22 10.0 39,091 -21.0 Oct-17
402 490 Flexcon Europe Commercial labels and tags Glenrothes USA 29.59 25.53 1.95 0.93 120 2.6 16,250 104.4 Sep-17
403 216 Burntisland Fabrications Steel fabrication; pipes & modules Burntisland Swe 101.01 61.25 -48.67 3.83 224 5500.0 n/a n/a Dec-17
404* 421 FLB Holdings Diary/organiser manufacturer Dalkeith Sco 31.25 31.72 1.68 1.19 290 -5.2 5,793 49.0 Apr-17
405 474 A Proctor Group Roof and wall insulation Blairgowrie Sco 29.35 23.40 1.97 1.71 141 10.2 13,972 4.6 Dec-17
406 415 Nairn’s Oatcakes Biscuits/oatcakes manufacturer Edinburgh Sco 27.23 25.30 2.45 2.21 239 -5.2 10,251 16.9 May-17
407 424 Mulholland Holdings Civil engineering contractor West Calder Sco 37.16 34.91 1.09 0.90 365 -0.5 2,986 21.8 Jul-17
408 417 Ingram Motoring Group Motor dealer Ayr Sco 51.55 47.72 0.16 0.27 111 3.7 1,441 -42.9 Dec-17
409 335 J Smart & Co (Contractors) Building and civil engineering Edinburgh Sco 22.86 29.03 4.04 3.75 260 -12.8 15,538 23.5 Jul-17
410 New Mactaggart, Scott & Co Marine engineering solutions Loanhead Sco 35.44 36.60 1.14 -4.21 344 2.4 3,314 n/a Apr-17
411 356 Nobel NC Europe Industrial nitrocellulose manufacturer Irvine Thai 29.63 32.25 1.76 2.19 11 0.0 160,000 -19.6 Dec-17
412* 381 McGhee Group Bakers Glasgow Sco 28.54 29.36 2.03 2.16 287 4.4 7,073 -10.0 Jul-17
413 402 Vallourec Oil & Gas UK Offshore tubular goods Bellshill Fr 79.16 85.39 -5.52 -20.22 254 -11.8 n/a n/a Dec-17
414 397 Simpson Oils Fuel merchant Wick Sco 43.88 37.74 0.44 0.98 14 n/a 31,429 n/a Oct-17
415* 413 Dron & Dickson Hazardous area electrical equipment Stirling Sco 35.30 36.88 1.11 0.89 111 -20.1 10,000 56.2 May-17
416* New Eclipse Blinds/Turnils (UK) Window blinds manufacturer Renfrew NL 25.83 24.10 2.55 2.00 174 -4.9 14,655 34.1 Dec-17
417 462 MB Aerospace Aerospace design/manufacture Motherwell UK 21.99 21.65 3.99 2.31 117 -10.7 34,103 93.4 Dec-17
418 New Wilson Imports Clothing importer Glasgow Sco 57.27 34.24 -0.36 -0.82 175 0.0 n/a n/a Dec-17
419* 388 Scotch Frost of Glasgow Frozen food distribution Glasgow Sco 58.96 54.29 -0.60 0.36 181 1.7 n/a n/a Mar-17
420 436 Clariant Oil Services UK Chemicals/services for oil industry Aberdeen Swi 31.15 21.90 1.40 3.07 55 -5.2 25,455 -51.9 Dec-17
421* 404 Portakabin (Scotland) Modular buildings supplier Hamilton UK 20.34 22.72 4.56 3.77 123 -1.6 37,073 22.9 Dec-17
422 472 Empteezy Waste handling and drum storage equipm Livingston Sco 34.11 24.09 1.11 1.60 252 27.9 4,405 -45.8 Oct-17
423 383 McConechy Holdings Tyres and motor accessories Ayr Sco 43.01 37.00 0.38 1.30 413 19.7 920 -75.6 Apr-17
424 New Cabot Norit (UK) Activated carbon manufacture Glasgow NL 20.53 17.89 4.46 1.39 54 5.9 82,593 203.0 Sep-17
425 369 Thomas Johnstone (Holdings) Shopfitting contractor Renfrew Sco 48.18 55.03 0.07 0.45 272 1.5 257 -84.7 Dec-17
426-450
426* 360 Scottish Event Campus Exhibition, conference and event venue Glasgow Sco 29.02 28.81 1.69 2.74 227 -11.0 7,445 -30.7 Mar-18
427* 496 Kinly Video communications Livingston Nor 41.57 37.16 0.41 -0.26 152 5.6 2,697 n/a Dec-17
428* New Quality Food Products (Aberdeen) Bacon processing/distribution Aberdeen Sco 28.08 28.54 1.86 0.30 73 -1.4 25,543 530.1 Sep-17
429 230 Future Technology Devices Int USB device solutions Glasgow UK 57.61 43.82 -0.69 6.15 76 -24.8 n/a n/a Dec-17
430 445 Currie International Holdings Transport, warehousing, logistics Dumfries Sco 48.11 47.87 0.04 -0.10 336 0.6 119 n/a Dec-17
431 477 Beatsons Building Supplies Builders’ merchant Alloa Sco 26.22 23.49 1.99 1.60 122 0.0 16,311 24.4 Jul-17
432 350 Bibby Offshore Offshore core services Westhill UK 78.24 154.90 -44.31 -35.89 253 -9.0 n/a n/a Dec-17
433* 429 IFC Holdings Holding company for fish processors Fraserburgh Sco 38.35 40.20 0.54 1.02 459 -15.9 1,176 -37.0 Mar-17
434 453 JF Hillebrand Scotland Transport/logistics of beverages Glasgow Ger 29.63 25.24 1.39 1.74 42 2.4 33,095 -22.0 Dec-17
435 New Highland Smoked Salmon (Scotland) Producing and smoking quality fish Fort William UK 23.86 17.33 2.57 0.98 77 1.3 33,377 158.8 Sep-17
436 450 Brightwork Recruitment agency Glasgow Sco 38.22 36.10 0.44 0.47 71 -1.4 6,197 -5.1 Dec-17
437* 463 Tarak Retail Clothing retailer Glasgow Sco 24.96 21.67 2.11 2.24 539 12.3 3,915 -16.1 Mar-17
438* 430 Houston (Holdings) Biscuit manufacturer Livingston Sco 24.79 25.18 2.23 2.09 207 1.5 10,773 5.2 Dec-17
439* 172 Plexus Corp (UK) Electronics design/manufacture Kelso USA 59.17 52.99 -2.67 11.40 512 1.2 n/a n/a Sep-17
440 433 Scottish Football Association Football administration Glasgow Sco 38.47 35.80 0.40 0.71 191 4.4 2,094 -46.0 Dec-17
441 454 Dawnfresh Seafoods Fresh & frozen fish and seafoods Uddingston Sco 65.50 60.31 -7.75 -8.12 600 7.7 n/a n/a Mar-17
442 405 Marshall Construction Builder and contractor Alloa Sco 41.71 49.51 0.12 0.31 280 -3.1 429 -60.0 Jul-17
443* 489 Pertemps (Scotland) Recruitment agency Glasgow UK 39.23 32.39 0.30 0.30 42 0.0 7,143 0.0 Dec-17
444 New Kongsberg Maritime Underwater cameras and systems Aberdeen Nor 29.59 27.28 1.21 -0.05 118 -9.2 10,254 n/a Dec-17
445 New J&D Wilkie (Holding Co) Industrial fabrics Kirriemuir Sco 25.25 18.73 1.89 1.01 320 2.9 5,906 81.8 Jun-17
446 419 Guala Closures UK Bottle closures Glasgow It 45.29 44.03 -0.36 0.39 177 -4.3 n/a n/a Dec-17
447* 464 Highland Industrial Supplies Industrial and agri equipment supplier Inverness Sco 42.47 40.38 0.05 0.10 245 3.8 204 -51.9 Jan-18
*See notes on pages 50-51

448* 456 Ahlstrom Chirnside Specialist materials manufacture Duns Fin 56.32 50.39 -2.98 -1.64 167 0.0 n/a n/a Dec-17
449 New DOF Subsea UK ROV, survey, positioning services Aberdeen Nor 34.58 33.18 0.56 -4.72 85 -13.3 6,588 n/a Dec-17
450 483 HRN Tractors Agricultural equipment Aberdeenshire Sco 31.27 28.17 0.84 0.61 84 -2.3 10,000 41.0 Sep-17

www.insider.co.uk January 2019 INSIDER 45

INSIDER TOP500: 451-500
RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR
19 18 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END

451-475
451 New Crieff Hydro Hotel and resort Crieff Sco 29.79 27.13 0.98 0.42 880 34.6 1,114 73.5 Feb-18
452 400 Norscot Truck & Van/G Barrack Truck retail and truck and van repair Aberdeen Sco 30.36 34.31 0.91 1.29 134 0.0 6,791 -29.5 Dec-17
453* 473 Craig of Campbeltown Bus and coach operator Campbeltown Sco 26.33 21.47 1.53 2.18 519 21.3 2,948 -42.1 Dec-17
454 448 Guitar Guitar Musical equipment retailer Glasgow Sco 28.00 24.75 1.30 1.97 140 20.7 9,286 -45.3 May-17
455* 467 Hamilton Ross Holdings Machinery wholesaler; motor dealer Renfrewshire Sco 35.69 32.17 0.38 0.52 149 28.4 2,550 -43.1 Feb-17
456 New Chase Search & Selection Healthcare recruitment Edinburgh Sco 20.73 18.92 2.83 1.96 307 7.0 9,218 35.0 Dec-17
457 481 Macduff Shipyards Ship builder; repairs and fittings Aberdeenshire Sco 23.62 22.30 1.94 1.81 190 6.1 10,211 1.0 Feb-17
458 478 JBT Distribution Haulage contractor Bathgate Sco 24.81 23.69 1.68 1.64 303 -2.9 5,545 5.5 Mar-18
459* 347 Teekay Offshore/Golar-Nor (UK) Floating production vessel operator Westhill Can 59.78 77.06 -21.45 0.19 n/a n/a n/a n/a Dec-17
460* 435 John Martin Holdings Motor dealer Edinburgh Sco 45.12 54.71 -1.35 -0.83 151 -26.3 n/a n/a Dec-17
461 499 MacGregor Industrial Supplies Industrial tools and equipment Inverness Sco 29.42 28.54 0.98 0.44 259 5.3 3,784 111.5 Mar-17
462 New Thomas Sherriff & Co Agricultural machinery Dunbar Sco 28.94 24.50 1.02 0.31 87 7.4 11,724 206.3 Jan-18
463* New Cello Signal Advertising agency Edinburgh UK 25.32 18.80 1.56 0.97 218 36.3 7,156 18.0 Dec-17
464*New Chap (Holdings) Bldg contractor; engrg; property devt Westhill Sco 40.52 37.10 -0.28 -1.52 225 3.2 n/a n/a Sep-17
465 452 Endura Cycle wear/gear manufacturer Livingston Sco 27.74 25.12 1.16 1.85 140 9.4 8,286 -42.7 Apr-18
466* 470 Billy Bowie Special Projects Tanker hire; waste disposal Kilmarnock Sco 20.49 20.25 2.56 2.40 197 3.1 12,995 3.4 Apr-17
467 368 Havelock Europa Educational furniture; shopfitter Kirkcaldy Sco 53.20 60.81 -5.92 0.36 663 60.1 n/a n/a Dec-17
468 482 Oregon Timber Frame Timber frame design/manufacture Selkirk Sco 23.74 21.66 1.79 1.94 143 11.7 12,517 -17.4 Dec-17
469 412 CBC Construction & Property Group Construction; property development Glasgow Sco 38.64 43.89 -0.19 0.44 226 4.1 n/a n/a Sep-17
470 New Hunting Energy Services (UK) Oil and gas extraction Portlethen UK 47.57 41.74 -2.80 -9.65 139 5.3 n/a n/a Dec-17
471 500 Donald Russell Meat, game and poultry supplier Inverurie UK 34.61 35.82 0.24 0.01 230 -8.4 1,043 2507.5 Dec-17
472 New 3B Construction House building projects Newton Stewart Sco 20.10 13.17 2.63 1.37 115 17.3 22,870 63.6 May-17
473* 451 JC Peacock & Co Salt import and distribution Ayr Sco 25.22 24.29 1.46 2.03 57 0.0 25,614 -28.1 Apr-17
474 444 Front Line Construction Civil engineering and construction Bathgate Sco 22.04 23.38 1.88 2.25 152 -1.3 12,368 -15.3 Jan-17
475* New TBR Global Chaffeuring Global ground transportation Glasgow Sco 30.74 23.21 0.54 0.11 198 38.5 2,727 254.6 Dec-17
476-500
476* New Scottish Professional Football League Sports clubs and sports promotion Glasgow Sco 37.25 34.67 -0.05 -0.03 15 0.0 n/a n/a May-18
477 New Bowercross Construction Civil engineering Hamilton Sco 25.76 17.77 1.25 0.96 108 1.9 11,574 27.8 Mar-17
478 447 G101 Off Sales Off licences; convenience stores Glasgow Sco 38.35 47.35 -0.40 -0.02 394 -3.0 n/a n/a May-17
479 479 Morrison Motors (Turriff) Motor dealer Turriff Sco 27.16 26.79 1.01 0.92 37 0.0 27,297 9.8 Jul-17
480 New Compass Building & Construction Construction Inverness Sco 24.58 19.87 1.42 1.26 88 11.4 16,136 1.2 Sep-17
481* New Eland Oil & Gas Offshore exploration Aberdeen Sco 51.08 1.92 -11.57 -25.48 70 52.2 n/a n/a Dec-17
482* 471 Simpac (Holdings) Packaging manufacture and import Glasgow Sco 26.47 25.33 1.06 1.25 119 0.8 8,908 -15.9 Aug-17
483* 441 Crown Worldwide International removals, storage Livingston HK 24.69 30.11 1.37 1.04 189 -8.7 7,249 44.3 Dec-17
484 New Agricar Agricultural machinery Forfar Sco 32.16 27.83 0.28 0.02 114 -2.6 2,456 1336.3 Dec-17
485* New Bridgend Holdings Motor dealer Kilwinning Sco 27.02 23.92 0.92 0.84 163 5.2 5,644 4.2 Mar-17
486 New Chrystal Petroleum Co Fuel/oil distribution Kirkcaldy Sco 32.18 27.94 0.17 0.43 27 0.0 6,296 -60.5 Jun-17
487*New Adam Investment Company Machinery and equipment supply Selkirk Sco 15.75 14.70 2.23 1.96 116 4.5 19,229 8.9 Nov-17
488* 457 Energetics Design & Build Multi utility solutions provider Hamilton Sco 50.00 57.97 -20.03 -7.08 443 -0.7 n/a n/a Mar-17
489* 264 McTaggart Group Construction Dalry Sco 42.91 47.06 -2.74 2.89 138 -23.3 n/a n/a Sep-17
490* New Crerar Hotel Group Hotel owner, operator, manager Edinburgh Sco 27.36 25.26 0.84 0.83 568 3.6 1,479 -2.4 Mar-17
491 484 Recruitment Zone Recruitment agency Edinburgh Sco 28.76 30.63 0.65 0.40 52 -13.3 12,500 87.5 Dec-17
492 494 Alliance Wine Company Wine importer and wholesaler Ayrshire Sco 27.00 25.11 0.87 0.99 68 1.5 12,794 -13.4 May-17
493* New Andron Contract Services Cleaning and security; facilities mgmt Aberdeen Sco 25.53 23.47 1.07 1.18 1,978 13.2 541 -19.9 Nov-17
494 New MV Commercial Truck and van rental Livingston Sco 28.74 22.33 0.63 1.42 162 -33.6 3,889 -33.2 Jun-17
495 New James Frew Plumbing, heating and modernisation Stevenston Sco 28.75 27.66 0.58 0.39 278 -1.8 2,086 51.4 Mar-18
496 493 Nolan Seafoods (UK) Smoked salmon supplier Aberdeen Eire 26.85 31.64 0.81 1.05 205 -18.7 3,951 -5.2 Mar-17
497 439 Intelligent Office UK Managed office services provider Alloa Sco 25.04 27.85 1.12 1.43 697 -10.8 1,607 -12.2 Sep-17
*See notes on pages 50-51

498 New Allma Construction Construction; civil engineering Glasgow Sco 29.03 26.03 0.49 0.40 296 8.8 1,655 12.5 Feb-17
499 New Oki (UK) Accessories for printers Cumbernauld Jap 21.19 23.10 1.71 3.16 141 -2.1 12,128 -44.7 Mar-17
500 New Dunns Food & Drinks Soft drinks manufacture Blantyre Sco 26.89 24.89 0.73 0.55 120 3.4 6,083 28.3 Sep-17

46 INSIDER January 2019 www.insider.co.uk


COME AND DISCOVER
GLENEAGLES  A 5STAR
RETREAT LIKE
NO OTHER
A glorious playground, a warm country house,
a Scottish adventure, a relaxing retreat –
Gleneagles is a five-star hotel like no other.
From its world-class golf courses, award-winning
spa and country pursuits, to its range of event
spaces, bars and restaurants, and its breath-
taking location, the 850-acre estate offers the
perfect opportunity to clear the head, gain a new
perspective, generate ideas and rekindle a spirit of
adventure.
Set beneath the Ochil Hills in the heart of
Perthshire, it has been the must-go destination
for travellers for nearly a century. Offering the
best of both worlds – from mud, sport and action
to relaxation, charm and warm hospitality – the
hotel has an unrivalled range of over 50 pursuits
and outdoor activities, led by a passionate team
of expert instructors who are truly the leaders in
their field.
Whether guests come to fly Harris Hawks;
ride horses; go game shooting in the Perthshire
countryside; play tennis; walk in the footsteps of
golfing legends on three championship courses;
test their off-road driving skills; train gundogs; or
improve their shot at the shooting school and field
archery range, the warm and friendly staff inspire
everyone to try something new and guests are
Please contact Sally Glen, Regional Sales Manager,
E: Sally.Glen@gleneagles.com T: 07395603735
Visit www.gleneagles.com
welcome to do as little or as much as they want.
The recent launch of Ochil House, the hotel’s
unique new meeting and events space is the
perfect place to return after a day of countryside
adventures.
Paying homage to the inventors, dreamers,
pioneers and partiers who helped shape Scottish
history, Ochil House was inspired by the original
private members clubs, where great minds would
gather, and friendships were forged over vibrant
debates, parlour games, a passion for pursuits and
a love of food and drink.
BUSINESS PROFILE
A reinvention of the meeting space concept,
Ochil House is somewhere that’s not just practical
but also beautiful, as well as homely, welcoming
and fun – a place where people naturally want to
gather and enjoy conversation.
Whether you want to get out of your comfort
zone, try something new, or simply use one of our
rooms to brainstorm some ideas, we’ll help you
create the perfect event. And because tramping
the moors, having creative breakthroughs or
dancing the night away can work up a bit of
an appetite, there’s a myriad of dining options
to choose from, all of which can be completely
tailored to your group.
Whether you’re planning a product launch or
a strategic board meeting, celebrating a special
milestone or having a private dinner, our team will
help you create something unforgettable.
We also have a range of gift vouchers from
shooting, golfing and fishing lessons to afternoon
tea, and from day spa experiences to monetary
vouchers from £50 to £500, a great way to say
thank you to your team.
INSIDER TOP500: INDEX
NAME RANK PAGE NAME RANK PAGE NAME RANK PAGE NAME RANK PAGE

3B Construction Ltd 472 46 Border Cars Group Ltd 384 43 DC Thomson & Co Ltd 44 32 GEG (Holdings) Ltd 108 34
A Bowercross Construction Ltd 477 46 Dentons (Scotland) LLP 196 35 George Leslie Ltd 297 39
A Proctor Group Ltd 405 45 Braemar Investments Ltd 309 40 Devro Plc 50 32 George Sharkey & Sons Ltd 351 43
AB 2000 Ltd 343 40 Braid Group (Holdings) Ltd 140 34 DF Concerts Ltd 286 39 Glasgow Airport Ltd 65 33
Aberdeen International Airport Ltd 146 34 Brand-Rex Ltd 171 35 Di Maggio’s Group Ltd 253 39 Gleaner Oils Ltd 316 40
Adam Investment Company Ltd 487 46 Breedon Northern Limited 58 33 Digby Brown LLP 287 39 Glen Turner Company Ltd 138 34
Addleshaw Goddard (Scotland) LLP 358 43 Brewdog Plc 231 36 DigitasLBi Ltd 145 34 Gleneagles Hotels Ltd 386 43
Adria Group Ltd 289 39 Bridgend Holdings Ltd 485 46 Dingbro Ltd 120 34 Glenrath Farms Ltd 205 36
Advance Construction Group Ltd 142 34 Briggs Commercial Ltd 296 39 Distell International Limited 148 34 Goals Soccer Centres plc 254 39
AEGON UK Plc 7 32 Brightwork Ltd 436 45 Dobbies Garden Centres Ltd 101 34 Grahams the Family Dairy Group Ltd 247 36
AG Barr Plc 42 32 Brodies LLP 122 34 DOF Subsea UK Ltd 449 45 Granfit Holdings Ltd 318 40
Aggreko Plc 11 32 Browns Food Group Ltd 100 33 Dolphin Drilling Ltd 345 40 Grassick’s Garage Ltd 369 43
Agricar Ltd 484 46 BSW Timber Ltd 272 39 Don & Low Ltd 209 36 Gray & Adams Holdings Ltd 92 33
Ahlstrom Chirnside Ltd 448 45 Burness Paull LLP 150 34 Donald Russell Ltd 471 46 Grayloc Products Ltd 301 40
Akela Group Ltd 391 43 Burntisland Fabrications Ltd 403 45 Dover Fueling Solutions UK Limited 223 36 Guala Closures UK Ltd 446 45
Aker Solutions 57 33 C DR Collin & Son Ltd 263 39 Guitar Guitar Ltd 454 46
Alba Power Ltd 312 40 Cabot Norit (UK) Ltd 424 45 Dron & Dickson Ltd 415 45 H
Albert Bartlett & Sons (Airdrie) Ltd 163 35 Cala Group Ltd 26 32 Dunns Food & Drinks Ltd 500 46 Halliburton Manufacturing & Services 275 39
Alexander Dennis Ltd 38 32 Caledonian Heritable Ltd 199 35 E Hamilton Ross Holdings Ltd 455 46
Alexander Inglis & Son Ltd 249 36 Caledonian Maritime Assets Ltd 265 39 Eastern Holdings Ltd 56 33 Harper Macleod LLP 292 39
Alliance Trust Plc 127 34 Caledonian Plywood Company Ltd 371 43 ECG Facilities Services Ltd 349 40 Havelock Europa Plc 467 46
Alliance Wine Company Ltd 492 46 Cameron Group (Perth) Ltd 212 36 Eclipse Blinds/Turnils (UK) Ltd 416 45 Hawco & Sons Ltd 344 40
Allied Vehicles Ltd 136 34 Campbells Prime Meat Ltd 304 40 ECS Europe Limited 398 43 Head Resourcing Ltd 342 40
Allma Construction Ltd 498 46 Campion Homes Ltd 374 43 Edgen Murray Europe Ltd 341 40 Helix Well Ops (UK) Ltd 311 40
AM Phillip Ltd 347 40 CAN (Holdings) Ltd 103 34 Edinburgh Airport Ltd 49 32 HF Group Ltd 382 43
Anderson Strathern LLP 380 43 Carron Phoenix/Franke UK Holding Ltd 243 36 Edinburgh Partners Ltd 252 39 HFD Group Ltd 85 33
Andron Contract Services Ltd 493 46 Castle View Ventures Ltd 69 33 Edinburgh Woollen Mill (Group) Ltd 27 32 Highland Fuels Ltd 179 35
Angus Soft Fruits Ltd 258 39 CBC Construction & Property Group Ltd 469 46 Edrington 20 32 Highland Industrial Supplies Ltd 447 45
Apache North Sea Ltd 29 32 CCG (Holdings) Ltd 102 34 Edrington-Beam Suntory UK Dist Ltd 99 33 Highland Smoked Salmon Ltd 435 45
Apex Hotels Ltd 159 35 Cello Signal Limited 463 46 Eland Oil & Gas plc 481 46 Highland Spring Ltd 186 35
Aquascot Ltd 284 39 Celtic Plc 151 35 Emergency One UK Ltd 306 40 Hillhouse Estates Ltd 191 35
Archer (UK) Ltd 113 34 Chap (Holdings) Ltd 464 46 Empteezy Ltd 422 45 Holland & Sherry/Venlaw Road Ltd 180 35
Argent Energy (UK) Ltd 230 36 Charles River Lab Preclinical Services 143 34 Emtec Group Ltd 241 36 Honeywell Security UK Ltd 324 40
Arnold Clark Automobiles Ltd 13 32 Chase Search & Selection Ltd 456 46 Emtelle UK Ltd 81 33 House of Bruar Ltd 372 43
ARR Craib Transport Ltd 360 43 CHC Scotia Ltd 373 43 Endura Ltd 465 46 Houston (Holdings) Ltd 438 45
Arthur J Gallagher Insurance Brokers 53 33 Chevron North Sea Ltd 14 32 Energetics Design & Build Ltd 488 46 Howco Group Plc 368 43
ASCO Group Ltd 298 39 Chisholm Hunter Ltd 340 40 Enquest Plc 34 32 HRN Tractors Ltd 450 45
Ashleigh (Scotland) Ltd 314 40 Chivas Brothers Ltd 9 32 Enterprise Foods Ltd 246 36 Hunter Boot Ltd 383 43
Avant Homes 112 34 Chrystal Petroleum Co Ltd 486 46 Entier Ltd 334 40 Hunting Energy Services (UK) Ltd 470 46
Avondale Environmental Ltd 367 43 Cirrus Logic International (UK) Ltd 33 32 Ethigen Ltd 157 35 Hydrasun Ltd 303 40
Axis-Shield Diagnostics Ltd 339 40 City Building (Glasgow) 313 40 Euroforest Ltd 232 36 I
Axle Group Holdings Ltd 235 36 City Refrigeration Holdings (UK) Ltd 40 32 Everwarm Ltd 214 36 I&H Brown Ltd 266 39
B CJ Lang & Son Ltd 211 36 EWOS Ltd 73 33 Ian Macleod Distillers Ltd 126 34
Babcock Int’l Group (Scotland) 39 32 Clariant Oil Services UK Ltd 420 45 F IFC Holdings Ltd 433 45
Babcock Mission Critical SvsOffshore Ltd 156 35 Clark Commercials (Aberdeen) Ltd 377 43 Farmfoods Ltd 54 33 Ingenico UK Ltd 70 33
Babcock Rail Ltd 185 35 Clark Contracts Ltd 251 39 Farne Salmon & Trout Ltd 176 35 Ingram Motoring Group Ltd 408 45
Balhousie Holdings Ltd 293 39 Clyde Travel Ltd 397 43 Faroe Petroleum Plc 346 40 Insights Group Ltd 226 36
Balmoral Group Holdings Ltd 93 33 Clydesdale Bank Plc 280 39 First Milk Ltd 96 33 Intelligent Office UK Ltd 497 46
BAM FM Ltd 326 40 CMS Enviro Systems Ltd 305 40 FirstGroup plc 274 39 Inver House Distillers Ltd 183 35
Bancon Developments Holdings Ltd 362 43 CNR International (UK) Ltd 308 40 FLB Holdings Ltd 404 45 Iomart Group Plc 109 34
Bank of Scotland Plc 4 32 Coherent Scotland Ltd 216 36 Flexcon Europe Ltd 402 45 Ithaca Energy (UK) Ltd 365 43
Barclay & Mathieson Ltd 217 36 Coilcraft Europe Ltd 166 35 FMC Technologies Ltd 338 40 J
Barnetts Motor Group Ltd 288 39 Compass Building & Construction 480 46 Forsyths Ltd 181 35 J Smart & Co (Contractors) Plc 409 45
Barrhead Travel 2007 Ltd (Group) 206 36 Compello Staffing Group Ltd 290 39 Forth Holdings Ltd 67 33 J&D Wilkie (Holding Co) Ltd 445 45
Baxters Food Group Ltd 262 39 Cordia Services LLP 350 40 Forth Ports Ltd 43 32 J&J Denholm Ltd 59 33
Beam Santori Ltd 94 33 Craig of Campbeltown Ltd 453 46 Franklin Templeton Global Investors Ltd 194 35 James Donaldson & Sons Ltd 124 34
Beatsons Building Supplies Ltd 431 45 Craneware Plc 189 35 Fraser Hart Ltd 213 36 James Frew Ltd 495 46
Bell Group UK Ltd 228 36 Crerar Hotel Group Ltd 490 46 Freeworld Trading Ltd 321 40 James Jones & Sons Ltd 55 33
Benkert UK Ltd 282 39 Crieff Hydro Limited 451 46 Front Line Construction Ltd 474 46 James Walker (Leith) Ltd 77 33
BenRiach Distillery Co Ltd 294 39 Crown Worldwide Ltd 483 46 Future Technology Devices Int Ltd 429 45 JBT Distribution Ltd 458 46
BHC Ltd 229 36 Cruden Investments Ltd 83 33 G JC Peacock & Co Ltd 473 46
Bibby Offshore Ltd 432 45 Currie International Holdings Ltd 430 45 G1 Group Holdings plc 111 34 JF Hillebrand Scotland Ltd 434 45
Bilfinger Salamis UK Ltd 134 34 D G101 Off Sales Ltd 478 46 JFD Ltd 123 34
Billy Bowie Special Projects Ltd 466 46 Dana Petroleum Ltd 28 32 GAP Group Ltd 60 33 John Clark (Holdings) Ltd 66 33
BioReliance Ltd 125 34 David MacBrayne Ltd 119 34 Gates (UK) Ltd 80 33 John Davidson (Pipes) Ltd 366 43
Blackrock International Ltd 221 36 Dawnfresh Seafoods Ltd 441 45 GE Caledonian Ltd 30 32 John Dewar & Sons Ltd 76 33
Bluewater Scotland 250 36 Day International (UK) Ltd 271 39 GE Oil & Gas UK Ltd 283 39 John G Russell (Transport) Ltd 215 36

48 INSIDER January 2019 www.insider.co.uk

 INSIDER TOP500: INDEX
NAME RANK PAGE NAME RANK PAGE NAME RANK PAGE NAME RANK PAGE

John Lawrie (Aberdeen) Ltd 135 34 McLaughlin & Harvey Construction 89 33 Rohr Aero Services Ltd 152 35 The Anderson Group Ltd 256 39
John Martin Holdings Ltd 460 46 McPherson Ltd 354 43 Royal Bank of Scotland Group Plc 3 32 The Harbro Group Ltd 177 35
John Menzies Plc 25 32 McTaggart Group Ltd 489 46 S Thistle Seafoods Ltd 390 43
John R Adam & Sons Ltd 322 40 Meallmore Ltd 264 39 Saltire Energy Ltd 328 40 Thomas Johnstone (Holdings) Ltd 425 45
John Wood Group Plc 267 39 Media Scotland 137 34 Schuh Ltd 52 33 Thomas Sherriff & Co Ltd 462 46
Johnson & Johnson Medical Ltd 41 32 Mentholatum Co Ltd 327 40 Score Group Plc 167 35 Thomas Tunnock Ltd 236 36
Johnston Carmichael LLP 197 35 M-I Drilling Fluids UK Ltd 132 34 Scot JCB (Holdings) Ltd 154 35 Thornbridge Sawmills Ltd 388 43
Johnston Fuels Ltd 239 36 Miller Homes Limited 23 32 Scotch Frost of Glasgow Ltd 419 45 Thorntons Law LLP 375 43
Johnston Press Plc 332 40 Mitsubishi Electric Air Cond Sys Europe 62 33 Scotframe Timber Engineering Ltd 381 43 Tilhill Forestry Ltd 225 36
Johnstons of Elgin/James Johnston Ltd 149 34 Morris & Spottiswood Ltd 218 36 Scotia Homes Ltd 319 40 Tillicoultry Quarries Ltd 200 35
JR Dalziel Ltd 68 33 Morris Leslie Ltd 269 39 Scottish Citylink Coaches Ltd 273 39 Tough Civil Engineering Ltd 357 43
JW Filshill Ltd 240 36 Morrison Motors (Turriff) Ltd 479 46 Scottish Event Campus Limited 426 45 TPS Healthcare Group Ltd 400 43
JW Galloway Ltd 78 33 Morton Fraser LLP 361 43 Scottish Football Association Ltd 440 45 Trac International Ltd 207 36
K Muir Group plc 219 36 Scottish Friendly Assurance Society Ltd 64 33 Trespass/Jacobs & Turner Ltd 175 35
KCA Deutag 281 39 Mulholland Holdings Ltd 407 45 Scottish Investment Trust Plc 261 39 Tulloch Homes Group Ltd 210 36
Kent Foods Ltd 131 34 Munro Healthcare Group Ltd 300 39 Scottish Leather Group Ltd 107 34 Turner & Co (Glasgow) Ltd 105 34
Kettle Produce Ltd 195 35 Murgitroyd Group PLC 255 39 Scottish Midland Co-operative Soc Ltd 86 33 TUV Sud Ltd 353 43
Kinly Ltd 427 45 MV Commercial Ltd 494 46 Scottish Power Ltd 6 32 U
Klondyke Fishing Co Ltd 244 36 N Scottish Professional Football League 476 46 United Closures & Plastics Ltd 168 35
Klondyke Group Ltd 204 36 Nairn’s Oatcakes Ltd 406 45 Scottish Rugby Union Limited 278 39 United Holdings UK Ltd 237 36
Konecranes UK Ltd 396 43 National Oilwell Varco UK Ltd 270 39 Scottish Salmon Company Limited 63 33 United Wholesale (Scotland) Ltd 188 35
Kongsberg Maritime Ltd 444 45 Nobel NC Europe Ltd 411 45 Scottish Sea Farms Ltd 48 32 UPM-Kymmene (UK) Ltd 71 33
Kooltech Ltd 387 43 Nolan Seafoods (UK) Ltd 496 46 Scottish Water 19 32 Urban & Civic Plc 184 35
L Norscot Truck & Van/G Barrack Ltd 452 46 Scottish Widows Limited 2 32 V
Leidos Innovations UK Ltd 128 34 North Star Holdco Limited 133 34 Scottish Woodlands Ltd 234 36 Vallourec Oil & Gas UK Ltd 413 45
Leiths (Scotland) Ltd 190 35 NWH Group Ltd 336 40 Seafood Ecosse Ltd 291 39 Vascutek Ltd 153 35
LFF (Scotland) Ltd 364 43 O Search Consultancy Ltd 129 34 Veitchi (Holdings) Ltd 352 43
LHD Ltd 395 43 Odfjell Drilling (UK) Ltd 333 40 Servest Arthur McKay Limited 104 34 VELUX Company Ltd 147 34
Life Technologies Ltd 12 32 Ogilvie Group Ltd 97 33 SGL Carbon Fibers Ltd 182 35 Vetcel Ltd 370 43
LifeScan Scotland Ltd 75 33 Oki (UK) Ltd 499 46 Shepherd & Wedderburn LLP 162 35 Vets Now Emergency Ltd 307 40
Lightbody of Hamilton Ltd 187 35 Optical Express/DCM Ltd 356 43 Shin-Etsu Handotai Europe Ltd 61 33 Vroon Offshore UK Ltd 201 36
Lindsay & Gilmour/Raimes Clark & Co 337 40 Oracle Scotland Ltd 330 40 Simpac (Holdings) Ltd 482 46 W
Loch Duart Ltd 277 39 Oregon Timber Frame Ltd 468 46 Simpson Oils Ltd 414 45 W M Donald Ltd 329 40
Loganair Ltd 385 43 Orion Group/Orion Eng Services Ltd 82 33 Sky Subscribers Services Ltd 24 32 Walker Holdings (Scotland) Ltd 238 36
Lomond Motors Ltd 115 34 P Skyscanner Ltd 51 33 Walkers Shortbread Ltd 141 34
Lothian Buses Ltd 87 33 Park’s of Hamilton (Holdings) Ltd 36 32 Smart Metering Systems Plc 121 34 Walter Davidson & Sons Ltd 285 39
Lothian Electric Machines Ltd 248 36 Patersons Quarries Ltd 295 39 Sodexo Remote Sites Scotland Ltd 170 35 Walter Scott & Partners Ltd 35 32
Luddon Construction Ltd 348 40 PD&MS Group (Aberdeen) Ltd 260 39 Southeast Traders Ltd 401 45 WebhelpTSC/Telecom Service Centres 84 33
Lunar Fishing Co Ltd 118 34 Peoples Ltd 98 33 Sparrows Offshore Group Ltd 359 43 Weir Group PLC 10 32
M Pertemps (Scotland) Ltd 443 45 Speirs & Jeffrey Ltd 315 40 Wemyss Development Co Ltd 394 43
M & Co/Mackays Stores Group Ltd 144 34 Peter Vardy Holdings Ltd 72 33 Speymalt Whisky Distributors Ltd 202 36 Whitelink Seafoods Ltd 331 40
Macdonald Hotels Ltd 130 34 Peterson (UK) Ltd 320 40 Speyside Cooperage Ltd 363 43 Whyte and Mackay Group Ltd 90 33
Macduff Shellfish (Scotland) Ltd 169 35 Petrofac Scotland 302 40 Spirit AeroSystems (Europe) Ltd 32 32 William Grant & Sons Holdings Ltd 8 32
Macduff Shipyards Ltd 457 46 PetroIneos Manufacturing Scotland 46 32 Springfield Properties Plc 106 34 William Tracey Ltd 174 35
Macfarlane Group Plc 79 33 Petroleum Experts Ltd 161 35 SSE Plc 1 32 William Wilson Ltd 178 35
MacGregor Industrial Supplies Ltd 461 46 Phoenix Car Company Ltd 299 39 Stagecoach Group plc 15 32 Wilson Imports Ltd 418 45
Mackenzie Construction Ltd 393 43 Pipeline Technique Ltd 193 35 Standard Life Aberdeen PLC 5 32 WL Gore & Associates (UK) Ltd 91 33
Maclean Electrical Group Limited 164 35 Plexus Corp (UK) Ltd 439 45 Star Refrigeration Ltd 335 40 WN Lindsay Ltd 242 36
Macphie of Glenbervie Ltd 208 36 Portakabin (Scotland) Ltd 421 45 Stena Drilling Ltd 203 36 Wood Mackenzie Ltd 45 32
Macrae & Dick Ltd 192 35 Produce Investments Plc 110 34 Sterling Furniture Group Ltd 279 39 Worldmark UK Ltd 392 43
Mactaggart & Mickel Group Ltd 139 34 Professional Beauty Systems Ltd 379 43 Stewart Milne Group Ltd 310 40 Wright Health Group Ltd 222 36
Mactaggart, Scott & Co Ltd 410 45 Prosource.IT (UK) Ltd 224 36 Strachans Ltd 220 36 Wyman-Gordon Ltd 117 34
Maersk Oil North Sea UK Ltd 18 32 Q STV Group Plc 95 33 Z
Malcolm Allan Housebuilders Ltd 389 43 QED International (UK) Ltd 172 35 Subsea 7 21 32 Zenith Oilfield Technology Ltd 323 40
Malcolm Group Ltd 88 33 QTS Group Ltd 160 35 Sykes Global Services Ltd 376 43 Zonal Retail Data Systems Ltd 227 36
Marine Harvest (Scotland) Ltd 31 32 Quality Food Products (Aberdeen) Ltd 428 45 T
Marine Harvest VAP UK Ltd 116 34 Quiz Clothing/Kast Retail Ltd 233 36 TAQA Bratani Ltd 47 32
Marshall Construction Ltd 442 45 R Tarak Retail Ltd 437 45
Matthew Algie & Co Ltd 276 39 R&A Trust Company (No.1) Ltd 114 34 TBR Global Chaffeuring 475 46
Maxi Caledonian Ltd 259 39 Recruitment Zone Ltd 491 46 Technip UK Ltd 22 32
MB Aerospace Ltd 417 45 Rembrand Timber Ltd 317 40 Teekay Offshore/Golar-Nor (UK) Ltd 459 46
McAlpine & Co Ltd 245 36 Repsol Sinopec Resources UK Limited 17 32 Teledyne Ltd 173 35
McConechy Holdings Ltd 423 45 Richard Austin Alloys Ltd 165 35 Tennent Caledonian Breweries UK Ltd 158 35
McCurrach UK Ltd 198 35 RJ McLeod (Contractors) Ltd 74 33 Tennent Caledonian Wholesale Ltd 155 35
McGhee Group Ltd 412 45 RM Easdale & Co Ltd 378 43 Terex Equipment Ltd 257 39
McGill & Co Ltd 399 43 Robertson Group (Holdings) Ltd 37 32 Tesco Bank/Tesco Personal Finance Plc 16 32
McGill’s Bus Service Ltd 355 43 Robertson Metals Recycling Ltd 325 40 Texas Instruments (UK) Ltd 268 39

www.insider.co.uk January 2019 INSIDER 49

INSIDER TOP500: NOTES
The Insider ranking is calculated using a computation between annualised turnover and pre-tax profit (ie. Ranked first by turnover, then by profit; the rankings combined, divided by two
and weighted by turnover). Figures shown are annualised. The cut-off point for inclusion of company financial information in the Insider Top500 was 1 December 2018.
Adam Investment Company Ltd (487): Trading as
RP Adam. Present period 17 months. Turnover figure
is 12 month equivalent. Actual turnover is £22.31m.
Addleshaw Goddard (Scotland) LLP (358):
Previously known as Gateley Scotland LLP. Present
period 13 months. Profit is before tax, members’
remuneration and profit shares.
Adria Group Ltd (289): Trading as Taylors Industrial
Services.
AEGON UK Plc (7): Trading as Aegon; Origen; Scottish
Equitable; ADMS. Figures taken from the UK results
in the AEGON NV annual accounts. Turnover is
calculated as the total gross premiums only.
Ahlstrom Chirnside Ltd (448): Trading as Ahlstrom
Fiber Composites.
Akela Group Ltd (391): Trading as Akela
Construction.
Aker Solutions (57): The figures are a consolidation
of Aker Offshore Partners, MHWirth UK, Frontica
Advantage and Aker Solutions Limited to more truly
reflect Aker’s operations in Scotland. Employees are
permanent only and there are many more contracted
workers.
Alliance Trust Plc (127): Figures are taken from the
revenue account with turnover being income.
Allied Vehicles Ltd (136): Trading as Cab Direct.
AM Phillip Ltd (347): Activities also include sales,
repair and rental of agricultural and groundcare
equipment.
Andron Contract Services Ltd (493): Trading as
Andron Facility Management.
Apache North Sea Ltd (29): Staff were
subcontracted from a sister company.
Avant Homes (112): Trading as Avant Homes.
Previously known as Bett Homes Ltd.
Babcock Int’l Group (Marine Division Scotland)
(39): Figures are a consolidation of Babcock Marine
(Clyde) Ltd and Babcock Marine (Rosyth) Ltd to
more truly reflect Babcock Marine’s operations in
Scotland..
Babcock Mission Critical Services Offshore
Limited (156): Previously known as Bond Offshore
Helicopters Ltd.
BAM FM Ltd (326): Trading as BAM Construct UK.
Employees contracted via the parent company..
Bank of Scotland Plc (4): Turnover is the total
income figure.
Barrhead Travel 2007 Ltd (Group) (206): Previous
listing referred to Barrhead Travel Service Ltd. Whilst
this was the principal trading entity within the firm,
it did not cover the entire Barrhead Travel Group.
Current listing now refers to the parent company,
Barrhead Travel 2007 Ltd (Group).
Baxters Food Group Ltd (262): Previous period 11
months.
Beam Santori Ltd (94): Previously known as
Morrison Bowmore Distillers Ltd.
BenRiach Distillery Co Ltd (294): Trading as as
Glendronach Distillery. period 16 months.
BHC Ltd (229): Trading as Brian Hewitt Construction.
Billy Bowie Special Projects Ltd (466): Trading as
Billy Bowie Tankers.
Blackrock International Ltd (221): Trading as
Blackrock Investments.
Bluewater Scotland (250): To more truly reflect
the group’s operations in Scotland figures are a
consolidation of Bluewater’s four Scottish trading
entities, including Pierce Production Company.
Employees are outsourced.
Border Cars Group Ltd (384): Previously known as
Border Cars Group.
50 INSIDER January 2019
Braemar Investments Ltd (309): Trading as Border
Automotive Company.
Breedon Northern Limited (58): Previously known
as Breedon Aggregates Scotland Ltd.
Bridgend Holdings Ltd (485): Trading as Bridgend
Garage; Bridgend Accident & Repair.
Briggs Commercial Ltd (296): Trading as Briggs
Marine and Environmental Services.
Brodies LLP (122): Profit is before tax, members’
remuneration and profit shares.
Burness Paull LLP (150): Profit is before tax,
members’ remuneration and profit shares.
Caledonian Maritime Assets Ltd (265): Wholly
owned by the Scottish Ministers.
Cameron Group (Perth) Ltd (212): Trading as
Cameron Motors (Sco); Douglas Cameron (Sco); Ian
H Cameron.
CAN (Holdings) Ltd (103): Trading as CAN.
Carron Phoenix/Franke UK Holding Ltd (243):
Trading as Carron Phoenix. Actual company tracked is
parent Franke UK Holding Ltd.
Castle View Ventures Ltd (69): Trading as CUIH,
CVMS, Uin Foods Ltd, Supply Direct Ltd, Sports
Leisure. Other activities include food manufacturing.
Cello Signal Limited (463): Trading as Tangible UK.
Previously known as Tangible UK Ltd.
Chap (Holdings) Ltd (464): Trading as Chap Group.
Activities also include quarrying and kitchen sales.
CHC Scotia Ltd (373): Trading as CHS Helicopter
Services.
Chevron North Sea Ltd (14): Trading as Chevron
Upstream Europe. Employees managed by the
parent company.
Chisholm Hunter Ltd (340): Previously known as
Chisholm Hunter Holdings Ltd.
Cirrus Logic International (UK) Ltd (33): Trading
as Cirrus Logic UK. Previously known as Wolfson
Microelectronics Plc.
City Building (Glasgow) (313): Figures are a
consolidation of City Building (Glasgow) LLP and City
Building (Contracts) LLP to more truly reflect the
company’s activities.
CJ Lang & Son Ltd (211): Trading as Spar Scotland.
Clark Contracts Ltd (251): Trading as Clark
Contracts.
Clyde Travel Ltd (397): Trading as Clyde Travel
Management. Previous period 7 months.
Clydesdale Bank Plc (280): Turnover is the total
operating income.
Coherent Scotland Ltd (216): Present period 11
months.
Compello Staffing Group Ltd (290): Trading as
FPSG; First People Solutions; Engage PSG; myBPOS;
Net Talent. Also trades as TEC Group; The Social Care
Community Partnership.
Craig of Campbeltown Ltd (453): Trading as West
Coast Motors.
Crerar Hotel Group Ltd (490): Trading as Crerar
Hotels; Swallow Hotels.
Crown Worldwide Ltd (483): Trading as Crown
Relocations.
David MacBrayne Ltd (119): Trading as CalMac;
Northlink Ferries.
Day International (UK) Ltd (271): Trading as Flint
Group.
Dentons (Scotland) LLP (196): Trading as Dentons.
Previously known as Maclay Murray & Spens LLP.
Di Maggio’s Group Ltd (253): Present period 11
months.
Digby Brown LLP (287): Profit is before tax,
members’ remuneration and profit share.
Distell International Limited (148): Previously
known as Burn Stewart Distillers Ltd.
Dobbies Garden Centres Ltd (101): Previous period
11 months.
Dover Fueling Solutions UK Limited (223):
Previously known as Tokheim UK Ltd.
Dron & Dickson Ltd (415): Activities also include ex
compliance engineering.
Eclipse Blinds/Turnils (UK) Ltd (416): Actual
company tracked is Turnils (UK) Ltd, trading as
Eclipse Blinds.
ECS Europe Limited (398): Figures are a
consolidation of ECS Europe, ECS Global, ECS Security
and ECS Consultancy to more truly reflect the group’s
operations. Employee figures exclude contractors.
Edrington (20): Trading as The Famous Grouse/
The Macallan/Highland Park/Cutty Sark/. Previously
known as Edrington Group Ltd, The.
Edrington-Beam Suntory UK Distribution Ltd
(99): Previously known as Maxxium UK Limited.
Eland Oil & Gas plc (481): Previously known as Eland
Oil & Gas Limited.
Energetics Design & Build Ltd (488): Trading as
Energetics Multi-Utilities. Previous period 15 months.
Enterprise Foods Ltd (246): Present period 13
months.
EWOS Ltd (73): Previous period 17 months.
FLB Holdings Ltd (404): Previously known as Letts
Filofax/FLB Group Ltd. Actual company tracked is FLB
Group Ltd, trading as Letts Filofax Group.
Forth Holdings Ltd (67): Trading as FES; Forth
Electrical Services.
Gates (UK) Ltd (80): Trading as Gates Power
Transmission. Previous period 11 months.
GE Caledonian Ltd (30): Figures are from Market IQ.
GE Oil & Gas UK Ltd (283): Trading as GE Oil & Gas.
Previously known as Vetco Gray UK Ltd. Present
period 6 months.
GEG (Holdings) Ltd (108): Previously known as
SLLP 5 Ltd.
George Sharkey & Sons Ltd (351): Trading as
Sharkey.
Gleneagles Hotels Ltd (386): Previous period 6
months.
Granfit Holdings Ltd (318): Trading as Grant
Westfield.
Hamilton Ross Holdings Ltd (455): Trading as
Hamilton Bros Engineering Lt; aniel Ross Engineers.
Harper Macleod LLP (292): Profit is before tax,
members’ remuneration and profit shares.
Highland Industrial Supplies Ltd (447): Previously
known as Highland Industrial Services Ltd.
Holland & Sherry/Venlaw Road Ltd (180): Actual
company tracked is parent Venlaw Road Ltd.
Houston (Holdings) Ltd (438): Trading as Paterson
Arran.
IFC Holdings Ltd (433): Trading as Int’l Fish Canners
(Scotland); Nor-Sea Foods.
Insights Group Ltd (226): Trading as Insights
Learning & Development Ltd.
Inver House Distillers Ltd (183): Previous period
9 months.
JC Peacock & Co Ltd (473): Trading as Peacock Salt.
JFD Ltd (123): Previously known as Divex Ltd.
John Clark (Holdings) Ltd (66): Trading as John
Clark Motor Group.
John Davidson (Pipes) Ltd (366): Trading as JDP.
John G Russell (Transport) Ltd (215): Trading as
Russell Group.
John Martin Holdings Ltd (460): Trading as John
Martin Group.
Johnson & Johnson Medical Ltd (41): Overseas
turnover includes sales by divisions in Turkey and
Russia which report through the company but
operate independently.
Johnston Carmichael LLP (197): Profit is before tax,
members’ remuneration and profit shares.
Johnston Press Plc (332): Previous period 11
months.
Johnstons of Elgin/James Johnston &
Co of Elgin Ltd (149): Actual company tracked is
James Johnston & Co of Elgin Ltd.
JR Dalziel Ltd (68): Previously known as JR Dalziel
(Holdings) Ltd.
JW Galloway Ltd (78): Present period 11 months.
Kinly Ltd (427): Trading as Viju. Previously known
as Viju Ltd.
Klondyke Group Ltd (204): Trading as William Strike.
Leidos Innovations UK Ltd (128): Previously known
as Lockheed Martin Business Technology Solutions
Ltd.
LHD Ltd (395): Trading as LHD Marine Supplies.
Life Technologies Ltd (12): Trading as Thermo Fisher
Scientific.
Lightbody of Hamilton Ltd (187): Trading as
Lightbody Cakes. Previous period 13 months.
Lindsay & Gilmour/Raimes Clark & Co Ltd (337):
Actual company tracked is parent Raimes Clark &
Co Ltd.
Lomond Motors Ltd (115): Trading as Glasgow Audi.
Lothian Buses Ltd (87): Previously known as
Lothian Buses Plc.
Lothian Electric Machines Ltd (248): Previous
period 14 months.
M & Co/Mackays Stores Group Ltd (144): Trading
as M & Co. Actual company tracked is Mackays Stores
Group Ltd which trades as M & Co.
Macdonald Hotels Ltd (130): Previous period 11
months.
Macduff Shellfish (Scotland) Ltd (169): Previous
period 15 months.
Maclean Electrical Group Limited (164): Trading
as Maclean Electrical. Previously known as John
Maclean & Son Electrical (Dingwall) Ltd.
Macrae & Dick Ltd (192): Previous period 15 months.
Marine Harvest VAP UK Ltd (116): Previously
known as Morpol (UK) Ltd.
Maxi Caledonian Ltd (259): Trading as Maxi
Haulage; Maxi Construction; Maxi Warehousing;.
McGhee Group Ltd (412): Trading as McGhee Family
Bakers. Previous period 11 months.
McGill & Co Ltd (399): Trading as McGill. Previous
period 18 months.
McGill’s Bus Service Ltd (355): Trading as McGills.
Present period 13 months.
McLaughlin & Harvey Construction (89):
Previously known as Barr Holdings Ltd.
McPherson Ltd (354): Trading as McPherson
(Aberlour).
McTaggart Group Ltd (489): Trading as McTaggart
Construction.
Media Scotland (137): Previously known as Scottish
Daily Record & Sunday Mail Ltd. Present period 11
months. Previous period 13 months. Combined
figures for Scottish Daily Record & Sunday Mail Ltd &
Scottish & Universal Newspapers Ltd.
Miller Homes Limited (23): Previously known as
The Miller Group(UK) Limited.
www.insider.co.uk

Morton Fraser LLP (361): Profit is before members’
remuneration and profit shares.
Munro Healthcare Group Ltd (300): Previously
known as Strathclyde Pharmaceuticals/Newco
Pharma Ltd.
Murgitroyd Group PLC (255): Trading as Murgitroyd
& Co Ltd.
North Star Holdco Limited (133): Trading as Craig
Group. Previously known as Craig Group Ltd.
NWH Group Ltd (336): Trading as NWH
Construction; NWH Recycling; NWH Plant Hire.
Ogilvie Group Ltd (97): Other activities include
vehicle contract hire, telecommunications and IT
security.
Optical Express/DCM (Optical Holdings) Ltd (356):
Actual company tracked is parent DCM (Optical
Holdings) Ltd.
Oracle Scotland Ltd (330): Previously known as Sun
Microsystems Scotland Ltd.
Orion Group/Orion Engineering Services Ltd (82):
Actual company tracked is parent Orion Engineering
Services Ltd.
PD&MS Group (Aberdeen) Ltd (260): Previously
known as PD&MS Energy (Aberdeen) Ltd.
Pertemps (Scotland) Ltd (443): Employee numbers
not disclosed.
Petrofac Scotland (302): The figures used are a
consolidation of the trading entities of Petrofac’s
operations in Scotland, ie. Petrofac Facilities
Management Ltd and Petrofac Training Ltd.
PetroIneos Manufacturing Scotland Ltd (46):
Previously known as Ineos Manufacturing Scotland
Ltd.
Plexus Corp (UK) Ltd (439): Previously known as
Keltec Holdings. Present period 11 months. Previous
period 13 months.
Portakabin (Scotland) Ltd (421): Previously known
as Paton Plant Ltd.
Produce Investments Plc (110): Trading as
Greenvale AP. Present period 13 months.
Quality Food Products (Aberdeen) Ltd (428):
Present period 13 months.
Quiz Clothing/Kast Retail Ltd (233): Actual
company tracked is Kast Retail Ltd.
Repsol Sinopec Resources UK Limited (17):
Previously known as Talisman Sinopec Energy (UK)
Ltd.
RJ McLeod (Contractors) Ltd (74): Previous period
11 months.
Rohr Aero Services Ltd (152): Trading as UTS
Aerospace Systems.
Royal Bank of Scotland Group Plc (3): Turnover is
the total income. Employee numbers are for full time
staff in continuing operations.
Score Group Plc (167): Previous period 11 months.
Scotch Frost of Glasgow Ltd (419): Present period
10 months.
Scotframe Timber Engineering Ltd (381): Trading
as Scot Frame Timber Engineering. Previously known
as Scotframe Ltd.
Scottish Event Campus Limited (426): Previously
known as Scottish Exhibition Centre Ltd.
Scottish Investment Trust Plc (261): Figures are
taken from the revenue account with turnover being
income.
Scottish Midland Co-operative Society Ltd (86):
Trading as Scotmid Co-op.
Scottish Power Ltd (6): Previously known as
Scottish Power plc.
Scottish Professional Football League Ltd, The
www.insider.co.uk
INSIDER TOP500: NOTES
(476): Previously known as Scottish Premier League Trading as William Tracey Group. Exova Group Ltd - Now part of Element Materials
Ltd, The. Wright Health Group Ltd (222): Trading as Wright Technology Group
Scottish Rugby Union Limited (278): Previously Cottrell.
known as Scottish Rugby Union Plc.
Scottish Widows Limited (2): Trading as Scottish
Wyman-Gordon Ltd (117): Present period 12
months. Previous period 8 months.
New additions
Figures not available last year
Widows. Previously known as Scottish Widows Plc.
Aker Solutions (57)
Search Consultancy Ltd (129): Present period 11 Drop outs BenRiach Distillery Co Ltd (294)
months. No figures available at time
Servest Arthur McKay Limited (104): Previously Day International (UK) Ltd (271)
Biomar Ltd
known as Arthur McKay & Co Ltd. Present period 6 Eclipse Blinds/Turnils (UK) Ltd (416)
Energy Assets Group Limited
months. Previous period 17 months. ECS Europe Limited (398)
Flexible Manufacturing Group Ltd
Shepherd & Wedderburn LLP (162): Profit is before Kongsberg Maritime Ltd (444)
tax, members’ remuneration and profit shares. Fugro Subsea Services Ltd
Fugro Survey Ltd Leidos Innovations UK Ltd(128)
Simpac (Holdings) Ltd (482): Trading as James P
Sim & Co; Simpac;. NCR Financial Solutions Group Ltd Macduff Shellfish (Scotland) Ltd (169)
Sky Subscribers Services Ltd (24): Previously Oceaneering International Services Ltd Seafood Ecosse Ltd (291)
tracked consolidation of Sky Subscriber Services and Oil States Industries (UK) Ltd Servest Arthur McKay Limited (104)
Sky In-Home as Sky (Scotland). Oticon Ltd Wilson Imports Ltd (418)
Speymalt Whisky Distributors Ltd (202): Trading Richard Irvin & Sons Ltd Moved up ranking
as Gordon MacPhail. RigNet UK Ltd Agricar Ltd (484)
Standard Life Aberdeen PLC (5): Previously known Scott Group Investments Ltd
as Standard Life PLC. Akela Group Ltd (391)
Spencer Coatings Group Ltd Allma Construction Ltd (498)
Subsea 7 (21): Some employees are outsourced.
Strata International Group Ltd
Tarak Retail Ltd (437): Trading as Quiz. Andron Contract Services Ltd (493)
Total Upstream UK Ltd
TBR Global Chaffeuring (475): Trading as TBR Bridgend Holdings Ltd (485)
Transocean Drilling UK Ltd
Global Ltd. Chap (Holdings) Ltd (464)
TWMA Group Ltd
Teekay Offshore/Golar-Nor (UK) Ltd (459): Chrystal Petroleum Co Ltd (486)
Previously known as Teekay Petrojarl Aberdeen/ United Auctions Ltd
Weatherford UK Ltd Crerar Hotel Group Ltd (490)
Golar-Nor (UK) Ltd. Actual company tracked is Golar-
Nor UK Ltd which trades as Teekay Petrojarl. Wireless Infrastructure Group Ltd Crieff Hydro Limited (451)
Teledyne Ltd (173): Trading as Teledyne Controls. No longer trading DF Concerts Ltd (286)
Terex Equipment Ltd (257): Trading as Terex Trucks. Spark Energy Ltd DOF Subsea UK Ltd (449)
Tesco Bank/Tesco Personal Finance Plc (16): TOM Vehicle Rental Ltd Dunns Food & Drinks Ltd (500)
Actual company tracked is Tesco Personal Finance Outwith Insider Criteria Grassick’s Garage Ltd (369)
plc, trading as Tesco Bank. Turnover is calculated as
A&J Stephen (Holdings) Ltd Hunting Energy Services (UK) Ltd (470)
total income.
Carat Scotland/Dentsu Aegis Edinburgh Limited James Frew Ltd (495)
The Anderson Group Ltd (256): Previously known
Claymore Homes Ltd Kooltech Ltd (387)
as SAH Ltd.
Pat Munro (Alness) Ltd Loch Duart Ltd (277)
Thorntons Law LLP (375): Profit is before tax,
members’ remuneration and profit shares. Polymer Holdings Ltd Mactaggart, Scott & Co Ltd (410)
Tilhill Forestry Ltd (225): Previous period 15 Slipped in rankings MV Commercial Ltd (494)
months. Alex F Noble & Son Ltd
Oki (UK) Ltd (499)
Tillicoultry Quarries Ltd (200): Activities also Alistair Fleming Limited
Quality Food Products (Aberdeen) Ltd (428)
include the manufacture of building products. Andrew Cowie Construction Ltd
Saltire Energy Ltd (328)
Tough Civil Engineering Ltd (357): Trading as Barony Universal Products Plc
Tough Construction Ltd. BUPA Care Homes (Carrick) Ltd Scottish Professional Football League Ltd, The (476)
Trespass/Jacobs & Turner Ltd (175): Actual TBR Global Chaffeuring (475)
Canvas Holidays Ltd
company tracked is parent Jacobs & Turner Ltd. Thomas Sherriff & Co Ltd (462)
Clydeport Operations Ltd
Turner & Co (Glasgow) Ltd (105): W M Donald Ltd (329)
G&A Barnie Group Ltd
Activities also include service of aviation equipment;
Garriock Bros Ltd Zenith Oilfield Technology Ltd (323)
vehicle hire; access equipment manufacture, hire
and sale. GHI Contracts Ltd Previously outwith criteria
United Closures & Plastics Ltd (168): Previous Glenalmond Group Ltd 3B Construction Ltd (472)
period 15 months. Hewlett-Packard Manufacturing Ltd Adam Investment Company Ltd (487)
United Holdings UK Ltd (237): Trading as United IndigoVision Group Plc Alba Power Ltd (312)
Wholesale Grocers; United Polmadie. Jabil Circuit Ltd Bowercross Construction Ltd (477)
Urban & Civic Plc (184): Previously known as Terrace Kirkwood Homes Ltd Cabot Norit (UK) Ltd (424)
Hill Group Plc. Mono Global Group Ltd Cello Signal Limited (463)
Vascutek Ltd (153): Trading as Vascutek, a Terumo Morrisons (Land Rover) Ltd
Company. Chase Search & Selection Ltd (456)
Newsquest (Herald & Times) Ltd
Vroon Offshore UK Ltd (201): Trading as Vroon Compass Building & Construction Services Ltd (480)
Scientific Drilling Controls Ltd
Offshore Services. DR Collin & Son Ltd (263)
Scobie & Junor (Holdings) Ltd
Walker Holdings (Scotland) Ltd (238): Trading as Eland Oil & Gas plc (481)
Shell Shared Service Centre Glasgow Ltd
Walker Group. HFD Group Ltd (85)
Taylor & Fraser Ltd
Walter Davidson & Sons Ltd (285): Trading as Highland Smoked Salmon (Scotland) Ltd (435)
Davidson Chemist. Terasaki Electric Europe Ltd
Usha Martin International Ltd J&D Wilkie (Holding Co) Ltd (445)
WebhelpTSC/Telecom Service Centres Ltd (84):
Trading as Webhelp UK. Actual company tracked is Vaughan Engineering Ltd LHD Ltd (395)
Telecom Service Centres Ltd, trading as Webhelp UK. Westcrowns Ltd Malcolm Allan Housebuilders Ltd (389)
William Tracey Ltd (174): Other Morton Fraser LLP (361)
January 2019 INSIDER 51
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KRZFOLHQWVGREXVLQHVV
'/$3LSHUVSHDNVWKHODQJXDJHRI\RXUEXVLQHVV
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ZZZGODSLSHUFRP

HOW CAN NICK
CLEGG BE THE
RIGHT MAN
TO CLEAN UP
FACEBOOK’S
IMAGE?
W
HEN broadcasting was first
introduced around the world –
radio from the 1920s and television
from the late 1940s – governments
everywhere decided that such a powerful method
of communication needed to be regulated to ensure
that the information disseminated did not cause
harm to society.
Here in the UK, Ofcom exists to protect the public
from harmful or offensive material. It aims to ensure
that reporting is honest, fair and balanced. And all
around the world similar regulators try to ensure
that reporting also remains responsible.
However such supervision of content
dissemination has never applied to online social
media systems such as Facebook and YouTube,
and this has become very significant as Facebook
now has 2.2 billion users globally and YouTube has
1.9 billion; many times more than any broadcaster
anywhere.
Facebook has retaliated in a petty manner –
Zuckerberg has banned its executives from using
L3KRQHVDQGUHSRUWHGO\KLUHGD35ğUPWRVPHDU&RRN
In many social groups and geographies
these platforms have become the major source
of information for a large proportion of their
populations.
In Myanmar for example, Facebook has over 18
million users and for many of them it is the main
or only way of getting and sharing news. It has now
become clear that Facebook was the method used by
the Myanmar military, hiding behind fake identities,
to spread hate against the Rohingya Muslims. As
a result, they were able to conduct their violent
campaigns in which thousands died, and more than
700,000 Rohingya fled to Bangladesh amid reports
of arbitrary killing, rape and burning of villages. The
United Nations explicitly accused Facebook of being
“slow and ineffective” in its response to the spread of
online hatred – at the time Facebook employed only
two Burmese speakers to monitor content.
www.insider.co.uk
IN MY VIEW: IAN RITCHIE
When Mark Zuckerberg quoted his guiding
motto for Facebook ‘move fast and break things’ he
probably wasn’t thinking about causing the genocide
of minority communities in far-off lands, or indeed
the harvesting of massive quantities of personal
information by the likes of Cambridge Analytica.
Facebook has also been accused of allowing
undercover Russian agents to spread ‘false news’ and
propaganda, interfering in elections across Europe
and the US. A recent report in the New York Times
described how Facebook’s then head of security, Alex
Stamos, was suppressed from raising his concerns
about Russian interference by the leadership team
of Zuckerberg and Sheryl Sandberg. Stamos left the
company in March last year.
All this has even led to severe criticisms from
other technology leaders, particularly Tim Cook
of Apple, who has called for tougher regulation of
the way that personal data is used by leading digital
companies. Typically, Facebook has retaliated in a
petty manner – Zuckerberg has banned Facebook
executives from using iPhones and reportedly hired
a PR firm to smear Cook.
Zuckerberg, who has demonstrated repeatedly
that he doesn’t really ‘get’ these issues is supremely
powerful at Facebook, controlling 60 per cent of the
voting shares, which is why they have now hired
former UK Deputy Prime Minister Nick Clegg to try
and clean up their image.
They have proposed to set up a ‘supreme court’ to
supervise the type of content that can be posted on
their platform. With 2.2 billion users, many posting
in their own language, this will be a massive task.
Of course Clegg is famous for his solemn pledge to
scrap university tuition fees in 2010, quickly reversed
when he became deputy PM. You might wonder if
he couldn’t stand up to David Cameron, what chance
has he got with Zuckerberg?
UK students, among others, who voted LibDem in
2010 might wonder whether this is the right man to
restore ‘trust’ in Facebook. ■
Ian Ritchie is a leading businessman who advises start-up
technology companies.
January 2019 INSIDER 53
 3 stills
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businesses with ambition and vision: businesses
like The Borders Distillery (owned by The Three
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ScotlandRBC@shawbrook.co.uk
shawbrook.co.uk/business

GC_BF_WCS_TBDADVERT_201805_V1

SOCIAL MEDIA
STAR LEADS
NEW WAVE
OF SCOTTISH
INFLUENCERS
Kenny Kemp and Taylor Robertson look
at the micro-influencers who are putting
Scotland’s off-beat places and cool local
haunts on the visitor’s map
By KENNY KEMP
L
EAPING into an icy cold
Highland stream to show off
an eco-friendly swimsuit is
an unlikely occupation. Yet
for Rona Macmillan (pictured right)
it is part of her distinctive blog as one
of Scotland’s growing band of social
media influencers. It’s a job that few
careers advisers knew about even a
few years ago and there isn’t much
about it on Scotland’s Curriculum
of Excellence. Yet becoming a ‘social
media influencer’ is a distinctive
career choice that is destined to
grow and inform the way Scottish
businesses evolve.
Firstly, this is not about the
mega-hype influencers such as Kim
Kardashian and her 21-year-old half-
sister Kylie Jenner, whose cosmetic
firm Kylie Cosmetics is worth an
estimated $900m, earned purely from
her social media profile. Nor is this
about Barcelona Football Club’s star
Lionel Messi, who makes £200,000
from an Instagram sponsored post,
Ronaldo who earned even more
with over £306,000 for a post, or
Mohamed Salah of Liverpool who
www.insider.co.uk
REPORT: MEET THE INFLUENCERS
earns just £63,000 for a post. These
fabulous Instagram figures, according
to Ticketgum.com, and collected
from the Influencer Marketing Hub,
are on a mega-scale.
According to the Influencer
Marketing Hub 2017 study,
businesses are making £7.65 on an
average for every £1 spent, so it’s no
surprise that influencer-marketing
platforms have more than doubled
in the last two years. Influencer
marketing is poised to reach between
generally have fewer than 20,000
,QĠXHQFHUVSURYLGHDQHYHUVHHQ followers on social media. Micro-
influencers are seen as ‘normal’
EHIRUHLQVLJKWLQWRZKDWLWLVUHDOO\OLNH people sharing their lives. Celebrities
may have hundreds of thousands
WROLYHZRUNDQGVWXG\KHUH or even millions of followers, but
they aren’t as interactive with
Malcolm Roughead, VisitScotland (below) their audiences and are often less
approachable.
£4bn and £9bn by 2022. This The ‘micro-influencers’ tend to
industry is supported by professional be knowledgeable about their niche,
writers, stylists and editors who can and their followers are more likely
stylise the posts to make them seem to trust their recommendations.
authentic. Micro-influencers are more modest
What we are talking about in range which is much more
here is much, much smaller, with genuine and authentic in helping
independent brands homing in on customers and visitors understand
the power of ‘micro-influencers’, who places and people. Instagram is the
January 2019 INSIDER 55
REPORT: MEET THE INFLUENCERS
favoured network, largely because
of its enormous user base and video
content. But it’s not the only platform.
YouTube, Facebook, Pinterest and
Snapchat are growing.
Rona Macmillan, aged 23, is one
of a group of Scottish-based creatives
who are willing to share their interest
with online followers. One of her
followers is Flo Bird, who is 25 and
works in digital with premium
fashion brand Burberry.
“I’m Scottish and work in our
London head office and I wanted to
escape from the city for a few days
in the autumn. I’d became a follower
of Rona on Instagram and she was
showing pictures of the island of
Tiree I’d never been before and the
beaches and sky looked amazing. My
new husband, Sim, and I decided to
go for a week. It was such a brilliant
break. Rona was our inspiration,’’ says
Bird.
How did Rona became an
‘influencer’?
“I went to art school in Glasgow w
and when I graduated in the
summer of 2017 I was struggling. ng.
I didn’t have a clue what to do
and what kind of job to apply for. or.
I was just applying for everything ng
and I was at a loose end on whatt
to do.
“I thought it was a good idea
documenting what I was up to in n u
the summer months. I did a lot
of outdoors, camping, and goingg
to festivals. So I thought I’d start
writing about it, post it online andnd
see if anyone fancies using it. That at
was it really.’’
Rona’s blogging begin in summer
2017 and it quickly made an impact.
mer
So much so, that some of Scotland’s
best-known outdoor brands
were keen to supply her with free
equipment and kit.
The golden role for influencers is
not to call yourself one: that, it seems,
smacks of arrogance. Does Rona call
herself an influencer then? She is very
self-effacing and laughs.
“Och, I don’t know. It seems a bit
ridiculous. I get all these invitations
to interesting and bizarre things
and they refer to us as ‘influencers’. I
wouldn’t refer myself as an influencer
but I guess maybe I do have some
influence,’’ she concedes.
Rona’s specialism is the great
Scottish outdoors which surrounded
her growing up. She was born and
brought up in Skipness on the Mull of
Kintyre, overlooking the Kilbrannan
56 INSIDER January 2019
Sound, and the Isle of Arran. She
assdf sdfsdfdfdsf gdfg attended Lochgilphead High School,
and has been an advocate for the
fantastic beaches and the surf of
Scotland’s island. At 17, she moved
to college in Glasgow, where she now
lives.
How does it work in terms of
making a living?
“It is a bit of a struggle. It’s hard to
judge whether you do the work for
free or expect payment. Any work
I do will hopefully have a positive
impact and be useful for people
who are watching my Instagram or
reading my blog. They can see places
to go and things to do. However, the
m I do it, the more time it
more
ta
takes. It is a lot of hours.’’
Rona and her boyfriend
C
Callum, who is often called
in to take the photographs,
sp
spend a lot of time looking
fo ideal sites.
for
“You do expect some kind
of payment for what you do.
It
It’s a lot of work if you are
go
going to do a whole photo-
sh
shoot. Then you have to get all
th
the products, write the reviews
aand then post it. It can take
tw
two or more days’ full-time
w
work.
Rona fits it in with her
cr
creative work as an artist and
undertaking freelance work.
“Som
“Some brands are really very good.
It tends to be independent brands
that are really ‘on it’ supporting you,
if you’re supporting them. This is
a bit fairer. I tend to support more
Scottish brands and retailers. It is
I’d became a ffollower
ll off Rona
R on a bit of a juggle though to make a
living,’’ she said.
Instagram and she was showing She has been working with the
pictures of the island of Tiree I’d never
outdoor gear company Tiso, where
she gets products, such as a jacket, in
been before and it looked amazing
exchange for her blogging.
“They are fantastic and obviously,
Flo Bird, Burberry they are Scottish. They are very
helpful and happy to support people
doing what I’m doing. There is a
IN FOCUS: Rona’s ones to watch great brand called Rheign, who
make comfy outdoor leisure wear,
Rona Macmillan’s recommended Instagram accounts.
Number of followers are in brackets. including hoodies and leggings.”
Her outdoor nature involves a
Male strong environmental approach too.
@caldamac – outdoors/sport (13k) Stacey Dooley, the BBC documentary
film-maker who recently made the
@hamishfrost – photography (4.2k)
final of Strictly Come Dancing,
@rossedgley – fitness/sport (352k) investigated the insatiable demand
for cheap clothing in her Fashion’s
Female Dirty Secret programme. This,
@sophiehellyer – outdoors/sport/sustainability (22.7k) says Rona, is having an impact on
consumers making them think more
www.insider.co.uk


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REPORT: MEET THE INFLUENCERS
ethically.
“Cheap fashions are really
damaging the planet. It’s good
to know that people my age are
on board for taking such an
environmental stance.
“More recently, I started to work
with more ethical brands particularly
for swim-wear. I’m seen a lot of the
time jumping into cold water and
swimming in the sea. An ethical
swim-wear company got in touch
and I’ve been surprised how popular
this has been. A lot of people my age
have been interested in getting on
board with this. It is really heartening
to see the impact.’’
For example, Tilia Rose Swim,
is an Oxfordshire based company
using recycled and sustainable
materials where it can and come in
biodegradable, compostable bags.
Their marketing says: “As swimmers,
surfers and just general beach-goers
plastic pollution is something we
witness everyday on our beaches…
by introducing pieces at a lower more
sustainable rate it’s much kinder to
the environment and the people who
make them.’’
Rosa has also been travelling in
Caledonian MacBrayne ferries,
and promoting the outdoor brand
Trespass, and working with Dryrobe,
Anatom Footwear, and Two Bare
Feet.
“It is very tempting to say ‘Yes’
to everything. You have to be
careful about showing what you are
supporting. You can’t write positive
stuff about things you don’t believe in
or are not good products.’’
How important is it to have a
niche?
“It depends on who you are. Most
bloggers or influencers are just
sharing information about what they
like. Some people just do it on a more
general lifestyle level and they’ll share
everything, which is fine. For me,
my life isn’t that exciting, other than
what I do outside. When I started I
was more general, with fashion and
beauty at first, but I realised that this
was very saturated in Glasgow and in
Scotland. There are so many fashion
and beauty bloggers.’’
She said there was no point in her
trying to fit into this market place.
“What was natural for me was
outdoors stuff. This was the best
niche for me.’’
She said there are many talented
photographers and video-makers
covering Scotland from every angle
58 INSIDER January 2019
IN FOCUS: Influencers for 2019
019
Taylor Robertson, a post-graduate
journalism student at University of
Strathclyde, has compiled her list
of Instagram influencers for 2019.
Number of followers are in brackets.
Female
@molliemakes – an online lifestyle magazine for the
craft-making community in the UK (145k)
@ronamcmillan - outdoor, wild swimming and Scottish
travel gems (4.2k)
@fresheather – delicious food posts from around
the globe (113k)
@glasgowfoodgeek – a personal blogger food with
voucher offers (28.7k) followers
@glasgowgingirl – gin enthusiast with photography
background (7.8k) followers
@veganfoodie-gems – vegan food from stuffed
squash to chocolate cake (1.3k)
@naturallystefanie – fitness/vegan blogger and
blueberry muffins (272k)
@berriestagram – Fariba Stoddart’s brilliant views
of Scotland and travel (99.5k)
Male
@iainwhocantsleep – a drawing a day from Glasgow
artist Iain McManus (30.5k)
@scranstagram – hearty food and beverage from Glasgow (4.7k)
@kieranjduncan – adventurer and climber with a
love of whisky (1.9k)
@jamesirvine - Scottish island scenes and sailing (748)
@jefinuist – a Frenchman addicted to the Hebrides
and its animals (8.1k)
from hill-walking and climbing,
however she thinks it is not as busy
as the fashion and beauty industry
blogging.
“I’ve never really thought about
the long-term as a blogger. It was
always just something for me to do
with my time, actually to get me off
social media, which is a bit ironic! I
just enjoy doing it and sharing what’s
good. Maybe in the next year or so,
I might start making proper money,
but it’s not something that’s a major
goal.’’
Does she have time to enjoy the
places she talks about in her social
media?
“It’s a bit of balance. There is
pressure sometimes to get the job
done and not have time to enjoy the
experience you are recommending.
I’ve learned from that. I attended a
music festival wearing a particular
brand and it wasn’t really what I
wanted to do. It was a horrible day
and there was too much pressure. I
learned from that experience.”
Scotland’s tourism agency has been
keen to encourage Rona and her
cohort of micro-influencers, some
now becoming national figures.
“We have been working with social
influencers on our Scotland: Life
project for around 18 months and
have been able to reach thousands
of younger people who would not
have considered Scotland as a cool or
different place to visit for the under
30s,” says Barbara Clark, head of
communications at VisitScotland.
“There are a lot of influencers out
there so you need to ensure that the
influencer fits with your destination
messages. You have to do extensive
research as you need to ensure that
the influencers are right for you and
have the reach and engagement you
need. In our Scotland: Life project we
matched influencers with ‘real people’
to get a sense of the warm Scottish
welcome.”
Malcolm Roughead, VisitScotland
chief executive adds: “Influencers can
help sell Scotland to an entirely new
audience, providing a never-seen-
before insight into what it is really
like to live, work and study here.”
There is certainly plenty to aim
for in terms of influence and hits.
VisitScotland’s film with Team
SuperTramp has been one of its most
successful – two parkour athletes
challenging two street trial bikers in
an epic ride from Edinburgh Castle
to Arthur’s Seat. It has been viewed
more than 2.5 million times. ■
www.insider.co.uk
 COMMENT

Does the Employee Ownership Trust

(“EOT”) fit your succession aspirations?

For more information contact:

Linzi Wilson, CF Director
Consilium Chartered Accountants,
169 West George Street,
Glasgow, G2 2LB

E: linzi.wilson@consiliumca.com
Linzi Wilson T: 0141 204 6650

IT SEEMS like every month to achieve the tax benefits.

we hear of another company
completing an employee
buyout. It’s reported that
there are 100 firms owned
by their employees that are
head quartered in Scotland-
not a significant number
in the business population,
but remarkable in that the
number has doubled in
recent years. Why is this?
The reason might lie in
the fact that this is a tax
efficient way for business
owners to pass their business
on. Legislation introduced
in 2014 means that vendors
who sell a controlling interest
to an EOT can complete the
transaction exempt from
Capital Gains Tax, subject
to certain conditions being
met. These conditions
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company, or holding
However, the EOT can fit
with certain circumstances.
Perhaps the right buyer isn’t
around, or the seller is keen
to protect the employment
of a loyal workforce. They
might not plan to exit the
business immediately and
the EOT option allows them
to phase their retirement
from the company. It’s
worth noting that the seller
will achieve a fair market
value for the company in the
EOT transaction. Evidence
suggests that employee
owned companies are likely
to be successful.
It makes sense, when
employees have a stake in
their business, they are going
to do their utmost to make it
successful.
The EOT option isn’t for
everyone. It is important
to explore all possible







 

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#$OSKD*US2IÀFH 7KH$OSKD*URXS should take this route solely help you make the right one.

www.consiliumca.com
SPONSORED FEATURE: SCOTTISH ENTERPRISE
Scottish companies with ambitions to grow could get the funding
and support they need from Scottish Enterprise
NEED HELP WITH
FUNDING YOUR GROWTH?
SPEAK TO SCOTTISH
ENTERPRISE
F
OR SOME Scottish
companies ambitious to grow
their business, a main barrier
can be a lack of knowledge
about how to raise funding and
where best to seek support. With an
array of private and public sector
sources available, it can be a daunting
prospect for businesses to know who
they should turn to and when.
That’s where Scottish Enterprise,
the country’s national economic
development agency, can help. It can
support businesses with a variety of
flexible funding options including
grants, loans and equity investments
to help these companies achieve their
growth ambitions.
Rhona Allison, a director at
Scottish Enterprise, says she and
her colleagues are there to help
companies navigate that pathway
and help identify the right funding to
60 INSIDER January 2019
deliver their growth ambitions.
She explained: “We’ve got a real
appetite to work with businesses of
any size who have the ambition to
We’ve got a real appetite to work with
businesses of any size who have the
ambition to compete in the global
marketplace Rhona Allison, Scottish Enterprise (below)
compete in the global marketplace,
to be competitive, to increase their
productivity, to be successful and to
show sustainable growth in Scotland.
“Thinking strategically about
funding is really important.
Companies need to think not only
about the funding that is needed in
the short to medium term, but the
investment that is needed over the
longer-term to help them scale and
grow their business.
“If a business has ambition to grow
and is needing help and support to
secure funding, come and talk to us if
you’re not doing so already.
“Our role is to help encourage and
stimulate investment into companies
and to help ensure businesses have
sufficient capital to realise their
growth ambitions. We are committed
to working with companies to help
identify the right funding for their
business at the right time.
“At Scottish Enterprise, we
recognise that companies can
sometimes find it difficult to identify
the right support package to facilitate
their expansion. That’s why we
encourage those with ambitions to
grow to get in touch with us as early
as possible in their planning process.
www.insider.co.uk

Experience tells us the sooner
we’re involved with a company and
understand their plans, the better
positioned we will be to help them
develop those ambitions.”
A broad range of funding
options
Scottish Enterprise can provide
a variety of advice and financial
support to help companies identify
the funding that is right for them.
The agency offers a broad and flexible
range of funding options to support
companies throughout their life
cycle – from start-up, early-stage
businesses through to those that
require additional capital to scale and
grow internationally.
Derek Shaw, head of investment
management at the Scottish
Investment Bank, the investment arm
of Scottish Enterprise, outlined the
range of financial support available
to ambitious companies with the
potential to scale and reach their
ambitions.
“We are keen to support
companies with genuine capacity
to scale up. Equity, loan and grant
funding are all available to Scottish-
based companies with ambitions to
grow, and we can help them find the
right funding to meet their business
needs.”
For example, an R&D grant could
enable a business to research an
innovative new product or service
and, as it is non-dilutive capital, it
can be attractive to companies and
investors alike. Equity funding often

3%

KPC
support.
provides vital capital in the early
stages of a high-growth company
where alternative sources of funding

IJHISJTL

CVU
IJHI traditional routes, we have the ability
are not as appropriate. The Scottish
Investment Bank can potentially
provide equity funding of up to 50
per cent for businesses that have a
To find out more visit www.scottish-enterprise.com/funding-growth to be put in touch
with a team who will assess your business requirements and discuss funding options.
www.insider.co.uk
SPONSORED FEATURE: SCOTTISH ENTERPRISE
We are keen to support companies
cycle. Last year, we invested £43m
with genuine capacity to scale up.
into 147 companies, leveraging
more than £200m of private sector
Equity, loan and grant funding are
investment.”
In addition, the Scottish
all available Derek Shaw, Scottish Investment Bank (below) Investment Bank can now provide
commercial loans to established
viable businesses that are seeking
additional working capital, or
gap in their overall funding package. funding to invest in their facilities
Derek explains: “The Scottish or equipment that they can’t, for
Investment Bank makes commercial a variety of reasons, get from
investments alongside a range of traditional lending sources. The
private sector investors, including terms of the loans are flexible and
high-net worth individuals, venture can be tailored to the specific needs
capitalists and private equity houses, of the company. Scottish Enterprise
at various stages of a company’s life can provide loans of between
£250,000 and £2m, and up to £5m
in exceptional circumstances, to
IN FOCUS: Funding growth-focused companies that have
a viable business plan and a clear
Scottish Enterprise has a broad range of funding available to ability to repay the debt.
suit business needs through start-up, early development and all As Rhona Allison summarises,
stages of growth. Funding options are flexible and include: Scottish Enterprise has a suite of
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creation and capex expenditure. “For viable companies who may
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and can help companies make sense
additional capital to grow your business. of the different options to get the best
funding match.” ■
January 2019 INSIDER 61
 MEETING OF MINDS
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For more information visit www.macdonaldhotels.co.uk/business


in association with
SELF-DRIVING
TECHNOLOGY
IS SET TO
TRANSFORM
SCOTLAND’S
HIGHWAYS
By KEN SYMON
T
HE SCOTLAND of the future
could lead the world in next
generation highway design.
Its motorways and major ‘A’
roads would be fitted with segregated
highway lanes that would host
driverless electric vehicles or hybrids
moving at great speeds in convoys.
The idea behind what would be
called TEV (Track Electric Vehicle)
lanes would be to provide a space in
which to optimise the self-driving
technology that is already being
developed in Tesla vehicles and the
like.
Closed in TEV lanes could be
added as a single lane on existing
motorways providing an inherently
safe environment for driverless cars
to operate in because it would be a
fixed guideway, the speeds would be
steady and the fact that it was closed
in would mean that the lane would
be kept clear of debris, or animals
or people crossing the road and so
would be safe and would be easier to
maintain and keep costs down.
The vehicles would be travelling on
a special kind of surface, an ‘electric
www.insider.co.uk
roadway’, meaning that they would be
charging as they went along.
The TEV project was founded by
Will Jones, founder of Philadelphia
Scientific, an English-based high tech
industrial battery company, and his
daughter Caroline Jones Carrick, who
is based in Prestwick in Ayrshire.
Jones Carrick says: “We’ve looked
at all kinds of ways of implementing
these roads; basically anywhere
Scotland’s not a high density place,
there are a lot of long distance roads.
You have ones going all the way up to
the Highlands which we could imagine
having these lanes
that has highways currently could
implement these special lanes in
place of ones that already exist. So the
rights of way are there, you don’t have
to develop from scratch.”
Scotland would be a very suitable
place to develop a network of TEV
lanes because of the comparatively
Help Scotland best position itself for the future
in a rapidly-evolving global economy.
REPORT: REIMAGINING SCOTLAND
Above: A car large size of its land mass compared
being checked for to its population. She says: “It’s not a
compatibility and high density place, there are a lot of
safety at entry point long distance roads. You have ones
going all the way up to the Highlands
which we could imagine having
these lanes. A network of TEV lanes
could help to transform the country,
contributing both significantly to the
economy and to the environment.
“Basically passengers can relax, be
productive, take their hands off the
wheel and be travelling in a zero
emissions environment.”
The use of self-driving technology
would allow cars to be placed very
closely together travelling in what
they refer to as convoys. Jones
Carrick explains the benefits of the
convoys in her soft American accent:
“Primarily that was to reduce energy
consumption for the vehicle – just
like slipstreaming in motor sport
racing. If you tuck a car in behind
another one, the front car bears the
brunt of the air resistance and then
the ones that follow consume less
energy while they’re moving.
“We’re working on how to optimise
convoys, how many vehicles should
be in each convoy and what the
January 2019 INSIDER 63
REPORT: REIMAGINING SCOTLAND
energy consumption reduction is
as a result. To get 40 per cent less TEV project founder Will Jones with
consumption per vehicle is what we’re daughter Caroline Jones Carrick
targeting.
“But the reason I specifically
mentioned the convoys for places
like Scotland is because when you’re
spacing the cars closely together
you’re also making these roads much
higher capacity. We have worked out
that you can get at least ten times as
many cars on one single lane. Talk
about a difference in land usage –
suddenly you’ve got a motorway that’s
a tenth of the size doing the same job.
“So imagine the M8 between
Edinburgh and Glasgow, which
everyone who takes that road thinks
is a nightmare. If you put TEV lane in
there you’re increasing the capacity of
that road without expanding the road
itself in terms of the land that it uses.
“If you’re building roads from
scratch there’s a huge cost in terms of
either acquiring land, or even if you
have it, in the development involved
in making the roadway through
hillsides. If you’re repurposing a lane
there’s a huge advantage there cost-
wise.” Today the self-driving technology can contract to work along with
academics at Newcastle University
The model that those behind the
TEV Project are working on is that
do the proximity control. So it can very who are carrying out detailed
research and development work on
the TEV lane would be in the outside
lane. The key challenge would then
accurately space how close it is to the the project. The TEV lane work at the
university is being led by Professor
be how you get the vehicles onto the
motorway and into the TEV lane.
vehicle in front Volker Pickert, head of the electrical
power group at the university, who
Jones Carrick says: “The manages a team of 100 researchers. A
engineering challenge becomes on rubber-tyred vehicles they can stop PHD student and an undergraduate
and off ramps and things like that, really quickly. are working full time on the TEV
but this is also what was faced by “So you see two black strips they project.
highways in the 1940s, fifties and are the friction surfaces, they’re not Caroline Jones Carrick says that the
sixties when they were implemented.” like a train track or anything, they’re academics have recently produced
The working idea is for on ramp just the surfaces the tyres move on. two research papers, one of them on
that would go over the inside lanes Beside them is the mechanism for optimising the convoys.
and take the vehicles to join the powering the vehicle’s battery. The research team will go on in the
covered TEV lane. “As long as you are “Because the vehicle has to be next few months to develop a static
in that lane, a human cannot be in spaced quite precisely the computer prototype of the project, which will
control because we’re asking the car has to be in control. On a traditional then be followed by the development
to do such precise stuff that the work road you’ll often see a 12-foot wide of a dynamic one.
has to be done by the computer,” she space because human drivers veer Jones Carrick says that it is too
says. around within a lane. early for the TEV Project to have
“If you look at a schematic of the “Today the self-driving technology done detailed cost modelling. But,
road design there are what we call can do the proximity control. So it she says: “If you had a really simple
friction surfaces under the tyre and can very accurately space how close it stretch of road, best case scenario
they will be optimised for rolling is to the vehicle in front. The next step we had an estimate that came in
resistance so you are not losing any for us will be making sure that there’s at US$1.6m which if you compare
more energy than you need to as the vehicle to vehicle communication that with traditional motorways is
rubber tyres are moving along it, but so that if these vehicle slows this one astonishingly inexpensive. I do like to
you’re not making it so slippery that automatically slows so the convoy’s caveat that though, realistically you
the rubber tyres can’t stop really fast. really efficient.” would be implementing in all sorts
Because that’s the great thing about The TEV Project has a partnership of terrain, curves, things that rack up

JOIN THE Read Fraser of Allander’s Scotland in 2050 report and

CONVERSATION make your voice heard at shepwedd.com/2050 Fraser of Allander
Institute
Scotland in 2050: Realising our
global potential

September 2018

64 INSIDER January 2019 www.insider.co.uk


costs. So that costing is very much best case
scenario.”
Caroline Jones Carrick says that the TEV
project could fit in well with government’s
policy vision for the future. “The big
challenge is electrification of road transport
here and that’s a tough one. Scotland’s being
pretty ambitious about when it wants to
phase out new internal combustion engine
cars – in 2032.
“How are you going to get everyone into
EVs instead, how are you going to make
sure they’re chargeable, how are you going
to make sure the grid can handle the power
required by all those cars charging at any
given time. So TEV is part of the answer to
that.”
While the TRV system envisaged would
have dynamic charging in the road, in
practical terms charging points for cars
would still be needed. “Because you could
be someone who has an electric vehicle who
doesn’t spend enough time on long distance
roads to keep your car regularly charged
so you might still want to have a charging
point at your house.”
So is the future not one where people
would own their own cars but where they
would call up one of a fleet of share publicly
or privately provided driverless cars which
would take you on to a TEV lane on a
motorway if you were wanting to travel a
longer distance?
Jones Carrick says: “Part of what you’re
talking about there depends on how far the
technology goes with self-driving vehicles. I
really think you could have car sharing and
ride sharing like you have with Uber – Uber
is itself trying to bring in self-driving cars so
that they don’t have to have drivers.
“If you move towards that you will
always have people who, if they can afford

JO
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GSPN
UIF

it, will have private cars but if these cars
are driving themselves you might find you
could get in a car there rather than your
car. If the car drives you where you want to
go, you don’t really care whether it’s yours
or not, although you might be subscribing
to a certain level of car like an executive
A close up of track surfaces

FODPVSBHF

www.insider.co.uk
REPORT: REIMAGINING SCOTLAND
transport or saloon or whatever.
“That car gets you where you want to go
and another car will come and get you and
take you back when you want it on demand
with an app, much as Uber works now, but
these cars are electric and they’re driverless.”
But there are some like David Watt, the
executive director of IOD Scotland, who
argue that in reality a car is a bit of a person’s
own personal space and that is something
that they will not want to give up. Jones
Carrick says: “I am sure there are people like
him who feel strongly that way, I can think
of a few.
“The difficulty for me with that is I’m
not one of them, despite the fact that I’ve
got three children and it is convenient to
have all their gubbins in the boot where I’m
going.”
She believes that technology will help to
lead in the direction of more shared cars or
shared rides rather than a household having
its own car or cars in the drive. She says:
“When I hired a car last in the States,
I took my Apple phone, I plugged it into
the Apple interface, and the interface
automatically comes up through the screen
on the dash from my phone. The satnav
is my satnav, I’m used to it. It knows my
regular places. I’m directing it through
voice.
“My music, my Spotify playlist, its all
there. I can play my kids’ lullabies. They’re
sitting in the back and they’re falling asleep
on the drive. In a totally unfamiliar car,
my personal space has been transported
into it. I really think that with technology
we’ll find that more and more, we’ll be able
to customise our environment so quickly
with gadgets that if you want your personal
bubble, it will feel like that, unless there is
someone else in it and you’re car sharing to
save money.” ■
This is the first in a series of articles on
Reimagining Scotland. It will feature
innovative ideas and projects, which might be
some distance from being realised, but which
could transform Scotland.
COMMENT
Paul Hally
Chairman,
Shepherd and Wedderburn
E: paul.hally@
shepwedd.com
W: Shepwedd.com
Reimagining Scotland: Decisions
to serve the nation for years ahead
SCOTLAND’S businesses, industry organisations
and policymakers will need to make “practical
and tough decisions” to build an economy fit for
the future, so found the report we commissioned
from Strathclyde University’s Fraser of Allander
Institute to coincide with Shepherd and
Wedderburn’s 250th anniversary.
Scotland in 2050: Realising Our Global Potential
is a landmark research project to inform a
conversation that will help us identify the
sectoral strengths, strategies and policies that
will best serve our nation in the years ahead. The
insights from this conversation will feed into a
final report that will be published early next year
to help inform the policy decisions made by the
Scottish and UK governments.
The initial report highlights some of the
issues we will need to address, both to deliver
sustainable long-term economic growth and to
continue to fund public services at the current
level under the new Block Grant Adjustment
agreed between Westminster and Holyrood.
The study suggests business leaders and
policymakers will need to address the following
questions to help Scotland best position itself for
the years ahead:
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We look forward to businesses and industry
organisations bringing their unique perspectives
to this important conversation and helping
shape our economic future.
You can download a copy of the initial report
and join the conversation on Scotland’s future at
https://250.shepwedd.com/scotland-2050. We
look forward to hearing your views.
January 2019 INSIDER 65
%86,1(66352),/(

 












How Close Brothers Technology Services is working with companies to

realise their Intellectual Property potential

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 BUSINESS PROFILE

How it works
To help businesses identify the value, Close
Brothers Technology Services has developed a
seven-step software funding product that sees
capital released back into a business at the end
of the process.

Benefits
The benefits are many and multiple, including:
• Valuable release of capital back into your
business to either:
• Invest elsewhere in the business
• Invest in additional development of
your software
• Ownership of Intellectual Property Rights (IPR)
stays under the control of the business
• Ability to flex the amount lent against the IPR
• No need for you to release equity in your
business to raise capital try-leading solution.

Client focus
CPG Logistics
CPG Logistics is a long-established privately-
owned company that has provided logistics
services since 1978. Today, the company is
recognised as one of the UK’s leading solution
providers for specialist logistics services and supply
chain management.
Challenge
The company has developed Medisa, a standalone
online system for the healthcare industry and
were keen to further invest in its development.
CPG’s management team wanted to finance the
software intellectual property for Medisa following
previous success with a different product,
Pharmisa.
Solution
After meeting Close Brothers Technology Services,
the team at CPG agreed a £400,000 60-month
Software Intellectual Property Rights secured
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software catalogue and to further develop
enhancements, increasing functionality and
the ability to service new products, including
veterinary pharmaceuticals.
Results
Close Brothers Technology Services’ Software
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Richard Lord, Managing Director – CPG Logistics

To find out more about Close Brothers Technology Services contact:

John Davis, Relationship Director, Scotland
T: +44 7714 755548
E: john.davis@closebrothers.com
W: www.closebrotherstechnology.co.uk
MARKET COMMENTARY
IS 2019 A
SCALING-
UP TIME
FOR SMES?
SMEs are the backbone of business in Scotland.
As of March 2018, there were some 343,535
SMEs in operation, providing an estimated 1.2
million jobs. Policies that support and sustain
their growth will always be welcomed, but it’s
not just policies that count, but also the need for
SME owners to think about their talent pipeline
and the people who work for them.
Our new report ‘Scale-up success: What do SMEs
need to supercharge their growth’ examines how
more SMEs could secure wider success by adopting
some of the practices of businesses with higher
growth ambitions. We also explore the potential for
a larger proportion of the global SME population to
achieve increased productivity gains, turnover and
job generation
It’s about people and strategy
To scale-up successfully, SMEs need to produce
a growth strategy from the beginning of their
business journey. Harnessing the power of external
advice and networks is also important for building
an organisation’s long-term growth potential.
However, the most important ingredient for
scaling up is the adoption of a growth culture at
all levels of the organisation. There are a number
of activities which SMEs can do to increase
productivity, including access to funding, talent
management and research and development (R&D)
innovation.
We’ve also identified a number of barriers to
growth in our new research, which shows that
high-growth SMEs were often more resilient when
it came to overcoming obstacles towards scale-up.
For more information contact: Craig Vickery, FCCA CA Head of ACCA Scotland
ACCA, 110 Queen Street, Glasgow G1 3BX
E: craig.vickery@accaglobal.com T: +44 (0)141 534 4072 www.accaglobal.com
But similar challenges arise for SMEs, regardless of
where they are in the world.
1) Domestic market conditions – This included
factors such as customer demand, the cost
of doing business and the availability of
infrastructure such as office space, broadband
connectivity and R&D support
2) Recruitment and skills – High-growth SMEs
want to develop their teams as they expand and
that means identifying talent with the relevant
skills locally and quickly
3) Global trade environment – SMEs with high
growth ambitions often tend to have an
international outlook from the outset of their
business journeys
4) Access to funding – High-growth SMEs require
specific funding options to continue scaling and
that means having both awareness and access
to a wide range of organisations that can provide
this resource is crucial
5) Regulatory compliance – Like all businesses,
high-growth SMEs complained that regulatory
compliance caused a range of negative impacts,
including increasing the cost of doing business
and slowing the recruitment of new staff
Recommendations for scale-up
Growth can come at any stage of an SME’s lifecycle,
but it needs business leaders to think strategically
about the steps they can take to enable it.
The following points will often need to be revisited
on a regular basis, particularly as the organisation
begins to develop.
1) Leadership must define a growth culture
– When staff share and are committed to an
organisation’s vision and strategy, they are more
likely to see its future as their own.
2) Establish a governance framework to help
build resilience – Growth prospects can be
supported if SMEs build a governance structure
from the outset of their business journey.
3) Develop management team alongside
business growth – It’s important to establish
a management team that encompasses the
broader skills and experience required to help
expand the organisation.
4) Integrate finance into growth strategy – It is
vital that the finance function of SMEs seeks to
understand the organisation’s wider goals and to
add value to these activities.
5) Adopt new technologies and use the right
data – Integrating scalable technology adoption
into a growth strategy can make a significant
contribution to increasing businesses’ growth
potential.
6) Use external advice to develop what you
have – SMEs can help improve their resilience by
developing relationships with relevant sources of
external advice.
7) Build an external funding network – Through
building the right network, businesses looking
to scale-up may find external funding more
accessible.
We hope this advice will give Scotland’s SMEs a
timely reminder of how scaling-up can be done.
We wish them all the best for 2019!

LITTLE SIGN OF DEALS SLOWING
DESPITE SCALE OF UNCERTAINTY
By PERRY GOURLEY
I
t may seem counter-intuitive
given the scale of uncertainty
presented by the political
backdrop, but Scottish deals
advisors report little sign of a
slowdown in activity as they head
into 2019.
The headline transaction numbers
for the third quarter of 2018
recorded a sizeable fall, but many of
the most active advisors say levels
and the quality of activity ‘on the
ground’ are holding up well and
their pipeline for the coming year
is strong. High profile transactions
including the flotation of Edinburgh
fintech Nucleus, the sale of Aberdeen
engineering group EnerMech and
a clutch of deals pointing to greater
activity in the North Sea are helping
underpin confidence despite political
concerns.
Mark Ellis, corporate finance
partner at Burness Paull, which
was the third quarter’s most active
lawyers in terms of deal numbers,
admits that on the face of it the lack
www.insider.co.uk
of a slowdown for his team in the face
of Brexit concerns “doesn’t make a lot
of sense”.
But he pointed to the fact that a lot
of the deals he was currently involved
in had some level of private equity
involvement.
“These funds have raised money
This pipeline of activity augurs well
for deal-making in Scotland, as
businesses and entrepreneurs are
clearly looking beyond Brexit, and
focusing on opportunities
Graham Cunning, Campbell Dallas (below)
to spend and the nature of their
businesses is that they just don’t stop
doing deals,” he says.
Overall deal numbers worked
on by Scottish dealmakers for the
first nine months of the year fell
to 532 from 746 although Stephen
Trombala, corporate finance partner
Q3 DEALS: ROUND-UP
Above: The at Shepherd and Wedderburn,
says transaction numbers are often
65-strong
Whitespace team volatile and don’t necessarily reflect
has become part underlying activity.
of Dentsu Aegis
He says his team is seeing activity
Network’s northern
operations
levels around 20 per cent higher than
this time last year and believes the
overseas element in many Scottish
deals currently was a factor.
“There remains a lot of overseas
appetite for Scottish firms,
particularly among US buyers. These
businesses are used to transacting
all over the world so what happens
over Brexit and the terms on which
we leave and so on is to a large extent
just a bit of noise in the background
for them,” he argues.
Although favourable exchange
rates undoubtedly continue to be a
factor in making UK firms attractive
to overseas buyers, Trombala points
out that a number of recent deals had
been dollar denominated.
Donald Munro, head of corporate
at Harper Macleod, says for many
of his clients it has been “business as
usual” while the politics runs their
course.
January 2019 INSIDER 69
 8

Number of Deals
6

Q3 DEALS: ROUND-UP 2

0
Sco Non Sco O/seas Total

“That’s because in all honesty, Brexit has

Optoscribe, supplier of glass based
not had a tangible effect on many of our acquisitions/sales
Acquisitions/Sales
photonics components, has closed an MBO/Is
clients at this stage – there are still so many investment round of £2.8m 330
2018
ifs and buts involved that many companies 2017
15
have had to simply get on with business 264 2018
2017
and be in the best shape they can be.” 12

of Deals of Deals
198
Munro says his pipeline up to and

Number Number
beyond the Brexit date of 29 March is 9
132
“very strong”.
6
“This isn’t to downplay concerns about 66

the effects of whatever transpires, but it’s 3

0
simply the truth on the ground.” Non Sco O/seas Total

Ally Scott, EY’s head of transaction 0

Sco Non Sco O/seas Total
advisory services in Scotland, says global new issues/jvs
M&A activity is on track for a record year
150startups
of activity globally and that the UK and 2018 Start-ups
Scotland was benefiting from the wider MBO/Is 2017
10
120 reconstructions
2018
uplift. 2017

“Despite the uncertainties around 15 8

of Deals of Deals
2018 15
90
2018
the domestic economy and Brexit the 2017
2017

Deals Number
12 6
continued trade flow and investment into 12
60

Number ofNumber
the UK demonstrates confidence in the
Number of Deals

9 4
9
30
market,” he says.
Scottish deal highlights of the third 6 2
60
quarter included the AIM flotation of Sco Non Sco O/seas Total
3
Nucleus Financial in a listing which 0
3 Sco Non Sco O/seas Total

highlighted the potential of Scotland’s 0

burgeoning fintech sector.
Sco Non Sco O/seas Total 0
flotations
acquisitions/sales
Sco Non Sco O/seas Total

Shepherd and Wedderburn’s Trombala, 3305

who was the lead legal advisor to Nucleus, startups
In recent months we have specialist banking
2018
2018
Specialist
2017
2017 banking
said the flotation had come on the back of 10 2644
220

seen a significant uptake

2018
the firm’s “exceptional growth” since it was 2018
2017
2017
Number of Deals
Number of Deals

founded 12 years ago. 8

1983
176

But Trombala admits the wider

in service sector M&A
Number of Deals

1322
Number of Deals

132
landscape for stock market listings is “not 6
exactly in rude health in Scotland”.
“You are finding overseas capital is
4 transactions led by the 1
6688

coming in and acquiring these businesses 2

before they get to the level of maturity that
private equity community 0
044
Sco NonSco
Non Sco O/seas
O/seas Total
Total

Callum Gray, Anderson Anderson & Brown (above)

they start looking at listing,” he says. 0
Sco Non Sco O/seas Total
0
Sco Non Sco O/seas Total

The recent completion of CYBG’s new issues/jvs

acquisition of Virgin Money and two existing projects has resulted in upstream
acquisitions/sales 150

other significant deals announced shortly E&P deal activity leading the way. ppps
2018
2017
330
after the end of the third quarter have He highlighted Total closing out
2018
120
20
2017
pointed to increased M&A activity in the 264 its acquisition of Maersk Oil and BP’s 2018

532
Number of Deals

90 2017
wider financial services sector. exchange of non-core North Sea and 16

FNZ, the global financial technology 198 Alaskan assets with ConocoPhillips.
Number of Deals

60
Number of Deals

firm with its UK headquarters in “In recent months we have also seen 12

Edinburgh, was sold by investment groups 132 a significant uptake in service sector Overall deal numbers worked
30
8
HIG Capital and General Atlantic in a M&A transactions led by the private on by Scottish dealmakers for
66 0
deal which valued the business at £1.65bn. equity community,” he adds, citing US the4 first
Sco nine months
Non Sco O/seas of 2018
Total

Caisse and Generation Investment 0 based Carlyle Group acquiring Aberdeen

Non Sco O/seas Total
Management acquired the business in headquartered mechanical and electrical 0
Sco Non Sco O/seas Total
what was the largest fintech transaction services group Enermech for £450m to
MBO/Is flotations
announced this year. new issues/jvs
facilitate an exit for Lime Rock Partners. reconstructions
A £40m deal is also seeing Dundee- 150
15
Burness Paull’s Ellis says that although
5
Reconstructions
2018
2017
based savings and pension provider there
2017 were few signs of financial investors
2018
2018
2017
15
4 2018

Alliance Trust Savings (ATS) taken over 12 coming back into the oil and gas services
2017
120
12
by online investment platform Interactive market, “there is definitely more corporate
of Deals

3
Deals

of Deals
of Deals

Investor. 90
9
to corporate M&A activity”.
Number

9
Number of

The oil and gas sector has also seen a “With the improvement in the oil price 2
Number
Number

60
6
strengthening of activity, despite volatility firms have more confidence over cash flow 6
1
all deals
in oil prices in recent months. 3 and want to do deals or feel they have got
30
3
140
Callum Gray, corporate finance director through the last couple of years and that 0 2018 Average: 59 Total: 532
Sco Non Sco O/seas Total
at Anderson Anderson & Brown (AAB), 00 now Scois a good Scotime to sell.”Total
2017 Average: 83 Total: 746
Sco NonSco
Non O/seas
O/seas Total 0
112 Sco Non Sco O/seas Total
says significant investment into new and The third quarter saw another raft
70 INSIDER January 2019 84 www.insider.co.uk
startups specialist banking
flotations 220
56
10 2018
2018
5 2017
2017
 Q3 DEALS: ROUND-UP
of Scottish firms fall into overseas Cassidy, acquire the business from
hands through deals including one AIM-listed Minoan supported by
in which UAE-based offshore firm private equity funders Zachary Asset
Unique Group acquired Aberdeen- Holdings.
headquartered load-testing In a related deal backed by HSBC,
equipment provider Water Weights. the team acquired English-based
The technology sector is Canterbury Travel, a specialist
continuing to attract overseas provider of Lapland holidays which
buyers, evidenced by the purchase of will be integrated into the group
Scottish IT cyber security company under the banner of newly created
ZoneFox by US giant Fortinet. Brooklyn Travel Holdings.
Edinburgh-based ZoneFox, which The quarter saw a continuing trend
had been backed by Archangels of employee buyouts with Falkirk-
and the Scottish Investment Bank, based Palimpsest Book Production
had originally been spun out of becoming the latest Scottish business
Edinburgh Napier University in 2009. to transition to the ownership model
On the domestic front, the period reconstructions with 21 staff given a stake in the
also saw a number of UK firms business.
15
buying Scottish businesses including 2018
2017
The business was founded in
media group Dentsu Aegis Network 12 1994 by Craig and Ruth Morrison
acquiring Edinburgh-based creative who had been looking at succession
Number of Deals

agency, Whitespace. 9 planning for some time.

The deal has seen the 65-strong “We were immediately attracted to
team Whitespace, which was 6
the idea of transitioning to employee
founded in 1997, become part of 3
ownership because it would enable
Dentsu Aegis Network’s northern us to realise part of our investment
Non Sco operations.
O/seas Total 0
Sco Non Sco O/seas Total
while continuing to work in the
Waste management group Enva business until we are ready to retire,”
also acquired Blantyre-based GP says Craig Morrison.
s specialist banking
Palimpsest Book Production, co-founded by Craig Morrison
Green Recycling in a deal advised on (pictured), has given 21 staff a stake in the business
The deal was supported by Co-
220
by Campbell Dallas. 2018 operative Development Scotland
2017
A number of Scottish firms also (CDS), with the process managed by
We were immediately attracted to
176
hit the acquisition trail during the consultancy Ownership Associates
quarter including Selkirk-based and legal services provided by
Number of Deals

132

biotech firm Ryboquin, backed by

funders including Sir Brian Souter,
the idea of transitioning to employee
88
Lindsays.
The quarter also saw a number
which bought its English partner.
Ryboquin raised £4.45m in its
ownership because it would enable us
44
of sizeable funding deals including
the largest ever Series A funding
Non Sco
third funding round from new and
existing
O/seas
shareholders
Total
to acquire West
to realise part of our investment
0
Sco Non Sco O/seas Total
round to be secured by a digital tech
company in Scotland.
Craig Morrison, Palimpsest Book Production
Sussex-based Nanogenic Solutions. Edinburgh-based Care Sourcer,
tions/salesRecently launched engineering ppps a care comparison and matching
group Texo Group acquired fellow PPPs website, raised £8.5m in the funding
Aberdeen-based Orca Subsea in a 20
2018
round from two investors, Legal &
deal which has seen it form a new 2017 General Retirement Retail and ADV.
16
marine-focused business. Elsewhere in the technology
Edinburgh private equity investor sector Optoscribe, a supplier of
Number of Deals

12
Inverleith – which specialises in glass based photonics components,
consumer brands – had a busy 8 closed an investment round of £2.8m
quarter, acquiring a controlling stake led by angel investment syndicate,
4
in Devon-based Good Hemp, which Archangels, and supported by its
Non Sco manufactures
O/seas Total products from hemp 0
other existing investors, Par Equity,
seed and buying Planet Organic, Sco Non Sco O/seas Total
Scottish Investment Bank and the
sues/jvsthe London health and well-being MBO/Is
Optoscribe management team.
supermarket and online retailer, in a According to figures compiled by
MBO/MBI reconstructions
deal worth around £15m. KPMG, Scottish companies raised a
After the period end Inverleith also 15
2018 total of £42m in the third quarter of
15
2018
bought a majority stake in luxury 2017
2018, 2017more than double the amount
12
chocolate brand Montezuma’s from raised in the previous quarter.
12

husband and wife founders Helen JamesKergon, head of deal

Number of Deals

Number of Deals

9
9
and Simon Pattinson advisory for KPMG in Scotland,
all deals
Buyouts during the quarter 6 says:
6 “Start-ups fared particularly
included a deal which saw the senior 140 well, with early-stage financings
2018 Average: 59 Total: 532
management team of Glasgow- 3
2017 Average: 83 Total: 746 accounting
3 for £16m. This is
Non Sco O/seas Total
based Stewart Travel led by Duncan 112
0
particularly encouraging for Scotland
Wilson, Rick Green and Brian Sco Non Sco O/seas Total
as
0
weScoprepare to leave
Non Sco the EU,
O/seas Totaland
84
www.insider.co.uk January 2019 INSIDER 71
ns 56 startups specialist banking
10 220
2018
28 2018
2017
EVENTS: DEALS AND DEALMAKER AWARDS 2019
Entries invited to recognise
the best of deals in Scotland
S
cottish Business
Insider’s Deals and
Dealmakers Awards
aim to celebrate the best
transactions completed in Scotland
and the individuals and teams that
deliver them.
In the 22nd year of the Deals
and Dealmakers Awards we
are refreshing the way that we
do the awards in order to make
them more representative of the
dealmaking community and to
better capture the transactions
activity.
In order to do this we
are extending the way that
nominations can be submitted
for the awards. Anyone in the
dealmaking community can
nominate a deal of merit even if it
is not one that they or their firm or
company were involved in. They
will be able to do this through an
easy-to-complete form.
This is in addition to the
existing process where people can
nominate and outline deals they
were involved in. In this, as with
all our awards we want to have a
robust judging process, which is
why the awards are judged by an
independent panel of judges.
This year the nominations will
be shortlisted and finalists will
attend an interview day with the
judges to go into the detail of the
deal and its credentials.
We have also decided to refresh
the categories in order to better
capture modern day dealmaking
and to celebrate the work of wider
72 INSIDER January 2019
functions within the dealmaking
community. The awards categories
for this year are as follows:
Acquisitive Company
of the Year
Recognises the Scottish-
headquartered company which
delivered the most ambitious,
innovative acquisition or
acquisition strategy in 2018/19.
Sale of the Year
For the Scottish-headquartered
company which carried out the
most successful and impressive sale
or sales in 2018/19.
Transformational Deal
of the Year
Recognises the deal of any type
which transforms the fortunes of a
Scottish-headquartered business.
SME Transformational
Deal of the Year
For a Scottish-based company with
an annual turnover of less than
£20m that has been involved in a
transformational deal.
Corporate Finance Team
Celebrates the team that made
the greatest contribution to a deal
or deals in the year. It may be a
lead advisory, financial diligence
or tax team; or a team providing
specialist diligence, market insight
or advice to bring an edge to deal
We have decided to refresh the
categories in order to better
capture modern day dealmaking
making in Scotland.
Funder of the Year
Recognises the role of the
funding community in making
deals happen. The funder may
have provided debt, equity or an
alternative source of finance and
supported the management teams
of Scottish-based companies to
Above: Fred MacAulay add value and take the business to
hosted last year’s
another level.
successful awards
Emerging Dealmaker
of the Year
This award will recognise an
emerging star of the dealmaking
community who has played a
key role in making a deal or deals
happen. The individual may
have identified the opportunity
or played a key role during
negotiations.
Legal Advisor of the Year
Recognises the skills of legal
advisors involved in deals. The
judges will be looking at a range
of factors. Individual lawyers or
teams at individual firms can be
nominated for this award.
Early Stage Deal of the Year
Recognises the quality of the
investment capital, the level and
quality of the syndication of the
investment, the scale of the market
opportunity for the company and
the potential return for investors,
and the role of the management
team and its advisors in realising
the deal.
Deal of the Year
The judging panel will select the
best deal chosen from the category
winners. ■
www.insider.co.uk
 Q3 DEALS: ANALYSIS
while investors will be keeping a close eye
on negotiations in the coming months,
shows confidence in Scotland’s economy
and its ability to remain at the forefront of Top
technological developments.”
As they look ahead to how the deals
market may unfold in 2019, advisors are
cautiously optimistic.
Performers
among Scotland’s Investors/Advisors January 2018 to September 2018
AAB’s Callum Gray says the finer
details of Brexit regarding the movement MBO/Is Investors No. of deals Value Holmes McKillop 2 N/D
of people and trade, together with the Scottish Enterprise* 50 >£411.28m Ennovareconstructions
Law 2 N/D
administrative and reporting burdens, 15 Par Equity 14 >£19.95m All others were non-Scottish or participated in one deal only.
will be particular issues for the oil and gas 2017 2018
Archangel Investors Ltd 8 >£17.05m
15
2018

sector.
2017
12 Maven Capital Partners 7 >£13.64m ACCOUNTANTs
12 No. of deals Value
“However, despite the uncertainties, Kelvin Capital 6 >£4.53m
Anderson Anderson & Brown 28 >£11m
Number of Deals

Number of Deals
there is a growing consensus that 2019 9 Old College Capital 6 >£3.95m
Johnston 9 Carmichael 14 >£87.55m
will see a growth in transactions as E&P University of Strathclyde** 5 >£6.25m
Consilium 13 >£24.39m
6
company investment flows down the Equity Gap 5 >£2.12m
BDO
6
12 >£5.6m
supply chain suggesting that the oil and 3 Bank of Scotland 4 >£80m
DC Consulting 12 >£4.63m
Gabriel Investment Syndicate 3 >£3.05m 3
gas sector is perhaps better placed than Campbell Dallas 9 N/D
EOS Syndicate Management Ltd 3 >£1.98m
most,” he says. 0
Sco Non Sco O/seas Total RSM 0 7 >£164.5m
Lonsdale Capital Partners 3 N/D Sco Non Sco O/seas Total
Graham Cunning of Campbell Dallas Mazars 7 >£4.64m
Royal Bank of Scotland 2 >£108m
says the business owners he is working KPMG 6 >£89.5m
with on planning for growth, succession, startups Hub Community Foundation PwC specialist banking5 >£396m
Scottish Futures Trust Investments 2 >£91m
2 >£91m
or a sale or MBO in a couple of years 10 Robertson
220 Craig & Co 5 >£114.5m
2018 Barwell Plc 2 >£1.3m 2018

provides cause for optimism. 2017 French Duncan 2017 5 >£50.25m

“This pipeline of activity augurs
well for deal-making in Scotland, as
Epidarex 2 >£1.11m
Craig176 Corporate 4 >£120.13m
8
Mercia Technologies 2 >£1.1m
Chiene & Tait 4 >£2.2m
Number of Deals
Velotek (IP) Limited 2 N/D
Number of Deals

132
6 Robb Ferguson 4 N/D
businesses and entrepreneurs are clearly EV Private Equity 2 N/D
Henderson Loggie 4 N/D
looking beyond Brexit, and focusing on 4 HSBC (Scotland) 2 N/D
EY
88
3 >£197m
opportunities rather than the uncertainty,” *incl Scottish Investment Bank 20@ >£24.66m **incl Strathclyde Hall Morrice 3 N/D
Entrepreneur’ s Fund 2 @ N/D. All others were non-Scottish or participated in 44
he says. 2
Deloitte 3 N/D
one deal only.
Graeme Bruce at CMS says although Scott-Moncrieff
0 2 N/D
0 Sco Non Sco O/seas Total
the M&A market remains buoyant Sco Non Sco
Lawyers
O/seas Total
No. of deals Value Grant Thornton 2 N/D
“whether we are witnessing the storm All others were non-Scottish or participated in one deal only.
Burness Paull 111 >£5.58bn
before the Brexit calm remains to be seen”. acquisitions/sales ppps
Brodies 95 >£976.16m
Bruce says that anecdotally, concern 330 Sector Breakdown No. of deals
Shepherd & Wedderburn 80 >£13.22bn
remains around the impact of Brexit, with
2018
20
2017
Pinsent Masons 50 >£30.39bn Banking & Finance 2018
62
those sectors which are primarily directly264 CMS 45 >£58.18bn Construction 2017 10
affected reviewing corporate actions and Harper Macleod 40 >£572m
16
Distribution & Wholesale 9
Number of Deals

future M&A activity as a consequence. 198 Macdonald Henderson 38 >£58.65m Drinks12(+soft) 12

Number of Deals

“Those sectors which are less directly 132
affected also remain cautious, but more
from a macroeconomic perspective,” he 66
argues.
While Brexit will undoubtedly take
centre stage in the months ahead EY’s
Ally Scott argues that technology will
increasingly be a key driver of corporate
activity beyond. 150
“Digital transformation is one of the
120
biggest influences on decisions around
capital strategy and operating models. 90
Dentons (Scotland) 27 >£513.52m Electronics 26
MBM Commercial 21 >£31.87m Engineering 8 18
MacRoberts 17 >£2.43m Food & Farming 19
Lindsays 15 >£3m Hotels 4& Leisure 58
0
NonBlackadders
Sco O/seas Total 15 >£0.32m Industrial & Manufacturing 68
0
Addleshaw Goddard 14 >£95.04m Marketing & Media
Sco Non Sco 18
O/seas Total
Motor 8
Thorntons 12 >£7.64m
new issues/jvs
Bellwether Green 12 >£0.5m Offshore 29
Morton Fraser 10 >£6.95m Property Dev & Investment 45
2018 Retail 18
Stronachs 10 N/D
2017
Services* 172
Wright Johnston Mackenzie 9 >£1.76m
Textiles 1
DWF 7 >£160m
Transport 5
Number of Deals

Ledingham Chalmers 7 N/D

Company leaders are recognising that Morisons 6 >£2.8m *Note: Services includes - Utilities 35, Healthcare 45. Some deals fall into more
if they don’t have the time or capital to 60 Vialex 6 N/D than one sector
adapt a business to the new digital age, all deals
Rooney Nimmo 5 >£7.4m ALL DEALS
then they should dispose of assets to 30
Kergan Stewart 4 >£1.07m 140
release management capacity and funds 0 Anderson Strathern 3 >£1.7m
2018 Average: 59 Total: 532
2017 Average: 83 Total: 746
to invest elsewhere. Sco Non Sco O/seas
Blackwood Partners
Total
2 >£15m 112

“More and more companies are Shoosmiths 2 >£3m

becoming aware that they cannot play it BTO 2 >£2.3m 84

safe if they want to keep pace with change. flotationsWatters Steven 2 N/D
56
“It means taking on deals with less 5
Black Hay 2 N/D
certainty. But there aren’t many bigger 2018 Aberdein Considine 2 N/D 28
2017
threats to companies right now than the 4 Dallas McMillan 2 N/D
Davidson Chalmers 2 N/D
risk of being left behind,” warns Scott. ■ 0
J F M A M J J A S
Number of Deals

3
www.insider.co.uk January 2019 INSIDER 73

2
Q3 DEALS: TABLES

Q3 Deals Tables
Note: The advisors column should be read as being the parties to the deal (abbreviated) followed by the advisor who acted for that party. Common abbreviations used are
as follows: DI = Deal Initiator; V = Vendor; P = Purchaser; I = Investor; Co = Company. Initials or shortened names are used to define other parties to the deal, the full name
being in the column detailing the deal. Please note, transactions previously had to be valued at £0.5m or more to be included in the tables. We no longer have this criteria;
deals with an undisclosed value are now shown as N/D and advisors involved in these deals have a zero value attributed in our analysis.

Principal & Location Details of Deals Deal Value Deal initiators and advisors involved Date

Selected Scottish deals

Alfacyte Limited Further investment in this biotechnology research £190k SE: Shepherd & Wedderburn 7.18
Motherwell company by EOS Technology Investment Syndicate
and Scottish Enterprise.

AMS Group Holdings Acquisition by this special metals supplier of Barrett N/D Cash P: Burness Paull 7.18
Limited Steel Limited.
Glasgow
Aranta Developments Acquisition of shares in Marinch Limited, owner of the N/D V: Brodies 9.18
Ltd Banner's House Hotel business. P: Morton Fraser
Edinburgh
Asset Alliance Ltd Purchase by this commercial vehicle finance company N/D Debt Funding DI: Asset Alliance 7.18
Strathaven of the business and assets of Hanbury Riverside P: Dentons (Scotland)
Limited, funded by Aldermore Bank. V: Prettys
AB: Addleshaw Goddard

Asura Financial Further investment in this fintech company by ESM £125k Cash Co: Harper Macleod 8.18
Technologies Limited Investments.
Glasgow
Auld Holdings Limited Acquisition of the assets of this baker’s retail N/D Cash V: Lindsays 9.18
Greenock operations from administrators RSM. P: Harper Macleod

Barnafield Partnership Joint venture established between Annette Blance N/D DI: Annette Blance 9.18
Shetland and James Nicolson for the operation of four tenanted AB: Harper Macleod/A M Saunders
crofts.

Best Western Station Acquisition of business and assets of this hotel by N/D P: Brodies/Edwards Veeder 8.18
Hotel joint venture partnership Seascare Compass (C&D) V: McJerrow and Stevenson/Morton Fraser
Dumfries Limited.

Blockstar Investment in this b2b blockchain software company £1.335m Equity Co: MBM Commercial 9.18
Developments Limited by a number of private individuals.
Edinburgh
Braemar Mountain Restructuring of this sports goods retailer involving N/D Cash Co: Dentons (Scotland)/Anderson Anderson & 7.18
Sports Ltd the acquisition of the company's own shares to Brown
Braemar facilitate shareholder buyout.

Bridge Motor Factors Sale by this aftermarket vehicle components supplier N/D Cash V: Macdonald Henderson 8.18
Ltd of the entire issued share capital of WD Factors Ltd to P: Shakespeare Martineau
Alloa Alliance Automotive UK Limited.

Bruce Stevenson Ltd Purchase by this insurance firm of A Youngson (Turriff) N/D Cash P: Lindsays 7.18
Edinburgh Limited from Ian Bremner and Shane Watt. P/V: Johnston Carmichael
V: Shepherd & Wedderburn

Calcivis Limited Investment in this medical device developer by £3.15m Cash SE: Burness Paull 7.18
Edinburgh Scottish Enterprise, Archangels Investors Limited, Julz Co: Rooney Nimmo
Fund LLC and a number of individual investors. I: MBM Commercial

Castle Water Holdings Acquisition by this water retailer of the entire issued N/D Cash DI: Castle Water Holdings Limited 7.18
Limited share capital of Invicta Water Limited. P: Dentons (Scotland)
Blairgowrie V: Addleshaw Goddard

Cellexus International Investment in this biotechnology company by various N/D Equity DI: Cellexus International Limited 7.18
Limited individual investors. Co: Blackadders/DC Consulting
Dundee I: Kergan Stewart

Censo Investment in this biotech company by Par Equity and £1.3m DI: Par Equity 9.18
Edinburgh Scottish Investment Bank. PAR: Addleshaw Goddard
Co: Bon Accord Accountancy

Chris Stewart Group Refinancing provided to this property group by N/D Loan Co: Dickson Minto/Davidson Chalmers 7.18
Edinburgh Laxfield of a property portfolio consisting of various L: Dentons (Scotland)
hotels, retail and office units.

Clyde Blowers Capital Sale by this industrial focused private equity N/D V: PwC 9.18
Glasgow investment firm of precision motion control expert,
Cone Drive, to The Timken Company.

Clydebank Engineering Investment in this fabrications manufacturer by £125k RSA Grant DI: Clydebank Engineering and Fabrications 9.18
and Fabrications Ltd Scottish Enterprise to support the growth of the Co: Consilium
Glasgow business.

74 INSIDER January 2019 www.insider.co.uk

 Q3 DEALS: TABLES
Principal & Location Details of Deals Deal Value Deal initiators and advisors involved Date

Contract Solutions Debt restructuring by this facilities management N/D Debt Co: Grant Smith Law Practice/Anderson Anderson 9.18
(Grampian) Ltd company involving the raising of additional working & Brown
Aberdeen capital and growth facilities from private investors.

Crerar Hotels Ltd Sale by this hotel group of the business and assets of £5m V: Shepherd & Wedderburn 9.18
Edinburgh Chevin Country Park Hotel and Spa to Diamond Hotel
Collection Limited.

Deans Pharmaceuticals Acquisition by this pharmacy of the entire issued N/D Cash DI: Deans Pharmaceuticals/Welch Chemists 7.18
Glasgow share capital of Welch Chemists Limited. V: Macdonald Henderson/Consilium
P: Thorntons/French Duncan

Drink Tech Limited Investment in this high-growth technology company N/D Equity DI: Drink Tech Limited/University of 8.18
Glasgow by The University of Strathclyde. Strathclyde
I: Macdonald Henderson
Co: MBM Commercial

DySIS Medical Ltd Investment in this cervical imaging equipment £18m Co: Shepherd & Wedderburn 7.18
Livingston provider by Lundbeckfond Invest by way of
subscription for senior preferred ordinary shares

Eagle Couriers Ltd Acquisition by this courier business of 50% N/D DI: Eagle Couriers 8.18
Edinburgh shareholdings in each of Wey Group International and P: Dentons (Scotland)
Professional Courier Systems Limited.

Edesix Ltd Sale of the entire issued share capital of this provider N/D P: Proskauer/Burness Paull 9.18
Edinburgh of wearable security hardware and software to Vigilant V: Brodies
Solutions.

Edinburgh Endodontics Sale of this denistry business to Edinburgh N/D Cash V: Lindsays 8.18
Limited Prosthodontics. P: Ennova Law
Edinburgh
Enocell Limited Further investment in this fuel cell platform N/D Cash And Equity DI: Enocell Limited 8.18
Newhouse developer by Scottish Enterprise, Velotek (IP) and Co: Macdonald Henderson
others. SE: Shepherd & Wedderburn
I: Brodies/MBM Commercial

Enren Technologies Sale of the entire issued share capital of this £1.44m V: Shepherd & Wedderburn 8.18
Limited biotechnology research company together with roll
Aberdeen over investment for B ordinary shares in SEM Energy
(Holdings) Limited.

Find a Player Ltd Further investment in this sports tech business £50k Cash DI: Organic Sea Harvest 7.18
Glasgow by two private investors based in Manchester and Co: Harper Macleod
Edinburgh respectively.

First Opinion Limited Investment in this marketing agency by Scottish £450k Rsa Grant DI: First Opinion Limited 8.18
Glasgow Enterprise to support the growth of the business. Co: Consilium

Flavourly Ltd Further investment in this gourmet food and beer N/D Cash Co: Burness Paull 9.18
Edinburgh subscription club by Scottish Enterprise, Equity Gap I: Wright Johnston Mackenzie
and others. SE: CMS

Frenich Hydro Ltd Sale of this electricity producer by the McKerrow N/D V: Shepherd & Wedderburn 8.18
Edinburgh Family to GHI Holdings Limited.

GBZ Media (Overseas) Acquisition by this publishing company of the Super N/D Cash DI: GBZ Media (Overseas) Limited/Advertising 9.18
Limited Yacht Owners Guide publication from Advertising Services Limited
Glasgow Services Limited. P: Macdonald Henderson
V: OTB Eveling

GMB Portfolio Services Acquisition by this financial consultant of the entire £300k Cash P: Macdonald Henderson/Andrew Wilkie 9.18
Limited issued share capital of GM Mortgage Brokers. V: Rooney Nimmo
Edinburgh
Great British Prawns Investment in this onshore prawn aquaculture £4.5m Equity DI: Great British Prawns Limited 8.18
Limited company by Guinness Asset Management together Co: Dentons (Scotland)/Fawcetts
Glasgow with investment by a number of high net worth private I: Taylor Vinters
investors.

Green Investment Funding provided by this investment bank for a 234 £241.4m Co: Shepherd & Wedderburn 7.18
Group Limited MW onshore wind farm in Sweden.
Edinburgh
HCS Control Systems Investment by this specialist equipment provider in N/D HCS: Burness Paull/Deloitte 7.18
Ltd HCS Aberdeen Limited as part of a joint venture with OT: Howie & Co
Glenrothes Oak Tree (Aberdeen) Limited.

House of Fraser Limited Acquisition of this premium fashion, home and £90m Cash DI: EY 8.18
Glasgow beauty retailer, from administration, by Sportsdirect. V: Burness Paull/EY
com Retail Limited. P: Reynolds Porter Chamberlain

Hydrus Engineering Ltd Acquisition of shares in this engineering company by N/D Cash P: Burness Paull 8.18
Aberdeen the majority shareholder.

Ivy Bush Royal Hotel Ltd Acquisition of business and assets of this hotel N/D P: Brodies/Edwards Veeder 8.18
Carmarthen by joint venture partnership Seascare Compass V: Douglas-Jones Mercer/Morton Fraser
Carmarthen Limited.

www.insider.co.uk January 2019 INSIDER 75

Q3 DEALS: TABLES
Principal & Location Details of Deals Deal Value Deal initiators and advisors involved Date

John Clark Motor Group Acquisition by this motor dealers of the business and N/D Cash DI: Barnetts Motor Group 7.18
Aberdeen assets of the Volvo franchise operated by Barnetts P: Burness Paull
Motor Group. V: Blackadders

John Menzies Plc Sale by this global aviation services company of £74.5m Cash And DI: John Menzies/Endless LLP 9.18
Edinburgh Menzies Distribution Limited to Endless LLP. Debt V: Brodies/DLA Piper
P: Walker Morris
V: Burness Paull
P: KPMG

Johnson Marine Ltd Merger of this aquaculture provider and GripShip AS N/D Equity V: Harper Macleod/Anderson Anderson & Brown 9.18
Shetland through the purchase of the entire issued share capital
of both entities of Aquaship AS.

K2L Limited Investment in this online educational training N/D Equity DI: K2L Limited 8.18
Glasgow provider by Gabriel Investment Syndicate and Scottish GIS: Macdonald Henderson
Enterprise. Co: Harper Macleod
SE: Burness Paull

Kinetic Demolition Sale of 50% of share capital of this demolition £256k V: Shepherd & Wedderburn 8.18
Limited contractor.
Tranent
Klik2Learn Limited Investment in this online learning platform. £300k Equity Co: Harper Macleod 8.18
Glasgow
Kura (CS) Limited Acquisition by this outsourced contact centre N/D Cash DI: Kura (CS) Limited/Parseq Limited 8.18
Glasgow provider of Parseq's Contact Centre Division and Stellar P: Vialex/BDO
Europe Limited. V: Eversheds/Pinsent Masons

M&D Green Dispensing Acquisition by this pharmacy of the entire share N/D DI: M&D Green Dispensing Limited 8.18
Limited capital of Thomas McLean & Sons Limited. P: Morisons/Campbell Dallas
Glasgow
Made Brave Ltd Acquisition by this brand agency of the entire issued N/D Equity DI: Made Brave 7.18
Glasgow share capital of Created by Campfire Ltd. P: Burness Paull
V: Thorntons

Maritime Developments Restructuring by this back deck equipment N/D Cash Co: Brodies/Anderson Anderson & Brown 9.18
Ltd manufacturer involving the acquisition of the
Peterhead company's own shares to facilitate shareholder buyout.

MBB Developments Sale of the entire issued share capital of this children's N/D Cash DI: 22Ten Business Advisory Ltd 7.18
Limited nursery operator to 22Ten Business Advisory. P: Harper Macleod
Edinburgh
MGB Biopharma Ltd Investment in this antibacterial drug developer by £1.3m Equity Co: Morton Fraser 9.18
Glasgow Archangels, Scottish Enterprise, Barwell, Tri-Capital and I: MBM Commercial/Shepherd & Wedderburn
Syndicate Room.

Mima Enterprises (UK) Merger of this provider of domestic, commercial N/D Co: Brodies/Gerber Landa & Gee 8.18
Limited and renewable heating installations, along with DG: Pinsent Masons
Glasgow its subsidiaries Gas Call Services Limited and Gas
Educational Training (Glasgow) Limited, with Duality
Group.

Moelle Interlok Reconstruction of the share capital of this package N/D Cash Co: MacRoberts 7.18
Packaging Limited manufacturer, along with the adoption of new articles
Port Glasgow of association.

NHS Lothian NPD project with hub South East Scotland Limited £1m Capital DI: NHS Lothian 7.18
Edinburgh and Galliford Try, trading as Morrison Construction, Co: Burness Paull
for the demolition of the Royal Victoria Hospital in HSE: Pinsent Masons
Edinburgh to enable the development of the site.

Nucleus Financial Group IPO placing by this investment management company £140m Cash DI: Nucleus Financial Group 7.18
plc onto the Alternative Investment Market. Co: Shepherd & Wedderburn/Burness Paull
Edinburgh
Optoscribe Limited Investment in this photonic device manufacturer £2.8m Equity DI: Optoscribe Limited/Maven Capital 9.18
Livingston by Maven Capital Partners, Archangels, Scottish Partners/Archangels
Investment Bank and Par Equity. Co: MBM Commercial
MCP: Burness Paull/Mazars
I: Morisons

Palimpsest Book Sale of the controlling interest in the issued share N/D Cash P: Lindsays 8.18
Production Company capital of this publishing company to the Palimpest
Book Production Company Limited Employee
Limited
Ownership Trust.
Polmont
Plumbstore (Plumbing Purchase of the entire issued share capital of this N/D Cash V: Bellwether Green/Consilium 8.18
+ Heating Supplies) plumbing and heating supplies company by Plumbing P: Dunard Limited
and Heating Investments Limited.
Limited
Glasgow
PRC IT Limited Acquisition of this IT solutions provider by Abica N/D Cash DI: abica Limited 9.18
Glasgow Limited. V: Wright Johnston Mackenzie/Consilium
P: Harper Macleod/Burgoyne Carey

76 INSIDER January 2019 www.insider.co.uk

 Q3 DEALS: TABLES
Principal & Location Details of Deals Deal Value Deal initiators and advisors involved Date

Pufferfish Ltd Investment in this optical display technology N/D Equity DI: Pufferfish 9.18
Edinburgh company by Old College Capital, Par Equity and OCC: Macdonald Henderson
Scottish Investment Bank. Co: Shepherd & Wedderburn
PE: Rooney Nimmo
SIB: Burness Paull

Renfrewshire Provision of receivables finance facility to this supply N/D Cash DI: Renfrewshire Electronics/Shawbrook Bank 9.18
Electronics Ltd chain management solutions provider by Shawbrook Co: Macdonald Henderson
Port Glasgow Bank. SB: MacRoberts

Rollo Pub Holdings Acquisition by this pub group of the entire issued N/D Loan & Cash V: Burness Paull 7.18
Limited share capital of Redwood Pubs (Holdings) Limited. P: Blackadders
Dundee
Ryboquin Co Ltd Acquisition by this life sciences company of Nagoenic N/D 7.18
Selkirk Solutions.

Scallywags Dog Sale of the business of this dog grooming company to N/D Cash V: Lindsays 8.18
Grooming Beverley Tolmie and Rebecca Melrose. P: Martin Brown
Melrose
Scotrenewables Tidal Investment in this tidal streams technology developer N/D SE: Burness Paull 9.18
Power Limited by Scottish Enterprise. Co: Brodies
Kirkwall I: Shepherd & Wedderburn

Skoogmusic Ltd Further investment in this musical instrument N/D SE: Shepherd & Wedderburn 7.18
Edinburgh manufacturer by Scottish Enterprise, Old College
Capital and Barwell.

Snap40 Investment in this healthcare technology company by £5m DI: MMC Ventures/ADV 7.18
Edinburgh Par Equity, Scottish Investment Bank, MMC Ventures PAR: Addleshaw Goddard
and ADV. Co: MBM Commercial
SE: Shepherd & Wedderburn

Speech Graphics Investment in this facial animation software designer £2m Cash Co: MacRoberts 8.18
Limited by Scottish Enterpise, Archangels and Par Equity. SE: Brodies
Edinburgh I: Burness Paull

Spirit Energy Limited Acquisition by this offshore company of 50% of $387m P: Burness Paull 8.18
Aberdeen Hurricane Energy's Greater Warwick Area UK Petroleum V: Dentons
Production licenses.

Tailwind Energy Limited Acquisition by this energy company of interests in N/D P: Burness Paull 9.18
Aberdeen Bittern Field, Gannet E Field, Guillemot W and NW
Fields and in the Triton FPSO from Shell and Esso.

Teqnox Limited Investment in this high-growth technology company N/D Equity DI: Teqnox Limited/University of Strathclyde 8.18
Glasgow by The University of Strathclyde I: Macdonald Henderson
Co: Morton Fraser

Texo Group Limited Acquisition by this engineering and technology N/D Cash DI: Texo Group Limited 7.18
Westhill service activities company of 75% of the issued share P: Burness Paull
capital in Navitas Compliance Solutions. V: Burnett Reid

Unique Group Limited Acquisition by this subsea and offshore solutions N/D Cash And Debt P: Pinsent Masons/Anderson Anderson & Brown 8.18
Aberdeen provider of the entire issued share capital of Water
Weights Limited.

Well-Sense Technology Financing provided to this oil and gas services N/D Co: Burness Paull 7.18
Limited company by SAEV Guernsey Holdings Ltd, a subsidiary SAEV: Vinson & Elkins
Aberdeen of Saudi Aramco.

Westerton Access Restructuring by this specialist inspection company N/D Equity Co: Thorntons/Anderson Anderson & Brown 7.18
Limited including the issuing of new shares to management to
Aberdeen facilitate shareholder restructuring.

Whitespace (Scotland) Sale of this digital branding and marketing company N/D Cash P: CMS/BDO 7.18
Limited to Dentsu Aegis Network Ltd. V: Harper Macleod/Chiene & Tait
Edinburgh
Wilderness Scotland MBO of this high end activity based holiday provider N/D Cash DI: Mobeus Equity Partners 9.18
Limited and its subsidiary Wilderness Ireland. P: Osborne Clarke/BDO
Aviemore V: MacRoberts/Torastan Consulting

WooHa Brewing Ltd Funding secured by this craft brewery via Crowdcube £157k Debt Funding DI: DC Consulting 7.18
Nairn in order to provide working capital to the business. Co: Blackadders/DC Consulting

www.insider.co.uk January 2019 INSIDER 77


in association with
COLD, HARD
PLANNING NEEDED TO
MITIGATE BREXIT EFFECTS
By KEN SYMON
I
n a statement with few if
any parallels the Governor of
the Bank of England warned
that business was not ready for
a major governmental policy shift
that will very significantly affect the
economic environment in which
businesses operate.
In his quiet, measured Canadian
tones Mark Carney told Radio 4’s
Today programme at the end of
November that fewer than half of
British businesses had initiated
contingency plans for a No Deal
Brexit.
He said then “we know from our
contacts with business, others know
from their contacts, that less than half
the businesses in the country have
initiated their contingency plans for a
no-deal Brexit”.
“All the industries, all the
infrastructure of the country, are they
all ready at this point in time? And, as
best as we can tell, the answer is no,”
Mr Carney added.
brodies.com
www.insider.co.uk
REPORT: PREPARING FOR BREXIT
looking to us for advice about Brexit
He stressed in the interview the and we’ve been providing advice to
fact that it was in the interests of the them about what it might mean for
country to be in a transition period to them – as much as you can in the
whatever the new relationship would context of the uncertainty from the
be between the UK and the EU. politicians as to exactly what the
Since that time the political deal’s going to be.
“The sectors that have been more
busy are those that are heavily
The sectors that have been busier regulated or that have got trade
are those that are heavily regulated bodies that are more on the front foot
trying to get themselves organised.”
or that have got trade bodies that are He says that these sectors working
most on preparation include financial
more on the front foot trying to get services and food and drink.
“It wouldn’t be a surprise to you
themselves organised if we said that in some of the less
regulated areas – manufacturing
Nick Scott, Brodies (below) sector things like that are less
developed in their planning for it.
gyrations have continued through Although as we speak now, they’re
many variations but have businesses starting to focus on supply chains and
in Scotland done more to prepare all the rest of it and actually getting
for whatever comes at us from the themselves organised for what Brexit
political world? might actually mean for them.”
Nick Scott, managing partner He continues: “I was down at the
of leading commercial law firm Treasury – we’re on the Professional
Brodies, says: “We have had clients Service Council and the Big Four
INTELLIGENCE TO GIVE YOU THE EDGE .
January 2019 INSIDER 79
REPORT: PREPARING FOR BREXIT
accountants and McKinsey and
people like that were there and it’s
quite clear that the feedback they’re
giving is the same message that the
more regulated industries are further
up the curve, the financial services
and global businesses. SMEs are far
less organised and I do think some
people will be taking some legal risk
come March because they won’t have
time to organise themselves.”
A sector that has perhaps been
most publicly discussed in terms of
Brexit preparation is that of food and
drink. James Withers, chief executive
of sector trade body Scotland Food
& Drink says: “In the two years
following the Brexit vote, developing
solutions or planning for life outside
of the EU was hugely difficult as there
was no clear negotiating position
Many small B&Bs and hostels in
from the UK Government. Despite Scotland are under threat from
that, we’ve been liaising closely with the ramifications of Brexit
the UK and Scottish Governments to
safeguard the 70 per cent of Scottish
food exports that are destined for the
EU each year, secure the future of
The immediate devaluation of the the Brexit labour problem, it is
that the industry has never been
40,000 nationals from Continental
Europe working in our sector and
pound effectively made the earnings of more focused on the need to raise
awareness of the career potential in
protect half a billion pounds of
support for Scotland’s farms.
EU workers in the UK 20 per cent lower our sector. We have to attract new
talent which means ushering in a
“More recently, the pace has
picked up at both Holyrood and
compared to currency in their home new era of engaging with schools,
colleges, universities and those who
Westminster, mostly scenario country James Withers, Scotland Food & Drink (below) may consider switching careers.
planning for a no deal. And it has “We are a sector whose future will
become increasingly clear, that depend on growth and innovation,
crashing out of the EU with no trade the Brexit vote we already knew we so the breadth of work opportunities
deal and defaulting WTO trade terms have 27,000 jobs to fill by 2022, and is vast. However, if UK Government
would be a disaster for Scotland’s we knew we had to look to Europe to can’t ensure an immigration system
farming, food and drink sector.” supplement the workforce. So while that recognises our workforce
One of the biggest effects of the the decision to leave the EU hasn’t requirements, our growth potential
imminent departure from the EU created the workforce challenge, it will not be fully realised.”
is on the availability of suitable has exacerbated it. Other affected sectors have
employees with increasing numbers “If there is a silver lining to been even stronger in their words
of EU country origin workers of warning about the effects of
returning home or planning to do in focus: Moving business overseas Brexit. One of these is the related
so. Withers says: “We have certainly hospitality industry. The Inverness
seen an impact on the availability of Big Four accountant EY has a Financial Services Brexit Tracker Hotels Association has warned that
labour since the Brexit vote in June which tracks the response to the UK’s departure by 222 of the Brexit-related staff shortages allied
2016. The immediate devaluation major financial services businesses in the UK. to escalating business rates bills and
of the pound effectively made the Its latest information shows that 35 per cent of the businesses what they describe as “half-hearted
earnings of EU workers in the UK 20 or 77 out of the 222 have said they are considering or have tourism strategy” will lead to some
per cent lower compared to currency confirmed relocating operations or staff to mainland Europe. independent accommodation
in their home country. Front office roles make up 57 per cent of job relocations from providers in the area closing their
“In addition, the woeful delay the UK; middle and back office roles make up 23 per cent and doors.
20 per cent respectively, but many firms plan to fill these roles
in giving our talented EU workers The Association says that staffing
by hiring locally. A quarter (56/222) of companies tracked have
assurances on their right to stay has confirmed at least one relocation destination in Europe; Dublin
shortages are reaching crisis levels,
sent a really damaging message. and Frankfurt remain frontrunners, but Luxembourg and Paris with European applicants drying
“The Scottish food and drink are increasingly popular, while Madrid and Milan have gained up due to Brexit fears. Emmanuel
sector has struggled in recent years traction with investment banks. Moine, chairman of the association,
with a skills shortage. In fact, before says looming threats of a 150 per

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Pragmatic and informed legal advice...

80 INSIDER January 2019 www.insider.co.uk


Red meat could be subject
to taxes of 50-100 per cent
as a result of Brexit
cent business rate hike and the impact of
cheap Airbnb’s are pushing independent
accommodation providers to the brink in
Inverness.
He says: “If nothing is done, smaller,
independent or family businesses will be
forced to close. It is already happening, not
just in Inverness, across the Highlands.
Chains will dominate because any business
with 20-30 bedrooms can’t cope any more.
Profit is not there and staffing has become
a complete nightmare. Since Brexit, CVs
coming from Europe have all but dried up,”
“We need to build a domestic workforce
but there seems to be a lack of will and poor
promotion of hospitality as a proper career
in Scotland. That has to change.”
While there is a significant concern
among many employers over the future of
staffing there are steps that should be taken
now to ensure that the EU nationals that
are employed here will be able to continue
to work for Scottish businesses and other
organisations. Meghan Jenkins, a solicitor
at MacRoberts, says: “EU nationals who are
currently living in the UK, will be entitled
to apply for ‘settled status’ if they have been
in the UK for five or more years. Those who
have not been here for as long as five years
will have to apply for ‘pre-settled’ status.
“Once implemented, the application
process may be online or through an app;
meaning individuals will not have to hand
over their original documents, at times
not having access to them for long periods
of time. Applicants will need to provide
information confirming their identity,
eligibility and suitability for a work visa.”
She says that EU nationals who arrive
in the UK during the transition period -
between 29 March 2019 and 31 December
www.insider.co.uk
REPORT: PREPARING FOR BREXIT
2021 – will be required to register within
three months of their arrival in the UK,
however the specifics of any registration
scheme have yet to be announced.
“For UK employers, preparation during
this time is the key. UK employers should
be looking to identify those EU nationals
currently in their employment. Employers
should aim to know when EU nationals
arrived in the UK and if they intend to
apply for a work visa. Employers should
be taking steps now to advise current
employees on the proposed changes to
immigration, how this may affect them,
deadlines for submitting applications and
what steps employees may need to take
to ensure their right to work in the UK
continues.
“In the longer-term, employers
should also look to review recruitment
plans. Application processes should be
assessed to ensure an employer receives
the information they require about an
individual’s right to work in the UK.
Another issue that the Bank of England
Governor highlighted in his interview was
on the logistics of imports and exports. “We
know issues around the borders, we go to
the ports and we know the issues that are
If nothing is done, smaller,
independent or family
businesses will be forced to
close. It is already happening,
not just in Inverness, but
across the Highlands
Emmanuel Moine, Inverness Hotels Association
there today. So we need some time to get
ready for it,” Mr Carney said.
In early December it emerged that
Prime Minister Theresa May’s Cabinet was
drawing up plans to ration space on ferries
bringing vital supplies into the country
amid warnings that such problems –
particularly in the event of a No Deal Brexit
– would leave supermarkets short of food.
Chris Grayling, the transport secretary,
warned the Cabinet that trade on the key
Dover-Calais route could be cut by as much
as 87 per cent in the event of a disorderly
exit, as checks and customs controls are
introduced in France.
The UK Government has been putting
plans in place for the use of additional
ships to supply essential goods on a strictly
controlled basis. These would include
foodstuffs plus medicine supplies for the
National Health Service.
Some major companies particularly in
COMMENT
Charles
Livingstone
Partner in Brodies’
government, regulation and
competition team
W: www.brodies.com/brexit
Brexit preparation
key to success
At the time of writing (mid-December),
anything written about Brexit risks being out
of date within days, if not hours. So rather
than speculating on what might happen in
any of the current controversies by the time
this piece is published, we will revisit an older
controversy that has recently dropped under
the radar somewhat: the Scottish Parliament’s
post-Brexit powers.
The European Union (Withdrawal) Act
was passed in June, without the Scottish
Parliament’s consent. A key objection was
to the UK Government’s power to make
regulations prohibiting devolved legislation
in certain areas currently controlled by EU law,
‘freezing’ the status quo while replacement
UK-wide frameworks are negotiated. 24 areas
have been identified as needing legislative
controls to protect the UK’s internal single
market and avoid new barriers to intra-UK
trade; a key issue for Scottish businesses
trading or operating cross-border. But no
freezing orders have yet been made. So what’s
going on?
In November the UK Government reported
on progress made in Q3 of 2018, including in
policy workshops on various food law matters,
agricultural support, fisheries, chemicals and
public procurement. Other key areas being
considered include environmental law and
consumer protection. The report envisages
“consistent approaches” to legislation in these
areas, plus memorandums of understanding.
As things stand, the UK Government does not
anticipate making any freezing orders.
However, while the report suggests
progress at official level, it also confirms that
proposals will soon be submitted to the UK
and devolved governments, with stakeholder
consultation to follow. This may bring the
politics back to the fore. If agreement cannot
be reached in a particular area then the UK
Government may feel obliged to protect
the status quo with a freezing order, but the
Scottish Government has said it will withdraw
from framework discussions if any such orders
are made.
So, if it has not already done so by the time
you read this, expect devolution to return to
the front rank of Brexit controversies in the
New Year.
January 2019 INSIDER 81
REPORT: PREPARING FOR BREXIT
the food and drink sector have begun
stockpiling of goods to prepare for The Bank of Uncertainty surrounds the future of Scottish exports
delays in imports because of the England’s Mark
Carney has issued
expected delays. Majestic Wines has
stark warnings
said that it plans to bring between
about Brexit
£5m and £8m worth of extra stock
into the UK before the end of its
financial year in April.
It is, of course, not just the
importing of supplies, raw
materials and components that
has caused concern but the future
of export markets. James Withers
at Scotland Food and Drink says:
“Exports continue to be of strategic
importance to the future of Scotland’s
food and drink sector.
“For some products, even being
landed with WTO rules may not
have a disastrous impact, as tariffs are
relatively low on products like fresh
salmon. Other industries, however,
could be decimated. For example, red
meat, where taxes of 50-100 per cent
could be placed on some products.
“Exporters are not the only side
of the industry that could be hurt.
Companies that import some of their
If your organisation relies upon cross- the UK for every £1 we sell overseas.”
Another area in which there
ingredients or machinery could face
the same tariffs and trade barriers
border copyright mechanisms, the have been huge questions about
the post-Brexit future is air travel.
which will impact on costs.
“While Scottish food and drink
UK’s departure from the EU is likely to The European Union’s Open
Skies is arguably one of the best
exports tend to focus on premium
products and command higher
have a significant impact upon your developed areas of policy and one
that subsumed 142 separate treaties
prices, taxes and tariffs will still hurt
Scottish producers in competitive
ability to rely upon these mechanisms under one comprehensive umbrella
agreement which has helped usher in
David Gourlay, MacRoberts (below)
markets. The best way for companies cheap air travel within the EU.
to protect themselves is to use the At time of writing the UK had
new Brexit planning tools that “We are currently hugely reliant on agreed ‘open skies’ agreements with
Scottish Government and Scottish the EU market for our food exports, nine separate countries with the latest
Enterprise have developed.” but the 80 per cent dependency five of these with the US coming at the
One of the major arguments years ago has dropped to just under end of November. That arrangement
that pro-Brexiteers have advanced 70 per cent now. That is because means airlines would continue to fly
is that membership of the EU and we have seen phenomenal growth from the UK to the US after Brexit,
membership of the Single Market elsewhere driven by an export the Department for Transport said.
and customs union held the country strategy focused on new markets as Under the deal, EU majority-owned
back from developing further export well as existing. In the last ten years, airlines flying between the UK
markets. If that is what it is about sales of Scottish food to Asia have and US will be able to continue to
how well has business prepared for increased by 600 per cent, to North fly existing routes as long as they
advancing other export markets America by 300 per cent and to the remain owned and controlled by
outside the EU? Middle East by 160 per cent. EU/EEA nationals or UK nationals.
James Withers says: “Scotland “That said, we must remember But any airline that is not owned
Food & Drink already has an that despite food and drink and controlled by UK nationals and
advanced export strategy with being Scotland’s fastest-growing wants to start offering transatlantic
specialist trade staff based in 15 cities export, our home market still routes after Brexit would need to seek
around the world. The strategy is offers huge, untapped potential. a waiver from the US government.
partly based on maintaining trade Whatever happens with Brexit, the Similar deals have been signed
relationships in Europe, but crucially opportunities to supply the retail with Albania, Georgia, Iceland, Israel,
also building new markets in North and foodservice sector in the UK are Kosovo, Montenegro, Morocco and
America, the Far East and the Middle significant. Switzerland. At the time of writing
East. “We still sell £3 of Scottish food in preparations for an additional

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INTELLIGENCE TO
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raised by Brexit: brodies.com/brexit

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bilateral agreement with Canada
were well advanced and was expected
to be formally agreed soon.
One area affected by Brexit that
has been little considered is its effect
on the areas of the copyrights and
trademarks held by businesses.
David Gourlay, a partner at law
firm MacRoberts who specialises in
such issues warns that is something
businesses need to be considering
now if they have not already done
so. He says: “If your organisation
relies upon cross-border copyright
mechanisms, the UK’s departure
from the EU is likely to have a
significant impact upon your ability
to rely upon these mechanisms going
forward. It would be advisable to
start considering what changes your
organisation will need to make as
soon as possible, in order to ensure
minimal disruption in the lead up to
and after Brexit.”
He continues: “Despite concerns
that EU trade marks will cease to be
enforceable in the UK post-Brexit,
the UK government has indicated its
intention to ensure that trade mark
rights are not lost as a result. It wishes
to ensure that protection of rights in
EU trade marks will continue and
brodies.com
www.insider.co.uk
REPORT: PREPARING FOR BREXIT
He adds: “Although no details have
been provided, the government will
make provision for the status of legal
disputes involving EU trade marks
which are ongoing before the UK
courts at the time of Brexit.”
Blair Nimmo, head of insolvency
and restructuring at KPMG,
highlights the danger of businesses
facing a ‘cash crunch’ because of
Brexit and says that businesses should
prepare accordingly.
He warns that border delays
could mean firms have to hike
their inventory, leading to strain on
working capital. If there is another
drop in the value of the pound – say
by up to 20 per cent it would put
pressure on business’s margins.
There is a danger that a business’s
operation could become more
expensive as labour becomes scarcer
and more expensive. There is a
further danger of a fall in consumer
spending amid general consumer
uncertainty due to Brexit.
In turn there could be a reduced
appetite by banks to lend to business
if economic and contractual
Application processes should be uncertainty spreads.
Nimmo says: “Reassuring lenders,
assessed to ensure an employer receives suppliers and customers that your
business is resilient and ready for
the information they require about an whatever comes next is vital. Lenders
in particular will want to know that
individual’s right to work in the UK businesses have modelled all the
main Brexit scenarios.”
Meghan Jenkins, MacRoberts (below)
Summing up the importance of
preparing for Brexit and the issues
that these will remain enforceable in it presents, Nick Scott at Brodies
the UK post-Brexit.” says: “The first stage of it is about
He says that the government the legal regulation and whether we
intends to do this by creating an can actually keep the lights on and
equivalent trade mark right which trade. But the bigger question is in
will be registered in the UK as a UK a year or two’s time what has this
trade mark. “This new right will done to margins and how profitable
become enforceable when the UK businesses are that folk are running
leaves the EU. The government has in the UK and in Scotland.
stressed that it will ensure that this “So there is a big part there for
new right is brought in ‘with minimal trade bodies and the like to make
administrative burden’ and will be sure that our Scottish businesses are
treated as if the application had been still profitable businesses and they’re
made within the UK and as if the viable so that they can continue
registration had occurred under UK trading.”
law. This new right will be deemed He said that Brodies had been
independent from the EU right in working with trade bodies on “how
terms of renewal, assignation and we make sure that Scotland is a
licensing. Organisations can opt-out sensible place for you to domicile
of receiving this new comparable UK your business and run your
registered trade mark should they so organisations and indeed invest
wish.” into”. ■
Visit brodies.com/brexit
January 2019 INSIDER 85
A world leading
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Strathclyde Business School is an innovative

and entrepreneurial organisation, influencing
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We understand the importance of global
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EDUCATION
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TIMES
 REPORT: MBA

ONLINE COURSES
FUEL GROWTH
FOR THE MASTER
OF BUSINESS
QUALIFICATIONS
By Victoria Masterson “My MBA didn’t spot the growth “One of the key features of our MBA
opportunity we saw in Africa but is innovation and entrepreneurship,

Y
ears after completing
his Master of Business
Administration degree at
the University of Aberdeen,
entrepreneur Mark Tabrett says he
still regularly dips into the knowledge
base it gave him.
“The MBA was the perfect route to
bridging the gap between theoretical
and professional knowledge,” says
Tabrett, who studied economic
science and maths at honours level
and now runs a fintech start-up in
London.
“One course available during my
time – macroeconomics for business
– helped me apply the theory learned
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Tabrett’s start-up, Nimbli, is using
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www.insider.co.uk
it’s certainly helped Nimbli build a
company which could be successful
there,” he says.
The University of Aberdeen
Business School offers a range
of MBA options, including an
MBA Finance and MBA Energy
Management, with full or part-
time study options on campus in
Aberdeen. There is also a part-time
The MBA was the perfect route to
bridging the gap between theoretical
and professional knowledge
Mark Tabrett, Nimbli
executive MBA, delivered over two
years in London, and a 100 per cent
online option – the ‘MBA Global’.
“Beyond knowledge and
understanding of core areas of
business, the MBA helps individuals
develop their interpersonal,
leadership and team skills, as well
as financial literacy, all of which
are attributes highly prized by
employers,” says Dr Trevor Morrow,
director of the MBA Programmes.
with students trained in the
development of ideas, business start-
up, design thinking and pitching.”
Using innovative teaching and
learning resources is a key focus
for the university. This includes the
Harvard Business School Simulation
Everest Challenge, a virtual exercise
that tasks teams of students to face
the mental and emotional rigours of
climbing the world’s tallest mountain.
Edinburgh Business School
at Heriot-Watt University has
campuses in the UK, Dubai and
Malaysia and offers MBAs with
specialisms in finance, human
resource management, marketing,
oil and gas and strategic planning.
The school was a pioneer of distance
learning MBAs and has more than
20,000 MBA graduates across five
continents.
As Brexit dawns and the business
environment remains tough,
Edinburgh Business School’s MBA
programme director, Ken Brown,
believes an MBA can equip students
with additional skills to navigate
difficult times.
“The current business climate is
very uncertain, from the relentless
January 2019 INSIDER 87
REPORT: MBA
move from bricks and mortar to
online sales, to Brexit in the UK and
Europe, trade tensions between the
US and China, and a strong dollar
causing economic problems in many
countries,” Brown says.
“A good MBA will give a person
the hard skills they need to analyse
the business environment and also
the soft skills to be able to succeed in
different cultural environments.”
Brown is seeing online MBAs
fuelling growth across the sector, and
a trend towards more MBAs with
specialisms. “This suits both students
who want that focus and employers
who want those specific skills,” he
says.
The MBA is still recognised as a
means of achieving career change
or achieving faster growth in an
organisation, Brown adds.
Edinburgh Business School
MBA graduate Jacqueline Cassidy
is head of external affairs and a
member of the senior leadership
team at Children in Scotland, a Professor Wendy Loretto, dean of University of Edinburgh Business School
national network of more than 500
organisations working with children
and their families. The experience of leading people and the future shape of the business world
– ‘VUCA’ – Volatile, Uncertain,
After an early career in
publishing, she focused increasingly
achieving challenging goals is more in Complex and Ambiguous. “As such,
individuals need to be ever more
on fundraising and business
development in the charitable and
demand than an academic qualification flexible and adaptable,” O’Hagan
suggests. MBA graduates are seen as
Guy Martin, Eden Scott (below)
third sectors. having these qualities, and that drives
“Scarce resources across the sector demand for MBA programmes.
mean that professional development contexts. One of UHI’s MBA graduates is
opportunities beyond short, practical “The programme started from very Scott Innes, 28, a lecturer in business
courses are rarely available, and our small beginnings and our first cohort and management at Perth College
sector lacks the highly developed had six international students,” says UHI.
managerial and senior leadership Sara O’Hagan, MBA/MBA Aviation “With my existing qualifications,
skills that MBA programmes afford course leader at Perth College UHI. I wasn’t able to teach or support
the private sector,” Cassidy says. “The “We now have around 35 students students from degree level upwards
number of MBA qualified leaders is studying on a part and full-time and was unsuccessful when applying
limited, though I believe the third basis. Most of our students choose for academic leadership roles because
sector can benefit from many of the online and part-time study, so they I didn’t have a Masters,” Innes
same skills for successful leadership can work and learn at the same time.” explains.
as commercial businesses.” Current trends suggest that “While studying for my MBA,
Cassidy says the interdisciplinary online study is in demand – because I applied for and was offered an
approach of the MBA has broadened it reduces barriers to entry and academic leadership role. This means
her skill set, helping to enhance both provides great accessibility. Niche I’m now the programme leader for
her effectiveness as a senior leader in MBA programmes also continue to higher national business across the
the charity sector in Scotland – and flourish as the needs of organisations University of the Highlands and
the contribution she can make to change and there is a move away Islands partnership. I’m also now
social and community projects in from the generalist to the specialist responsible for providing academic
current and future roles. manager. In September 2019, guidance to both degree and honours
Alongside its core MBA UHI will offer additional niche year students who are studying on
programme, University of the programmes in the areas of resilience the BA Business and Management
Highlands and Islands introduced and in mountain studies. programme at Perth College UHI.”
an MBA Aviation in 2014 to satisfy “These areas represent specialisms At recruitment business Eden
an increasing global demand for the university is currently focusing Scott, associate director Michael
aviation professionals. in undergraduate and postgraduate Lynch, 37, studied a flexible learning
The course is taught by a mix of provision and where we anticipate MBA course at Strathclyde Business
management and aviation specialists growth,” O’Hagan says. School over three years.
and covers management principles, Looking ahead, she notes the “Doing the MBA was a chance
practices and techniques in aviation arrival of a new acronym predicting to further develop as a person,
88 INSIDER January 2019 www.insider.co.uk

broaden my business knowledge in
topics such as finance, strategy and
leadership, whilst opening a whole
new social and professional network,”
Lynch says.
“The MBA is already helping me
in my day-to-day interaction with
clients, many of whom are C-suite
(boardroom) level and who operate
across the international renewable
energy sector.
“Our renewable energy division
is currently preferred supplier to
some of the industry’s highest profile
projects and companies, and the
MBA helps me to better understand
the challenges our clients are facing
on a day-to-day basis. It could be a
chief executive in a new technology
developer striving towards
commercialisation – or a project
director for an offshore wind project
who is working towards financial
close on a £2.5bn project overseeing a
complex international supply chain.”
His experience on the MBA also
helps him input strategically to
the business and understand and
anticipate change.
While an MBA can make a CV
stand out and give candidates more
of a global outlook on business,
recruiters also want to see other
strong qualifying factors, particularly
experience.
“The boards we service and the
investors we support are looking
for leading individuals who have
experience and a strong network
within their chosen sector,” says Guy
Martin, co-founder and director
of Eden Scott. “The experience
of leading people and achieving
challenging goals is more in demand
than an academic qualification.”
The University of Edinburgh
Business School offers a one-year
full time MBA and a two-year
part-time Executive MBA, alongside
13 specialist Master of Science
programmes. “Fifty four per cent
of our MBA candidates are women,
while the industry average is still just
37 per cent,” points out school dean
Professor Wendy Loretto. “There
are more than 20 different countries
represented in our 50-strong cohort,
drawn from a diverse range of
sectors. Participants range in age
from 28 to 50 and this year we have
a Nigerian doctor based in South
Africa, an Ontario Police Officer
with 20 years’ experience and a
Sierra Leone-based NGO worker for
American Aid.”
The school doesn’t actively recruit
www.insider.co.uk
REPORT: MBA
more women or charity workers, careers or start their own business, an
but six years ago set out a mission MBA will continue to be the flagship
to be more accessible to people who professional qualification,” Loretto
might otherwise be put off by a says. “The business environment is
perception of MBAs being “exclusive going to change considerably, but we
to corporate men in suits”. believe our commitment to diversity
“We develop the curriculum of of experience and ideas will continue
every course with partners such to inspire and attract those focused
as RBS, Johnson & Johnson and on thinking differently.”
the Homeless World Cup, who Stirling Management School at
present their real world problems the University of Stirling offers The
our candidates have to address,” Stirling MBA, a one-year course
Loretto continues. “MBAs also have covering essential management
the opportunity to engage with areas, including accounting and
leading industry guest speakers from finance, marketing, operations,
companies including Skyscanner, economics and human resources. All
Waitrose and Santander.” postgraduate students take part in a
The programme includes an ‘Flying Start Leadership Programme’
annual visit to Colombia, where at the beginning of the academic year
candidates meet with corporates to equip them with skills including
including Postobón, Colombia’s public speaking, working under
largest beverage company, and pressure and managing conflict.
Nuestra, a major food processor. “Our MBA alumni work globally
They also meet with social across all sectors of the economy
entrepreneurs from initiatives in management, marketing
including Ruta-N, which provides and advertising, government
office space and support for inward administration and banking and
investors and entrepreneurs, and finance in organisations ranging
Techo, a non-profit set up to tackle from the National Health Service
poverty. to management consultancies
With the arrival of Brexit, 2019 is a and banking organisations,” says
big year for Scotland, the UK and its Professor George Burt, programme
education sector. director at Stirling Management
“We are realistic about the School.
challenges to come, but as long as “MBAs are particularly important
there are people with a desire to in the current climate because of the
transition to more senior roles, switch level of uncertainty and complexity
surrounding every organisation.”
The number of MBA qualified leaders Stirling MBA graduate Sanyam
Raaj Khera, 27, from India, was
is limited, though I believe the third working as a supply chain officer
for an edible oil manufacturer in
sector can benefit from many of the Singapore before she decided to
same skills for successful leadership study the Stirling MBA. “I chose
to do an MBA because I had been
as commercial businesses in Singapore for nine years and I
was stuck in my career,” she says. “I
Jacqueline Cassidy, Children in Scotland (below) wanted to move into marketing and
business development.
“I chose to study for an MBA in
the UK because the education system
here is considered to be the best in
the world. I came to Stirling because,
strange as it might seem, I was
missing cold weather.”
After submitting her dissertation,
Khera moved back to Singapore and
had some interviews.
“I wasn’t expecting the MBA to
have such a dramatic impact so
quickly, but I have now started a new
job in business development and
marketing with the Mewah Group
(an agri-business) in Singapore.
Doing an MBA worked out well for
me – it is a great achievement.” ■
January 2019 INSIDER 89
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ALIGNING BUSINESS
WITH ITS ROLE IN
WIDER SOCIETY
By KENNY KEMP
W
hen Glasgow
Council leader Susan
Aitken opened the
21st State of the City
Economy in Glasgow Conference
before Christmas she highlighted
the significance of the Barclays
investment on the Clyde. What was
most surprising is that the UK-based
bank, which has been subject to noisy
demonstrations outside branches
over its overseas investments and
must take responsibility for its
central part in the global banking
collapse, was now being lauded as
the exemplar of corporate social
responsibility.
For those with long memories,
there was a case of ‘run-that-past-me
again!’ But, no, if the baddie banks
can change their spots, and they
genuinely are changing, then so too
can all businesses. Furthermore,
Aitken’s speech was a timely
reminder that businesses need to
shape up and get with the zeitgeist in
Scotland.
Inclusive growth is really one of
the watchwords of what corporate
www.insider.co.uk
REPORT: CORPORATE RESPONSIBILITY
social responsibility is all about these in close collaboration. She continued:
days. It is a central pillar of both the “The city has secured a commitment
Scottish Government and Glasgow that 42 per cent of the jobs will be
city region’s bid to tackle inequality high value jobs – and 341 posts are
and poverty. With Glasgow city ring-fenced for disadvantaged people
region the main driver of Scotland’s entering the employment market or
economy, this all equates to positive people who have a disability. And I
action. know that these two sectors overlap
to a considerable extent.’’
There was a need to reinvent CSR The SNP council leader said the
work on inclusion with Scottish
not to be something less passive but Enterprise on this has been crucial.
“No matter how high profile or
more proactive, and more aligned to significant the investment, we will
not shirk from insisting that the
the purposes of a business and its inclusive growth agenda must be
a central consideration and major
role in wider society investors, like Barclays, are taking
on board our commitment on
John Drummond, Corporate Culture (below)
inclusive growth because they know
that schemes like this are good for
Councillor Aitken explained: their own reputation. Good for their
“The announcement earlier this year ability to attract and retain the talent
to create 2,500 jobs at Tradeston is and customers.’’
the first on many investments in She said the Barclays example
which the City Deal will be a critical shows that when a city has a clear
factor. The Barclays deal is the most vision of what it wants to achieve
significant inward investment ever for its place and its people, and the
made in Glasgow.’’ confidence to articulate that and
She said it is a beacon of what the stand by that vision, investors will
public and private sector can achieve respond.
January 2019 INSIDER 91
REPORT: CORPORATE RESPONSIBILITY
“They will see the benefits to them
of being part of something that is
bigger than just their bottom line,’’
she asserted.
She said this is what will
characterise Glasgow’s approach to
inclusive economic growth now and
in the years to come. The Barclays
announcement represents a sea-
change in Scotland about what
corporate social responsibility is all
about.
Indeed, the world of corporate
responsibility has moved on from
being a nice add-on for business
and customers to becoming a
fundamental tenet of 21st century
capitalism. The announcement of
the retirement of Paul Polman, the
evangelical head of Unilever, who has
been the flag-waver of more ethical
corporations, will not mean an end to
progressive business ideals.
From now on, all business must be
judge on doing what is right – and
in Scotland this includes actively
embracing social inclusion in terms
of employment and doing more to
end the inequality between the haves Anglian Water’s ‘Love Every Drop’ campaign helped it win BiTC’s Responsible Business of the Year 2017
and the have-nots.
Mike Still, the chairman of
Business in the Community
Scotland, part of BITC UK which
Younger generations are less keen to up to the Scottish Government’s
Scottish Business Pledge, to create
was founded by HRH The Prince of
Wales, was asked whether the term
work for organisations who do not a progressive workforce. Founder
Jamie Livingston spoke about two
‘corporate social responsibility’ is
perhaps becoming out-dated and
make significant commitments to both key elements.
“We are certainly seeing more
does not properly represent the sustainability and social impact candidates, and not just the
changing world. Still, who spent his Lucy Murdoch, Accenture (below) Millennials, looking at the corporate
career in insurance broking, is also responsibility and reputation of
chair of the BITC leadership group organisations – including the companies they choose to work for.
that is looking at the resilience of banking and financial institutions Diversity and inclusion is vital for
business and the workforce. which have been so widely criticised a balanced working environment,”
“There are people doing a great in the past. Social responsibility and he said. “But also when it comes to
job that carry the CSR title and I inclusive growth are increasingly part tendering for contracts, companies
wouldn’t want to alienate anyone of the DNA of any business. They just with stronger ethical values are being
who is doing a very important job. It do it.’’ scored higher in a more rigorous
is an appropriate job and title. One Still says there is targeted work supply chain process which can lead
way of looking at it is their level of being done to bring excluded to winning contracts. So it is not just
importance in business is increasing people, such as people with criminal ‘a nice-to-have’ but ‘an essential-to-
and the board is becoming far more convictions coming out of prison, have’.’’
interested in what responsible and into the workplace. On dealing With skills shortages now
sustainable business actually means.’’ with the nuts and bolts of inclusive becoming acute, companies simply
He pointed out that corporate growth, organisations have been cannot afford to neglect a pool of
responsibility has a series of over- collaborating with BITC and the potential and untapped talent.
lapping facets with many people Prince’s Trust, setting up mentoring Increasingly, responsible business
undertaking different aspects. BITC programmes, and creating intensive is about assessing the loftier impacts
has been looking at how to meet one-to-one coaching for young and risks to the fabric of our society.
the UN’s Global Goals through people ‘who have been in very, very John Drummond, the chairman of
work focusing on diversity and hard places.’ This then makes it easier Corporate Culture, which has been
inclusion, health and well-being but for organisations to transition and at the forefront of CSR in the UK for
also resilience and environmental support disadvantaged people into 25 years, and has advised a number
sustainability. the modern workplace. of Scottish organisations, including
“We are seeing engagement One of Scotland’s leading search SEPA, Royal Bank of Scotland,
and commitment at board level and recruitment companies, Sainsbury’s Bank, Standard Life,
and permeating the cultures of Livingston James, has signed agrees that the term ‘corporate social
92 INSIDER January 2019 www.insider.co.uk

responsibility’ is being increasingly
replaced by the idea of ‘responsible
and sustainable business’.
“After the banking crisis in 2008,
it became clear that companies with
outstandingly well thought out CSR
strategies, and I include RBS in
having a great CSR strategy, could
potentially go out of business. It was
clear to me that there was a need to
reinvent CSR not to be something
less passive but more proactive, and
more aligned to the purposes of a
business and its role in wider society.’’
He said it needed framing in a
different way so that businesses
looked at the bigger risks now and
in the future that threaten the very
existence of businesses.
“This forces businesses to look at
the long-term and major external
issues, such as climate change,
population growth and resource
management. The imperative for
business must be to stay in business.’’
He said this leads to the likes
of Lloyds Bank repurposing itself
and seeing the creation of national
prosperity as a way to sustain
its business model; for energy
companies to address future gaps
in the electricity system; or water
companies to deal with more extreme
weather.
“A responsible business has a
long lens. It looks to the future
and understands the kind of
future that will allow it to thrive,”
added Drummond. “That means
understanding long-term issues
and challenges linked to regulation,
politics, population, climate change,
technology and other issues.
www.insider.co.uk
REPORT: CORPORATE RESPONSIBILITY
The notion of managing current environment that enables sustainable
impact on society is only a bit of growth and can cope with the
the puzzle. It’s now much more pressures of climate change; creating
about measurable action to bring an infrastructure that is affordable
their preferred future to life, such and reliable, meeting the needs of
as banks creating prosperity, energy customers, communities and the
companies helping customers save environment.’’
energy, water companies reducing Furthermore, Drummond says
the impact of droughts, long hot responsible businesses collaborate
summers or extreme rainfall.’’ across sectors. “Companies that
His company’s work is around understand their current directions
long-term business planning, of travel realise that achieving future
motivating and engaging employees markets, where they can thrive, isn’t
and customer behaviour change at something they can do alone. They
scale. For example, his company collaborate to achieve change. My
helped Anglian Water win BiTC’s feeling it not enough is being done
Responsible Business of the Year to challenge business. We need an
2017, working with the water ‘axis of action’ to ensure that our
company to create its ‘Love Every water, food and energy are run by
Drop’ behavioural change campaign sustainable companies working
which has encouraged consumers together.’’
and businesses to use water resources Drummond insisted more
businesses need to look at the
No matter how significant the longer-term implications. “Most of all
companies must consider that a lot
investment, we will not shirk from of the stuff we are facing into is now
existential, such as climate change.
insisting that the inclusive growth They need to act is now. Companies
are learning about the impact yet we
agenda must be a central consideration are not preparing the British people
on this.’’
Susan Aitken, Glasgow Council (below)
However, there is a danger that
well organised pressure groups,
more carefully. It was as fundamental effectively deploying social media,
as getting people to think before can place undue pressure on
flushing plastic objects down the companies that are genuinely trying
toilet pan. to pivot. Friends of the Earth (FOE)
Peter Simpson, Anglian Water’s Scotland have been at the forefront
chief executive, said: “Our Love Every of the cause on climate change.
Drop approach is a vision for how we They have been unflinching in their
believe a modern utilities company campaigning which has helped shape
should be run. That vision means the public’s view.
creating a country with a resilient More recently, the organisation
has been fighting a campaign to get
pension funds to drop investing
in fossil fuel companies, such as
Shell and BP, following growing
concerns about how burning carbon
is fuelling climate change. Both of
these businesses have been regarded
as blue-chip firms making significant
contributions to pensions. FOE
Scotland has encouraged MSPs and
MPs to sign a pledge, including
the SNP Westminster leader, Ian
Blackford, calling for the MP’s
Pension Fund to review and phase
out fossil fuel investments.
Yet, BP’s most recent start-up in
the North Sea, west of Scotland in
the Clair Ridge, is a £4.5bn oil and
gas production development vital for
Scotland’s economic prosperity. Here
there is a complex equation between
political action, environmental
consequences and business
January 2019 INSIDER 93
REPORT: CORPORATE SOCIAL RESPONSIBILITY
profitability and investment. What
is clear is that not all dirty industrial
technology can be easily eradicated,
but those who demonstrate strenuous
efforts to curb their environmental
damage could be afforded room
to operate. Here the argument of
‘inclusive growth’ touches a different
dimension.
The world’s population is growing
fast and resources are needed. Bob
Dudley, head of BP, has said the
world needs about a third more
energy with 2.5 billion people to be
lifted out of low incomes over the
next two decades. He admits there
is a need to bring greenhouse gas
emissions down dramatically and
quickly to reduce the threat of climate
change.
“People often think the solution
is simple: more renewables. They’re
right, up to a point, because
renewables are growing faster
than any fuel in history. But even
optimistic projections only see
renewables making up around a third
of the energy mix by 2040.”
So renewables are important – but
only part of the story – we need to
think about the other two thirds as
well.
Making this square with MSPs
and MPs who want their pensions
to be invested in less controversial
investments is a conundrum that is
often difficult to reconcile.
Some companies, such as global
consultancy Accenture, which
supports BitC’s Digital Champions
network, see their vision as
improving the way the world works
and lives. Its Corporate Citizenship
focus has for the past 10 years
been on issues of employment and
entrepreneurship, helping young
people to build the skills they need
to succeed in the working world.
In 2017, Accenture invested over
£60m in corporate citizenship efforts
globally.
Lucy Murdoch is a managing
director within Accenture’s Global
Corporate Citizenship practice. She
says: “I think that many businesses
now truly believe that they have
a role to play in helping to tackle
some of the biggest problems in
society and invest time and money
in ensuring that the impact of their
efforts is monitored and measured to
ensure that real outcomes are being
delivered.
“Aside from anything else, younger
generations are less keen to work
for organisations who do not make
94 INSIDER January 2019
Barclays’ recent investment
on the Clyde has highlighted
its growing corporate social
responsibility standing
There are people doing a great job that right things’ and where a host of
regulators, such as Ofgem, Ofwat,
carry the CSR title and I wouldn’t want Water Industry Commissioner for
Scotland, Ofcom, the FCA and SEPA,
to alienate anyone who is doing a very are necessary to keep organisations
in check. The banks, the energy
important job companies, the mobile phone
operators, and even the window
Mike Still, Business in the Community Scotland (below)
replacement companies, have been
guilty of abusing their customers.
significant commitments to both Overarching this, public
sustainability and social impact. confidence is regularly rocked by
“Our Skills to Succeed programme many businesses continuing to
aims to equip three million young pay their leaders what appear to be
people around the world with the unsustainable amounts in pay and
skills to get a job or start a business conditions, with the Carillion debacle
by 2020. With the rapid rise of AI highlighting this. Remuneration
and automation the demand for skills committees have been accused of
is changing and so is the nature of looking after their own kind rather
work and as a result, our initiatives than looking after the interests of
must adapt.’’ clients, customers and consumers.
What she says chimes with the Investment houses, such as
Scottish Government’s commitment Aberdeen Standard Life, have always
of getting girls interested in STEM been among those protesting at the
careers, upskilling people whose jobs excessive levels of remuneration for
are disrupted by new technologies. board directors who have failed to
She said it is finding innovative look after the long-term interests of
solutions that help to build a “more their shareholders.
equal, inclusive, resilient society, Global capitalism has faced
where people have opportunities and multiple shocks in recent times which
businesses can thrive”. have undermined public confidence
For Accenture, she says, this is that it is a fair and equitable system
clear. “We engage our people, we capable of providing a larger share
have built technology solutions for the world’s increasing population.
and invested through not-for-profit Companies, no matter their size and
organisations the world over. For sector, need to state their vision of
us, this is about making a positive responsibility and sustainability to
difference in the world and I am prove that they are doing the right
proud to be a part of it.” thing.
Yet, there are still examples where As Mike Still says, it has to be part
corporations are not ‘doing the of a company’s DNA. ■
www.insider.co.uk
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boundaries to support
businesses across
Scotland
Our dedicated local relationship team understands
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Barclays PLC and its subsidiaries.

By PERRY GOURLEY
W
hen Direct Line
launched in the 1980s
with a £20m loan from
RBS, its USP of only
selling policies over the phone was
seen as something of a revolution in
the sector.
The scale of the impact of
technology in the three decades since
is illustrated by the recent launch
by German insurance technology
firm DFV of a service that enables
customers to discuss cover and
agree premiums with digital voice
assistants such as Amazon Echo.
Technology has already
dramatically transformed the
insurance landscape, enabling people
to compare and buy policies and
submit claims without any human
contact.
Further significant disruption is on
the horizon through developments
such as ‘insurance as a service’. That
could see innovations such as travel
insurance, which automatically kicks
in when you board a plane or only
being charged for cover for valuable
items such as cameras when they are
being used.
Further ahead, the use of
blockchains could see insurers
harvest data from the internet of
www.insider.co.uk
REPORT: BUSINESS INSURANCE
TECHNOLOGY
DRAMATICALLY
TRANSFORMS
INSURANCE
LANDSCAPE
things and wearable devices to give Insights. “The insurance needs of
insight into an individual’s current businesses are very individual and a
well being and attitude toward risk. company may need several different
Despite the advances being made polices to cover their activities which
in personal insurance, the march requires advice from a broker.”
of technology has yet to have the Although those personal
same scale of impact on the business relationships between brokers and
insurance sector. clients remain important, technology
Although smaller companies is starting to drive significant change
are increasingly buying policies for in the sector.
relatively straightforward needs such The fact that technology
as buildings cover online, the way entrepreneur Chris van der Kuyl
backs Edmond’s venture, which
How much turnover or revenue must aims to bridge an information
gap between brokers and insurers
the buyer generate to recover from an around customer data, highlights the
potential seen for areas such as data
uninsured loss? This usually focuses analytics and AI to transform the
market.
the mind, particularly in sectors which The Broker Insights platform is
attracting a growing list of brokers
operate with tight margins who are uploading data about clients
which insurers can then provide
Gordon Duncan, Lockton Companies (below)
quotes for.
Edmond says the firm’s service
many businesses buy insurance has will help drive cost efficiencies which
largely remained unchanged. should reduce the cost of insurance
“Commercial insurance is by its and help insurers provide more
nature more complicated than car targeted products but will also help
or home insurance which tends to support the independent broking
be fairly simple and has become sector.
increasingly commoditised,” explains “A huge proportion of SME
Fraser Edmond, a former senior brokers have been traditionally
executive at Aviva who last year underserved by the insurers who
co-founded Dundee-based Broker have traditionally just dealt with the
January 2019 INSIDER 97
REPORT: BUSINESS INSURANCE
big guys because their resources can
Mark Richards (left) and Edward Bruce of Bruce Stevenson
only stretch so far.”
Although there will be always be
opportunities for businesses to buy
insurance direct or online, Edmond
believes the personal service offered
by brokers has an important place in
the market.
“I think as long as brokers add
value through the advice they
provide to customers then they have
a very clear purpose and place and
I see that market thriving for a long
time to come.
“The opportunities for technology
to support the broker market is
around the capturing, presenting and
exchanging of information between
them, insurers and customers which
should benefit everyone.”
The independent broking sector
in Scotland has seen continuing
consolidation in recent years driven
in part by greater regulatory burdens,
the latest of which is the EU’s recently
introduced Insurance Distribution
Directive which seeks to strengthen
consumer protection for clients.
Last year saw the sale of Clark
Thomson, which had been Scotland’s be willing to use sensor technologies
largest independent broker, to Jelf, The growth of AI in some aspects of – such as devices to monitor how
which is part of global broking group
Marsh. The deal saw Jelf combine insurance could actually strengthen fleet vehicles are being driven - in
their businesses if it would bring
its existing Scottish operations and
Perth-headquartered Clark Thomson the need for the people in these types down their insurance premiums.
Jim Bichard, UK insurance leader
into a single business unit.
The move came four years of positions and brokers will very at PwC, says much more change is on
the way in the sector as insurers take
after Marsh acquired Aberdeen-
based Central Insurance Services,
much fall into this category a lead from the digital transformation
seen in personal lines.
an independent Scottish broker Stuart McKenna, HRC Recruitment (below) “Using technology, insurers can
specialising in sectors including also reinforce the value they bring
oil and gas, financial services, tough if you are a generalist these through providing greater coverage
construction, and agriculture which days.” for current and emerging risks.
has also now joined the wider Jelf Stevenson argues that while “In order to make the most of this
business in Scotland. technology has an important role growth opportunity, insurers need to
Last autumn Bruce Stevenson, to play in ensuring back office focus on understanding the varied
which is now Scotland’s largest operations are slick and efficient, and complicated ways the UK’s
independent broker, acquired Turriff- face-to-face contact with clients is small businesses function, as well
based regional player Youngson crucial to the value brokers can bring. as investing in ways to deliver a full
Insurance Consultants. “Getting to know a business range of products that will meet their
Bruce Stevenson’s chief executive and going out to see it in person is needs,” he says,
Edward Stevenson says more very important to be able to better Gordon Duncan, head of
consolidation in the sector is likely. understand it and the risks,” he corporate in Scotland for brokerage
“There are a lot of private equity argues. Lockton Companies says while
backed enterprises who have cash to However, among small businesses there is undoubtedly a significant
spend and are looking at doing deals,” latest figures show buying of shift to buying insurance online
he points out. insurance online is on the rise. it is important for businesses to
Stevenson argues that A survey by PwC found that 43 per understand the potential drawbacks
consolidation will create cent of small firms had bought their involved.
opportunities for those brokers who most recent policy online. Of those He argues that the focus on price
do want to remain independent. looking to switch insurance providers the online buying process encourages
“But I think they will have to be in the next five years, over two thirds means businesses will assume all
very focused on what they are doing,” of those employing less than 50 cover is the same.
says Stevenson. people said they would look to buy “This is a fundamental flaw in the
“As you are seeing with their next insurance policy online. buying process as buyers will not
accountants and solicitors, life is very Over a third also said they would look at the full terms and conditions
98 INSIDER January 2019 www.insider.co.uk

of the policy they are buying,” he says.
“And, unfortunately, many will
only look at it once they have a claim,
but by this time it is far too late and
there is a real danger that the buyer
will be either uninsured, or will have
failed to purchase sufficient cover.
The cost associated with this could be
very damaging.
“Another way to look at it is how
much turnover or revenue must the
buyer generate to recover from an
uninsured loss? This usually focuses
the mind, particularly in sectors
which operate with tight margins.”
Although insurance is cited as one
of the sectors where increasing use
of AI and blockchain most threatens
employment, Stuart McKenna,
principal consultant for insurance
at HRC Recruitment in Edinburgh
says the reality is likely to be much
more nuanced.
“On the one hand, some areas of
insurance will be ripe for automation.
Claims handling is already seeing
that to a certain degree, with a
number of companies developing
apps which allow users to punch in
the details of an incident and register
it with their insurer. “We’re already
beginning to see app developers, such
as InsureApps, disrupt the market
and are probably not too far away
from these types of process-driven
roles being automated in a big way.”
But McKenna believes that in
many areas, customers want a
personal touch when it comes to
insurance matters.
“In fact, the growth of AI in some
aspects of insurance could actually
strengthen the need for the people in
these types of positions and brokers
will very much fall into this category.
“Their role means that they need
to have a broad understanding of
a client’s business – a good broker
understands what makes a business
tick, the opportunities and risks
it faces, its assets, and the trends
affecting its sector. The need for those
skills isn’t going to go away any time
soon and AI, at least in the near-
term, is unlikely to be able to replicate
that experience and understanding.”
As well as changing the way the
industry operates, technological
developments are also presenting
new insurance risks for businesses.
In the past 12 months, nearly half
of UK businesses have suffered a
cyber attack according to a National
Cyber Security Agency survey.
It also revealed that a significant
number of organisations are failing
www.insider.co.uk
REPORT: BUSINESS INSURANCE
to apply basic security measures. A sophisticated which makes staying on
third are failing to give staff advice top of cyber security a challenge for
about passwords, while one in ten all organisations. With many small
large companies are not carrying out businesses lacking credible cyber
risk assessments or audits. security strategies to help manage
To highlight the risks faced, insurer and prevent such attacks however,
Hiscox set-up three IT servers typical the impact when they do occur can
of those used by UK small businesses be disproportionality severe.
and monitored the number of “Outsourcing cyber security
incoming attempted attacks. management is one option as this
Over a three-week period the can be a more cost effective way to
servers were the targets of an access instant, scalable resources
estimated 65,000 attempted cyber in the event of an attack. The best
attacks every day. cyber insurance policies will provide
The insurer estimates cyber exactly that – practical support
security incidents cost the average including legal advice, forensics and
small business £25,700 last year reputation management to help get
in direct costs such as hardware a business back up and running as
replacement but said the indirect quickly as possible.”
costs such as damage to reputation Despite a growing number of
and customer loss could be much high profile cyber attacks, estimates
higher. suggest only 12 per cent of smaller
James Brady, head of cyber firms in the UK have cyber insurance
for Hiscox UK says: “Most small in place.
businesses recognise the threat that Bruce Stevenson’s Edward
cyber criminals pose on a global Stevenson says it is an area clients
scale, but are less convinced of the have difficulty with in terms of
risks facing their own operations, understanding their risks.
considering themselves ‘too small’ to “I think people are slightly naive
be worthy targets, but this just isn’t about cyber security and take-up is
the case. very low despite all the publicity. I
“Hackers are prolific and think one of the challenges is that the
risks facing businesses are all very
The sudden death or even a severe different depending on what they do
and how they operate.
illness of a business owner can mean “There is not one policy fits all and
what the insurance market is offering
the end of a business and result in a in this area is also evolving all the
time.”
significant financial burden Mark Dobson, managing director
Mark Dobson, Chiene + Tait Financial Planning at Chiene + Tait Financial Planning,
believes businesses also need to bear
in mind the importance of the people
factor when addressing the risks they
face.
“The sudden death or even a severe
illness of a business owner can mean
the end of a business and result in a
significant financial burden for their
family,” he points out.
“Key person cover, for the loss
through death or illness of executive
level staff, can be an important means
of protecting a business.”
Dobson says shareholder and
partnership protection should also be
on the agenda for businesses.
“If a partner or director suddenly
passes away or becomes seriously
ill, such a plan would provide
the surviving shareholders with
Technology entrepreneur the liquid cash to purchase their
Chris van der Kuyl (right) shares from their family. This can
has backed Fraser Edmond’s be essential in helping a business
Broker Insights venture overcome a traumatic setback so it
can continue moving forward.” ■
January 2019 INSIDER 99

NEW REGIONAL ECONOMIC
PARTNERSHIP SET TO BOOST
AYRSHIRE FIREPOWER
By Alasdair Northrop
I
n April the long-awaited
Ayrshire Regional Economic
Partnership will officially be
launched with hopes that it will
be a game changer for the area.
North, South and East Ayrshire
councils will be combining their
economic development departments
to give the region more firepower in
its bid to help create new jobs and
entice more inward investors.
The three Ayrshire Councils have
worked with partners across the
public and private sector over the
last two years to develop an Ayrshire
Growth Deal bid comprising a
number of regional priorities and
associated interventions and projects
which, they say, could facilitate
economic growth across Ayrshire.
The Ayrshire Growth Deal aims to
deliver around £300m of public
sector investment; unlock about
£2bn in private sector investment;
create 13,000 new jobs; and build
around 100,000 sq m of business and
innovation space.
North Ayrshire council says a
critical first step is to develop a single
www.insider.co.uk
economic development strategy for
Ayrshire, with inclusive growth at its
heart.
“The Partnership will provide
a strong and unified voice for
Ayrshire ensuring that it is heard in
national debates, making the case for
investment and influencing national,
Doing more of the same will only
generate the more of the same, but we
have the potential to achieve so much
more and our regional partnership
proposals give us a real opportunity
Douglas Reid, East Ayrshire Council (below)
regional and local priorities and
decision-making”, it said.
“The new joint strategy will inform
these conversations and provide
a robust framework to guide and
inform strategic development. It will
also ensure a single point of influence
for business.”
Councillor Joe Cullinane, leader
of North Ayrshire Council says the
REGIONAL REPORT: AYRSHIRE
Above: First Minister Ayrshire economy has lagged behind
Nicola Sturgeon for far too long now.
confirmed £4.8m “It is unacceptable and we hope the
funding for Spirit
regional partnership will enable us to
AeroSytems’
new Aerospace
move Ayrshire forward,” he says.
Innovation Centre East Ayrshire Council leader
during a visit to its Douglas Reid believes Ayrshire is
manufacturing site a sleeping giant in economic terms
but says in order to awaken its full
potential it needs to change its
approach.
“Doing more of the same will only
generate the more of the same, but we
have the potential to achieve so much
more and our regional partnership
proposals give us a real opportunity
to readdress the balance.”
Councillor Brian McGinley, depute
leader of South Ayrshire Council
and portfolio holder for economic
development, says it will provide
a solid framework for working
with national agencies and making
better use of resources to deliver the
maximum impact for the area and
really add value to what it does.
There is no doubt that both North
and East Ayrshire, in particular, are
lagging behind the rest of the Scottish
economy.
Unemployment in North Ayrshire
January 2019 INSIDER 101
REGIONAL REPORT: AYRSHIRE
edged up from 7.4 per cent to 7.5 per
cent last year while it also moved up
from 5.8 per cent to 5.9 per cent in
East Ayrshire.
In South Ayrshire it stayed
unchanged at 4.5 per cent but still
lagged behind the Scottish average of
4.1 per cent.
Ayrshire Chamber of Commerce
chief executive Val Russell says it is
a fairly mixed picture for Ayrshire
businesses with some seeing growth
and, in particular, investment being
made by a number of hospitality
companies. However it came as
a major blow to North Ayrshire
Council when two major public
sector funded job creating projects
went elsewhere last year.
In June Irvine was rejected as host
of a new Medicines Manufacturing
Innovation Centre (MMIC) with
rival bidder Inchinnan near Glasgow
Airport getting the prize. And
the month before Dundee and
Glasgow were chosen by the Scottish
Government as bases for a new Social
Security Agency creating 750 jobs at
each location.
Cullinane was clearly furious about
both decisions. “We are all extremely
frustrated with this decision,” he
said at the time it was announced.
“We have been working for over
three years to secure this investment
and, with our Urban Regeneration
Company, had invested £10m in site
infrastructure to make it ready for
new investment such as MMIC and
other manufacturing and life science
companies that would want to locate
next to and access MMIC facilities.
“The majority of project finance
is coming from the public sector
so we have to ask why the UK and
Scottish governments have not been
bold, strong and taken the decision
themselves to base the MMIC in not
only the best location but also the
area that stands to benefit from it
most,” he said.
Mark Newlands, Scottish
Enterprise’s regional head of
partnerships for the West of Scotland,
said: “The final site choice for MMIC
was made by the operator and
industrial partners.
“We are working closely with
North Ayrshire Council and local
businesses to maximise opportunities
around working with MMIC and
believe its industry-leading R&D
work will bring wider benefits for the
whole sector – including companies
in North Ayrshire.
“Inclusive growth remains a top
102 INSIDER January 2019
creating 40 jobs.
New retail units in Cumnock are available for lease
Innovation within the new centre
will focus on the development of the
next generation of aircraft. It will
also help develop the technology for
composite materials and automated
assembly used in the industry.
First Minister Nicola Sturgeon
said the new centre underlined
the importance of Prestwick as an
aviation hub and as a key piece of
Scotland’s industrial infrastructure,
supporting jobs, investment and
opportunity.
Prestwick Airport, which remains
owned by the Scottish Government
after being rescued in in 2013, will be
hoping to benefit from the Ayshire
Growth Deal, according to South
Ayrshire Council.
“A number of aerospace and space
projects will be supported to expand
and develop the Prestwick Aerospace
site, of which Glasgow Prestwick
The majority of project finance is Airport is a key organisation,”
said a South Ayrshire Council
coming from the public sector so we spokesperson.
“The team at the airport are active
have to ask why the UK and Scottish in a number of areas to revitalise
governments have not been bold the airport, including projects such
as bidding to become Scotland’s
Joe Cullinane, North Ayrshire Council (below) Heathrow Logistics Hub to support
the Heathrow expansion and
priority for us, and in line with the establishing the site as Scotland’s first
recent Programme for Government horizontal-launch Spaceport.
we are introducing new criteria for “By establishing a Spaceport in
our job creation grants to further Prestwick that can offer regular,
enhance our focus on supporting low-cost access to space, this would
the very best opportunities for the unlock the space market, particularly
people of Scotland. We recognise small satellites, for Ayrshire and all
the need to help increase business of Scotland. With the global space
competitiveness and tackle inequality market valued at £400bn by 2030,
in Ayrshire, and are undertaking a the UK seeks to secure 10 per cent of
great deal of work with partners in that market and Prestwick could be
these areas as part of the developing instrumental in that.”
Ayrshire Growth Deal and hope South Ayrshire was also boosted
Heads of Terms will be signed in when AmpControl UK opened a
early 2019.” new 20,000 sq m facility at Prestwick
Last month Scottish Enterprise and announced plans to grow their
announced it had approved a funding workforce from 45 to around 60.
offer of £10m towards Peel Ports’ Meanwhile in East Ayrshire good
£30m proposed project to redevelop progress is being made on a new
its Hunterston PARC site in North Enterprise & Innovation Centre and
Ayrshire. The project will go before its Digital and Cyber Zone in the
the Peel Ports board for final approval HALO Development on the site of
this month. the former Diageo bottling plant in
The ambition for the site is to Kilmarnock.
support the development of the next The new centre aims to foster the
generation of renewable energy as next generation of entrepreneurs,
well as the recycling of assets used in with a strong focus on innovation,
the oil and gas sector digital skills, and cyber security.
Newlands also pointed to the fact The £5m project led by local
it had provided £4.8m in funding property entrepreneur Marie
for Spirit AeroSystems’ new open Macklin is on target to commence
access Aerospace Innovation Centre construction this year with a targeted
at its manufacturing site in Prestwick completion in 2020.
www.insider.co.uk

A CAUTIONARY CHRISTMAS TALE
By Martin Stephen, Partner and Employment Law Specialist at Wright, Johnston & Mackenzie LLP
With the Festive Season now finished, I
thought readers would be interested in the
decision of the Court of Appeal in the recent
case of Bellman v Northampton Recruitment
Limited.
This case will dispel the myth that employers
are not responsible for the consequences of the
actions of their employees at a Christmas party or
indeed an impromptu after-party.
Mr Bellman was a sales manager for
Northampton Recruitment and Mr Major was the
Company’s Managing Director. On 16th December
2011, Northampton Recruitment held a Christmas
party for its office staff and their partners at a local
golf club. Mr Major had seen it as part of his role to
oversee the smooth running of the party and as
such he was not just an attendee. Northampton
Recruitment paid for the food and drink and for
taxis and accommodation for most of the guests at
a nearby hotel.
At around midnight, the attendees retired to
the hotel for further drinks and at around 2.00
a.m. the conversation turned to work, including
Northampton Recruitment’s plans for the coming
year. The conversation developed into a discussion
about a particular employee who was understood
to be paid substantially more than everyone
else. Mr Major became annoyed and summoned
the remaining Company employees to an early
morning lecture at which he told them how he
owned the Company and that he was in charge
Wright, Johnston & Mackenzie LLP is a full-service, independent Scottish law firm, with a history stretching
back 165 years, operating from offices in Glasgow, Edinburgh, Inverness, Dunblane and Dunfermline.
Further information on WJM can be found at wjm.co.uk
Wright, Johnston & Mackenzie LLP is authorised and regulated by the Financial Conduct Authority. FCA reference number 231170.
Martin Stephen
and that he would do what he wanted to do. Mr
Major was significantly inebriated, in the words
of the Judge, and whilst issuing a number of
expletives, he punched Mr Bellman who fell to
the ground sustaining a fractured skull and other
serious injuries which left him with traumatic brain
damage.
The Court was asked to decide whether the
Company was vicariously liable for Mr Major’s
actions. The Judge at first instance held that it was
not, but the Court of Appeal disagreed. It held that
Mr Major’s position of seniority persisted and was
a significant factor. He was in a dominant position
and had a supervisory role which enabled him to
assert his authority over the staff that were present
and to re-assert that authority when he thought
BUSINESS PROFILE
it necessary. It was the decision of the Court that
two key factors needed to be considered. The
first was the nature of Mr Major’s job which had
to be construed broadly and objectively and
the second was whether there was sufficient
connection between his job and the wrongful
conduct, to render vicarious liability appropriate.
Mr Major owned the Company, was its most senior
employee and directing mind and had full control
over how he conducted his role.
When he lectured the staff at the after-party he
was wearing his metaphorical managing director’s
hat and established his authority in that role. In
addition, the party was not a purely social event,
happening to involve colleagues but a follow on
from an organised work event, attended by most
of the Company’s employees where the Company
had paid for taxis and drinks.
In those circumstances there was a sufficient
connection between Mr Major’s wrongful conduct
and his role and accordingly the Company was
vicariously liable for his actions and therefore in
damages to Mr Bellman.
As always, these cases are fact-sensitive and do
not establish a general principle that an employer
will be liable for anything that happens at an
office party or after-party. Conversely, however, it
clearly indicates that wrongful acts on the part of
employees as such events can rebound upon an
employer.
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East Ayrshire council said
its economy is facing the same
challenges as Scotland as a whole
with low growth, low levels of
productivity and a reluctance by
some to invest and innovate.
The area suffered some big blows
with TMD Friction closing its factory
at Hurlford with the loss of nearly 90
jobs while Balmoral Knitwear closed
its manufacturing arm with 42 posts
being axed. However the council said
that many businesses were expressing
optimism.
It also said it had had considerable
success in the last year in securing
employment for young people and
the level of unemployment amongst
the 16 to 29 year old age group has
halved. The number of people in
employment between June 2017 and
June 2018 has risen by 1,000 or two
per cent.
“The number of businesses and
our jobs density figures are slowly
rising; wages are rising and we have
supported an increased number of
business start-ups in 2017/18,” the
council said. “Our business survival
rate has increased and demand
for our business growth support
mechanisms has risen.”
The council’s new Ingram Business
Centre in Kilmarnock, which opened
last March, now has 80 per cent
occupancy. Other plans include
speculative build industrial space at
Moorfield Business Park. It also has
new retail units in Cumnock which
are available for lease.
They are adjacent to the new
Farmfoods store which has a much
bigger footprint than its previous
store and replaces the Glaisnock
Shopping Centre which was
demolished last year.
Since the failure to gain MMIC
North Ayrshire has reshaped its
Ayrshire Growth Deal proposition,
working alongside business and
academia.
It is focusing on three main areas:
• Low carbon energy, circular
economy and environmental
sustainability growth programme
• Advanced technology and digitally
automated growth programme
• Tourism and creative arts growth
programme
The council says the propositions
build on its key strategic investment
sites including Irvine i3, Hunterston,
Ardrossan and Irvine Harbourside.
“These projects align well to both
the aims of the UK Government’s
Industrial Strategy – and also the
www.insider.co.uk
REGIONAL REPORT: AYRSHIRE
Secretary have recently noted the
Artist’s impression of the Ardrossan
Maritime Hub, viewed from the station prominence of regional inequality
in Scotland, as have the Fraser of
Allander Institute in their recent
Economic Commentary, and as such
rebalancing the Scottish economy
needs to be a priority if we are to
achieve inclusive growth.
“We believe there is clear evidence
and realisation that regional
inequality is harmful for Scotland as
a whole, this now needs to be backed
up by investment in North Ayrshire
and Ayrshire, starting with the
ambitious Ayrshire Growth Deal.”
One of the most significant
infrastructure projects in the area is a
planned £15.5m improvement works
at Ardrossan ferry terminal and
harbour which is due to start next
year and be completed by 2022.
In addition, the council is working
to advance a Growth Deal proposal
for the North Shore at Ardrossan.
All the councils have been working
to revitalise their town centres with
CGI of Prestwick Spaceport South Ayrshire currently consulting
over ambitious plans for Ayr.
The Ayrshire Regional Economic Its proposals are based around
“high-quality and attractive” public
Partnership will provide a solid spaces, a new town centre leisure
facility, new housing adjacent to the
framework for working with national High Street, and dedicated event and
community areas where people can
agencies come together.
“The proposals support our
Brian McGinley, South Ayrshire Council (below)
efforts to make the most of the local
economy, increase the profile and
Scottish Government’s priority of reputation of South Ayrshire, and
inclusive growth,” it says. enhance the environment through
The council has been involved in social, cultural and economic
a project called the North Ayrshire activities,” it said.
Inclusive Growth Diagnostic, Tourism is one of the growth
undertaken in partnership with the sectors for Ayrshire with visitor
Scottish Government’s Office of numbers increasing in all three
Chief Economic Advisor. council areas.
It says the Diagnostic results In East Ayrshire visitor spend is
illustrate that it will be unable to up from £87m to £93m and tourism
achieve inclusive growth without related jobs have risen from 1,641
a change in national government to 1,670. East Ayrshire Council said:
policy and actions by the agencies to “We are focused on our natural
tackle regional inequality. environment and our heritage and
“There needs to be a review of culture and feel that the investment
investment decision processes to made at Dean Castle and Country
ensure inclusive growth outcomes are Park, the continued investment at
realised,” it says. Dumfries House, events such as the
“In our recent response to the Cumnock Tryst and the Boswell
Scottish Government’s consultation Book Festival are all helping put East
on the new Scottish National Ayrshire on the map.
Investment Bank, we highlighted that “We also continue to work with
investment should be targeted where colleagues in South and North
there is most need, for example areas Ayrshire and indeed Dumfries
of market failure, and where impact and Galloway to link and cross
will be greatest. sell products and to maximise the
“Both the First Minister and the benefits of the visitor economy to the
Finance and Economy Cabinet wider South West Scotland region.” ■
January 2019 INSIDER 105
INSIDER INTERNATIONAL: UNITED ARAB EMIRATES
LAND OF GREAT
OPPORTUNITY
FOR SCOTTISH
EXPORTERS
By PERRY GOURLEY
V
ideo technology firm
Exterity may have a
relatively low profile in its
home market, but Scottish
visitors heading to Dubai are more
likely than not to benefit from the
success it enjoys there.
The Fife-based firm’s products
are used to deliver television and
video services to tens of thousands of
hotel rooms, offices and healthcare
facilities across the city.
According to co-founder Colin
Farquhar, the success of the company
in the region has been in part down
to being in the right place at the right
time.
“Unlike in Scotland where many
of the buildings are old, we have
benefited from the fact there has
been so much investment in new
infrastructure in Dubai and the wider
region in recent years,” says Farquhar.
“When a new hotel or hospital is
built, installing systems to enable
to television and video output to be
delivered throughout the building is
often a key requirement.”
Exterity recently celebrated its
tenth year of operating in the region
and Farquhar says it is reaping
the rewards of taking a long-term
approach to getting established in the
Middle East.
“Like many overseas markets,
unless you are very lucky it’s hard
to just jump in and start winning
business,” he points out.
When it initially began looking
at entering the market, Farquhar
focused on developing relationships
with intermediaries and resellers who
marketed the firm’s products to end
users.
“That period was very important
to understand the scale of the
opportunity there. We could see
106 INSIDER January 2019
people wanted what we were offering
but the first couple of years enabled
us to do the market evaluation
needed to really understand the scale
and that is what led to us establishing
a full-time presence there.”
Exterity is one of a growing
number of Scottish firms to have
established themselves in Dubai and
the wider United Arab Emirates
(UAE) in recent years. and beyond. In recognition of its
There are more than 5,000 UK increasing significance to the Scottish
companies operating in the UAE, economy, Scotland appointed its first
including the likes of Standard Life trade envoy to the UAE late in 2017
Aberdeen, Weir Group and Aggreko. and transport links between Scotland
Exports have grown significantly and Dubai have also recently been
in the past five years and the UAE is strengthened with launch in 2018
now Scotland’s 11th largest overseas of a new five-days-a-week flight
market with direct Scottish exports connecting Edinburgh to Dubai.
totalling over £1bn. The year-round Emirates air
Although the region hasn’t been service is the third regular flight
immune to the global economic from Scotland to Dubai. The Middle
downturn and oil price drop, the Eastern airline already flies to the
UAE economy has taken a number of UAE from Glasgow twice a day.
steps to diversify with non-oil sectors
now making up about 70 per cent of IN
i FOCUS: UAE
GDP.
The University of Stirling recently
You can think of some European cities became the latest Scottish higher
education institution to open a campus
where we don’t have direct flights in the UAE.
Students on the Ras Al Khaimah
from Scotland so to have three almost campus will be able to take courses
developed by the university in subjects
every day to Dubai is impressive including management, accounting,
finance and investment analysis.
Russell Dalgleish, Scottish Business Network (above) Other Scottish universities with
a presence in the region include
Heriot-Watt with courses including
In terms of GDP per capita, it petroleum engineering, construction
ranks among the top 25 economies project management and information
in the world and is the highest placed technology staged at its Dubai campus.
across the region in the World Bank’s The Edinburgh Business School also
ease of doing business league table. offers an Edinburgh & Dubai MBA
As well as being an important where students are predominantly
market in its own right, it is a based in Edinburgh or Dubai but
regional hub and commercial capital spend one term studying in the other
for the Middle East, north Africa location.
www.insider.co.uk
 Dubai’s connectivity means
that eight hours on a plane in any
direction offers access to 65 per cent
of global GDP and two-thirds of the
world population.
Excellent transport links was
a factor in Scottish diaspora
membership organisation Scottish
Business Network (SBN), opening
a representative office in Dubai
last year under a deal with Free
Zone operator DMCC which
provides accommodation for 15,000
companies in the city.
Russell Dalgleish, SBN co-founder,
believes relatively easy access is one
of the factors which makes the region
a compelling market for Scottish
companies to look to do business in.
“You can think of some European
cities where we don’t have direct
flights from Scotland so to have
three almost every day to Dubai is
impressive,” points out Dalgleish.
He argues it is also a surprisingly
easy market for overseas firms to
operate in.
“I’ve been travelling to the region
for over 15 years and it has definitely
become a lot easier to do business
there in that time,” says Dalgleish.
www.insider.co.uk
“Like anywhere there is
bureaucracy to deal with but overall
it is very business-friendly.”
Under SBN’s expansion move,
Scottish companies can take
advantage of practical support to
establish themselves in the market.
“A number of our members already
operate in the UAE and broader
region and we believe the provision
of soft-landing support, including
desk space and company set up,
will encourage more trade between
Scotland and the Middle East,” says
Dalgleish.
He cites the upcoming World
Expo 2020 Dubai as an exciting
opportunity for Scottish companies
to look to establish themselves the
region.
More than 25 million visitors are
expected to attend the event which
runs from October 2020 to April
2021. The overarching theme for the
event is ‘Connecting minds, creating
the future’ and the UK will be one of
180 nations participating.
More than £6bn worth of contracts
will be tendered for the six-month
exhibition.
Earlier this year Scottish
Above: Aerial view of Development International hosted
Dubai, United Arab an event to mobilise interest among
Emirates Scottish firms in pitching for
contracts.
Below: Exterity “Opportunities will arise for
co-founder Colin developers, contractors, consultants
Farqhuar and product solutions in a vast range
of sectors in the build-up, the delivery
and legacy of the event and Scotland
is well positioned to win and deliver
on these,” said Mark Hallan, director
of Europe, the Middle East and
Africa for Scottish Development
International.
Hallan said key areas where he
believed Scottish firms could look
to win work include IT, engineering,
logistics, security and food and drink.
Exterity’s Farquhar stresses that
although the market is welcoming
for Scottish firms, it is important
to demonstrate commitment and a
willingness to be there rather than
trying to conduct business via email.
“We’ve found that trust is a very
big thing for the people we work with
there,” he explains.
“They want to feel confident that
if they buy from you, you will still be
around in five years’ time to look after
them.” ■
January 2019 INSIDER 107
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A
number of Scottish
businesses have been
working hard to forge
business partnerships in
China to deliver commercial success
and a boost to the economies of both
countries.
The success of those efforts will
be celebrated in the China-Scottish
Business Awards, with the winners
of the 2019 awards being announced
at the Chinese Burns Supper on 24
January at the Waldorf Astoria Hotel
in Edinburgh.
To mark the importance of
business links with the world’s most
populous country and the potential
benefits for the economy here,
Scottish Business Insider has become
the media partner for the 2019
awards.
Partnering with the China-
Britain Business Council on the
awards follows our decision to
begin publishing a supplement to
this magazine on the subject. Our
first Doing Business With China
supplement was published with the
July 2018 issue of this magazine.
We have done so because we
believe that the opportunities that are
presented for a whole host of sectors
and types of business in Scotland are
very significant.
A fraction of the opportunities
presented became very obvious to
people from Scottish businesses who
attended the Scottish Chambers
of Commerce trade mission to
Shandong Province in April 2018.
What was the biggest private
sector-led mission to China in recent
times highlighted the importance
of the potential business links and
the benefits of direct face-to-face
contacts in building them.
A flavour of that was contained
in the daily reports from the trade
mission that we published on our
daily news website insider.co.uk.
The ability to do business in China
has increased in recent times most
notably with the launch of a direct
air route between the two countries
with Hainan Airlines flight between
Edinburgh and Beijing, which saw its
inaugural flight in June 2018.
The many Scottish businesses
which have already taken steps to
capitalise on this market will be able
www.insider.co.uk
Tai Chi in Shanghai
BUSINESS
INSIDER
EXTENDS ITS
FOCUS ON
CHINA
By ken symon
to enter the awards to mark
their achievements to date
and to raise awareness to
others.
The awards seek to
highlight the achievement
of Scottish businesses in
building links with China
in four different categories.
They are Innovation
in Education, Scottish
Exporter to China, China
SPECIAL REPORT: BUSINESS IN CHINA
Insider’s recent China supplement
Investor in Scotland and China
Welcome to Scotland.
The Innovation in Education
award recognises projects and
programmes involving academia in
both countries over the past year.
The Scottish Exporter to China
category is open to businesses that
completed deals worth more than
£20,000 in export sales with China
over the past 12 months.
Companies and projects that have
received investment from China are
eligible for the China Investor in
Scotland Award.
The China Welcome to Scotland
Award will go to the Scottish
company that has most demonstrated
success with hosting Chinese visitors
over the 12-month period.
The competition opened for entries
on 8 November with the closing date
for submissions being 8 January.
The names of the shortlisted
companies will be announced on
14 January with the winners being
announced at the Burns Supper on
24 January.
The finalists and ultimate winners
will be celebrated at a sparkling event
at the Waldorf Astoria, formerly the
capital’s Caledonian Hotel.
This is the second year in a row
the awards have been celebrated at
CBBC’s Chinese Burns Supper but
the event itself is now in its sixth year
and it has become a key event in the
China-Scotland business calendar.
The unique event features a
fusion of Burns Night traditions
with those of Chinese New Year as
a backdrop for black-tie networking
for the China-Scotland business and
educational community.
It will feature some notable
entertainment including Hong-Kong
based Kate Targett-Adams being
flown in especially to perform on
what should be quite a night.
James Brodie, regional director
- Scotland & Northern Ireland,
China-Britain Business Council,
said: “Delighted for the second year
running to have this opportunity to
promote success stories of Scottish
companies working with China, as
well as welcome further Chinese
investors into Scotland. There is
fantastic momentum for the Chinese
market in Scotland right now.” ■
January 2019 INSIDER 109
IT MATTERS: SOCIAL MEDIA
HAS SOCIAL NETWORKING
REACHED A TIPPING POINT?
By Bill Magee
I
s it game up for social media
as we know it in corporate life?
Firms are increasingly anxious
about their commercial data
after a series of very public privacy
scandals involving networking sites.
Companies are questioning just
how “social” should they be from
now on and that as they engage in
digital transformation strategies are
such online activities resulting in a
sound return on investment?
A Harvey Nash/KPMG 2018
CIO survey highlights ROI as key.
The global recruitment group’s chief
executive Albert Ellis said: “Making
a success of digital is proving much
tougher than first envisaged for many
organisations.”
Whilst on a trip to Scotland, he
urged: “Your investment should be
driven by ROI at the heart of digital
transformation strategies.”
There’s no doubting the 21st
century phenomenon that is social
media. But latest reports reveal a
110 INSIDER January 2019
spike in individuals and organisations promoted as a bit of fun and free but
cooling their initial enthusiasm heavily subsidised by wall-to-wall
towards such microblogging sites. advertising.
Social networking has reached The clue is in the term “social”
a tipping point. Especially and numerous messaging apps
market leader Facebook that has hit the marketplace in a big way,
haemorrhaged an estimated 700,000 enthusiastically taken up by
UK subscribers during 2018, organisations of all sizes.
“The Facebook”, as it was initially
There are more than three billion branded, launched in 2004 followed
by Twitter two years later and relative
users globally generating more newbies WhatsApp and Instagram
in 2009 and 2010 respectively, and
than £30bn every year in social Snapchat the following year.
From the get-go the tech giants
media advertising Michael Romilly, Mozenix (below)
adopted clever so-called real time
marketing techniques. Full of endless
“likes”, “shares” and “hashtags”
including a significant number of ensuring participants became
younger users known as ‘Millennials.’ engaged treating social media as
Such a growing digital disconnect indispensable and second nature in
is being followed up by companies their working day.
instigating major stocktakes centred A constant high-octane pressured
on avoiding data misuse. environment ensued via net and
Other than LinkedIn, launched company smartphone with users ever
in 2003 and remaining a business- ready to leap to a highly-addictive
oriented website, such networking “ping” from the next tweet or text
platforms have been largely looking for that elusive viral payback.
www.insider.co.uk

Michael Romilly, chief executive
of augmented reality apps and
prototypes specialist Mozenix,
says despite negatives social media
appears an unstoppable force.
“It’s estimated such platforms are
attracting one million active users to
join social media every day.”
However, a spotlight has
been shone on a fear traditional
commercial values have become
eroded. If not overlooked altogether.
The Facebook fiasco, also involving
Cambridge Analytica, resulted in a
£500,000 fine by the UK Information
Commissioners Office. The social
network has lodged an appeal against
the data watchdog’s penalty.
The ICO acted after an estimated
87 million users globally had their
information harvested by a third
party, one million located in Britain.
The social media giant lost an
estimated £45bn from its market
capitalisation and questions remain
about loopholes in its privacy policy.
Romilly adds: “There are more
than three billion users globally
generating more than £30bn every
year in social media advertising,
as brands have increasingly turned
away from traditional print-based
marketing mediums.
“The year ahead represents a
good time to start thinking about
online/mobile advertising and
user-engagement of social media
mechanisms.”
Apps developer David Hopkins,
whose company Disenoideas designs
next generation web and mobile
solutions, claims: “In 2019 we will see
a deep integration in all services.
“Social platform apps will share
increasing amounts of your user data
with their audiences creating a more
seamless experience across third
party apps.”
Hopkins cites the rise of the
geo-located video “storytelling in
micro-moments”, claiming such a
development will drive four-fifths of
all internet traffic led by social media
marketers’ strategies.
Yet it is this deeper and seamless
integration of commercial data –
bandied about, often not encrypted,
among innumerable sources – that
remains a worry.
Information commissioner
Elizabeth Denham points to a
timely tightening of regulations:
“One of our main motivations
for taking enforcement action is
www.insider.co.uk
IT MATTERS: SOCIAL MEDIA
History Company, reminds business
of the redeeming qualities of social
media: “Spearheading crowdfunding
initiatives for the likes of craft
brewers and distillers.
“Also data archive vaults where
organisations like Aviva have
transferred dusty old records into
compelling content for wider
audiences.”
Whatever social networking route
is chosen, a strong defensive stance is
recommended by software developer
Diddo, showcased at Informatics
Ventures’ EIE2018.
Director Doug Trainer and his
two colleagues come from military/
government backgrounds. He urges
firms to “use a platform allowing
internet users to be able to control
social media, password and browser
security, also whether their details
have been compromised”.
Another EIE participant, UWI
Technology’s founder Pete Higgins
says organisations should seek: “A
unique, clear and accurate indicator
that reinvents monitoring of time-
sensitive products or processes.
“This allows you to determine, at a
glance, whether something is still safe
to use, or needs attention.”
He claims UWI’s universal colour-
coded indicator’s clear display –
The social media revolution green good, red bad – saves staff time
and reduces risk, waste and costs.
is forcing institutions and Tim Berners-Lee, creator of the
World Wide Web, told Reuters sites
influential leaders to change their like Facebook and Google may end
up being broken up.
communication channels It is estimated the combined
market capitalisation of Google,
Elizabeth Linder, Facebook Facebook, Apple, Microsoft and
Amazon is £2.85trn.
to drive meaningful change in “What naturally happens is
how organisations handle people’s you end up with one company
personal data.” dominating the field so through
Forrester senior analyst Enza history there is no alternative to really
Innopollo warns: “Every business coming in and breaking things up.
that collects and/or processes data “Such is the speed of technological
must take note and ensure they make innovation and changing tastes it
no mistakes. First and foremost this could ultimately cut some of the
is about customers’ trust and business largest firms down to size.”
reputation.” Rory Wilkinson, chief executive
Facebook’s founder of its of digital loyalty apps outfit Park
government and politics division, Technology concludes: “There’s
Elizabeth Linder told an Asia certainly a lot of noise out there but
Scotland Institute gathering at social media is here to stay.”
Edinburgh Informatics Forum: “The One thing’s for certain. The tech
social media revolution is forcing big boys won’t be put off by bad
institutions and influential leaders publicity. There’s too many big bucks
to change their communication at stake. Expect a heavily-marketed
channels and dialogue.” Social Wave Mark II to hit the
Chris Holme, founder of The marketplace any day now. ■
January 2019 INSIDER 111
BUSINESS PROFILE
ENTERPRISE-CLASS ICT MANAGED SERVICES
FOR EVERY BUSINESS
When everything else in your business is
getting sharper and more able, how do your
in-house IT resources compare?
These days, everything is getting smaller, smarter,
more connected and more affordable. Everyday
technology has given SMEs unprecedented agility
and reach. Better communications and access to
social media give even small businesses a global
voice, rather than a local one. SMEs compete in the
marketplace with companies twice their size and
more. Technology has levelled the playing field.
That’s good news, but with all this potential, your IT
infrastructure needs to be more robust than ever.
How does yours compare?
Perhaps you have an in-house team who manage
and support some or all of your end-user devices,
network, server and storage systems, your
applications and websites. They do a good job,
no doubt, but do they have spare capacity to plan
new IT initiatives or undertake vital improvements
to your services? Or, do you find that, just when
you’re ready to start work on new IT projects, your
staff have to drop everything to install software,
fix a problem with a SAN, or update malware
defences? All too often, it can seem that your
in-house team are getting side-tracked away from
the very projects that would help your business
succeed and grow long term. We’re familiar with
these frustrations, because we’ve addressed them
time and again for businesses – from all sectors –
who’ve come to us for help. And stayed.
For more information on how Dacoll can help your business, contact
www.dacollgroup.co.uk or email sales@dacoll.co.uk
At Dacoll Group (www.dacollgroup.co.uk), we
know that every organisation needs an intelligent
and responsive IT service, 24/7. Without it, you
just can’t get on with the job of running your
business. But we’ve also learned that in-house IT
departments can simply cost too much, and worse
still, find it hard to scale as your business grows, or
deal with the new challenges and investments you
need to operate securely in the digital marketplace.
For SMEs striving to keep overheads in check while
running smoothly, it can seem that there just isn’t a
solution that delivers the quality they need.
Or is there?
Dacoll Group can professionalise your IT
infrastructure and services, with a price tag that
may just surprise you. In fact, we’ll confidently
provide the level of IT managed services that
you may previously have been unable to
afford. Until now.
From our headquarters in the heart of Scotland,
we provide secure, tailored and cost-effective
managed IT services for every business. From
those same offices, we operate a 24/7 service
desk, manned by real people who’ll take the time
to understand and address your issue, whatever
the hour. In addition, our UK-wide fleet of skilled
engineers means that we will come right to your
own desk when a manual fix is the answer. We
will streamline your daily computer support
operations, provide data security specialists,
and bring our extensive knowledge of the latest
advances in IT to the core of your business. In
addition, we’ll ensure that you have the IT resource
you need, not just to manage and maintain
your systems, but to improve them too, and to
undertake those strategic IT initiatives that will help
your business prosper in the future. These, and our
many other services, are tailor-made to fit your
needs, whatever your size, so that you get the very
best value support possible. You’ll pay only for the
services that fit your business best.
We’re a family-run business, and we know all about
the daily pressures of running your own company.
Because of that, our people care about your IT and
its smooth running as much as we do our own.
So, let us take care of your ICT. And you can get
back to work.
 SCOTLAND’S PROPERTY: TECHNOLOGY & SKILLS

P
ilot certification from the
GPS-enabled drones could soon be in common use in
Civil Aviation Authority is the construction industry to capture site data
not a traditional qualification
in the property industry but
it could soon be a standard one.
West Lothian civil engineering and
groundworks contractor Mulholland
Contracts recently bought a GPS-
enabled drone to capture survey data
on its construction sites. It is used
to monitor earthworks, track site
progress and generate terrain models.
It is just one example of the new skills
being brought into construction.
Others are less dramatic but
potentially even more far-reaching.
As an example of the opposite,
Sheenagh Gray, architect at Framed
Estates, points to some firms who
have been slow to change. “In many
ways, despite the huge changes to the
industry and the technology available
to architects, some practices have
changed very little about the way
they work in the past two decades,”
she says.

“In fact you can still find examples
of hand-drawn plans being submitted
for projects. Clients can and should
expect more, if only they could see
the great strides which some in the
industry have taken to develop new
and innovative ways of presenting
proposals.
“While it’s safe to say that there’s
a degree of modernisation required,
that does not take anything away
from the high regard in which
the Scottish and UK architecture
industry is held. The standards are
among the best in the world and our
services are highly sought-after – if
you have been trained in the UK, you
can practice anywhere.”
Fewer than two per cent of
businesses are fully confident that
their employees are well placed to
take advantage of the rising use of
new technology, according to The
Five-per-cent Club of employers, a
training and skills campaign group.
Club member Kier Group has
nearly 900 individuals on structured
development programmes and
offers more than 50 different
types of apprenticeship, including
digital construction, business
administration and quantity
surveying that range from entry-level
to degree programmes.
“We must act now to attract more
talented individuals to consider a role
within the built environment,” says
Katie Nightingale, Kier Group early
careers manager. “As our workforce
evolves, we have a continuous focus
www.insider.co.uk
CONSTRUCTIOn-RELATED
FIRMS UNDER PRESSURE
TO EMBRACE TECHNOLOGY
By FRANCIS SHENNAN is moving is creating a level of
uncertainty and concern that our
There is little confidence within current slow systems and processes
can’t keep up. The construction
our industry that we have the right and property industries are lagging
behind as we tend to stick to ‘what
workforce and skillset for the future we know’ due to risk pressures.
Conversely, the financial sector is
Hazel Pearson, British Council for Offices (below) leading the way in this field.
“Artificial Intelligence – AI – will
on strategic workforce planning completely transform the way we
to ensure we have a vast array of work and the types of jobs we do,
programmes, including earn-and- undertaking the ‘do’ tasks that a
learn opportunities.” typical human can undertake with
Hazel Pearson, Scotland one second of thought. We are now
Committee member of the British also seeing AI being applied to
Council for Offices and recent problem solving.
chair of BCO NextGen for younger “AI cannot, however, undertake
property professionals, says: “We the ‘deep thinking’ tasks, transfer
are currently experiencing the learning, create or manage complex
fourth Industrial Revolution: the strategic planning, carry out precise
technology and digital revolution, hand-eye coordination, understand
characterised by the rise of unstructured spaces or empathise.
robotics and automation, and the Therefore, management is safe.”
integration of technology which is Management might be safe but
smart and connected into both our it will not be unaffected. Colin
organisations and our daily life. Hastie is a consultant on Building
“There is little confidence within Information Modelling (BIM) at the
our industry that we have the right Construction Scotland Innovation
workforce and skillset for the future. Centre (CSIC), which has been
The speed at which this technology offering free BIM workshops and
January 2019 INSIDER 113
SCOTLAND’S PROPERTY: TECHNOLOGY & SKILLS
seminars around Scotland for the
past year.
“In my experience, the people
who usually attend are the ‘hands-
on’ people within a construction
business,” he says. “They go back to
the office and tell their managers
that BIM is a fantastic idea, but those
decision-makers aren’t convinced.”
BIM replaces piles of plans
and drawings with an accurate,
reliable 3D model with information
embedded into it, from the insulation
in the walls to how often a sensor
needs to be cleaned. Clients are
now asking for BIM and tenders
increasingly require it.
The design team, from the
architects to the mechanical and
electrical engineers, each work up
their own 3D models but they are
all compatible, can be layered on top
of each other and exchanged. This
allows problems to be spotted early
and consequences calculated: for
example, if you change the pitch of a
roof, the model will tell you how you
need to change the wall and the cost.
“BIM is now being fully embraced
by commercial practices,” says
Pearson. “We are looking at how
these models will be used to collect
big data. Humans will still be
required to analyse this data but in
order to future proof we need to
change our mindsets as an industry
and actually start thinking and
talking about these technologies
rather than being afraid of them.”
In another change of skills,
Martin Dempsey, associate director
of workplace consultancy Space
Solutions, points out that Revit
software is increasingly rivalling
AutoCAD in BIM. He adds: “The
Scottish Government is driving an
aggressive programme to bring all
projects into BIM.”
Pressures on office space and costs
will bring further changes, such as
improved wireless removing the need
for cabling and the space it takes
up. “How soon can we do without
raised floors? We are working with
developers now in Glasgow, asking
‘How do we design the building from
the inside out?’”
Emma Marriott, managing
director of Contract Scotland,
Scotland’s largest and longest
established independent construction
recruiter, said: “Scotland does
produce excellent skills, just not
in a high enough quantity or via
a coherent approach between
employers, higher education, schools,
114 INSIDER January 2019
“I first saw off-site construction
Hand-drawn plans could be on the way out and modular build for things like
bathrooms 10 years ago but only
now are large Scottish independent
firms starting to consider it for their
live sites. The CSIC are doing well to
help organisations see the benefits
technology can have.”
Training in new skills is important
across the whole property sector.
“There are increasing challenges in
recruiting skilled employees and the
public face of the property industry
is still suffering from an image
problem,” said Allan Callaghan,
managing director of Cruden
Building. “We need to address
this to future-proof adequately
what is an incredibly diverse and
significantly more professional and
technical industry. Young people
with apprenticeships are among the
most employable in the country, not
to mention becoming equipped with
valuable practical skills and a good
salary.
“We are developing skills and
expertise through the Cruden
Academy – we have almost 100
apprentices in training each year
– coupled with our continuous
Scotland does produce excellent programme of investing in our
employees which includes lifelong
skills, just not in a high enough learning, training and distance
support as well as further education
quantity or via a coherent approach support.”
The working life of the industry is
between employers, higher education, changing but so too are the working
lives of the people they are delivering
schools, careers advisors and parents for: the end-users of the buildings.
“We are also seeing changes with
Emma Marriott, Contract Scotland (below)
the rise in remote working meaning a
demand for flexible design, providing
careers advisors and parents.” staff with the infrastructure to
She pointed to programmes that work from anywhere,” says Chris
could help, “like Developing Young Narrowmore, partner at construction
Workforce and the Home Building and property consultancy Thomas
Skills Partnership but in truth the & Adamson. “Collaborative
property industry is not taking full workspaces, multi-use space – a more
advantage of these schemes as much agile working environment is known
as other sectors have done.” to increase productivity and spur
Marriott added: “We are getting creativity, and larger institutions and
there in terms of developing skills by corporates are actively seeking space
engaging with these programmes and that ticks these boxes.”
taking on apprentices directly but, as Alison Taylor, regional senior
an industry, more of a push is needed director for GVA in Glasgow,
from key influencers to be invested in concludes: “A technological
future-proofing the industry.” revolution and rapidly changing
That future-proofing requires working practices have seen
soft skills as well as new technical developers adopt a cautious
skills. “Some companies are now approach to anticipating future
looking for better softer skills – site trends and tastes,” adding,: “In many
and contracts managers for sure cases they want bespoke solutions to
– but it is a slow process. I also suit new working practices and
think companies have been slow to their own corporate social
embrace new technology. responsibility goals.” ■
www.insider.co.uk

Peninsula takes whole floor in Glasgow
Peninsula, specialist in employment
law, HR and health and safety, has taken
the 8,324 sq ft fourth floor of 180 West
George Street, leaving the 7,971 sq ft
first floor and the 7,844 sq ft third floor
currently available.
Picton, the building’s owner, worked
with award-winning architectural
practice Michael Laird on a
refurbishment of the Grade A office
building in Glasgow’s Central Business
District, producing a triple-height
atrium and reception area with light
sculptures.
“With the current severe shortage
of high quality modern office space in
Glasgow, primarily due to a lack of new-
build space, the occupational demand
Planning application made for
£95m office development
A detailed planning application has
been made for a 283,000 sq ft £95m Grade
A office development on Argyle Street in
Glasgow’s International Financial Services
District, the first activity on the site in
more than 20 years.
The development by Osborne and Co,
a property vehicle developed by Vanguard
Real Estate, will be able to accommodate
up to 4,000 people. It will require
demolishing a Grade B listed building,
which according to surveys is beyond
repair. The site, a short walk from Glasgow
Prestige tenant for West George Street
Global IT firm Hewlett Packard is
moving into the whole of the 11,000 sq
ft fifth floor of 191 West George Street
on a 15-year lease, the second occupier
for NFU Mutual’s office development,
which has had an extensive
refurbishment.
“To secure a tenant as prestigious
as HP at the rental level achieved is a
real testament to the comprehensive
refurbishment we decided to undertake
following the building becoming
vacant in 2016,” said NFU Mutual asset
manager Tom Foley. “The building is
well positioned in the current market.”
Edrington-Beam Suntory UK is
already on the fourth floor of the Grade
A office space over six levels. The £5.5m
refurbishment created 87,000 sq ft
with virtually column-free floorplates
www.insider.co.uk
Inside 180 West
George Street
continues to be met through Grade
A refurbishments,” said Phil Reid, of
Phil Reid Associates who with Ryden
represented Picton, while Cushman and
Wakefield acted for Peninsula.
Central station, was formerly the location
of the proposed 25-storey Jumeirah
Hotel and is bounded by Argyle Street,
Robertson Street and York Street.
Site vendor, Singapore property
company Scotsbridge, is led in Glasgow
by entrepreneur Shazad Bakhsh, who
played a central role in assembling the
site and retains a minority share. “This
will be one of the most important new
office developments Glasgow has seen in
decades and will support significant levels
of new jobs and investment,” he said.
191 West George Street
ranging from 10,432 to 15,011 sq ft.
Soft spots between floors have been
created to allow tenants on more than
one floor the option of creating a
private internal staircase.
JLL acted for Hewlett Packard and
joint letting agents Knight Frank and
JLL represented NFU Mutual.
SCOTLAND’S PROPERTY: NEWS
Commercial
elements of Cove
scheme filled
The last remaining commercial
parts of Scotia Homes’ development on
Charleston Road at Cove, Aberdeen,
have been let by Shepherd Chartered
Surveyors. The units at 220A, 220C and
220D comprise more than 3,500 sq ft
of ground floor retail space within the
residential development.
It now has a diverse mix of tenants,
including a butcher, barbers and
Aberdeen Martial Arts Academy.
“These lettings, in addition to increasing
occupier activity across all sectors, are
another positive indication that the
Aberdeen commercial market continues
to improve,” said Adam Honeyman, a
surveyor in Shepherd’s commercial team.
An artist’s impression of Baker Street
Food & Drink Enterprises
Food and drink
incubator project
Helensburgh-based contractor
Stewart and Shields is expected to
complete a £1.6m design-and-build
construction contract for a food
and drink incubator this spring for
Inverclyde’s economic redevelopment
organisation, Riverside Inverclyde.
Baker Street Food & Drink Enterprises
is being built on land recently cleared at
the corner of Greenock’s Baker Street and
Drumfrochar Road. It is the second phase
of a £2.5m road realignment project for
Inverclyde Council.
It will see the development of six
manufacturing units ranging from 323
to 750 sq ft aimed at encouraging the
growth of small and medium-sized
food and drink businesses. The Baker
Street incubator is being supported by
£900,000 from the Scottish Government’s
Regeneration Capital Grant Fund.
The design team is made up of
Inverclyde-based Allied Surveyors, Assist
Design Architecture, structural engineers
Will Rudd Davidson, mechanical
engineering firm Rybka and principal
design by Brown and Wallace.
January 2019 INSIDER 115
BOOK YOUR TABLE
Thursday 28th February 2019
DoubleTree by Hilton Hotel, Glasgow Central

To book visit:
www.scottishpropertyawards.co.uk

Scottish Property Awards

@scotpropawards

T
wo distilleries and two
railway stations are among
the finalists for the 2019
Scottish Property Awards,
illustrating the range the awards
now have. Robertson appears in
the finalists for Development of
the Year (Commercial Buildings),
for its Macallan Distillery and
Visitor Experience at Craigellachie.
Alongside it are Michael Laird
Architects and William Grant &
Sons for Hendrick’s Gin Palace in
Girvan, which is also shortlisted for
the Architectural Excellence Award
(Commercial Use).
Shortlisted for Development of the
Year (Public Buildings) are Halliday
Fraser Munro and Aberdeenshire
Council’s Ballater Royal Station
and architects Nicoll Russell
Studios and Dundee City Council’s
redevelopment of Dundee Station.
The sixth annual awards attracted
entries from 60 firms, judged by 21
judges. “We have welcomed a record
high number of both entries and
firms into this year’s competition,”
said panel chair Fiona Morton of law
firm Gillespie Macandrew.
Deal of the Year finalists will be
announced this month and the
winner revealed after a live vote at
the awards ceremony on February 28,
when the Business Leadership Award
and a special excellence award,
sponsored by Business Insider, will be
announced.
Development of the Year
(Commercial Buildings)
The Edinburgh Grand - Chris Stewart Group;
Radisson Red, Glasgow - Forrest Hotels
Limited; EcoCampus, Hamilton - HFD
Property Group Limited; 4North, Edinburgh
- Knight Property Group; Hendrick’s Gin
Palace, Girvan - Michael Laird Architects and
William Grant & Sons; The Garment Factory,
Glasgow - Morgan McDonnell Architecture
and Castleforge Partners; Redevelopment
of Dundee Station - Nicoll Russell Studios,
Architects and Dundee City Council; The
Macallan Distillery and Visitor Experience,
Craigellachie - Robertson
Development of the Year
(Public Buildings)
Bayes Centre, University of Edinburgh
- Faithful+Gould, Bennett Associates
and University of Edinburgh; Ballater
Royal Station - Halliday Fraser Munro
and Aberdeenshire Council; Newbattle
www.insider.co.uk
EVENTS: SCOTTISH PROPERTY AWARDS 2019
Hendrick’s Gin Palace
in Girvan
60 FIRMS
IN LINE FOR
PROPERTY
AWARDS
By KEN SYMON
Community Campus - Hub South East
& Midlothian Council; West Calder High
School - Hub South East & West Lothian
Council; Largs Campus - hub South West
Scotland; The V&A Dundee - James F
Stephen Architects (Executive Architects),
V&A Dundee and Dundee City Council;
Redevelopment of Dundee Station - Nicoll
Russell Studios, Architects and Dundee City
Council
Architectural Excellence Award
(Commercial Use)
Quarry Road, Irvine - Anderson Bell Christie;
16 Church Street - Keppie; 2 Semple
Street - Michael Laird Architects; Hendrick’s
Gin Palace - Michael Laird Architects;
The Garment Factory, Glasgow - Morgan
McDonnell Architecture
Architectural Excellence Award
(Public Use)
Newbattle Community Campus, Dalkeith -
Cooper Cromar; The V&A Dundee - James F
Stephen Architects (Executive Architects);
16 Church Street, Dumbarton - Keppie; West
Calder High School - NORR Consultants
Limited; The Jack Copland Centre,
Edinburgh - Reiach and Hall Architects
Regeneration Project of Year
The Registers (phase 1), The Edinburgh
Grand - Chris Stewart Group; Leith
Meanwhile - Hub South East & The City of
Edinburgh Council; West Dunbartonshire
Council Office, Dumbarton - hub West
Scotland on behalf of West Dunbartonshire
Council; Marischal Square, Aberdeen -
Muse Developments; Redevelopment of
Dundee Station - Nicoll Russell Studios,
Architects and Dundee City Council; North
Pier Harbour Building, Oban - Oberlanders
Architects and Argyll & Bute Council; The
Raining Stairs Development, Inverness - Trail
Architects and Ark Estates; New Waverley,
Edinburgh – Artisan Real Estate
Health Care Development
of the Year
Inverurie and Foresterhill Healthcare
Project, Inverurie & Aberdeen - hub North
Scotland Limited; Lothian Bundle - Hub
South East; The Jack Copland Centre,
Edinburgh - Reiach and Hall Architects and
Scottish National Blood Transfusion Service
Student Accommodation
Development of the Year
The Combworks, Aberdeen - 3DReid
McLaren Property, Yeoman McAllister;
Havannah House, Glasgow - Anderson Bell
Christie and Vastint Hospitality; iQ Elgin
Place, Glasgow - Graham Construction; 22A
Potterrow, Edinburgh - Yeoman Mcallister
Architects, KR Developments and Curlew
Student Property
Office Agency Team of the Year
CBRE Scotland; Cushman & Wakefield; GVA;
JLL; Knight Frank; Ryden
Industrial Agency Team
of the Year
Colliers International; JLL; Ryden
Investment Agency Team
of the Year
CBRE Scotland; Cushman & Wakefield; JLL;
Knight Frank; Ryden
Property Legal Team of the Year
Brodies; Morton Fraser; Shoosmiths;
Weightmans (Scotland)
Finance Team of the Year
Bank of Scotland; Close Brothers Property
Finance; Santander; Royal Bank of Scotland;
Together
Property Investment Team
of the Year
Aviva Investors; M&G Real Estate; M7 Real
Estate Limited
Property Company of the Year
Chris Stewart Group; Drum Property
Group; HFD Group Limited; Knight
Property Group ■
January 2019 INSIDER 117
APARTHOTEL ADAGIO EDINBURGH ROYAL MILE ****
A temporary second home – apartment living for the business traveller
Apartment living is more on trend
than ever before for the modern
business and leisure traveller.
Adagio is the European market
leader in aparthotels – serviced
apartment living is our business,
our passion and our expertise.
Combining the autonomy
of apartment living with the
hospitality of hotel life, Adagio
offers flexibility; independence;
hotel-like services such as 24
hour reception, free wifi and
housekeeping; kitchen, living and
sleeping spaces; inclusive breakfast
options; contemporary design;
convenience and comfort central
locations in the heart of the city;
and attractive tiered pricing from
fourth night onwards – the longer
you stay the less you pay. Adagio is
the true apartment living brand for
business travellers.
A new look property from top
to bottom, Aparthotel Adagio
Edinburgh Royal Mile is the first
aparthotel worldwide to feature
the new look apartments – a
lighter, brighter and altogether
more dynamic living space. The
Edinburgh property is also the
first Adagio to feature the new
concept public space – bold,
creative and as welcoming as the
Starting Price
£65
city itself. Created to be an open
space where guests can meet,
share and collaborate, the living
space is welcoming, comfortable
and stylish. The design has taken
its inspiration from the stunning
architecture and nature that Apartments:
make up the famous Edinburgh 146 apartments
landscape. Address: 231 Canongate,
Edinburgh, EH8 8BJ
Located on the world-famous Royal
Mile, moments from Edinburgh Tel: 0131 322 8299
Waverley train station, the Adagio Email:
is perfectly located for business h9289@adagio-city.com
and leisure in Edinburgh.

TSB chief Debbie Crosbie
joins Top500 speaking panel
D
ebbie Crosbie, the
incoming chief executive
of the TSB Banking
Group is to join the
speaking panel at the Business
Insider and Scotland Is Now
Top500 Business Breakfast.
Crosbie who moves to the TSB
from her role as executive director
and chief operating officer of
Clydesdale and Yorkshire banking
group CYBG. One of the most
prominent female executives in
corporate Scotland, Crosbie will
take over at the helm of the TSB
after working at the Clydesdale
Bank group for nearly 22 years.
She joins the panel at the key first
event of the year being held at the
Sheraton Grand Hotel and Spa,
Edinburgh on Friday 11 January.
The speaking panel also includes
Christine O’Neill, chairman of law
firm Brodies and one of Scotland’s
leading constitutional lawyers.
In 2018 she continued to act as an
advisor to the Scottish Parliament’s
Finance and Constitution
Committee on the constitutional
law aspects of the European
Union (Withdrawal) Bill, the UK
Parliament’s Trade Bill and the
Scottish Parliament’s own Brexit
legislation.
O’Neill was also part of the Lord
Advocate’s legal team during the
hearing in the Supreme Court in
July 2018 of a challenge by the
UK Government to the Scottish
www.insider.co.uk
Parliament’s legal continuity
legislation.
O’Neill is extremely well
placed to comment on the legal
implications of Brexit and how it
will affect business life.
Steve Dunlop, the chief executive
of Scottish Enterprise, will be the
third member of the speaking
panel. He joined the organisation
in May 2018 from Scottish Canals
where he was chief executive and
responsible for the renaissance
of Scotland’s 137-mile canal
network which includes two of
the country’s most iconic tourist
attractions – the Falkirk Wheel and
The Kelpies.
A finalist in Entrepreneurial
Scotland’s Entrepreneur of the Year
Award for 2017, Dunlop is widely
respected as a leading public sector
entrepreneur with a reputation for
innovative thinking in traditional
environments.
The panelists join keynote
speaker John Kerr, Baron Kerr
of Kinlochard. Kerr is a former
diplomat who drafted Article 50.
As a crossbench or independent
Crosbie joins the panel at the key
first event of the year being held at
the Sheraton Grand Hotel and Spa on
Friday 11 January
EVENTS: TOP500 BUSINESS BREAKFAST
peer, Kerr is currently right at the
heart of the parliamentary debate
on Brexit as it goes through the
machinery of government.
He has been key to the
development of the EU over many
years, first as British Representative
to the EU at the time of John
Major’s Government.
Above: Debbie As Secretary-General of the
Crosbie has joined European Convention he drafted
the speaking panel Article 50, the procedure under
which the UK is leaving the EU.
He was Permanent Under
Secretary to the Foreign and
Commonwealth Office in the time
of Tony Blair’s Government before
becoming an independent peer in
the House of Lords in 2004.
His business career has seen him
be a director of Shell and then
chairing the group of directors
who brought about the creation
of Royal Dutch Shell plc in 2005.
He was deputy chairman and
senior independent director of the
company until 2012.
He was a director of Rio Tinto
Zinc from 2003 to 2015.
Kerr has been a director of the
Scottish American Investment
Trust since 2002 and of
ScottishPower since 2009. He
became deputy chairman of
ScottishPower in 2012.
He is chairman of the Centre for
European Reform and a member
of the Executive Committee of the
Trilateral Commission. ■
January 2019 INSIDER 119
EVENTS: MADE IN SCOTLAND AWARDS 2019
Oil and gas veteran Bob
Keiller takes panel place
L
eading business advisor
Bob Keiller will be joining
the speaking panel at the
Insider and CMS Deals
and Dealmakers Business Breakfast
in March.
Keiller has just stepped down
as chairman of economic
development agency Scottish
Enterprise after serving a three-year
term in the role.
An oil and gas industry veteran,
Keiller became CEO in November
2012 of the Wood Group, an
international energy services
business with US$7bn in sales,
40,000 employees and operations in
more than 50 countries.
His service in the role followed
his completing the $1bn sale of
PSN Group to Wood in April 2011.
He had earlier been responsible
for the creation of PSN through a
$280m management buyout from
Halliburton in 2006.
Since stepping down from the
Wood Group chief executive’s role
in December 2015, he has worked
as as a non-executive director
and a business advisor providing
mentoring and support for business
leaders and social enterprises.
Also joining the panel is Gordon
Steele, corporate finance partner of
AAB and Tracy Black, director of
the CBI Scotland.
She joined the organisation’s
Scottish office in April 2017 as
deputy regional director shadowing
120 INSIDER January 2019
the then regional director Hugh Above: Tracy
Aitken as part of a planned Black, has taken
succession process. a place on the
Born and raised in Scotland, speaking panel
Black has worked in business both
in the UK and overseas. Her work
in corporates included working at
Goldman Sachs, UBS Investment
Bank and ICP. Her experience also
includes working as a consultant
at Parkwalk Advisors, a London-
based investment management
firm.
Frank Fowlie is a corporate
partner in the Aberdeen office and
a member of the energy group of
law firm CMS. He has extensive
experience in corporate work
relating to oil and gas service
companies and upstream oil and
gas businesses.
Keiller has just stepped down as
chairman Scottish Enterprise after
serving a three-year term in the role
He has advised on all aspects of
company restructuring and also
spent a year as corporate counsel
for one of his firm’s multinational
oil company clients.
This experience has given him
a specialist vantage point from
which he will contribute to the
event’s discussions.
They will be joined by the
keynote speaker, Calum Paterson
who is managing partner of
Scottish Equity Partners and the
the current chair of the British
Private Equity and Venture Capital
Association (BVCA).
Scottish Equity Partners was one
of the main backers of Skyscanner
and Paterson was a member of the
board of directors at the travel-
search company prior to its £1.5bn
acquisition by Ctrip at the end of
2016.
He will talk about the challenges
and opportunities in building high
growth technology companies
as well as addressing current
developments in private equity
and venture capital. The Breakfast
will be held at the Mercure Ardoe
House Hotel in Aberdeen on 5
March. ■
For more information see www.
insidermadeinscotland.co.uk. To
book tickets or discuss sponsorship
opportunities please contact Aileen
Turnbull 07825 899187 or by email
on aileen.turnbull@insider.co.uk.
www.insider.co.uk

Entrepreneur Jim McColl to
be keynote awards speaker
L
eading Scottish
entrepreneur Jim McColl,
the founder and chief
executive of Clyde Blowers
Capital is to be the keynote speaker
at Insider’s Made In Scotland
Awards.
McColl will outline some of
the lessons learned in his career
which has taken him from leaving
school at 16 to be an engineering
apprentice to owning and running
multi-million pound business
interests.
He will speak at the fourth
annual Made In Scotland Awards
in partnership with the University
of Strathclyde’s Advanced Forming
Research Centre being held at the
Glasgow Science Centre on 9 May.
The Awards aim to celebrate what
is designed, made and sold in and
from Scotland.
The categories are:
Manufacturer of the Year
– which will be awarded to
the manufacturer who shows
innovation, a commitment to
excellence, sales growth and
increased profitability between
January and December 2018.
Inventor of the Year – the Scottish-
based person behind the product
or process launched in 2018
that has substantial commercial
potential.
Best New Product – the product
designed or manufactured in
Scotland and put on the market
www.insider.co.uk
between January and December
2018 that has the potential to really
drive sales.
Young Innovator of the Year –
the person under the age of 25
who has developed an innovative
product or process in 2018.
Innovator of the Year – This
award is for a Scottish-based
manufacturer which used
innovation in production which
had a measurable effect on
profitability.
Food and Drink Company of
the Year – the Scottish-based
food and drink company which
has shown significant progress in
2018. The judges will be looking
for innovation in manufacturing,
improving profitability, product
development and sales and
marketing performance.
Life Sciences Company of the Year
– The Scottish-based life sciences
business that has innovated and
made an impact in 2018.
Exporter of the Year – the
Scottish-based business that
has demonstrated success in
international trade in Scottish-
made products in the calendar
year.
Made in Scotland Awards aim to
celebrate what is designed, made
and sold in and from Scotland
EVENTS: MADE IN SCOTLAND AWARDS 2019
Engineering Company of the Year
– the Scotland-based engineering
company that can demonstrate its
ability to introduce new processes
and make an impact in its market
in 2018.
Remade in Scotland
Sponsored by Scottish Institute for
Remanufacture
Above: Jim McColl This award is for Scottish
companies of any size and in
any sector which demonstrates
innovation within the design
and/or manufacturing process
which contribute to extending
product lifecycles and diverting
waste from landfill through reuse.
The judges will be looking for
examples of products or processes
that demonstrate an economic,
environmental or cultural impact
in Scotland. Any process or
product whereby an item is reused,
remanufactured or refurbished
to extend its lifecycle is eligible to
apply.
All of the winners from each of
the categories will be entered into
the overall Business Insider Made
in Scotland Award 2018. ■
More information about the
event can be found at www.
insidermadeinscotland.co.uk. To
book tickets or discuss sponsorship
opportunities please contact Aileen
Turnbull 07825 899187 or by email
on aileen.turnbull@insider.co.uk.
January 2019 INSIDER 121
 ASSERTIVE
INCISIVE
OBJECTIVE
DECISIVE
DISRUPTIVE
PERCEPTIVE
INFORMATIVE
LIVE.
co uk
LIVE SCOTTISH BUSINESS NEWS

co uk
LIVE SCOTTISH BUSINESS NEWS
WEALTH MANAGEMENT: FRANCIS SHENNAN

Rise or fall of interest rates

hanging on type of Brexit
I
t’s coming to something when Bank of
England Governor Mark Carney, who since he
took the job has made much of trying to offer
steady guidance, says interest rates could go either
way. Brexit of course is to blame. A bad exit that
caused a run on the pound would force rates up. A bad
exit which did not cause a run on the pound would see
rates fall. Other types of Brexit might see little change.
How to plan in that situation? Flip a coin?
This is a situation ready-made for financial
modelling and there is plenty of software for this on
the market.
A good analogy is on the Property pages in this
edition – Building Information Modelling (BIM) –
which can model the consequences of decisions. If you
change the pitch of a roof, for example, the model will
tell you whether you need a stronger wall or not.
But you need a starting point for your model. That
means considering what is likely to happen to interest
rates if we don’t have a bad Brexit? The consensus,
which includes Mr Carney, is that interest rates are
likely to rise gradually over the next three years as
inflation slowly falls back to the Bank’s target of two
per cent.
The anticipated date of the next rise to one per
cent has come forward from August to May or June.
That will depend on what happens to inflation.
The headline Consumer Prices Index (CPI) figures
released in November were fractionally weaker than
expected but core inflation remained stable according
to Royal London Asset Management. “We still expect
a rate rise in May,” said its economist Melanie Baker.
However, the National Institute of Economic and
Social Research, which analysed the prices of the
136,178 goods and services included in the CPI,
believed the apparent stability masked an easing in
inflationary pressure. When they excluded five per
cent of the highest and lowest price changes to get
closer to the “trimmed mean”, underlying inflation fell
by 0.2 percentage points to 0.7 per cent.
Only 18 per cent of goods and services prices
actually changed so that on average prices stayed
unchanged for nearly six months. Fewer than 10
per cent of prices went up, the second lowest for an
October since 2007.
The Resolution Foundation tended to agree, noting
that what was driving inflation was wage growth and
imported energy costs. The effect of energy costs is
The consensus, which includes
Mr Carney, is that interest
rates are likely to rise gradually
over the next three years as
inflation slowly falls back
likely to fade. “There is good reason to believe price
pressures could start to ease,” said the Foundation’s
senior economic analyst Stephen Clarke.
For investors Helal Miah, investment research
analyst at The Share Centre, noted the results had
“a mild negative impact on sterling as it means the
Monetary Policy Committee will feel less of a need
to increase the pace of interest rate rises. This is good
news.”
Longer term, inflation for goods leaving the factory
gate was up 0.2 percentage points but the rate for
materials and fuels used in manufacturing slowed by
0.5 percentage points. From that starting point, Brexit
deviations should be easier to assess as they happen. ■

IN FOCUS

Developments in buy-to-let mortgages

Financing buy-to-let looks likely to be getting
easier, subject to the ubiquitous Brexit caveat of
course. UK challenger bank Paragon, which only
six months ago extended its buy-to-let mortgages
to Scotland, has expanded its mortgage range to
include holiday lets and expat landlords letting
property in the UK.
And fellow specialist bank Aldermore has reduced
rates on its buy-to-let five-year fixed remortgage
products for individual and company landlords by
0.2 per cent. The rate drops to 3.98 per cent for a
75-per-cent loan-to-value (LTV) and 4.58 per cent
for 80 per cent LTV. A new multi-property limited
edition rate was launched at 3.78 per cent and 4.38
per cent respectively.
Aldermore also now accepts new-build flats
for investment purposes. “Landlords, no matter
how big or small, play a significant role in today’s
housing market,” said Aldermore’ s director
of mortgages Damian Thompson, “so it is our
responsibility to ensure our products meet their
needs.”
Paragon’s expat mortgages are available at LTVs of
up to 70 per cent for loans up to £750,000 and at 65
per cent for loans up to £1m.
Mortgages for holiday lets are available up to a 70
per cent LTV for amounts up to £500,000. There are
an estimated 4.9 million UK-born emigrants, most
of them in English-speaking countries with just over
one quarter in the EU. ■

CHARTERED FINANCIAL PLANNING • INVESTMENT CONSULTING • TAX ADVISORY

FINANCIAL
PLANNERS www.aabwealth.uk

124 INSIDER January 2019 www.insider.co.uk


in association with
MARK DOBSON, Chiene + Tait
QQ: Transferring defined-benefit pensions
into defined-contribution schemes has been
possibly the most discussed aspect of pension
reform but you think things may be about to
change. Why?
These transfers continue to offer a financially
attractive option for many individuals. Since the
introduction of UK Government policy reforms,
many direct benefit (DB) pension-holders have
looked into the prospect of transferring to
access benefits which can now be drawn down
from age 55.
Prior to the rule changes, people in DB
schemes were unable to access any funds
before retirement without incurring substantial
penalties. Some transfers in recent years under
continuous low interest rates have been highly
lucrative, offering some pension-holders
multiples of up to 40 times their projected post-
retirement income.
But the prospect of further rate rises could put
an end to these generous transfers.
QQ: How do you see the effect of these rises?
A decade of low, stagnant interest rates came to
an end last November with the Bank of England
deciding on a quarter point rise. Then in August
the rate rose by a further quarter point, from
0.5 to 0.75 per cent. Many are predicting further
rises and the prospect of higher inflation. Such
an outcome would likely impact on the record
high pension transfer values that are being paid
out. Some DB pension-holders considering a
transfer should therefore be seeking further
guidance on their own situation urgently.
QQ: What is the current situation?
With interest rates still relatively low, we have
advised a number of employees in key Scottish
sectors, including those in financial services
who have benefitted from the transfer route.
For example, in a recent case, an individual who
worked in this sector for 16 years and was on
a final annual salary of £75,000, was offered a
cash equivalent transfer value (CETV) of £1 to
move to a defined-contribution (DC) scheme.
Transferring can also benefit those on more
modest salaries. A pension-holder who spent
27 years working for a drinks company, earning
a final annual salary of £30,000, was recently
offered a CETV of £600,000 for shifting his pot
into a DC scheme.
While these examples show the potential
benefit of pursuing a transfer, pension-holders
must also consider the downsides as the risk
when making such a move shifts from the
www.insider.co.uk
WEALTH MANAGEMENT: INTERVIEW
Q&A
scheme to the individual.
QQ: What kind of risks could be involved?
Unanticipated economic and political events
can adversely impact on the value of DC
pension schemes. This potential volatility
must therefore always be factored into
planning assumptions. Not all DB pensions
are transferrable and for some individuals, a
DB transfer is not always suitable. For those
which are, the values are usually dependent
on the ages and number of members in
the scheme and its funding position. Every
pension-holder’s circumstances vary, so getting
bespoke independent advice is essential. There
are pros and cons which must be considered,
depending on an individual’s wider financial
situation and their personal retirement plans.
QQ: What about flexibility?
The examples I mentioned show transferring
from a DB pension into a DC scheme may
enhance an individual’s financial flexibility by
securing them an attractive transfer value.
The DC regime could provide a better solution
for many individuals, especially those who want
access to some of their funds before they retire.
No one knows for sure when we will see
further interest rate rises and the overall affect
this will have on inflation, but it will likely have
an impact on transfer values. That means there
could be a very limited window for action for
those who are currently part of a DB pension
scheme but may wish to investigate the transfer
option. ■
Mark Dobson is managing director at Chiene +
Tait Financial Planning.
COMMENT
Fraser Porter
Chief Executive Officer
Anderson Anderson & Brown
Wealth Ltd
T: 0131 357 6666
E: fraser.porter@aabwealth.uk
aabwealth.uk
A quiet budget for
pensions...for now!
So another budget passes and the predicted
tax grab on pensions passes without any
noise. As always with the lead up to the
budget comes the normal commentary
on pensions and whether tax relief will be
reduced or even abolished, whether annual
allowance will be restricted further and if the
lifetime allowance will be cut.
The good news is that none of the above
has taken place and pension remain a highly
efficient means of saving for your retirement.
Tax relief on contributions remains at its
current levels and represent an attractive
factor for those wishing to make a personal
contribution.
The annual allowance remains at £40,000
or for those already drawing flexible benefits
£4,000. Equally for high earners there are no
changes to the high income taper rules.
And, the lifetime allowance (LTA) has
been increased, only with inflation, but it’s
an increase to £1,055,000 with effect from
2019/20 tax year.
When you add in the benefits of being able
to utilise carry forward of unused allowances
and the flexibility of drawing your pension
funds when needed in later years there are
many reasons to be taking advantage of the
pension allowances.
Planning for your retirement is an essential
exercise and doing so by making use of the
allowances available makes complete sense,
these allowances and reliefs may not always
be around but for now they are.
With the assistance of a good Financial
Planner, who can understand your situation
and help navigate through the various rules,
your retirement planning can be made
simpler.
The message is simple, plan now to take
advantage of the allowances available in
the current tax year, don’t miss out, these
allowances may not be so generous after the
next budget!
January 2019 INSIDER 125
INSIDER: APPOINTMENTS
People on the move in Scotland’s business community
new posts
Ryden, the Scotland-
headquartered commercial
property consultancy has
named Dr Mark Robertson
its new managing partner.
Business education
specialist Young Enterprise
Scotland has appointed
Bill McDonald, a managing
director at Accenture
who leads its business in
Scotland, as its new chair.
Lending Crowd, the
Edinburgh-based fintech
lending platform, has
named Darren Cairns as
its new chief marketing
officer. Cairns was previously
at London-based fintech
Neyber and has spent
over 20 years in digital
and mobile technology
marketing.
Drinkly, the Edinburgh-
based online drinks delivery
business, has appointed
Ailidh Forlan – restaurant
reviewer and columnist for
The List, whose blog Plate
Expectations boasts more
than 12,000 followers – as
marketing manager. Also,
Paul Finlayson joins as
operations manager from
commercial shop-fitting
contractor SES Concept
Group.
Robert Cowan, former
Scottish Manufacturing
Advisory Service (SMAS)
lead practitioner for the
west of Scotland, has
been appointed as the
new lead consultant
for manufacturing at
Waterstons.
Glasgow-based chartered
accountants Wylie & Bisset
has promoted Catherine
Livingstone, who started
at the firm as a trainee 14
years ago, to director. Her
main focus over the coming
months will be to help
the firm prepare for the
introduction of the HMRC’s
Making Tax Digital initiative.
126 INSIDER January 2019
Crosbie leaves CYBG for TSB role
Debbie Crosbie has left her
role as executive director and
chief operating officer of CYBG
to become chief executive of the
troubled TSB Group.
Crosbie is joining TSB this
year after spending time on
gardening leave from the Glasgow-
headquartered bank.
She replaces TSB’s previous CEO
Paul Pester, who stepped down in
September following significant
technology problems at the bank.
Richard Meddings, TSB’s
executive chairman, said Crosbie
had stood out in “an impressive
field of candidates”.
“With over two decades of
experience, superb retail and
SME banking expertise, and a
genuinely open and engaging style a strong challenger bank can as chief operations officer in
of leadership, we have found an achieve for customers.” June 1997 and in January 2015
outstanding new CEO. Crosbie had worked at the then was made an executive director
“What’s more, Debbie brings a National Australia Group-owned of the bank along with the head
clear challenger mindset to TSB Clydesdale Bank business for more operations role with the group that
and she shares our vision for what than 21 years. She was appointed also owns Yorkshire Bank.
Thain steps up to chief executive role at Three60
Weir Group’s Berry
to be next chairman
of Centrica
Charles Berry, the current
chairman of Weir Group, is to be
the next chairman of Centrica, the
company that owns Scottish Gas.
He has been appointed to lead the
energy group into its “next phase” as
it struggles to retain customers.
Berry has already joined the board
of Centrica as a non-executive
Energy services firm Three60 has already made a significant
director, before taking up the reins
has named Walter Thain – who contribution to the development
as chairman on 21 February.
He has previously chaired Senior,
headed up its North Sea business – of Three60 Energy since joining
Drax Group, EAGA and Thus Group. as group chief executive. earlier this year, and I look
He has also held executive roles Thain joined the Aberdeen-based forward to supporting him as he
at ScottishPower, where he was business in March from Petrofac, builds further on the early success
responsible for power generation, where he held key roles in the UK of the group.”
commodity trading, energy retailing and UAE. Since joining the company Thain
and renewable energy in the UK. Allister Langlands, chairman has overseen the acquisition and
of Three60 Energy, said: “Walter integration of Ridge in Norway.
www.insider.co.uk

The latest news from HR, recruitment, employment law
and staff issues by Ken Symon
IPR raises some complex issues
Brand and intellectual property are key to
so many businesses today but the question of
who owns intellectual property rights (IPR)
can raise some complex issues.
One of these is who actually owns IPR
which has been developed by someone
working for a business.
The basic default position is that when
an employee creates intellectual property in
the normal course of their employment the
employer will own the IPR.
But is that always the case when a third
party such as a consultant or a marketing
agency creates a new product name and new
product branding on a business’s behalf?
These issues were raised in the recent
English case of Spring Electric v Buyer’s
Dream Ltd.
In that case the English High Court
found that the software company owned
the copyright in the source code developed
by an individual who provided computer
programming services through his company.
This was because it ruled that he was in fact
an employee and it was an implied terms of
the contract.
Megan Briggs, a senior solicitor with
commercial law firm Burness Paull, says:
“Sprint Electric was thankfully decided in
favour of the party commissioning and
paying for the IPR. However, the relationship
between the parties was not easy to define,
making it tricky to establish who owned and
had rights to use the IPR.
“As is so often the case, there was
also a lack of detail on this point in the
documentation between the parties. This
led to an expensive and time-consuming
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INSIDER:PERSONNEL
court case to come to a decision on IPR
ownership.”
Briggs says that the case was “a useful
prompt” for businesses to make sure they
have contracts in order when engaging
agencies or other third parties or instructing
employees to create material that includes
IPR.
While the default position is clear in the
case of an employer/employee relationship
where IPR is involved, that is not the case
with third parties. Briggs says: “This may
come as a shock if you assumed that paying
the third party for their services would
automatically mean that any IPR created was
yours. That isn’t the case.
“As such, if the relationship breaks down
and the marketing agency says you can’t use
the IPR that was created, it is far easier to rely
on clear contracts than argue that an implied
licence is in operation.”
The advice to employers is clear: all
contracts with employees, workers and
consultants who may create IPR should
explicitly state that that is the property of the
employing business.
Briggs at Burness Paull says it is “crucial
that you secure the contractual position from
the outset to ensure that there is no dubiety.
“Without doing so, you will not have the
ability to enforce the IPR against someone
who you believe is infringing.
“This will hinder you from obtaining
additional registered IP rights, such as a trade
mark. Anyone who has watched Dragons’
Den will know that your business could be
less valuable to investors or buyers if you
don’t own the IPR.” ■
COMMENT
Seanpaul McCahill
Legal & HR Manager,
Navigator Employment Law
T: 03332 400 308
E: seanpaul.mccahill@
navigatorlaw.co.uk
W: www.navigatorlaw.co.uk
Whittaker v Sutton Oak
Church of England Primary
School
A gay primary school teacher successfully
claimed discrimination and unfair dismissal
despite an inappropriate relationship with a
pupil.
Whittaker was dismissed after the head
teacher found him alone in a classroom with a
pupil, offering the pupil sweets.
Whittaker was disciplined for inappropriate
pupil contact in 2002 and at that time he
signed an agreement confirming that he
would not be alone with a pupil except in
accessible open areas.
In the recent instance, two allegations were
made, in relation to the inappropriate contact
and failing to follow the instruction not to be
alone with pupils.
During the investigation, Whittaker stated
that he did not intend to offer the pupil
the sweets, but admitted to not informing
management about his meetings with the
pupil.
The investigation report stated that
Whittaker’s actions could be considered as ‘the
early stages of grooming’. Several disciplinary
hearings were held and he was later dismissed
in June 2016.
The Employment Tribunal (ET) found
that there had been inappropriate
behaviour. However, it also found that the
numerous hearings were ‘inordinate and
disproportionate’, and that there were
procedural errors such as the head teacher
being involved despite not being impartial.
The ET also disapproved of the word
‘grooming’, stating that that term would
not have been used against a heterosexual
teacher. The ET also stated that school
employees had assumed a correlation
between Whittaker being gay and being a
paedophile, and that the incident had been
‘blown up out of all proportion’.
This case highlights that even where
misconduct is established, a reasonable
disciplinary process must be followed. It is
also important not to use language with a
potentially discriminatory aspect, particularly
where your reason for doing so might be
linked to a protected characteristic of the
employee.
If you have any questions on the above
article please contact 03332 400 308 or
enquiries@navigatorlaw.co.uk.
January 2019 INSIDER 127
 Insider’s regular events picture pages
In association with

HIGHLAND SINGLE MALT

SCOTCH WHISKY

Above: Manchester United

legend Eric Cantona is
welcomed to the Street
Soccer Scotland Annual
Dinner in Glasgow by
founder and chief executive
David Duke MBE.
Above left: Representatives
from law firm CMS took
part in Social Bite’s Sleep
in the Park on Saturday
8 December, 2018. Over
£23,000 was raised, with
proceeds going towards
ending homelessness in
Scotland.
Left: The winners of the
main categories at the
first ever Scottish Tech
Awards, held at Central Hall,
Edinburgh.

WORTH THE WAIT

128 INSIDER January 2019 www.insider.co.uk
Above: Snapped at the Edinburgh
Airport-sponsored West Lothian
Chamber of Commerce Business
Excellence Awards 2018 dinner are the
winners of Best Business, Entrotec.
Right: L-R: Mark Johnstone (Johnstone
Property Consultants), Stuart Moncur
(Savills) and Adrian Wright (Peel
Lifestyle Outlets). They are pictured
at Peel Lifestyle Outlets’ launch of
its £100m retail and leisure project,
Glasgow Harbour Lifestyle Outlet, at an
event with retail agents and a 3D model
of the scheme at Radisson Red Hotel.
Below: Aberdeen City and Shire
Tourism Awards at Ardoe House.
Pictured, L-R: Jenny Hendry, Sharon
Carty, Alan McComb, Jenni Fraser.

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www.insider.co.uk January 2019 INSIDER 129

THE TEN
minute
interview
Ben Di Rollo
Ben Di Rollo is a director of Coulters, an independent
solicitor-estate agency specialising in all aspects of
residential property as well as offering the full range of
property sales, letting and legal services. He helped lead
Coulters through a year of growth with the acquisition
of Morton Fraser’s residential property team and
expansion into East Lothian from its traditional
Edinburgh base.

What five words would friends/colleagues use to

describe you?
Loyal, caring, empathetic, honest and driven.

If you could choose anyone, who would be your

fantasy board members and why?
Warren Buffett, not only does he know business, he is a
philanthropist so will help invest in people. David
Beckham because any brand that he is associated with
seems to succeed and he’d be handy in a corporate
five-a-side game. Also Bill Gates, and Kim Kardashian What is your earliest childhood memory?
because in a digital age, she would absolutely deliver When my younger brother Marcus was born, I asked
on a social media marketing strategy. my mum to put him back – we are much closer now.

If you could choose anyone, who would be your
fantasy dinner party guests and why?
Billy Connolly for his amazing stories, Gordon Ramsay
to help cook, Jonathan Ross as he’d likely wind up
Gordon Ramsay and Michelle Obama because she is
an incredible person.
What is your favourite way to unwind during
time off?
I love spending time with my family, my children Leo
and Seb are both at great ages so they’re lots of fun.
I’m a keen golfer and generally like being outdoors. I
think it is important to spend time with friends and
family; it’s important to maintain a good work/life
balance.
What is the best advice you’ve ever been given or
what advice would you give to the next generation
of business leaders?
Knowledge, you don’t know what you don’t know, you
can’t know everything now, there will always be gaps
in your knowledge. It’s absolutely fine not to know
everything and don’t pretend you do. Work with your
team!
If you were in charge of Scotland, what would you
change and why?
LBTT (Land and Buildings Transaction Tax) it is not
quite right. The move to a progressive tax system from
the former Stamp Duty arrangement was a great leap
forward but the bandings are too high and it is killing
sales at the top end of the market, which has inevitably
had an impact lower down the market as it starves
supply.
130 INSIDER January 2019
Top: Ben would like Gerard
Butler to play him in a film
of his life
Above: Michelle Obama is
on the fantasy dinner party
guest list
Below: Kim Kardashian
would take a seat on Ben’s
fantasy board
What is your favourite memory from your
schooldays?
Getting selected for the school 1st XV, at that point in
my life it was a huge achievement and a milestone in
my life.
What is your most embarrassing moment?
Knocking over a massive trophy in front of the entire
senior school at the end of year prize giving, the
laughs still haunt me.
Who would play you in the film of your life?
Gerard Butler, he is a charming gent – need I say more.
What is your signature dish to cook?
I love making pizza, it’s the Italian in me. We recently
acquired a pizza oven for the garden, it’s a real crowd
pleaser.
What is your karaoke song/party piece?
I have a new addition to my repertoire: George Ezra
- Shotgun.
What is your favourite restaurant?
My favourite restaurant is Aizle in Edinburgh. Every
month they have a harvest of ingredients and produce
a five course menu with no choice, other than the
vegetarian option.
What is your favourite part of/place in Scotland?
Plockton up in Ross and Cromarty, it’s a little village
that sits on the shores of Loch Carron.
It’s an amazing place and offers a proper break from
reality. ■
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