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Vol 33 No.1 Jan/Feb 2016 £4.00

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The business of sport

Keeping key personnel

Pensions law changes

How can we do better?

Big challenge for employers

What do you need to do?

IS THERE ENOUGH PRIVATE EQUITY AVAILABLE FOR SCOTTISH BUSINESSES?

in association with

TOP 500MIXED FORTUNES

FOR BIG FIRMSWe reveal how Scottish

companies are performing

adambank.com

www.insider.co.uk January 2016 INSIDER 3

Alasdair Northrop’s regular view on business

WELCOME to the first edition of 2016 which features our annual listing of Scotland’s best performing large companies.

As we have illustrated with our front cover, this year’s Top 500 does resemble a game of snakes and ladders for some companies, like Royal Bank of Scotland climbing a very long ladder to the top ten, and a number of oil and gas companies sliding down a long way after being hit by the current low price of Brent.

RBS has understandably come under a lot of flak but there is no doubting chief executive Ross McEwan’s determination to sort out the many problems it has inherited.

Banking remains a hugely important sector in Scotland and it is essential that it adapts to a fast changing world but utilises the talents we have in this country.

It is good to see that Bank of Scotland has made a good recovery and indeed its parent company is now paying out dividends and the Government is successfully selling off its stake.

It was a year of mixed fortunes and I suspect the next 12 months will be much the same unless we see a dramatic change in the price of oil. As I write it has plunged to a new low of $37 a barrel.

If ever there was a reminder that the region needs to think about its future this is certainly a very painful one. Diversification and internationalisation are key to ensuring that it remains a dynamic and prosperous area.

I have done some analysis of the overall findings

of the Top 500 survey but there isn’t space to cover every aspect and I am sure you will find it fascinating when you peruse the listing to see how Scottish companies have been performing in recent times.

In this edition we have no less than three round tables which tackle the very different subjects of the business of sport, digital Scotland and our State of Scotland survey.

The sports round table brought together the chief executives of organisations which promote football, athletics, cycling, golf and swimming and it reminded me just how important sport is to the economy as well as the well-being of Scotland.

Obviously participating in any sport is a good thing for health but all of these sports generate business whether it is buying clothing and shoes or paying to go and see an activity be it The Open or an Athletics meeting.

One message which came across clearly was that some sports were not necessarily benefitting from commercialisation and I think we need to look at how money can be ploughed back into these organisations which are obviously doing a great job.

The digital Scotland round table tackled the big issue of how businesses and communities can capitalise on this revolutionary technology and sadly there are still some people out there who are not exploiting it yet.

Some of the State of Scotland round table participants were surprised by the amount of optimism we found from business people when we conducted our annual survey.

Perhaps a lot of the participants in the survey were eternal optimists like me!

This year after the drama of the independence referendum and the UK election we face a Scottish Parliamentary Election. I do hope business people give every political party a good grilling about their manifestos and whether they are fit for purpose and designed to give Scotland a firm foundation for the future.

BIG BANKS ON THE UP BUT MAJOR ISSUES FACE BUSINESS

It was a year of mixed fortunes and I suspect the next 12 months will be much the same

unless we see a major change in the price of oil

contact: [email protected]

Agenda

ISSUE: JANUARY/FEBRUARY 2016

www.insider.co.uk4 INSIDER January 2016

contentsCOMMENT

3 Agenda: Alasdair Northrop discusses the findings of

this year’s Top 500

21 Ian Ritchie: Why we need more women in IT

47 In My View: Grace McGill on employing overseas

nationals

REPORTS14 The Big Profile: Irvine Anderson and Fergus Leitch

of the Anderson Group

19 Top 500: Scotland’s biggest companies have

experienced mixed fortunes. 25 Insider’s exclusive

listings 42 Index 44 Notes

48 Round table - State of Scotland: Our panel

examine the results of our State of Scotland survey

53 Secrets of leadership: Perry Gourley asks

what makes a good leader

56 Rewiring the economy: Insider reports on 2020

Climate Group conference on the environment

61 CSR Review: The different approaches to corporate

social responsibility in Scotland

65 Recruitment: The scramble for talented staff

69 Regional report: Stirling: City’s £200m

grand plan for the future.

74 Round table – Digital Scotland: Is Scotland

keeping the pace in the new revolution?

79 Pensions: How to find your way through the maze

of auto-enrolment

84 Round table – Sport in Scotland: How can

sport make the country healthier and more aspiring?

90 Gems: Kristy Dorsey on the rising popularity of

coloured gemstones

61

79

14

53

65


REGULARS8 Briefing: News and reviews

10 Scotland’s quoted companies: How Scotland’s

listed companies are performing

12 Burning question: Is there enough private equity

funding available for Scottish businesses?

88 IT Matters: The importance of digital connectivity

92 International: Australia is becomingly increasingly

important as a market in itself as well as a stepping

stone to others

98 Property news: Insider’s regular round up of

activity in the Scottish property market

100 Wealth management: Frank Shennan on why

you should think carefully if a key manager leaves a

fund you are invested in

102 Appointments: Who’s on the move?

103 Personnel files: HR and employment law news

104 Slainte: Events, people, pictures.

106 Ten minute interview: Alastair Scott, managing

director at 20/20 Productions

EVENTS94 Scottish Accountancy & Finance Awards:

Entries are now being invited for our awards which

recognise accountancy and finance experts in both the

public and private sector

96 Made in Scotland Awards: Time to get your

entries in for this new award scheme to recognise

innovation by companies in Scotland and encourage

others to innovate

97 Aberdeen Deals Business Breakfast:

New Scottish Enterprise chairman and accomplished

dealmaker Bob Keiller is keynote speaker

69

98 103

90

88

90

10692


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NEWS: BRIEFING


IN BRIEF

Shennan shortlistedThe Insider Pensions Special

which appeared in our Wealth

Management pages in October

last year earned its writer,

Francis Shennan, one of only

three places in the shortlist

for State Street’s pensions

writer of the year. The result

was announced at a lunch for

the 14th annual State Street

Institutional Press Awards in the

fashionable Momo restaurant in

London’s West End.

Award-winning Shennan was

shortlisted in the category of

‘Journalist of the Year - Pensions

issues’. However, he lost out

to Elizabeth Pfeuti, European

editor at Chief Investment

Officer magazine.

“It’s not so bad when you

lose to someone of that status

and experience,” he said.

“Luckily I was in London anyway

and the lunch and wine were

worth crossing town for.”

Correction

Dowling lecture

In our Sprint 100 feature in the

November edition of Insider

a photograph was captioned

as being Brian Robinson of

Crucible Alba Group. The

picture was actually of its

chairman Alex Steel. Brian is

pictured here. We apologise for

the error.

The President of the Royal

Academy of Engineering Dame

Ann Dowling will be delivering

the SCDI annual lecture in

Aberdeen on January 19.

University of Cambridge-

based professor Dowling’s

research is on efficient, low

emission combustion for aero

and industrial gas turbines and

low noise vehicles, especially

aircraft and cars.

QUOTE UNQUOTE

“We’ve had numerous examples of people who’ve come to us after having worked some-where else without being paid – in one case for over ten months. That’s tantamount to slave labour.”

Big Partnership director Alex Barr

after stating that its interns will now

be paid the voluntary living

wage of £8.25 per hour.

Written by two psychologists, this

excellent book provides a fascinating

look into how people can use the right

balance between co-operation and

competition to maximise success in work

and life.

It is full of case studies and examples

of how gestures and generating

particular feelings in work and personal

situations can make a difference.

One of the many examples was how

to react if you sign a deal. If you smile too

broadly the other side might think they

have got a bad deal.

I guess the bottom line is think before

you act.

Rating out of five:

Book ReviewTitle: Friend & FoeWriter: Adam Galinsky and Maurice Schweitzer

Publisher: Random House Business Books

Price: £12.99

Letter to the editorDear Sir,IN your December magazine your State of Scotland survey poll found that 85 per cent of business leaders in Scotland believe that continual debate over independence and constitutional change will have an adverse impact on their companies. Only 8.5 per cent said it would have no effect.

Just prior to the referendum 14 months ago, there were quite a number of large companies stating that independence would damage their business and that moving South of the border might be necessary. Jim Sillars, former deputy leader of the SNP promised a day of reckoning for companies who spoke out against independence, saying at the time: “This referendum is about power, and when we get a Yes majority, we will use that power for a day of reckoning with BP and the banks.”

Small Scottish businesses largely kept quiet for fear of not winning Scottish Government contracts or because they sold to the consumer and therefore almost half their target market would be unhappy. It is fair to say that there was a real fear of intimidation amongst the largely pro-union business community.

Last month the economic forecaster EY Scottish Item Club estimated growth in Scotland of 1.9 per cent in 2015 and 1.8

per cent in 2016, well below the 2.5 per cent and 2.4 per cent of the UK as a whole. The Scottish figures are hugely boosted by construction, which will grow by 14.6 per cent, with the Scottish Government increasing spend on infrastructure such as the new Forth bridge, the M8, M73, M74 etc. Private services growth is 1.3 per cent in Scotland compared with 3 per cent in the UK.

What can be read from this? Yes, the downturn in the oil sector is an influence, but across the board what I hear is that company bosses are wary about increasing investment and employee numbers in Scotland.

They prefer to grow their businesses elsewhere. Hiring senior management from England and overseas is difficult. They see Scotland becoming a low growth high tax environment, the consumer will have less money and businesses will be harder to sell.

Could referendums that retain the status quo still hit the economy? In French speaking Canada there were independence referendums in 1980 and 1995, where by the narrowest margin the Quebec electorate voted to stay part of Canada.

Montreal has seen a massive loss of business to Toronto since the mid 1970’s. Even the Bank of Montreal is now based in Toronto. Quebec has seen

consistently lower levels of employment and growth than the rest of Canada. Equities specialist David Doyle says “the 1995 referendum in Quebec hurt the performance of Canadian financial and industrials, and was especially bad for Quebec-based companies whose activities were limited to local markets and that had fewer growth opportunities”.

An article in Spanish paper El Pais on the 23 November reported that 683 companies with combined sales of euro 1.5bn have departed from Catalonia in 2015 already, and ratings agency Axesor reports that 3,286 companies have left since the separatist drive began gaining traction in 2012.

Scotland has a particularly large public sector, has a wary business community and a small tax base. A mere 18,000 individuals pay 27 per cent of all income tax in Scotland and maybe one third of them are English.

Over the next five years we face considerable tax increases, an inevitable cut in public sector jobs and a business community that will not invest in Scotland. Nationalism will hurt the poorest in Scotland especially hard.

Angus MacDonald OBE, Blair Atholl,

Perthshire

Correctiion

News and quotes compiled by Alasdair Northrop

SHARES: SCOTLAND’S QUOTED COMPANIES


Superglass Holdings shares soar after directors invest Alasdair Northrop’s regular digest of Scottish stock performance

AS 2016 drew to a close Insider’s survey of Scottish listed companies found that the majority were seeing falls in their prices, though it wasn’t all bad.

A total of 29 companies saw their market caps reducing while 16 enjoyed increases and four were unchanged.

Some 15 out of the 22 main listed companies experienced falls while the rest rose and on the Alternative Investment Market 14 fell, nine rose and four were unchanged.

The biggest riser was Stirling-based glass fibre insulation manufacturer Superglass Holdings, whose shares soared by 66.67 per cent after it was announced that four of its directors had bought a total of 958,000 shares in the company.

Chairman Mark Cubitt bought 250,000 shares, while chief executive Ken Munro bought 250,000.

Cubitt replaced John Colley, who stepped down as chairman in June, when Munro also was promoted to CEO. Finance director Chris Lea bought 250,000 shares, and Mark Atherton, operations director for its Superglass Insultation Ltd trading subsidiary, bought 208,000 shares.

The purchases came a day after the company revealed that its pre-tax loss grew from £9.4m to £6.8m.

However Cubitt said the company had a new management team in place, the public endorsement of its largest shareholder, an increased focus on innovation and new product development, a number of new products recently launched, further cost savings still to be delivered and additional selling price increases announced for early 2016.

The second highest riser was East Kilbride-based Goals Soccer Centre after news that Sports Direct International had taken a 4.94 per cent stake in the company, which has issued a string of profit warnings during the year.

Sports Direct, which was founded by Mike Ashley in 1982, is the UK’s largest sporting retailer, and operates over 500 stores worldwide.

The company was also boosted by the appointment of a new deputy chairman, Nick Basing. He has an impressive background

as an experienced director of consumer and leisure companies including Unilever, Granada, Goodwood Group and First Leisure Corporation.

Basing will step up to the role of chairman at the company’s next AGM in May 2016.

Private-rented sector property specialist Sigma Capital Group was the third biggest riser with a 20.29 per cent increase in its share price after a positive reaction to announcements by the company.

One was the launch of the second phase of its private rented sector project with Gatehouse Bank in the north west of England.

The fourth biggest riser was packaging group Macfarlane, which received a positive response to a trading statement.

It said the growth momentum achieved in the first half of 2015 had been maintained and with the normal uplift in the trading cycle in the final quarter, the board was confident that its full year expectations will be met.

The biggest faller was media group Johnston Press, whose shares plunged by 36.5 per cent after it announced a number of organisational changes “to accelerate its strategy of growing engaged audiences to achieve total revenue growth”.

The second biggest faller was Aberdeen-based oil and gas exploration group Parkmead, whose shares tumbled by 34.67 per cent after it reported a £30.8m loss compared to a £1m profit the previous year.

Chairman Tom Cross said it had been another important year of progress for Parkmead, despite the challenges of the low oil price environment.

Parkmead discovered and has now brought onstream a new gas field at Diever West, in the Netherlands. This would deliver profitable gas production and important additional cash flow to the group.

Parkmead was increasing the group’s net gas production in the Netherlands through a low-cost, onshore work programme. Cross said this would act as a natural hedge to the very low global oil prices. “Parkmead is well positioned to take advantage of the lower oil price environment and the opportunities that are arising from this."

SUPERGLASS HOLDINGS 66.67

GOALS SOCCER CENTRES 26.12

SIGMA CAPITAL GROUP 20.29

MACFARLANE GROUP 10.87

FRONTIER IP GROUP 10.53

INDIGOVISION GROUP 7.96

JOHN WOOD GROUP 7.42

OMEGA DIAGNOSTICS 6.25

MURGITROYD GROUP 5.85

SMART METERING 5.16

Biggest risersNAME % CHANGE 1 MTH

JOHNSTON PRESS 36.51

PARKMEAD 34.67

HAVELOCK EUROPA 33.33

MINOAN GROUP 30.00

SEAENERGY 30.00

XCIITE ENERGY 25.00

INTERBULK GROUP 20.00

ELAND OIL AND GAS 17.50

STAGECOACH 14.12

AAM 12.54

NAME % CHANGE 1 MTH

Biggest fallers

The second highest riser was East Kilbride-based Goals Soccer Centre after news that Mike Ashley-founded Sports Direct Interna-tional had taken a 4.94 per cent stake in the company

information provided by

SHARES: SCOTLAND’S QUOTED COMPANIES


Alternative Investment Market

BOWLEVEN PLC 07/12/2004 72.98 EXPLORATION AND PRODUCTION 379.00 31.00 25.00 23.00 8.00BRAVEHEART INVESTMENT GROUP PLC 30/03/2007 2.03 EQUITY INVESTMENT INSTRUMENTS 23.00 15.00 8.00 8.00 0.00CALEDONIAN TRUST PLC 29/09/1995 15.32 REAL ESTATE HOLD, DEV 95.00 130.00 130.00 130.00 0.00CASTLE STREET INVESTMENTS 30/06/2010 22.16 INDIVIDUAL AND FAMILY SOCIAL SERVICES N.A. 19.00 30.00 31.00 3.33CELTIC PLC 22/12/2005 67.99 RECREATIONAL SERVICES 48.00 76.00 74.00 73.00 1.35CRANEWARE PLC 13/09/2007 216.02 SOFTWARE 600.00 476.00 778.00 805.00 3.47ELAND OIL & GAS 03/09/2012 47.94 OIL AND GAS PRODUCERS N.A. 71.00 40.00 33.00 17.50FAROE PETROLEUM PLC 27/06/2003 146.77 EXPLORATION AND PRODUCTION 180.00 61.00 57.00 55.00 3.51FRONTIER IP GROUP PLC 31/01/2011 5.45 SUPPORT SERVICES N.A. 25.00 19.00 21.00 10.53GOALS SOCCER CENTRES PLC 07/12/2004 98.51 RECREATIONAL SERVICES 117.00 216.00 134.00 169.00 26.12HAVELOCK EUROPA PLC 01/10/1987 3.08 FURNISHINGS 8.00 17.00 12.00 8.00 33.33INDIGOVISION GROUP PLC 02/08/2000 16.46 COMPUTER SERVICES 510.00 364.00 201.00 217.00 7.96INTERBULK GROUP PLC 31/12/2004 20.47 TRANSPORTATION SERVICES 6.00 4.00 5.00 4.00 20.00IOMART GROUP PLC 19/04/2000 274.25 INTERNET 91.00 170.00 290.00 257.00 11.38LANSDOWNE OIL & GAS PLC 21/04/2006 2.63 EXPLORATION AND PRODUCTION 14.00 10.00 2.00 2.00 0.00MINOAN GROUP PLC 18/10/2011 13.45 TRAVEL AND LEISURE 17.00 11.00 10.00 7.00 30.00MURGITROYD GROUP PLC 30/11/2001 48.61 BUSINESS SUPPORT SERVICES 298.00 483.00 513.00 543.00 5.85OMEGA DIAGNOSTICS GROUP PLC 18/03/2004 17.94 MEDICAL SUPPLIES 16.00 19.00 16.00 17.00 6.25PARKMEAD GROUP PLC 13/03/2000 48.48 EXPLORATION AND PRODUCTION 454.00 128.00 75.00 49.00 34.67PLEXUS HOLDINGS PLC 09/12/2005 153.94 OIL EQUIPMENT AND SERVICES 58.00 187.00 176.00 172.00 2.27PRODUCE INVESTMENTS PLC 18/10/2010 38.24 FOOD PRODUCERS 186.00 192.00 160.00 147.00 8.13SCOTGOLD RESOURCES LIMITED 15/01/2008 7.23 PRECIOUS METALS AND MINERALS 4.00 0.00 0.70 0.70 0.00SEAENERGY PLC 14/11/1996 2.68 EXPLORATION AND PRODUCTION 24.00 29.00 5.00 3.50 30.00SIGMA CAPITAL GROUP PLC 27/04/2000 73.01 ASSET MANAGERS 10.00 557.00 69.00 83.00 20.29SMART METERING SYSTEMS PLC 08/07/2011 280.39 BUSINESS SUPPORT SERVICES N.A. 395.00 310.00 326.00 5.16SPACEANDPEOPLE PLC 31/12/2004 12.49 MEDIA AGENCIES 51.00 46.00 73.00 64.00 12.33XCITE ENERGY LIMITED 13/11/2007 44.94 OIL AND GAS PRODUCERS 384.00 35.00 20.00 15.00 25.00

Main Market

A.G. BARR PLC 02/04/1970 613.04 SOFT DRINKS 364.00 590.00 527.00 525.00 0.38ABERDEEN ASSET MANAGEMENT PLC 28/03/1991 3860.17 ASSET MANAGERS 203.00 450.00 335.00 293.00 12.54AGGREKO PLC 29/09/1997 2463.95 BUSINESS SUPPORT SERVICES 1607.00 1533.00 918.00 962.00 4.79ALLIANCE TRUST PLC 17/07/1947 2626.99 INVESTMENT TRUSTS 373.00 479.00 498.00 496.00 0.40BRITISH POLYTHENE INDUSTRIES PLC 02/04/1965 190.56 CONTAINERS & PACKAGE 241.00 634.00 732.00 700.00 4.37CAIRN ENERGY PLC 22/12/1988 821.57 EXPLORATION AND PROD. 1066.00 163.00 147.00 143.00 2.72DEVRO PLC 30/06/1993 459.90 FOOD PRODUCTS 253.00 278.00 290.00 276.00 4.83ENERGY ASSETS GROUP PLC 22/03/2012 140.13 BUSINESS SUPPORT SERVICES N.A 446.00 525.00 504.00 4.00EXOVA GROUP PLC 11/04/2014 390.27 BUSINESS SUPPORT SERVICES N.A 156.00 152.00 156.00 2.63FIRSTGROUP PLC 16/06/1995 1244.53 TRAVEL AND TOURISM 398.00 113.00 100.00 103.00 3.00J SMART & CO CONTRACTORS PLC 25/03/1973 47.35 REAL ESTATE HOLD, DEV 86.00 92.00 109.00 103.00 5.50JOHN MENZIES PLC 03/10/1962 234.74 BUSINESS SUPPORT SERVICES 473.00 336.00 405.00 383.00 5.43JOHN WOOD GROUP PLC 05/06/2002 2191.79 OIL EQUIP. & SERVICES 719.00 592.00 539.00 579.00 7.42JOHNSTON PRESS PLC 29/04/1988 42.75 PUBLISHING 600.00 163.00 63.00 40.00 36.51MACFARLANE GROUP PLC 20/06/1973 63.55 BUSINESS SUPPORT SERVICES 31.00 37.00 46.00 51.00 10.87ROYAL BANK OF SCOTLAND GROUP PLC 10/07/1968 33873.56 BANKS 391.00 395.00 310.00 293.00 5.48SSE PLC 18/06/1991 14587.05 ELECTRICITY 1225.00 1640.00 1441.00 1450.00 0.62STAGECOACH GROUP PLC 19/10/1998 1711.16 TRAVEL AND TOURISM 265.00 405.00 347.00 298.00 14.12STANDARD LIFE PLC 10/07/2006 7660.99 LIFE INSURANCE 264.00 518.00 403.00 389.00 3.47STV GROUP PLC 25/03/1973 172.52 BROADCAST AND ENTERTAIN 124.00 370.00 452.00 439.00 2.88SUPERGLASS HOLDINGS PLC 12/07/2007 7.39 CONSTRUCTION AND MATERIALS 150.00 5.00 3.00 5.00 66.67WEIR GROUP PLC 25/01/1946 2231.77 INDUSTRIAL MACHINERY 1780.00 1876.00 1087.00 1043.00 4.05

*Figures to close of market Thursday December 10, 2015

LIST MARKET* SHARE PRICES DATE VALUE (£m) SECTOR 5 YEARS AGO 1 YEAR AGO LAST MONTH THIS MONTH % CHANGE

LIST MARKET* SHARE PRICES DATE VALUE (£m) SECTOR 5 YEARS AGO 1 YEAR AGO LAST MONTH THIS MONTH % CHANGE


in association with

BURNING:QUESTION QThe burning question

If you would like to contribute to the Burning Question or suggest topics please email [email protected]

Q Is there enough private equity funding available for Scottish businesses?

YES

Mike WelchCEO,

Black Circles

Yes, but a qualified yes. Another way to ask

the question would be, ‘is there enough

private equity finding its way to the right

Scottish businesses at the right stage who

really need it’? Investors should invest only

what needs to be invested and protect

founders’ equity and motivation in the

process. Founders, look for funding only

when you need it. Plan to make money

and generate cash and the quality of

your business will demand the best terms

available without you having to do the

rounds; and value your equity and time.

YES

Ian Buchanpartner,

Nevis Capital

Yes, there is a large private equity presence

based in Scotland with a strong appetite to

invest in businesses of all sizes, stages and

sectors. Private equity is a good option for

profitable businesses seeking more flexible

funding free from security, covenants and

repayments. Furthermore, several successful

Scottish entrepreneurs have now set up

their own private equity businesses which

are providing funding and expertise to help

businesses grow and achieve their potential.

YES

Duncan Macraeinvestor,

BGF

There is no shortage of money looking

to back successful entrepreneurs. Equally

Scotland has no shortage of entrepreneurial

spirit. The mismatch is that too few investors

offer funding on terms that businesses

find attractive. Traditional private equity

investors need to change to encourage

greater investment. BGF has proven that

there is plenty of demand for and supply

of attractive long-term minority growth

capital in Scotland. It just has to be delivered

differently.

YES

Kevin Windramcorporate finance

partner,

Mazars LLP

We have a strong private equity community

in Scotland covering both the SME and

corporate markets. PE activity levels have

definitely increased in the past year and

funds are certainly available for the right

business with a good story and high growth

aspirations. Private equity funding is not

appropriate for all businesses but it plays

a significant part in the overall funding

landscape along with both bespoke and

traditional debt providers.

MAYBE

George McGheeCEO,

NetThings

There appears to be a decent amount of

private equity available in Scotland but

connecting investors with those seeking it

can perhaps be an issue, as can the quantum

made available. With VCs moving their

focus more towards later stage investments,

the angel groups are finding that they are

having to plug the gap for longer. However,

because their “bite size” on any individual

round tends to be relatively small, there is

a tendency to “drip-feed” investment which

in itself can be a brake on growth for the

ambitious small company.

YES

David Davidsonpartner,

CMS

Businesses suitable for private equity

investment are quite well served, both by

Scottish-based investors and the wider

UK/international PE industry. Companies

operating in the right sectors with growing

revenue lines, good management and clear

growth or expansion plans should attract

a lot of interest from PE investors. Business

angels, family PE offices, specialist tech/

bio-tech funds and “matched funding” from

Scottish Enterprise funds provide much

needed potential equity funding for start-up

and early stage businesses.

Protect Grow

✓✓✓

THE BIG PROFILE: IRVINE ANDERSON & FERGUS LEITCH


BACK IN the 1930s a young engineer called Sam Anderson decided to launch his own haulage business

from his home in the Lanarkshire countryside near Newhouse.

The steel industry was then predominant in the region and Anderson’s small firm worked for customers nearby.

As the business grew he bought a former grain store near Newhouse and by the 1980s there were just over 120 vehicles.

Along the way it acquired a bus and coach business and a number of other hauliers including container specialist T McMillan Transport and Newcastle-based F Short.

Today that same nine-acre site is the headquarters of a £240m turnover group employing over 550 people in Scotland and England.

The Anderson Group is now headed by Sam’s grandson Irvine, aged 44, and remains very much a family business.

His father Peter, who succeeded Sam, trained at university as an engineer and then joined the family business.

Peter and his brother Stewart ran the business after Sam started taking a back seat – Peter concentrating on the haulage side and Stewart the bus and coach business.

Meanwhile Irvine had started a management traineeship with Glasgow-based Scania dealership Reliable Vehicles headed by Fergus Leitch, who now is chairman of The Anderson Group. Irvine subsequently moved on to an Anderson-owned MAN dealership.

In the meantime the group had diversified into car dealerships and built up six franchised outlets operating out of Coatbridge, Bathgate, Fort William and Lanark and Irvine then became involved with this business.

Irvine said that in 2003 his father had realised that the group faced a long-term threat due to its dependence on the Scottish coal and steel industries. Peter was prescient in realising that such mature industries would at some stage wither and die, and a new direction was needed for the group. It had already started diversifying into

commercial property, and today it owns a portfolio of properties around the United Kingdom with some associated with commercial vehicles and others associated with retail outlets, but Peter was still looking for a game-changing diversification utilising the group’s strong capital base.

Meanwhile Fergus Leitch, who had supplied vehicles to Andersons since 1968 and had recently retired as a director of Scania, was bored with doing nothing.

Leitch was born in Glasgow and trained as a marine engineer at

Fairfields and then went to sea.“I came home because my father

was ill. My father died, and then I got married.”

Ironically his family had a haulage business, which he decided not to join.

“But I joined Scania in 1968, and Andersons were my first customer, in 1968.”

Eventually he became director of retail operations with the Scania Group based in Milton Keynes and then retired at the age of 58.

He knew Peter wanted to diversify and suggested he should buy Northside Truck & Van, which was one of the biggest Mercedes-Benz dealerships in the UK.

Anderson bought the business from Pendragon in 2005 with Leitch planning to work there for two or three years before retiring again.

But sadly Peter died at the age of 55 months after the acquisition.

“When Peter died the family asked if I would stay on and come in as chairman because now we had a group which had jumped dramatically in size,’ said Leitch.

“We had cars, bus and coach, commercial vehicles, and haulage companies and Irvine and I sat down and looked at it, and said where do we want to be going forward,” he said.

“Irvine and I decided that perhaps we should make the future investment only where we saw a healthy profit stream which was not necessarily in the bus and coach business nor the car business,” he said.

They sold the bus and coach and car businesses though they kept the

ANDERSON GROUP TAKES THE LONG HAUL TO SUCCESSBy ALASDAIR NORTHROP

We dipped through the recession, but as we’ve come out of the recession, people have been having to replace again, so that’s been building over the period



Left: CEO of The Anderson Group, Irvine Anderson



properties relating to them and held on to the haulage, property and Northside businesses which they increased in size.

Irvine said the group then reinvested the money it received from the disposals into Northside Truck & Van which has grown from four dealerships, in Leeds, Bradford, Sheffield, and Doncaster to a total of seven including Immingham, Hull, and York.

Group turnover has grown from around £28m in 2004 to just under £220m in 2014.

After buying Northside they reorganised the management structure and brought in a new management team.

Northside Truck & Van has its own board of management and is headquartered in Bradford. Last year it sold almost 1600 trucks and 4000 vans.

Leitch says that the market for truck sales is looking quite good.

Anderson added: “We dipped through the recession, but as we’ve come out of the recession, people have been having to replace again, so that’s been building over the period.”

Northside has by far the biggest number of employees in the group with around 450 compared to 100 in Scotland.

The haulage business received a bitter blow this year with one of its major customers Tata Steel announcing the closure of its Scottish steel mills.

But the company has faced similar challenges before when it was working with the now decimated Scottish coal industry.

After that it increased its interest in container haulage and continues to diversify.

“We knew the Tata thing was coming and had already started the process of looking for other work, and tendering for that,” said Anderson.

The haulage side also has substantial storage facilities at Newhouse, Glasgow and Newcastle.

Leitch says he has seen the benefits of working in a private family business versus a plc.

“Before joining The Anderson Group, my history was always within the restrictions of a plc.

“Well we’ve got an example this morning we were discussing the opportunity to buy just under two acres of ground and said okay, we’ll just go ahead and buy it.

“Now normally, if this had been a plc, I’d have brought a paper up to the board, a justification for buying the two acres of ground, and everything else.”

It is obvious that Anderson and Leitch have a close working relationship which has continued to strengthen over the years.

“In all the years with Scania, from 1968 until I left 14 years ago, I supplied vehicles to Andersons, never missing a year supplying vehicles to them,” said Leitch.

“Fergus has stuck with me at both ends - one at the beginning of my career, and now at the back end, “ said Anderson. “He is trusted and valued.”

Anderson is also a passionate advocate of employing apprentices.

“You’re better bringing them through the ranks yourself, and

hopefully holding onto them,” he said. One area of concern for Anderson is the shortage of drivers.

“The driver market has been a massive change over the last five years,” he says.

“During the recession companies couldn’t afford to put people through licences and people could not do it for themselves.

Also there was a change in driver qualification – drivers had to be re-trained to obtain their CPC qualification. This requirement also diminished driver numbers.

“So you’re finding that you’re having the same pool of drivers that are jumping from one company to another.

“With unemployment as it is, it is a pity that the industry and Government haven’t yet come up with a programme to train more drivers.”

Looking to the future Anderson will be considering possible acquisitions.

And thinking about the future of the business he also has two young sons aged nine and five who not only like playing with toy trucks but also have a keen interest in the real ones.

“They’re at an age now when anything to do with trucks is exciting.” he said.

Irvine and I decided that perhaps we whould make the future investment only where we saw a healthy profit stream, which was not necessarily in the bus and coach or car business

Fergus Leitch, Anderson Group

Irvine Anderson with Fergus Leitch

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INSIDER TOP500: OVERVIEW


UPS AND DOWNS REFLECT DRAMATIC ECONOMY CHANGES

THIS YEAR’S Top 500 resembles a game of snakes and ladders for a number of companies with some notable

high climbers but also a number of significant companies tumbling down the table.

There is no doubt that it reflects some of the dramatic changes in the Scottish economy with the banks and other sectors getting back on track while oil and gas companies were badly hit by the plunge in the price of Brent crude.

Royal Bank of Scotland returned to the top ten soaring from 287th position to number two – the biggest rank climber this year - after making a pre-tax profit of £2.64bn compared to an £8.2bn loss last time.

However, as we will explain shortly, the Edinburgh-based bank is not out of the woods yet.

If we include the figures for both Royal Bank of Scotland and Bank of Scotland, the Top 500 saw a 33.8 per cent jump in profits to £13.3bn but a 2.83 per cent decrease in turnover to £184.61bn.

But if we exclude the banks total turnover fell by 1.94 per cent to £158.8bn and overall profits fell 17.1 per cent. There was also a 0.3 per cent

drop in overall employee numbers to 571,631.

Rank climbers included the Scottish Salmon Company which leapt from 271st to 158th place after it returned to the black with a £3.96m profit against a £3.16m loss last time and a big jump in turnover from £85.34m to £130.58m.

Aero engine servicing specialist GE Caledonian was the third biggest rank climber soaring from 324th place to 57th after recovering from a £16.83m loss to make a £11.71m profit.

The Prestwick-based company has

been named as a designated repair station for General Electric’s new Genx turbofan engine developed to power medium-capacity long-range aircraft, which contributed £32.1m to revenues for the 2014 year, up from £22.5m in 2013.

Tumblers included Maersk Oil North Sea which fell from 26th to 309th position after making a £656.61m loss, Dana Petroleum

which dropped from 20th to 312th position after making a £462.49m loss and Petrofac Scotland which plunged from 35th to 297th position after making a £350.89m loss. Maersk was also the biggest loss maker in the Top 500.

Other oil and gas loss makers included Asco Group (-£308m), Faroe Petroleum (-£165.8m), Taq Bratani (-£94m), Petrofac Scotland (-£350.89m), and Itaca Energy (-£82.4m).

A total of 167 companies had a reduction in profits though the majority 298 companies - enjoyed profit growth compared to 301 in last year’s listing.

Eight lossmakers had a lower loss than last time while 12 loss makers had a worse loss. Some 33 companies went from loss into profit while 15 went from profit into loss. If we look

in association with

Tumblers included Maersk Oil North Sea, which fell from 26th to 309th position after making a £656.61m loss

By ALASDAIR NORTHROP TOP 500



back over the past six years the trend shows an increasing number of profit makers from 432 in 2010 to 456 this year.

The Top 500 saw 72 new arrivals with the same number obviously departing. A total of 284 companies moved up the rankings compared to 233 last year while 136 slipped down the rankings compared to 205 last year. Eight stayed at the same rank compared to nine last year.

This year there is a new number one with power giant SSE replacing Standard Life, which slipped down to number four.

Overall group revenue rose by £1.1bn to £31.6bn at the Perth-based energy generator and provider and pre-tax profits soared from £575m to £735m.

The company also announced the closure of the Ferrybridge coal-fired power station in northern England following a fire that caused millions of pounds of damage.

The then chairman Lord Smith said the 2014/15 financial year had been expected to present a number of

major challenges, and it certainly did. “Politics and regulation loomed

large with the first-ever auction for electricity generation capacity, the CMA investigation into the energy market, final proposals from Ofgem on the eight-year price control in electricity distribution and the extended build-up to the recent UK general election,” he said.

However in its annual report chief executive Alistair Phillips-Davies said the company had delivered its target of annual dividend growth and achieved a solid performance.

It also invested for the future through almost £1.5bn of capital and investment spend in the UK and Ireland.

SSE also signed a £565m deal to take a 20 per cent stake in four deep water gas fields and an associated processing plant in the Shetlands.

Known collectively as the Laggan-Tormore project, the fields are located about 125km to the north-west of the Shetlands, and will take SSE’s gas reserves to more than 100 million barrels of oil equivalent (BOE). The new Shetland Gas Plant near Sullom Voe, due to become fully operational within the year, will process and export gas from the west of Shetland for onward delivery to the St Fergus Gas Terminal.

Royal Bank of Scotland actually made an attributable loss of £3.5bn after a £4bn write down on its former US arm Citizens as it continues to go through restructurturing.

In order to provide a consistent measure Insider always uses the pre-tax profit figure throughout our listing.

Operating profit at the bank was £3.503bn in 2014 compared with an operating loss of £7.5bn in 2013 which the bank said reflected improved operating results from its core domestic businesses together with significant impairment releases in Ulster Bank and RBS Capital Resolution.

During the year the UK Government controversially sold a 5.4 per cent stake in RBS at 330 pence per share, a third below the price paid when it rescued the bank with £45.8bn of taxpayer’s money. The government plans to sell of three quarters of its stake in the next five

Taken from each year’s published Top500

Top500 annual comparison

Turnover Profit Employees Profit per

£bn £bn employee

2000 85.9 8.6 594,950 £14,4552001 94.7 9.8 644,311 £15,2252002 108 12.3 726,162 £16,9382003 109.5 12.4 779,611 £15,9132004 113.1 10.8 793,491 £13,5972005 121.4 17.7 806,826 £21,9622006 131.1 18.5 770,749 £23,9992007 160.9 23.5 759,554 £30,9472008 174.7 28.8 774,827 £37,4022009 179.7 28.2 793,870 £35,4762010 180.9 -22.9 874,076 -£26,2442011 202.1 5.9 831,803 £7,1442012 RBS & HBOS 202.48 10.98 778,609 £14,1052013 RBS only 176.51 10.15 721,848 £14,0612014 RBS & BoS 180.07 3.60 760,976 £4,7312015 RBS & BoS 189.99 2.10 731,627 £2,8432016 RBS & BoS 184.61 13.35 623,779 £21,402

HBOS tracked from 2003 to 2012. Prior to 2003 Insider tracked Bank of Scotland plc. In 2013 neither HBOS nor Bank of Scotland were included. In 2014 Bank of Scotland is tracked. The 2013 employee number would have been 770,414 if Bank of Scotland had been included.Without RBS, HBOS or BOS2009 157.91 12.79 554,842 £23,0582010 151.24 11.98 602,300 £19,9512011 137.30 9.67 574,501 £16,8312012 146.85 13.43 568,687 £23,6192013 147.57 10.92 577,548 £18,9072014 154.79 10.09 595,851 £16,9332015 162.51 8.90 573,311 £15,4712016 158.81 7.38 571,631 £12,910

SSE signed a £565m deal to take a 20 per cent stake in four deep water gas fields and a processing plant in the Shetlands

Lloyds Banking

Group chief

executive Antonio

Horta Osorio has

been widely praised

for his successful

turnaround of the

group

years. The bank is also continuing to sell off subsidiaries and in November gained $2.6bn after selling its final stake in Citizens, which has been floated in the US.

The bank is continuing to close many branches across the UK as it adapts to changing habits by customers who are doing much of their banking business online.

RBS Group is also working towards the separation of its Williams & Glyn subsidiary with an IPO by the end of 2016.

In October it warned legacy misconduct costs could be “substantially greater” than previously forecast.

The bank has already set aside £6.9bn to cover litigation and regulatory fines, but warned in a Q3 update: “Whilst legacy issues continue to be addressed, material further and incremental costs and provisions in respect of conduct and litigation related matters are expected, and could be substantially greater than the aggregate provisions RBS has recognised.

“The timing and quantum of any future costs, provisions and settlements, however, remain uncertain.”

Bank of Scotland, which is a subsidiary of Lloyds Banking Group, saw its profits more than double from £1.45bn to £3.18bn though it was pushed down from second to third place by its local rival.

The bank would have had a bigger profit but made provision of £918m in respect of redress to customers relating to past sales of Payment Protection Insurance and other issues.

The UK Government has substantially reduced its stake in the parent bank which was also the subject of a rescue following the financial crisis of 2007-9 and now owns around 9.2 per cent compared to 25 per cent a year ago.

Shares have been sold at an average price of 81p which is well above the break even price of 73.6p, giving the government a profit.

The UK Government has also announced plans to offer at least £2bn worth of discounted shares in the taxpayer-backed bank to the public next spring.

The UK Government pumped more than £20bn into Lloyds in a bid to prop up the bank in the midst of the financial collapse.

It has been gradually selling off shares to institutional investors, but this marks the first chance for the general public to get involved.

All proceeds from the sale will be used to pay down the national debt.

Lloyds Banking Group chief executive Antonio Horta Osorio has been widely praised for his successful turnaround of the group and giving the first dividend to shareholders in six and half years. It paid a dividend

of 0.75p per share in respect of 2014, amounting to £535m and at the half year awarded another 0.75p to shareholders.

However the group is also cutting its workforce by around 9000 and shutting 200 branches though it is also opening 50 new ones.

In fourth place is former number one company Standard Life. Its turnover has dropped from £22.9bn to £16.59bn following the sale of its Canadian subsidiary last year and



profits also fell from £9125m to £672m.

The Edinburgh-based pensions giant doubled the number of auto-enrolment pension customers in the UK in its last financial year and raised its final dividend 7.8 per cent to 17.03 pence per share.

In October it reported further growth from the UK Government’s auto-enrolment pension programme though annuity sales continued to fall.

The insurer and money manager said it added 1,168 new corporate schemes in the third quarter compared with 103 last year and has added 290,000 new UK customers in the year to date and more than 500,000 since auto-enrolment was introduced.

One of the biggest changes at the group was the replacement of David Nish as chief executive by Keith Skeoch, chief executive of Standard Life Investments, in August.

Nish stepped down after six years in the role and has already taken up some important non-executive roles of mobile phones giant Vodafone and the London Stock Exchange.

Standard Life stole the show at the Deals & Dealmakers awards in September winning Deal of the Year for two deals – the sale of its Canadian interests and acquisition of Ignis Asset Management managing director of advice and strategy Steve

Latest Turnover Latest Employees

Turnover £m Change % Employees Change %

Banking, Finance & Life 65,484 -16.4 80767 2.7Construction 3675.79 8.2 12550 -0.8Distribution & Wholesale 6269.25 4.1 36491 5.5Drinks (+soft ) 3764.43 -9.7 10093 2.2Electronics 1244.437 8.6 6859 11.9Engineering 5735.74 4.6 32177 4.5Food & Farming 4910.42 -1.1 18832 5.1Hotels & Leisure 817.04 5.9 10417 -1.0Industrial & Manufacturing 8766.71 6.9 41296 2.3Marketing & Media 1590.35 3.8 14986 1.7Motor 6428.57 13.0 16109 4.1Offshore Services (inc engrg, equip supply) 18098.52 4.8 71934 10.1Paper & Packaging 653.77 0.4 2949 -3.6Property Investor/Developer 183.99 14.5 854 22.7Retail 3392.55 6.8 32906 3.6Services & Utilities 43860.5 4.4 121527 5.1Textiles 129.23 9.8 616 -2.1Transport 10672.63 -2.6 160182 -0.5Offshore Exploration 7140.39 -12.1 3400 4.3Note: Some companies fall into more than one sector

Sector breakdown

RBS is also working working towards the separation of its Williams & Glyn subsidiary with an IPO in 2016



Murray took the Dealmaker of the Year title.

The disposal of its Canadian business enabled it to make a significant capital return to shareholders and ensured it had the financial firepower to buy Ignis Asset Management.

The Edinburgh-based investment group’s assets under management have risen by two per cent to £301.9bn in the first nine months of its current year.

Another Lloyds Banking Group subsidiary, Scottish Widows, is number five in the Top 500 dropping just one place after turnover fell from £18.7bn to £15.1bn though profits climbed from £667m to £730m.

The Edinburgh-based life assurance and pension services company, which celebrated its 200th anniversary last year, relaunched its Scottish Widows brand in 2014 to both the consumer and intermediary audience.

The company said this significant investment demonstrated its continued commitment to be a leader in the life planning and retirement market.

It said its financial results reflected improved valuation rates on its annuity profile due to further investment in higher yielding assets and positive market conditions in the year.

Staying at number six in the Top 500 is Aberdeen-headquartered energy services giant John Wood Group, which saw turnover grow from £3.8bn to £4.2bn and profits rise from £210.1m to £305.07m.

Chairman Ian Marchant said the company had seen many clients cut capital expenditure during the year as they sought to cut costs in the face of the collapsing oil price.

In August it reported a 19.3 per cent fall in total revenue and a drop in profits from $184 to $160m and the then chief executive Bob Keiller said conditions in oil and gas markets remained very challenging.

Pumps specialist Weir Group remains at number seven with turnover up from £2.42bn to £2.43bn and profits down from £431m to £409m.

The group has had a tough time since reporting its full year results

with a fall in orders and a plunge in its share price as it suffered from the consequences of the low oil price. It has shed hundreds of jobs mostly in the US.

In November Weir said it had made a total of £110m cost savings in its current financial year.

Pensions and investments group Aegon UK returned to the top ten as profits shot up from £37m to £173m.

Aegon, which has approximately

two million UK life and pension customers, has a significant presence in Edinburgh, where it employs 2,300 staff.

The group announced in a first-half trading update in September that it expected pension earnings in the second half of the year “to face continued pressure from the fee cap and the pension-flexibility regulation”.

Aegon UK had stated in a first-half update it saw a “surge” in drawdown sales following the change in pension rules whereby retirees no longer have to buy an annuity with pension savings.

Life sales in the first half were down 16 per cent to £19m, largely as a result of lower annuity sales following the April introduction of pension reforms.

Temporary power giant Aggreko stayed at number nine in the Top 500 despite a drop in profits from £333m to £290m.

Later in the year it implement an £80m cost-saving exercise as it cut hundreds of jobs across its global business after encountering difficult trading conditions.

In the summer it said trading had been difficult in a number of markets globally, notably in Bangladesh where contract extension prices were lower than expected; in the US as a result of lower oil prices; and in Yemen as a result of on-going security concerns.

In November it maintained its 2015 full-year profit guidance despite reported third-quarter revenues being six per cent lower than last year.

The Glasgow-based group said it was maintaining its 2015 guidance of profit before tax of between £250 and £270 million “at average exchange rates”.

Analysing the performance of the Top 500 by sector, 12 out of 20 sectors enjoyed profit rises with banking and finance being the star performer. Its overall profits soared by 202 per cent from £6.3m to £32.4m.

The second best performing sector was marketing and media up 187.6 per cent.

The worst performing sector was offshore exploration down 175.6 per cent a previous profit of £1928.7m to a loss of £145.17m.

Total Present

employees rank

FirstGroup plc 114370 12Bank of Scotland Plc 40148 3Stagecoach Group plc 36809 11John Wood Group Plc 31940 6John Menzies Plc 24443 26

Biggest employers

Risen by Present

(places) rank

Royal Bank of Scotland Group Plc 285 2Scottish Salmon Company Ltd 271 158GE Caledonian Ltd 268 56Grieg Seafood Hjaltland UK Ltd 260 167Clyde Union Ltd 260 157

Biggest climbers

Temporary power giant Aggreko stayed at number nine in the Top 500 despite a drop in profits from £333m to £290m

Wood Group chairman,

Ian Marchant

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INSIDER TOP500: 1-50


1 3 SSE Electricity distribution and supply Perth Sco 31,654.40 30,585.00 735.20 575.30 19,965 0.4 36,824 27.3 Mar-15

2* 287 Royal Bank of Scotland Group Banking and financial services Edinburgh Sco 18,197.00 19,757.00 2,643.00 -8,243.00 12,000 0.0 220,250 n/a Dec-14

3 2 Bank of Scotland Banking and financial services Edinburgh UK 7,605.00 7,654.00 3,180.00 1,450.00 40,148 -2.6 79,207 125.1 Dec-14

4* 1 Standard Life Life assurance Edinburgh Sco 16,590.00 22,900.00 672.00 915.00 8,335 1.3 80,624 -27.5 Dec-14

5 4 Scottish Widows Life assurance Edinburgh UK 15,190.00 18,798.00 730.00 667.00 2,865 14.7 254,799 -4.6 Dec-14

6* 6 John Wood Group Energy related services Aberdeen Sco 4,221.39 3,861.65 305.07 210.10 31,940 6.9 9,551 35.8 Dec-14

7 7 Weir Group Engineering Glasgow Sco 2,438.00 2,429.80 409.00 431.20 15,288 11.2 26,753 -14.7 Dec-14

8* 22 AEGON UK Pensions/protection/investment/dist Edinburgh NL 3,962.00 5,546.00 173.00 37.00 2,420 0.8 71,488 363.7 Dec-14

9 9 Aggreko Rental of temperature control systems Glasgow Sco 1,580.00 1,573.00 290.00 333.00 6,112 6.3 47,448 -18.1 Dec-14

10* 16 Subsea 7 Offshore services Aberdeen Lux 1,182.68 1,193.37 599.00 120.76 1,831 1.2 327,144 390.1 Dec-14

11 10 Stagecoach Group Public transport services Perth Sco 3,200.00 2,930.00 165.00 158.00 36,809 3.8 4,483 0.7 Apr-15

12 19 FirstGroup Passenger transport services Aberdeen Sco 6,050.70 6,717.40 105.80 58.50 114,370 -1.8 925 84.3 Mar-15

13 11 Aberdeen Asset Management Fund management services Aberdeen Sco 1,117.60 1,078.50 354.60 390.30 2,800 12.7 126,643 -19.4 Sep-14

14 15 Arnold Clark Automobiles Motor dealer Glasgow Sco 3,265.41 2,918.89 107.28 85.17 9,184 2.8 11,681 22.5 Dec-14

15 12 Chivas Brothers Whisky distiller Paisley Fr 920.57 988.64 416.01 499.55 1,574 0.4 264,301 -17.0 Jun-14

16 14 William Grant & Sons Holdings Spirits distiller Motherwell Sco 933.16 1,120.11 175.68 174.00 1,888 3.8 93,051 -2.7 Dec-14

17 18 Scottish Water Water supply; waste water treatment Dunfermline Sco 1,187.40 1,179.70 110.70 101.00 3,683 1.8 30,057 7.6 Mar-15

18* 8 Chevron North Sea Oil and gas exploration Aberdeen USA 824.90 1,169.80 271.00 621.70 n/a n/a n/a n/a Dec-14

19* 21 Apache North Sea Oil and gas exploration Aberdeen USA 1,012.44 1,195.80 116.42 69.32 n/a n/a n/a n/a Dec-14

20 17 Technip UK Offshore engineering; construction Aberdeen Fr 1,207.77 1,067.98 91.13 188.24 1,012 11.5 90,049 -56.6 Dec-14

21* 98 KCA Deutag Drilling and engineering contractor Aberdeen UK 1,284.30 1,313.50 73.50 -104.30 991 148.4 74,168 n/a Dec-14

22* 80 Johnson & Johnson Medical Surgical supplies Livingston USA 610.58 562.11 390.87 6.13 1,778 8.0 219,837 5806.4 Dec-14

23* 24 Tesco Bank/Tesco Personal Finance Financial services Edinburgh UK 690.08 647.70 152.40 124.70 3,607 6.4 42,251 14.9 Feb-14

24 29 National Oilwell Varco UK Offshore equipment manufacturer Aberdeen USA 492.84 490.60 173.79 93.87 1,932 6.2 89,953 74.4 Dec-1

25* 33 Halliburton Manufacturing & Services Offshore services and equipment Dyce USA 772.67 655.09 60.16 26.34 2,420 6.5 24,860 114.4 Dec-14

26 27 John Menzies News wholesaler; aviation services Edinburgh Sco 1,902.90 1,905.40 25.70 42.10 24,443 6.0 1,051 -42.4 Dec-14

27 28 Edinburgh Woollen Mill (Group) Clothing retail; tourist goods Langholm Sco 562.60 551.90 91.20 71.30 10,290 0.0 8,863 27.9 Feb-15

28* 30 Aker Solutions Offshore services Aberdeen Nor 694.98 588.54 54.85 48.50 2,082 12.7 26,345 0.4 Dec-14

29* 40 Life Technologies Biological products Paisley USA 402.70 253.35 138.89 45.41 768 2.9 180,846 197.1 Dec-14

30* New Sky Subscribers Services Satellite TV broadcast support Dunfermline UK 535.31 502.00 55.01 52.11 7,578 3.4 7,259 2.1 Jun-14

31 58 Miller Group UK Building; construction; property dev Edinburgh Sco 611.10 754.90 34.60 10.40 612 -47.0 56,536 527.3 Dec-14

32 50 Farmfoods Food retail and distribution Cumbernauld Sco 811.77 689.13 20.81 15.11 4,779 22.8 4,354 12.1 Jan-15

33 47 Cala Group Housebuilder; property developer Edinburgh Sco 436.62 235.47 39.35 51.58 655 63.8 60,076 -53.4 Jun-15

34 32 Spirit AeroSystems (Europe) Airframes; wing structures Prestwick USA 414.11 443.60 33.63 42.27 902 -5.3 37,284 -16.0 Dec-14

35 48 Bibby Offshore Offshore core services Westhill UK 348.21 231.43 53.36 38.01 270 6.3 197,630 32.1 Dec-14

36 36 Wood Mackenzie Energy/life sciences consultants Edinburgh USA 227.24 212.80 91.50 86.94 958 3.8 95,511 1.4 Dec-14

37 45 British Polythene Industries Polythene packaging products Greenock Sco 500.00 507.50 22.20 18.50 2,222 -4.6 9,991 25.8 Dec-14

38 56 Helix Well Ops (UK) Subsea intervention services Dyce USA 240.41 183.77 69.53 37.91 113 -23.1 615,310 138.6 Dec-14

39 43 AG Barr Soft drinks manufacturer Cumbernauld Sco 260.90 254.09 41.90 38.10 991 -0.8 42,281 10.9 Jan-15

40 52 Oceaneering International Services Services/equipment to energy industry Aberdeen USA 303.07 259.98 30.68 27.21 2,247 14.8 13,654 -1.8 Dec-14

41* 44 Robertson Group (Holdings) Building contractor Elgin Sco 261.30 231.40 34.60 -3.72 1,120 -1.1 30,893 n/a Mar-14

42* 51 J&J Denholm Shipping/logistics/seafoods/industrial Glasgow Sco 384.45 362.94 23.84 22.13 4,454 9.8 5,352 -1.9 Dec-14

43 37 Forth Ports Port operator Edinburgh Lux 212.30 217.20 73.90 69.40 1,056 -7.4 69,981 15.0 Dec-14

44 38 Walter Scott & Partners Investment management Edinburgh USA 202.04 203.56 79.28 144.03 99 0.0 800,808 -45.0 Dec-14

45 42 FMC Technologies Subsea systems design/manufacture Dunfermline USA 365.84 337.45 21.33 28.98 1,259 2.0 16,942 -27.9 Dec-14

46 41 Marine Harvest (Scotland) Salmon farming Rosyth Nor 218.60 216.49 41.13 62.26 578 16.8 71,159 -43.4 Dec-14

47 53 DC Thomson & Co Printing and publishing Dundee Sco 240.00 252.09 24.86 23.72 922 8.0 26,963 -2.9 Mar-14

48 57 Park’s of Hamilton (Holdings) Motor dealer Hamilton Sco 448.02 399.42 16.05 14.29 1,267 5.5 12,668 6.5 Mar-15

49* 215 Babcock Int’l Group (Marine Division) Marine engineering Dunfermline UK 533.83 420.72 14.40 0.79 3,067 2.0 4,695 1685.2 Mar-15

50* 55 Turner & Co (Glasgow) Diesel equipment/facilities management Glasgow Sco 325.70 262.51 17.50 16.11 1,900 0.6 9,211 8.0 Mar-14

1-25

26-50

*See notes on page 44-45

15 14 OWNERSHIP PRESENT PREVIOUS PRESENT PREVIOUS PRESENT CHANGE% PRESENT CHANGE% END RANK COMPANY NAME ACTIVITY LOCATION COUNTRY OF TURNOVER £M PROFIT £M EMPLOYEES No. PROFIT PER EMP £ YEAR

PUT OUR TAILORED INSIGHTS TO WORK FOR YOU

rsmuk.com



51 54 LifeScan Scotland Medical diagnostic devices Inverness USA 155.68 159.36 79.44 86.15 1,106 -0.2 71,826 -7.6 Dec-14

52 278 Alexander Dennis Bus manufacture Falkirk Sco 502.68 541.08 13.18 -1.18 2,248 -8.8 5,863 n/a Dec-14

53 61 Dril-Quip (Europe) Oilfield equipment manufacture Dyce USA 176.13 150.30 47.77 31.62 556 8.4 85,917 39.4 Dec-14

54* 5 Total Upstream UK Oil and gas exploration Aberdeen Fr 1,219.00 1,726.00 10.00 602.00 711 5.8 14,065 -98.4 Dec-14

55* 59 Howco Group Metal and processing services Glasgow Jap 182.78 186.12 22.64 23.36 544 8.4 41,618 -10.6 Mar-15

56* 324 GE Caledonian Aero engines overhaul/repair Prestwick USA 410.97 341.30 11.71 -16.83 697 -12.8 16,801 n/a Dec-14

57* 73 John Clark (Holdings) Motor dealer; garage proprietor Aberdeen Sco 604.11 470.19 10.53 7.41 1,031 10.7 10,213 28.3 Dec-14

58 46 Whyte and Mackay Group Whisky distiller Glasgow Phil 251.75 277.07 13.38 29.48 476 -5.6 28,109 -51.9 Mar-14

59 70 Craig Group Shipping; energy services Aberdeen Sco 177.66 146.76 20.53 17.26 1,096 3.2 18,732 15.3 Apr-14

60 71 James Jones & Sons Sawmilling; timber engineering Larbert Sco 142.73 131.50 33.13 26.47 554 0.5 59,801 24.5 Dec-14

61 64 Babcock Rail Multi-displinary rail infrastructure Blantyre UK 192.89 218.89 15.29 12.45 1,222 -11.9 12,512 39.4 Mar-15

62 65 Schuh Shoe retailer Livingston USA 247.50 229.97 11.55 12.09 1,873 3.1 6,167 -7.4 Jan-15

63 76 Cefetra Animal feed Glasgow NL 773.94 966.31 7.14 6.04 48 11.6 148,750 5.9 Dec-14

64 204 James Donaldson & Sons Timber engineering, sawmilling Markinch Sco 132.73 117.18 31.94 27.00 668 2.8 47,814 15.1 Mar-15

65 265 Tilhill Forestry Forestry management Stirling UK 125.33 113.75 41.29 1.05 192 0.0 215,052 3832.2 Dec-14

66 74 Bilfinger Salamis UK Multi-discipline offshore services Aberdeen Ger 180.09 176.74 13.79 13.12 1,834 3.7 7,519 1.3 Dec-14

67 63 Wyman-Gordon Metal forger Livingston USA 133.94 142.15 25.45 33.13 354 -4.6 71,893 -19.5 Mar-14

68 60 City Refrigeration Holdings (UK) Technical services/facility management Glasgow Sco 455.63 458.54 7.54 11.39 12,258 -0.3 615 -33.6 Dec-14

69 99 GAP Group Plant and tool hire Glasgow Sco 143.31 118.40 18.60 13.49 1,248 19.0 14,904 15.9 Mar-15

70* 169 Forbo Floors UK Flooring and floor covering Kirkcaldy Swi 127.30 119.38 29.15 3.30 570 1.6 51,140 769.4 Dec-14

71* 69 Alliance Trust Investment trust Dundee Sco 110.12 103.40 72.49 66.81 264 13.3 274,583 -4.2 Dec-14

72 75 Scottish Sea Farms Fish farming Stirling Nor 132.79 130.86 21.84 22.19 415 10.7 52,627 -11.1 Dec-14

73 83 Edinburgh Airport Airport operation Edinburgh Sco 130.69 117.89 22.83 20.61 537 7.0 42,514 3.6 Dec-14

74 88 Eastern Holdings Franchised motor dealer Broxburn Sco 463.73 393.68 7.00 6.08 986 4.0 7,099 10.7 Dec-14

75* 159 John Maclean & Son Electrical Wholesale electrical supplier Dingwall Sco 147.20 140.20 14.30 9.40 236 8.3 60,593 40.5 Mar-15

76* 84 Produce Investments Potato farming Duns UK 191.83 206.00 8.59 7.62 1,100 -2.3 7,809 15.4 Jun-14

77 92 JR Dalziel (Holdings) Meat supplier Bellshill Sco 154.74 144.86 10.98 9.80 512 8.9 21,445 2.8 Sep-14

78 132 Archer (UK) Offshore personnel and equipment Aberdeen Berm 176.60 144.26 9.95 5.04 224 76.4 44,420 11.9 Dec-14

79 101 STV Group Media communications Glasgow Sco 120.40 112.10 17.30 14.30 445 12.4 38,876 7.7 Dec-14

80 102 Malcolm Group Distribution; construction Linwood Sco 215.80 193.27 7.36 6.68 1,921 2.6 3,831 7.4 Jan-15

81 90 Hydrasun O&G fluid transfer; process controls Aberdeen Sco 120.89 104.70 16.99 15.60 643 11.2 26,423 -2.1 Mar-14

82* 89 Edgen Murray Europe Steel stockholder/distributor Newbridge Jap 235.05 255.94 7.05 20.76 324 39.1 21,753 -75.6 Mar-14

83 136 Mitsubishi Electric Air Conditioning Air-conditioning systems manufacturer Livingston Jap 130.05 95.88 15.00 8.10 715 38.3 20,979 33.9 Mar-15

84 79 Vallourec Oil & Gas UK Offshore tubular goods Bellshill Fr 146.50 138.36 10.60 16.43 270 1.5 39,259 -36.4 Dec-14

85* 100 Scottish Friendly Assurance Society Life assurance Glasgow Sco 117.65 128.48 16.50 -11.20 88 2.3 187,500 n/a Dec-14

86 85 Albert Bartlett & Sons (Airdrie) Fresh foods supplier Airdrie Sco 146.19 165.10 10.15 9.56 762 1.6 13,320 4.5 May-14

87 82 Walkers Shortbread Shortbread/biscuits/bakery products Aberlour on Sco 140.80 137.14 10.93 14.47 1,450 4.0 7,538 -27.4 Dec-14

88 97 Ingenico UK Electronic banking terminals Dalgety Bay Fr 99.73 96.42 19.47 24.52 311 6.1 62,605 -25.2 Dec-14

89 125 Kent Foods Food wholesaler Renfrew Sco 165.20 185.88 7.94 4.56 93 12.0 85,376 55.4 Dec-14

90 72 WL Gore & Associates (UK) Technology-driven solutions Livingston USA 114.63 136.98 15.31 22.44 395 -1.7 38,759 -30.6 Mar-15

91 87 Peter Vardy Holdings Motor dealer Glasgow Sco 393.46 340.74 5.21 6.52 805 19.4 6,472 -33.1 Dec-14

92 78 John Dewar & Sons Whisky distiller, blender and bottler Glasgow Berm 97.19 121.23 18.67 25.34 320 -3.3 58,344 -23.8 Mar-14

93 128 James Walker (Leith) Timber; construction; property Livingston Sco 144.94 111.84 9.56 8.43 597 4.0 16,013 9.0 Mar-15

94 77 Tennent Caledonian Breweries UK Brewery Glasgow UK 120.18 207.89 12.76 9.64 305 -2.9 41,836 36.3 Feb-14

95 106 CAN (Holdings) Offshore services provider Aberdeen UK 92.00 89.06 18.70 18.47 551 -6.0 33,938 7.7 Dec-14

96 119 Glasgow Airport Airport operators Paisley UK 95.42 90.87 17.23 12.39 n/a n/a n/a n/a Dec-14

97 202 Muir Group Contractor; private housing; golf club Inverkeithing Sco 111.32 73.19 13.22 3.95 286 -5.0 46,224 252.2 Feb-15

98 117 Hunter Boot Wellington boot manufacturer Edinburgh UK 95.74 81.65 15.43 14.64 170 36.0 90,765 -22.5 Dec-14

99 124 Peoples Motor dealer Falkirk Sco 236.70 205.00 5.30 4.15 395 0.0 13,418 27.7 Jul-15

100 91 Vroon Offshore UK Offshore rescue vessels Aberdeen NL 108.63 109.10 12.57 18.61 1,306 -0.5 9,625 -32.1 Dec-14

51-75

76-100



From meetings and conferencing in our 15 unique event spaces and the newly-launched Gleneagles Arena, to golf on three championship courses, and a choice of more than 20 group activities, what better backdrop than Gleneagles to do business in the new year?

This January – March, competitive 24-hour rates and enticing added value amenities – including complimentary transfers – are available on selected dates.

For enquiries, call on and quote .



101 122 EWOS Fish feed manufacture Bathgate USA 131.02 127.14 9.33 7.85 70 1.4 133,286 17.2 Dec-14

102 93 CCG (Holdings) Building contractor and services Glasgow Sco 124.47 87.92 10.54 4.21 609 6.7 17,307 134.7 Mar-15

103 154 Emtelle UK Ducting; blown fibre solutions Jedburgh NL 87.86 64.61 16.10 9.81 196 0.0 82,143 64.1 Dec-14

104 114 Browns Food Group Quality cooked meats, salmon Sanquhar Sco 151.73 145.31 6.96 6.59 1,149 26.0 6,057 -16.2 Dec-14

105* 96 WebhelpTSC/Telecom Service Centres Call centre operator Falkirk Fr 119.65 124.31 10.92 13.72 5,757 -3.7 1,897 -17.3 Dec-14

106 137 Cruden Investments Construction; property development Edinburgh Sco 146.33 140.89 7.13 4.80 580 -8.7 12,293 62.6 Mar-15

107* 131 Media Scotland Newspaper publisher Glasgow UK 86.80 89.91 15.90 16.90 450 -7.8 35,333 2.0 Dec-14

108 115 Optos Medical technology Dunfermline Sco 104.48 99.38 11.33 5.73 391 -10.1 28,977 120.0 Sep-14

109 126 Glenmorangie Company, The Whisky distiller Edinburgh Fr 81.74 70.12 17.01 15.38 217 -4.0 78,387 15.2 Dec-14

110* 118 JW Galloway Production/sale of beef and lamb Bridge of Allan Sco 307.82 285.14 4.40 -2.71 964 2.3 4,564 n/a Mar-15

111* 86 Lothian Buses Local transport service Edinburgh Sco 130.26 127.33 8.39 15.55 2,175 4.0 3,857 -48.1 Dec-14

112 95 Score Group Engineering materials and labour Peterhead Sco 178.59 179.89 5.69 8.06 1,653 9.4 3,442 -35.5 Oct-14

113 139 Breedon Aggregates Scotland Quarrying; road surfacing Monifieth UK 121.58 107.64 8.65 6.58 569 13.3 15,202 16.0 Dec-14

114 140 Lunar Fishing Co Fishing and storage Peterhead Sco 85.92 75.03 14.40 9.03 264 0.0 54,545 59.5 Dec-14

115 123 Skyscanner Online travel search engine Edinburgh Sco 88.56 64.76 12.56 22.02 389 58.1 32,288 -63.9 Dec-14

116 160 Sodexo Remote Sites Scotland Offshore/onshore facilities management Aberdeen Fr 121.53 90.67 8.37 5.39 1,855 336.5 4,512 -64.4 Aug-14

117* 134 Texas Instruments (UK) Micro-electronics Greenock USA 68.00 68.43 21.99 11.96 358 0.3 61,425 83.4 Dec-14

118 245 Dingbro Motor component distributor Aberdeen Sco 136.33 137.40 7.10 2.70 1,281 -2.4 5,543 169.3 Sep-14

119* 234 Teledyne Manufacture/repair of avionics systems Cumbernauld USA 63.97 44.22 28.91 6.49 467 99.6 61,906 123.2 Dec-14

120 120 BSW Timber Sawmilling Earlston Sco 184.67 159.54 5.08 2.17 887 2.1 5,727 129.4 Mar-14

121 112 Dobbies Garden Centres Garden centres Lasswade UK 142.00 137.40 6.66 7.28 2,845 -0.2 2,341 -8.3 Feb-14

122* 81 Orion Group/Orion Engineering Engineering recruitment agency Inverness Sco 392.13 377.59 3.69 6.76 370 -8.4 9,973 -40.4 Dec-14

123 135 Macfarlane Group Packaging/distribution/warehousing Glasgow Sco 153.77 143.87 5.61 4.72 727 -0.1 7,717 19.0 Dec-14

124 180 Search Consultancy Recruitment Glasgow UK 156.31 135.44 5.21 2.82 565 9.3 9,221 69.0 Jan-15

125* 151 Loch Lomond Group Whisky distiller Alexandria Sco 59.27 63.89 24.30 11.31 153 26.4 158,824 69.9 Jul-14

126 138 Inver House Distillers Whisky distiller Airdrie Thai 79.23 77.06 11.77 9.53 203 4.6 57,980 18.0 Dec-14

127* 148 Brodies Legal services Edinburgh Sco 57.94 52.10 27.10 23.70 603 6.9 44,942 7.0 Apr-15

128* 295 Bond Offshore Helicopters Helicopter operator Aberdeen UK 146.86 114.53 5.22 0.64 507 31.3 10,304 521.5 Mar-15

129 188 Glen Turner Company Whisky bottling and maturation Bathgate Fr 77.95 71.99 11.59 4.61 121 -0.8 95,785 153.5 Dec-14

130 133 Aberdeen International Airport Airport management Aberdeen UK 64.53 62.11 16.67 17.60 272 5.8 61,287 -10.5 Dec-14

131 153 Clydeport Operations Port administration Glasgow UK 62.20 55.40 19.20 17.18 237 0.0 81,013 11.8 Mar-14

132 200 Gray & Adams Holdings Refrigerated trailers Fraserburgh Sco 124.73 116.77 6.63 4.55 679 2.0 9,764 42.9 Apr-15

133* 129 Ogilvie Group Construction; housing developer Stirling Sco 210.00 179.00 4.00 3.03 395 1.8 10,127 29.7 Jun-14

134 157 RJ McLeod (Contractors) Civil engineering; building Glasgow Sco 99.98 84.36 7.80 6.48 386 -0.3 20,207 20.7 Nov-14

135* 173 Beam Santori Whisky distiller Glasgow Jap 63.60 55.56 15.69 9.13 233 4.5 67,339 64.5 Dec-14

136* 165 Lomond Motors Motor dealer Glasgow UK 189.80 143.05 3.79 2.92 237 5.8 15,992 22.7 Dec-14

137* 161 Burness Paull Legal services Edinburgh Sco 51.30 46.30 23.20 20.70 414 7.5 56,039 4.2 Jul-15

138 145 Celtic Football club management Glasgow Sco 64.74 75.82 11.70 9.74 450 -1.1 26,000 21.5 Jun-14

139* 186 Castle View Ventures Catering; facilities management Stirling Sco 120.22 110.47 5.58 3.48 5,171 30.4 1,079 22.9 Mar-15

140 164 Iomart Group Cloud computing/managed hosting Glasgow Sco 65.80 55.62 10.79 9.72 334 14.0 32,305 -2.6 Mar-15

141 195 Shin-Etsu Handotai Europe Silicon wafers manufacturer Livingston Jap 110.85 116.54 5.65 2.67 401 0.0 14,090 111.6 Dec-14

142 146 Stewart Milne Group Construction and development Westhill Sco 209.73 211.12 3.01 -5.67 696 -3.9 4,325 n/a Jun-14

143 362 Fugro Subsea Services ROV provision and operation Aberdeen NL 182.00 179.85 3.25 -4.43 479 1.1 6,785 n/a Dec-14

144* 94 CHC Scotia Helicopter operation, engineering Aberdeen Can 179.82 177.71 3.26 8.65 473 -2.3 6,892 -61.4 Apr-14

145 155 G1 Group Holdings Entertainment, leisure, property Glasgow Sco 69.68 67.35 8.40 8.51 1,195 -6.1 7,029 5.1 Mar-15

146 149 Hunting Energy Services (UK) Oil and gas extraction Portlethen UK 99.03 79.38 5.83 5.66 212 1.4 27,500 1.5 Dec-14

147* 141 United Closures & Plastics Bottle tops and closures Stirling Fr 93.06 97.86 5.93 7.03 554 2.2 10,704 -17.5 Dec-14

148 217 John Lawrie (Aberdeen) Scrap metal; steel supply Aberdeen Sco 92.05 89.58 6.00 2.91 76 -17.4 78,947 149.6 Dec-14

149 156 Ethigen Pharmaceuticals distribution East Kilbride Sco 156.38 144.99 3.39 3.21 196 6.5 17,296 -0.9 May-14

150 175 R&A Trust Company (No.1) Golf promotion/management St Andrews Sco 62.63 59.02 10.55 7.88 132 -2.9 79,924 37.9 Dec-14

101-125

126-150





151 158 Loganair Flight services Paisley Sco 87.53 86.95 6.06 4.36 562 0.5 10,783 38.2 Mar-14

152 382 Macdonald Hotels Hotel operator Bathgate Sco 145.54 138.64 3.63 -6.50 3,703 -4.5 980 n/a Mar-14

153 298 Scottish Midland Co-operative Society Retail stores Edinburgh Sco 386.40 431.41 2.21 -3.04 4,660 -3.1 474 n/a Jan-15

154 199 Macrae & Dick Motor dealer Inverness Sco 194.05 163.96 2.69 1.61 456 0.0 5,899 67.1 Dec-14

155 143 William Wilson Plumber’s merchants Aberdeen UK 64.10 68.37 8.21 10.22 253 -5.9 32,451 -14.6 Jul-14

156* 317 The Anderson Group Vehicle franchise; haulage; property Newhouse Sco 217.74 158.45 2.57 -0.09 518 13.3 4,961 n/a Dec-14

157* 417 Clyde Union Pump manufacturing Glasgow USA 104.76 109.20 4.77 -6.52 600 -17.4 7,950 n/a Dec-14

158 429 Scottish Salmon Company , The Salmon farming Edinburgh UK 130.58 85.34 3.96 -3.16 458 16.5 8,646 n/a Dec-14

159 178 Charles River Laboratories Preclinical Scientific research Tranent USA 58.91 53.71 9.85 9.35 765 4.4 12,876 0.9 Dec-14

160* 105 Gates (UK) Power supplies Dumfries USA 104.06 108.31 4.69 13.19 498 -1.0 9,418 -64.1 Dec-14

161 209 VELUX Company Roof windows and accessories Glenrothes Den 135.00 104.04 3.52 2.72 175 1.2 20,114 27.9 Dec-14

162 203 Leiths (Scotland) Quarrying; civil engineering Aberdeen Sco 68.62 67.57 6.95 4.48 528 -0.4 13,163 55.7 Dec-14

163 208 William Tracey Recycling and resource management Paisley Sco 67.77 57.80 6.74 4.86 438 6.3 15,388 30.5 Mar-15

164 177 Scot JCB (Holdings) Machinery distributor Glasgow Sco 117.17 102.96 4.01 3.76 213 13.3 18,826 -5.9 Dec-14

165 181 Petroleum Experts Petroleum engineering software Edinburgh UK 39.96 39.15 32.16 30.52 65 6.6 494,769 -1.1 Sep-15

166 49 Devro Casings for the food industry Glasgow Sco 232.30 242.70 2.20 37.50 2,226 -1.9 988 -94.0 Dec-14

167 427 Grieg Seafood Hjaltland UK Fish farming Lerwick Nor 81.62 60.35 5.23 0.15 224 6.2 23,348 3183.8 Dec-14

168 174 Mactaggart & Mickel Group Housebuilder and contractor Glasgow Sco 58.48 55.50 8.06 2.42 228 -0.4 35,351 234.5 Apr-14

169 194 Don & Low Industrial textiles manufacturer Forfar Gre 62.43 60.10 7.25 5.91 454 2.0 15,969 20.2 Dec-14

170 420 QTS Group Infrastructure, engineering, training Strathaven Sco 70.50 65.37 6.05 6.54 250 45.3 24,200 -36.4 Mar-15

171 182 Barrhead Travel Service Travel agents; tour operators Glasgow Sco 245.90 192.17 1.91 1.82 750 24.0 2,547 -15.3 Dec-14

172 142 Grayloc Products Offshore connectors Aberdeen USA 43.38 55.30 17.37 21.64 54 -11.5 321,667 -9.3 Dec-14

173 163 United Wholesale (Scotland) Cash and carry Glasgow Sco 221.69 212.00 2.04 2.08 231 19.7 8,831 -18.1 Dec-14

174 218 Scott Group Investments Pallets and crates Dunfermline Sco 117.37 106.55 3.64 2.31 878 2.8 4,146 53.3 Dec-14

175 219 Ian Macleod Distillers Whisky blending Broxburn Sco 52.08 52.85 8.56 5.95 101 4.1 84,752 38.2 Sep-14

176 222 McCurrach Group Field sales services Glasgow Sco 51.16 44.08 8.83 8.03 1,163 23.2 7,592 -10.7 Jun-14

177* 340 JFD Diving equipment Aberdeen UK 52.29 34.49 8.20 2.86 171 -9.5 47,953 216.7 Dec-14

178 221 Oki (UK) Accessories for printers Cumbernauld Jap 82.69 77.49 4.59 -5.36 147 -13.5 31,224 n/a Mar-15

179 255 Advance Construction Group Property devpt; civil engineering Bellshill Sco 86.01 66.78 4.37 2.26 682 35.6 6,408 42.6 Mar-14

180* 179 Newsquest (Herald & Times) Newspaper publisher Glasgow USA 45.23 53.76 11.59 9.21 460 -3.6 25,196 30.5 Dec-14

181 185 Glenrath Farms Egg production Peebles Sco 54.26 56.00 7.49 7.90 209 -1.9 35,837 -3.4 May-14

182 176 Strachans Distributor of food and chandlery Peterhead Den 73.06 60.02 5.09 6.38 183 14.4 27,814 -30.2 Dec-14

183 207 Fergusson Group Coal merchant Stirling Sco 145.79 116.17 2.56 2.46 204 22.2 12,549 -14.8 Mar-14

184 184 Biomar Fish feed supplier Grangemouth Den 92.05 98.32 4.02 3.67 56 -6.7 71,786 17.4 Dec-14

185* 193 Trespass/Jacobs & Turner Clothing manufacturer Glasgow Sco 86.17 75.28 4.23 4.01 1,378 21.4 3,070 -13.1 Jun-14

186 190 Maclay Murray & Spens Legal services Glasgow Sco 43.30 40.90 14.20 11.20 470 12.4 30,213 12.8 May-14

187 246 Franklin Templeton Global Investors Financial services Edinburgh USA 37.66 33.26 25.57 11.86 270 4.7 94,704 106.0 Sep-14

188 220 Balmoral Group Holdings Offshore/environmental equipment Aberdeen Sco 79.06 63.19 4.56 4.03 395 7.3 11,544 5.4 Mar-14

189* 212 Burn Stewart Distillers Whisky distiller East Kilbride SA 62.14 59.20 6.44 4.87 275 0.4 23,418 31.8 Jun-14

190 333 Brand-Rex Structured cabling systems Glenrothes Sco 75.59 75.45 4.68 0.67 312 10.2 15,000 533.7 Dec-14

191 191 Apex Hotels Hotelier Edinburgh Sco 56.06 50.55 6.84 4.28 716 6.9 9,553 49.5 Apr-14

192 144 Scottish Leather Group Leather manufacturing Bridge of Weir Sco 140.23 136.23 2.61 4.54 577 2.9 4,523 -44.1 Mar-15

193 242 Arthur McKay & Co Electrical/mechanical data contractors Loanhead Sco 100.90 88.55 3.50 1.87 867 5.9 4,037 76.8 Oct-14

194 152 Peterson (UK) Offshore logistics services Aberdeen NL 142.95 165.68 2.52 3.22 515 4.0 4,893 -24.8 Dec-14

195 239 TOM Vehicle Rental Vehicle fleet management and hire Airdrie Sco 143.17 98.46 2.50 1.63 491 31.3 5,092 16.8 Mar-15

196* 214 Rohr Aero Services Aircraft components maintenance Prestwick USA 49.23 48.07 7.95 7.22 293 8.5 27,133 1.5 Dec-14

197 187 Richard Austin Alloys Non-ferrous metal stockholder Glasgow Sco 100.48 95.57 3.24 3.51 197 7.7 16,447 -14.2 Mar-15

198 297 VWS Westgarth Water treatment equipment and services East Kilbride Fr 70.24 49.90 4.52 2.23 139 5.3 32,518 92.5 Dec-14

199 168 Braid Group (Holdings) Shipping/forwarding agent Glasgow Sco 110.16 112.27 2.96 3.83 193 2.7 15,337 -24.7 Jun-14

200 170 The Harbro Group Animal feed Turriff Sco 102.15 104.74 3.12 4.00 361 10.1 8,643 -29.1 Jun-14

151-175

176-200




201 282 Springfield Properties Housebuilder/property developer Elgin Sco 74.04 46.63 4.13 3.45 339 45.5 12,183 -17.7 May-14

202 196 Edinburgh Partners Investment management; admin services Edinburgh Sco 36.71 38.55 19.57 21.48 61 3.4 320,820 -11.9 Feb-15

203* 211 Carron Phoenix/Franke UK Holding Sink manufacturer Falkirk Swi 64.42 65.81 4.76 4.03 265 -2.2 17,962 20.8 Dec-14

204 328 Smart Metering Systems Gas connects; metering systems Glasgow Sco 42.39 27.92 11.02 7.47 247 157.3 44,615 -42.7 Dec-14

205* 116 Forth Holdings Electrical/mechanical installations Stirling Sco 174.65 180.77 1.67 5.41 1,967 3.7 849 -70.2 Aug-14

206 New Dawnfresh Seafoods Fresh & frozen fish and seafoods Uddingston Sco 54.83 41.62 5.85 -5.87 496 13.2 11,794 n/a Mar-15

207 150 Vascutek Vascular prosthesis Inchinnan Jap 52.63 63.81 6.17 11.85 679 3.3 9,087 -49.6 Mar-14

208* 256 BenRiach Distillery Co Whisky distiller Newbridge Sco 41.55 35.33 11.13 8.97 153 6.3 72,745 16.8 Dec-14

209 172 Farstad Shipping Offshore vessel owners/manager Aberdeen Nor 48.22 57.15 7.05 8.31 22 0.0 320,455 -15.2 Dec-14

210* 216 Shepherd & Wedderburn Legal services Edinburgh Sco 38.26 35.86 14.36 13.09 357 -3.3 40,224 13.4 Apr-14

211 232 Saltire Energy Drilling equipment supplier; oil tools Aberdeen Sco 36.31 32.99 17.69 17.19 65 25.0 272,154 -17.7 Jun-14

212* 183 Sudzucker UK Sugar, specialty products Livingston Ger 109.40 121.77 2.63 3.00 83 0.0 31,687 -12.3 Feb-14

213* 229 ECS Europe Limited IT infrastructure provider Glasgow Sco 65.99 38.92 4.10 2.66 270 n/a 15,185 n/a Dec-14

214 192 Johnston Fuels Fuel distribution Bathgate Sco 148.00 159.55 1.60 1.82 152 0.7 10,526 -12.7 Dec-14

215 226 Thomas Tunnock Bakery and biscuit manufacturer Uddingston Sco 47.85 42.25 6.48 6.06 489 -4.9 13,252 12.4 Feb-14

216 107 Highland Fuels Fuel distribution Inverness Sco 199.15 206.80 1.20 5.99 135 -0.7 8,889 -79.8 Dec-14

217 201 WN Lindsay Grain merchant, agri, warehousing Tranent Sco 114.12 114.78 2.41 2.66 47 0.0 51,277 -9.4 May-14

218* 198 Lightbody of Hamilton Bakery products Hamilton UK 72.73 77.86 3.50 3.69 1,110 -2.5 3,153 -2.7 Jun-14

219 248 JW Filshill Wholesale food and drink Glasgow Sco 151.30 158.26 1.36 0.80 196 -10.9 6,939 90.8 Jan-15

220 268 BioReliance Biotech and evaluation services Glasgow USA 36.70 35.18 12.33 7.99 266 0.0 46,353 54.3 Dec-14

221* 206 CJ Lang & Son Food wholesale and retail Dundee Sco 194.75 193.04 1.12 1.27 2,114 1.6 530 -13.1 Apr-14

222* 254 Johnston Carmichael Accountants and business advisors Aberdeen Sco 36.80 33.40 11.05 11.07 535 8.1 20,654 -7.6 May-14

223* 251 PD&MS Group (Aberdeen) Offshore services provider Aberdeen Sco 48.24 47.03 5.18 4.51 58 -3.3 89,310 18.8 Jun-14

224* 162 Patersons Quarries Quarrying; landfill; engineering Coatbridge Sco 64.06 50.39 3.44 13.93 881 10.4 3,905 -77.6 Nov-14

225* 166 Inverarity Morton/ABA Eaglesham Wines and spirits wholesaler Glasgow Sco 89.78 89.43 2.40 5.25 261 -5.1 9,195 -51.8 Sep-14

226 449 TPS Healthcare Group Medical products; logistical services Cumbernauld Eire 43.59 39.44 6.16 0.75 78 5.4 78,974 679.2 Mar-15

227 249 Hewlett-Packard Manufacturing Portable and desktop computers Bishopton USA 41.58 40.96 6.78 6.97 324 -7.2 20,926 4.8 Oct-14

228 257 DF Concerts Concert/events promotion Glasgow USA 43.12 45.46 6.24 4.53 35 25.0 178,286 10.2 Dec-14

229 109 Fugro Survey Offshore surveying Aberdeen NL 76.84 104.95 2.61 11.55 422 4.5 6,185 -78.4 Dec-14

230* 250 Munro Healthcare Group Pharmaceutical wholesaler East Kilbride Sco 80.91 89.06 2.49 10.15 150 1.4 16,600 -75.8 Mar-14

231 240 TUV Sud Technical consultants East Kilbride Ger 55.29 53.13 3.78 3.87 547 8.5 6,910 -10.0 Dec-14

232* 388 Scientific Drilling Controls Offshore directional surveys Aberdeen USA 50.10 35.95 4.24 2.12 382 58.5 11,099 26.2 Dec-14

233 241 Benkert UK Cigarette paper manufacturer Alva Ger 44.48 45.62 5.36 5.14 265 -5.7 20,226 10.6 Dec-14

234 318 I&H Brown Plant hire, mining, civil engineering Perth Sco 34.22 31.51 11.78 5.90 159 6.7 74,088 87.1 Aug-14

235 231 Tennent Caledonian Breweries Wine, beer and spirits wholesaler Glasgow Eire 91.71 82.60 2.14 3.87 289 1.0 7,405 -45.3 Mar-14

236 235 Shetland Catch Fish processor Lerwick Sco 63.63 75.05 3.11 1.42 87 1.2 35,747 116.5 Mar-14

237 272 LFF (Scotland) Offshore fittings and flanges Aberdeen UK 59.63 54.11 3.37 2.90 40 0.0 84,250 16.2 Dec-14

238 New Energy Assets Group Gas metering services Livingston Sco 36.21 24.20 9.32 4.82 181 84.7 51,492 4.7 Mar-15

239* 264 Macduff Shellfish (Scotland) Shellfish supplier/retailer Mintlaw Can 46.36 111.30 4.68 5.92 n/a n/a n/a n/a Sep-14

240* 233 Cameron Group (Perth) Motor dealer Perth Sco 74.87 65.50 2.48 2.32 154 4.1 16,104 2.7 May-14

241 266 Alexander Inglis & Son Grain and agricultural merchant Ormiston Sco 79.27 79.35 2.38 1.59 44 -6.4 54,091 59.9 Dec-14

242 409 Kirkwood Homes Builder Inverurie Sco 38.98 26.54 6.70 3.87 140 4.5 47,857 65.7 Mar-14

243 228 Highland Spring Bottled water producer Auchterarder Liecht 100.02 97.69 1.67 2.17 440 4.8 3,795 -26.6 Dec-14

244 270 Enterprise Foods Bakery products supplier East Kilbride UK 60.71 54.96 3.20 2.91 43 10.3 74,419 -0.3 Jun-14

245* 276 Klondyke Group Garden centres Falkirk UK 48.50 47.04 4.03 3.15 882 2.6 4,569 24.7 Sep-14

246 498 Westcrowns Glass processor; flooring contractor Rutherglen Sco 34.34 30.80 10.76 0.92 379 0.5 28,391 1063.6 Mar-15

247* 243 Allied Vehicles Manufacturer of adapted vehicles Glasgow Sco 89.03 73.29 1.85 1.04 432 16.8 4,282 52.3 Apr-14

248 384 Klondyke Fishing Co Fishing and fish selling Fraserburgh Sco 28.99 20.23 17.47 11.20 13 0.0 1,343,846 56.0 Jun-14

249* 263 John G Russell (Transport) Road/rail freight transport Glasgow Sco 62.57 60.02 2.91 2.65 619 2.1 4,701 7.5 Mar-15

250 253 Seatronics Marine survey equipment sale and rental Bridge of Don UK 34.12 34.51 10.00 9.64 81 0.0 123,457 3.7 Dec-14

201-225

226-250





251 225 Prosource.IT (UK) IT project delivery; managed services Aberdeen Sco 44.54 43.87 4.49 7.48 398 -20.4 11,281 -24.6 Jun-14

252 275 John R Adam & Sons Metal recycling Glasgow Sco 62.69 61.93 2.68 2.03 59 0.0 45,424 32.0 Dec-14

253 238 Lend Lease Construction (Scotland) Building contractor Glasgow Aus 143.99 82.63 0.92 -7.87 121 19.8 7,603 n/a Jun-14

254 421 Farne Salmon & Trout Fish processing Duns Fr 73.42 64.43 2.21 0.13 589 9.9 3,752 1444.0 Jun-14

255 New Pipeline Technique Pipeline/riser welding contractor Huntly NL 38.24 18.66 6.23 -1.99 139 26.4 44,820 n/a Dec-14

256 313 Kongsberg Maritime Underwater cameras and systems Aberdeen Nor 49.23 42.81 3.63 2.85 204 3.6 17,794 23.0 Dec-14

257* 258 United Holdings UK Wholesale grocers; property rental Glasgow Sco 132.07 128.35 1.02 0.94 154 6.9 6,623 1.5 Dec-14

258 310 Campbells Prime Meat Fresh meat, fish and delicatessen Linlithgow Sco 56.73 55.23 2.79 1.63 320 1.6 8,719 68.5 Dec-14

259 302 Euroforest Timber harvesting Huntly Swe 71.59 61.49 2.11 1.36 41 2.5 51,463 51.4 Dec-14

260 New Gleneagles Hotels Hotel and spa operator Auchterarder UK 43.57 38.83 4.25 0.26 896 3.1 4,743 1486.3 Jun-14

261 261 McAlpine & Co Plumbing products Glasgow Sco 53.97 55.52 2.94 3.07 709 4.0 4,147 -7.9 Dec-14

262 244 Scottish Citylink Coaches Coach operator Glasgow UK 45.11 43.77 3.99 5.64 96 0.0 41,563 -29.3 Dec-14

263 279 Freeworld Trading Dried fruit, nuts and seeds importer Edinburgh Sco 86.00 71.40 1.46 1.30 19 0.0 76,842 12.3 Jun-14

264 111 DOF Subsea UK ROV, survey, positioning services Aberdeen Nor 130.54 75.75 0.95 17.68 160 116.2 5,938 -97.5 Dec-14

265* 301 BHC Structural steel fabricators, erectors Carnwath UK 47.57 44.37 3.43 2.53 309 7.3 11,100 26.4 Mar-15

266 368 Barclay & Mathieson Steel stockholder Glasgow Sco 63.07 59.76 2.25 0.70 217 2.4 10,369 214.0 Dec-14

267 288 Forsyths Oil and gas and distillation equipment Rothes Sco 41.18 41.69 4.41 3.33 349 1.7 12,636 30.2 Oct-14

268* 330 John Davidson (Pipes) Pipe distributor Inverness Belg 51.09 49.11 2.79 1.72 199 3.6 14,020 56.5 Dec-14

269* 381 Briggs Commercial Offshore engineering; fabrication Burntisland Sco 50.28 42.40 2.76 1.71 585 12.9 4,718 42.9 Mar-14

270 260 Goals Soccer Centres Sports arenas; leisure activities East Kilbride Sco 34.66 33.74 6.76 9.62 769 -0.1 8,791 -29.6 Dec-14

271 443 Dales Marine Services Ship repair and maintenance Aberdeen Sco 36.34 23.91 5.67 3.28 101 0.0 56,139 72.9 Dec-14

272 New Scottish Exhibition Centre Exhibition, conference and event venue Glasgow Sco 34.90 23.32 6.65 0.06 227 4.6 29,295 10514.1 Mar-15

273* 286 Adria Group Industrial waste management Aberdeen Sco 27.97 28.19 12.34 12.25 137 0.7 90,073 0.0 Oct-14

274 309 Grahams the Family Dairy Group Milk processor/distributor Bridge of Allan Sco 84.98 67.47 1.32 1.01 419 4.8 3,150 24.8 Mar-14

275 423 Speyside Cooperage Coopers and cask makers Aberlour Fr 39.29 30.05 4.50 2.47 82 1.2 54,878 80.0 Apr-14

276 326 Coilcraft Europe Electronic components Glasgow USA 31.24 28.88 8.07 6.78 46 -9.8 175,435 32.0 Dec-14

277* 210 Solstad Offshore UK Ship owner; offshore chartering Aberdeen Nor 28.07 33.19 11.15 47.08 11 0.0 1,013,636 -76.3 Dec-14

278 247 Zenith Oilfield Technology Downhole data technology development Inverurie USA 35.32 35.69 6.03 9.34 125 14.7 48,240 -43.7 Dec-14

279 480 Spark Energy Energy supplier Selkirk Sco 83.07 40.74 1.27 0.34 190 35.7 6,684 175.2 Jun-14

280* 252 Holland & Sherry/Venlaw Road Cloth merchant Peebles USA 46.97 46.24 2.84 4.58 252 8.6 11,270 -42.9 Dec-14

281* 277 Maxi Caledonian Haulage/construction/storage Irvine Sco 63.53 56.08 1.70 2.17 329 10.0 5,167 -28.8 Sep-14

282 New Champion Technologies Chemicals supplier; offshore services Aberdeen USA 38.32 42.38 4.23 -2.14 157 -3.7 26,943 n/a Dec-14

283 332 Aquatic Engineering & Construction Offshore engineering Aberdeen Cayman 28.61 26.50 9.36 8.66 126 0.0 74,286 8.1 Dec-14

284 305 First Milk Milk and cheese supplier Paisley Sco 610.51 529.83 -4.33 -7.84 649 -6.9 n/a n/a Mar-14

285* 294 Murgitroyd Group European patent/trade mark attorneys Glasgow Sco 38.35 36.00 4.10 4.61 242 0.8 16,942 -11.8 May-14

286* 13 TAQA Bratani Oil exploration Westhill UAE 1,357.90 1,108.32 -94.50 233.43 545 8.3 n/a n/a Dec-14

287 274 Avondale Environmental Landfill site operator Falkirk UK 35.00 34.50 5.26 7.00 28 -6.7 187,857 -19.5 Mar-14

288 New Bancon Developments Holdings Property developer and manager Banchory Sco 83.50 77.60 1.10 3.20 320 13.1 3,438 -69.6 Nov-14

289* 267 Johnstons of Elgin/James Johnston & Co Woollen goods Elgin Sco 58.68 51.63 1.83 3.14 829 5.1 2,207 -44.5 Dec-14

290 262 Caledonian Heritable Pub operator; plant hire Edinburgh Sco 35.54 42.10 5.05 5.38 701 -18.8 7,204 15.6 Oct-14

291 197 Baxters Food Group Scottish food products Fochabers Sco 160.90 156.99 0.15 1.79 1,154 16.1 130 -92.8 May-14

292 281 Thistle Seafoods Fish processor and wholesaler Peterhead Sco 71.25 67.56 1.28 1.43 315 0.0 4,063 -10.5 Dec-14

293* New Serimax Pipeline welding; crane hire; haulage Dingwall Fr 49.28 35.18 2.39 -2.19 299 20.1 7,993 n/a Dec-14

294* 304 Clydesdale Bank Banking and financial services Glasgow Aus 1,004.00 963.00 -308.00 -216.00 4,616 2.1 n/a n/a Sep-15

295* 289 ASCO Group Int’l offshore logistics and services Dyce Sco 711.92 768.62 -29.47 -5.41 2,511 12.7 n/a n/a Dec-14

296 348 Cordia Services Home care and facilities management Glasgow Sco 140.56 138.18 0.38 -0.36 4,804 -0.5 79 n/a Mar-15

297* 35 Petrofac Scotland Engineering and construction Aberdeen UK 979.09 1,040.39 -350.89 18.17 2,647 34.5 n/a n/a Dec-14

298 316 Trac International Engineering products and services Aberdeen Sco 46.48 35.37 2.50 4.08 430 28.0 5,814 -52.1 Mar-14

299 367 Scottish Woodlands Timber and forestry management Edinburgh Sco 73.88 63.91 1.13 0.63 141 -1.4 8,014 81.9 Sep-14

300 New ICR Integrity Offshore maintenance Aberdeen Sco 31.01 20.28 6.39 2.90 162 31.7 39,444 67.3 May-14

251-275

276-300





301 387 Bell Group UK Comm/industrial painting contractor Airdrie Sco 64.03 54.16 1.35 0.74 1,677 49.7 805 21.8 Mar-14

302 357 Scotia Homes Construction; land development Ellon Sco 42.01 32.91 3.02 3.60 181 2.8 16,685 -18.4 Apr-14

303* 25 Edrington Whisky and rum distiller Glasgow Sco 617.70 607.70 -52.70 159.40 2,350 1.5 n/a n/a Mar-15

304* 273 Alfred Cheyne Engineering Deck machinery specialist Turriff Sco 38.70 35.42 3.49 6.71 349 18.3 10,000 -56.0 Oct-14

305 327 Guala Closures UK Bottle closures Glasgow It 43.50 41.43 2.71 2.51 200 -2.0 13,550 10.1 Dec-14

306* 68 Dolphin Drilling Oil and gas drilling contractor Aberdeen Nor 454.78 376.25 -15.75 8.82 198 -28.5 n/a n/a Dec-14

307* 312 City Building (Glasgow) Construction; repair; maintenance Glasgow Sco 291.36 334.36 -4.06 -4.32 2,283 1.1 n/a n/a Mar-15

308 377 Aquascot Salmon farming Alness Sco 45.54 38.56 2.46 1.98 180 26.8 13,667 -2.0 Jan-15

309* 26 Maersk Oil North Sea UK Oil exploration Aberdeen Den 744.17 566.98 -656.61 189.08 781 13.4 n/a n/a Dec-14

310 236 Argent Energy (UK) Manu/sale of bio diesel from waste oil Motherwell UK 47.35 49.89 2.37 4.62 48 17.1 49,375 -56.2 Dec-14

311* 363 Peak Scientific Holdings Manufacture gas generators Inchinnan Sco 34.10 28.88 4.90 4.74 271 25.5 18,081 -17.6 Sep-14

312 20 Dana Petroleum Oil and gas exploration Aberdeen KorRep 682.37 1,004.22 -462.49 144.96 403 4.9 n/a n/a Dec-14

313* 23 Enquest Oil and gas exploration Aberdeen Sco 660.42 581.82 -371.59 200.32 535 118.4 n/a n/a Dec-14

314* New CBC Construction & Property Group Construction; property development Glasgow Sco 52.90 33.08 1.66 0.12 195 8.3 8,513 1176.3 Sep-14

315 378 Gyrodata Wellbore survey technology Bridge of Don USA 37.48 36.59 3.68 2.22 215 15.6 17,116 43.4 Dec-14

316 291 Concept Systems IT solutions and services Edinburgh USA 24.73 25.35 10.70 14.41 153 3.4 69,935 -28.2 Dec-14

317 293 Usha Martin International Wire rope manu./oil and gas services Clydebank Ind 34.58 36.60 4.24 4.45 210 8.2 20,190 -12.0 Mar-15

318* 365 Braemar Investments Motor dealer Melrose Sco 64.78 47.86 1.10 1.21 194 28.5 5,670 -29.2 Dec-14

319 339 Johnston Press Newspaper publisher Edinburgh Sco 268.80 289.98 -23.92 -291.44 2,870 -11.5 n/a n/a Jan-15

320* 292 AM Phillip Commercial vehicle retailer Forfar Sco 69.01 70.70 0.98 1.11 346 1.5 2,832 -13.0 Dec-14

321 321 CNR International (UK) North Sea oil and gas exploration Aberdeen Can 371.85 430.75 -85.98 -156.16 362 0.0 n/a n/a Dec-14

322 336 Exova Group Laboratory testing/advisory services Newbridge USA 274.90 279.00 -26.40 -25.60 3,951 6.1 n/a n/a Dec-14

323 393 MediaCom Scotland Advertising consultants Edinburgh UK 46.22 41.96 2.00 1.27 45 12.5 44,444 40.0 Dec-14

324 New Cheque Centres Group Financial services Newbridge USA 302.63 363.64 -36.56 -15.40 1,282 -5.5 n/a n/a Dec-14

325* New PetroIneos Manufacturing Scotland Oil refiners Grangemouth UK 240.30 215.00 -16.40 -20.90 407 1.0 n/a n/a Dec-14

326* 331 Dron & Dickson Hazardous area electrical equipment Stirling Sco 45.32 40.82 2.05 2.19 162 -11.0 12,654 5.2 May-14

327 300 Glenalmond Group Turnkey solutions to offshore industry East Kilbride Sco 44.86 43.00 2.20 3.09 349 4.2 6,304 -31.7 Mar-14

328* 389 Morris & Spottiswood Fit out; social housing; construction Glasgow Sco 74.28 69.47 0.80 0.28 326 -0.9 2,454 188.4 Dec-14

329 451 Yaskawa Electric UK Electronic assemblies Cumbernauld Jap 36.76 31.39 3.26 1.59 145 16.9 22,483 75.3 Feb-15

330 334 InterBulk Group Logistic solutions for bulk material East Kilbride Sco 256.26 271.54 -31.79 -12.87 475 -2.1 n/a n/a Sep-14

331* 358 Compello Staffing Group Recruitment outsourcing Glasgow Sco 70.45 65.98 0.87 0.68 168 6.3 5,179 20.3 May-14

332 355 Streamline Shipping Group Shipping; haulage; forwarding Aberdeen Sco 42.47 36.92 2.44 2.91 265 23.8 9,208 -32.3 Dec-14

333* 223 Senergy Holdings Subsurface/wells engrg consultants Aberdeen Sco 227.08 313.14 -12.21 -11.93 98 4.3 n/a n/a Jun-14

334 344 Clariant Oil Services UK Chemicals/services for oil industry Aberdeen Swi 29.86 34.22 5.11 3.53 67 -17.3 76,269 75.0 Dec-14

335 345 Axle Group Holdings Tyres and parts retailer Glasgow Sco 159.29 161.50 -1.52 -2.12 1,436 0.3 n/a n/a Dec-14

336* 319 David MacBrayne Ferry operator Gourock Sco 171.95 153.99 -2.63 -0.02 1,482 10.4 n/a n/a Mar-15

337* 189 M & Co/Mackays Stores Group Clothing retailer Inchinnan Sco 160.40 158.29 -2.13 2.03 1,636 -1.1 n/a n/a Feb-15

338* 385 Wright Health Group Dental supply company Dundee Sco 51.68 49.17 1.31 0.92 56 -84.9 23,393 845.9 Dec-14

339 342 Macphie of Glenbervie Manufacture of food ingredients Stonehaven Sco 44.35 42.84 1.90 2.08 253 2.0 7,510 -10.5 Mar-14

340 395 Barnetts Motor Group Motor dealer Dundee Sco 58.49 52.34 1.06 0.75 133 2.3 7,970 38.2 Dec-14

341 467 Hillhouse Estates Quarrying; crops and forestry Troon Sco 36.32 29.52 3.04 1.50 171 16.3 17,778 74.2 Mar-15

342* 314 Polymer Holdings Rubber and plastic coatings Stonehaven Sco 25.01 27.85 7.10 8.58 73 -1.4 97,260 -16.1 Jun-14

343* 147 McLaughlin & Harvey Construction Construction Paisley UK 183.90 174.19 -11.65 3.30 386 1.3 n/a n/a Dec-14

344* New Digby Brown Legal services (litigation) Glasgow Sco 24.60 23.36 7.76 9.00 193 9.7 40,207 -21.4 Mar-15

345* 376 ARR Craib Transport Haulage contractor; logistics Dyce Sco 48.15 46.14 1.39 1.63 413 13.8 3,366 -25.0 Mar-15

346 396 Douglas Cameron (Scotland) Motor dealer Perth Sco 42.60 38.08 2.10 1.75 59 3.5 35,593 15.9 May-14

347 360 Luddon Construction Construction Glasgow Sco 50.00 52.43 1.29 1.10 394 -0.3 3,274 17.6 Aug-14

348 New Phoenix Car Company Motor dealer Paisley Sco 136.04 134.38 -0.75 -0.21 353 -1.1 n/a n/a Jan-15

349 New NCR Financial Solutions Group R&D of self service solutions Dundee USA 40.94 43.39 2.22 -0.43 506 0.8 4,387 n/a Dec-14

350* 422 McGill’s Bus Service Bus services Greenock Sco 35.33 33.89 3.23 1.75 681 -2.6 4,743 89.4 Dec-14

301-325

326-350





351 284 Wemyss Development Co Property; wine and tea estates Edinburgh Sco 31.99 31.70 3.95 8.44 2,683 -1.0 1,472 -52.8 Mar-14

352* 372 Plexus Holdings Offshore engineering and services Dyce UK 27.02 25.57 5.38 4.29 130 0.8 41,385 24.4 Jun-14

353* 460 Carat Scotland/Dentsu Aegis Edinburgh Advertising/media specialist Edinburgh Sco 55.00 26.96 1.00 0.52 40 90.5 25,000 0.5 Dec-14

354* New W M Donald Civil engineering contractor Stonehaven Sco 30.36 17.43 4.11 0.99 71 14.5 57,887 263.7 Mar-14

355 456 Avanteq Oil and gas well engineering specialist Westhill Sco 45.44 42.35 1.41 0.50 27 8.0 52,222 161.1 Dec-14

356 366 Craneware Software consultancy and supply Edinburgh Sco 24.97 27.25 6.62 6.97 195 -1.5 33,949 -3.6 Jun-14

357* 487 Insights Group People development Dundee Sco 28.10 25.00 4.78 2.94 240 11.6 19,917 45.7 Mar-15

358 New Walker Holdings (Scotland) Building and property developer Livingston Sco 25.93 19.16 5.54 4.56 47 6.8 117,872 13.7 Sep-14

359 New Maritime Craft Services (Clyde) Tugs and workboats operator Fairlie Sco 25.42 19.10 5.87 5.81 112 16.7 52,411 -13.4 Oct-14

360 361 Matthew Algie & Co Tea and coffee supplier Glasgow Sco 33.74 32.66 3.38 3.33 214 2.4 15,794 -0.9 Dec-14

361 435 Henry Abram & Sons Marine logistics solutions Glasgow Sco 23.31 21.90 7.50 4.74 18 20.0 416,667 31.9 Sep-14

362 224 Odfjell Drilling (UK) Drilling contractors Aberdeen Nor 76.72 68.90 0.29 3.20 110 2.8 2,636 -91.2 Dec-14

363* New Lees Foods Bakery and confectionery Coatbridge Sco 27.40 26.25 4.42 1.41 344 5.2 12,849 198.0 Dec-14

364 394 Ithaca Energy (UK) Offshore services Aberdeen Can 150.19 250.56 -82.40 24.30 40 5.3 n/a n/a Dec-14

365 New Brewdog Brewers; pub operators Ellon Sco 29.61 18.09 3.65 2.40 277 48.9 13,177 2.1 Dec-14

366 350 Wilson Imports Clothing importer Glasgow Sco 46.96 49.93 1.14 1.36 98 11.4 11,633 -24.7 Dec-14

367* 307 Tillicoultry Quarries Forth Quarrying; asphalt; concrete Kincardine-on- Sco 44.95 43.83 1.25 2.67 113 28.4 11,062 -63.5 Mar-14

368 416 Meallmore Nursing home operator Inverness Sco 36.50 34.76 2.26 2.74 1,386 3.5 1,631 -20.3 Mar-15

369* 401 Harper Macleod Legal services Glasgow Sco 22.09 21.00 7.97 7.51 312 9.1 25,545 -2.7 Mar-15

370 New Lothian Electric Machines Electric motors; stairlift carriages Haddington Sco 36.20 31.51 2.39 0.41 270 4.7 8,852 457.1 Jul-14

371 373 Dunne Group , The Reinforced concrete frame specialist Bathgate Sco 54.82 39.44 0.76 1.82 314 -5.1 2,420 -56.0 Oct-14

372 386 Mentholatum Pharmaceuticals East Kilbride Jap 31.70 31.90 3.03 2.90 109 6.9 27,798 -2.2 Feb-14

373 110 First Oil Oil and gas exploration and production Aberdeen Sco 138.12 94.03 -17.62 14.03 11 10.0 n/a n/a Apr-14

374* New Chisholm Hunter Retail jeweller Glasgow Sco 29.57 27.12 3.45 2.91 221 11.6 15,611 6.1 Mar-15

375 413 Vets Now Emergency Out of hours emergency veterinary care Dunfermline Sco 28.61 25.60 3.69 2.50 936 1.1 3,942 46.0 Mar-15

376* 108 Integrated Subsea Services ROV and survey services Aberdeen Lux 140.58 134.89 -33.39 8.66 204 9.1 n/a n/a Dec-14

377 New Scopus Engineering Laser survey and engineering Westhill Sco 25.13 17.21 4.76 3.99 133 3.1 35,789 15.7 Apr-14

378 New Buccleuch Estates Land and forestry management Selkirk Sco 37.93 30.99 1.73 -0.57 342 4.3 5,058 n/a Oct-14

379 New CMS Enviro Systems Manufacturer of UPVC & Aluminium Doors Cumbernauld Sco 28.00 19.56 3.80 1.81 210 72.1 18,095 22.0 Mar-15

380* New Parkburn Precision Handling Systems Offshore marine handling systems Hamilton Sco 24.89 11.98 4.87 0.45 63 -3.1 77,302 1016.6 Jun-14

381 New Star Refrigeration Industrial refrigeration Glasgow Sco 43.39 40.81 1.22 -0.70 308 -4.3 3,961 n/a Dec-14

382 405 Space Solutions (Scotland) Architecture and workplace design Aberdeen Sco 38.32 33.96 1.59 2.05 229 18.7 6,943 -34.6 Jun-14

383 347 Viridor Enviroscot Environmental services; waste mgmt Holytown UK 31.64 29.43 2.82 -5.87 118 -38.9 23,898 n/a Mar-14

384* New TWMA Group Drilling waste mgmt; enviro services Bridge of Don Sco 41.38 35.49 1.32 -2.75 331 -0.6 3,988 n/a Dec-14

385 374 Asset Development & Improvement Offshore consultancy services Aberdeen Sco 33.43 31.69 2.54 3.26 68 17.2 37,353 -33.5 Dec-14

386 285 Kettle Produce Vegetable production Cupar Sco 96.21 101.44 -1.20 0.91 938 14.5 n/a n/a May-14

387 437 Caledonian Plywood Company Timber merchant Glasgow Sco 47.95 40.34 0.85 0.80 64 3.2 13,281 2.9 May-15

388 412 Anderson Strathern Legal services Edinburgh Sco 21.47 21.64 7.33 6.53 243 -15.0 30,165 32.1 Aug-14

389 379 Tulloch Recruitment (Aberdeen) Recruitment agency Aberdeen Sco 30.53 30.65 2.92 3.46 455 0.0 6,418 -15.6 Aug-14

390 453 Whitelink Seafoods Seafood wholesaler Fraserburgh Sco 54.59 45.93 0.55 0.37 160 17.6 3,438 26.4 Jun-14

391 407 Oticon Hearing aids manufacturer Hamilton Den 38.45 35.49 1.43 1.75 99 -5.7 14,444 -13.3 Dec-14

392* 424 Axis Well Technology Well technology consultancy Bridge of Don Sco 25.88 23.61 4.02 4.21 89 11.3 45,169 -14.2 Jan-15

393 402 Angus Soft Fruits Fruit/vegetable distribution Arbroath Sco 67.08 70.38 0.16 0.15 88 18.9 1,818 -10.3 Apr-14

394 New Speirs & Jeffrey Private client stockbroker/investment Glasgow Sco 21.40 21.28 7.20 7.31 131 1.6 54,962 -3.0 May-15

395 New Di Maggio’s Group Restaurants Glasgow Sco 26.22 23.12 3.78 0.32 591 17.0 6,396 908.8 May-14

396 New Weldex (International) Offshore Holdings Crane hire; lifting equipment Inverness Sco 31.70 23.06 2.59 -1.90 144 18.0 17,986 n/a Nov-14

397 104 Faroe Petroleum Oil and gas exploration Aberdeen Sco 129.22 129.39 -165.80 10.02 52 13.0 n/a n/a Dec-14

398* 432 Akela Group Civil engineering; building; pty dev. Glasgow Sco 32.54 29.71 2.44 2.37 313 1.3 7,796 1.6 Aug-14

399 425 House of Bruar Clothing/country living goods retailer Pitlochry Sco 23.76 22.72 5.00 4.76 214 13.8 23,364 -7.7 Jan-15

400* 66 Bluewater Scotland Operation of offshore facilities Aberdeen NL Ant 117.59 284.24 -25.70 10.65 60 50.0 n/a n/a Dec-14

351-375

376-400



BUSINESS PROFILE

STRATHCLYDE Business School and William

Grant & Sons have been partners in a

customised MBA programme focusing on

leadership and innovation since 2011.

Launched at Grant’s Dufftown distillery,

the family distillers has led the MBA25

programme – so-named because of its limit

of 25 participants - with other handpicked

companies invited on to

the programme.

As part of this consortium, William Grant &

Sons has invited those businesses they believe

have DNA in common with their organisation

onto the programme.

These have been companies with global

ambitions; family or owner managed

businesses; or those with luxury brands and

entrepreneurial flair, who are truly committed to

the development of people as a key element of

their business strategy.

Companies such as Alliance Trust, Craneware,

Wolfson Microelectronics and Johnstons of

Elgin have all taken part, along with a number

of suitable entrepreneurs and not-for-profit

companies.

The programme is aimed at creating global

leaders of the future: taking experienced

executives from a variety of backgrounds within

the participating companies, and equipping

them with the know-how, skills and strategic

orientation to sustain and scale business in

today’s global markets. As you would expect,

established Strathclyde MBA subjects such as

strategy and strategic management are part

of the curriculum, and there is a strong focus

on leadership and innovation to address the

organisational needs of both William Grant

& Sons and the other member companies.

Several distinctive elective classes have been

created specifically for the MBA 25 programme

on subjects such as luxury brand marketing,

entrepreneurship and owner operated business.

An international and experiential dimension

to the MBA25 has been achieved via

partnerships with the Stockholm School of

Economics; Ca’ Foscari University of Venice; and

Milan for Strathclyde Business School academic

sessions. Current participants have learned

about the concept of Meta-luxury and the

Chinese luxury market as well as engaging with

organisations such as Cartier and Patek Philippe.

There have also been visits to Maserati and

Fratelli Rossetti.

Alan McIntyre, Director, Centre for Corporate

Connections, Strathclyde Business School, said,

“Up to now, William Grant & Sons has picked

the companies to work alongside them on the

programme but for the next cohort, there may

be an opportunity for the right companies to

put themselves forward to be involved. We

would be happy to hear from companies who

fit the high-value/entrepreneurial mould, who

have clear global ambitions, and who would

benefit from taking part in this programme.”

MBA25 recognises that delegates will

have already achieved significant positions

within business, and will have corresponding

expectations about this learning opportunity.

Individual development coaches, real-time

projects, and guest visits from a wide range

of business leaders will maximise the learning

experience.

George McNeil, Managing Director, Retail

Division, Johnstons of Elgin, took part in the

first cohort of the programme and said of his

experience, “I was approached by Strathclyde

Business School and William Grant & Sons who

wanted the MBA25 cohort to contain a mix of

professionals from certain industries. I saw the

MBA25 as a chance to stretch myself and learn

about other areas of business, areas where I

didn’t already have influence. “

“Johnstons is still owned by the same

family after 215 years, it’s a luxury brand

manufacturing for luxury brands, so the MBA25

was a perfect fit. “

“The programme differs from other MBAs in

that it has been tailored to promote innovation,

family business and luxury brands.”

“It caters to the audience and the audience

has been handpicked. The modules have been

designed so the cohort gets as much out of it as

it possibly can.”

“The programme differs from other MBAs in

that it has been tailored to promote innovation,

family business and luxury brands.”

If your company fits the bill and could benefit from the MBA25 programme, please get in

touch with Alan McIntyre in the first instance: [email protected]

AN MBA FOR INNOVATIVE BUSINESS



401* 399 Simpac (Holdings) Packaging manufacture and import Glasgow Sco 36.50 33.54 1.62 2.22 119 -4.8 13,613 -23.4 Aug-14

402* 441 McPherson Bulk spirit transportation Aberlour Sco 31.33 27.69 2.56 2.57 340 7.3 7,529 -7.1 Jul-14

403 341 Keltec People Offshore engineering consultancy Aberdeen Sco 45.51 55.62 0.81 1.15 16 6.7 50,625 -34.0 Jul-14

404 411 QED International (UK) Project management services Aberdeen UK 57.47 54.13 0.36 0.50 58 5.5 6,207 -31.7 Dec-14

405 459 Tube Developments Tube processor and wholesaler Glasgow Sco 32.82 30.36 2.24 1.49 60 -4.8 37,333 57.8 Sep-14

406* 436 Speymalt Whisky Distributors Scotch whisky distiller/merchant Elgin Sco 24.81 24.76 4.06 3.25 137 -0.7 29,635 25.8 Feb-15

407* 450 Scotch Frost of Glasgow Frozen food distribution Glasgow Sco 54.49 58.70 0.38 0.43 158 3.9 2,405 -14.1 May-15

408* 280 BAM FM Facilities management Glasgow NL 34.87 31.46 1.82 8.94 25 n/a 72,800 n/a Dec-14

409 414 Sterling Furniture Group Furniture retailer Tillicoultry Sco 44.89 41.15 0.81 1.10 523 11.3 1,549 -33.8 Feb-14

410 New Scottish Football Association Football administration Glasgow Sco 38.86 32.92 1.19 0.55 177 -3.3 6,723 123.7 Dec-14

411 392 Flexible Manufacturing Group Precision engineering Livingston Sco 23.10 24.69 4.82 5.49 255 -2.3 18,902 -10.1 May-14

412 227 DigitasLBi Marketing and technology agency Edinburgh Fr 71.69 58.20 -0.34 4.00 622 8.4 n/a n/a Dec-14

413* 493 McTaggart Group Construction Dalry Sco 44.37 37.48 0.79 0.64 145 6.6 5,448 15.8 Sep-14

414* 454 Walter Davidson & Sons Retail chemist; vet products Blairgowrie Sco 35.57 33.01 1.45 1.23 307 8.1 4,723 9.1 Jan-15

415* 446 Raeburn Group Employment agency Aberdeen Sco 44.17 36.73 0.80 0.96 545 21.4 1,468 -31.3 May-14

416 325 Havelock Europa Educational furniture; shopfitter Kirkcaldy Sco 83.40 89.59 -5.77 0.63 578 -3.0 n/a n/a Dec-14

417* 457 LHD Agent for fishing boats Lerwick Sco 26.49 28.41 2.98 1.93 54 0.0 55,185 54.4 Sep-14

418 473 Head Resourcing Recruitment consultancy Edinburgh Sco 45.43 40.06 0.61 0.40 77 13.2 7,922 34.7 Dec-14

419 New Honeywell Security UK Alarm detection equipment Motherwell USA 49.11 57.90 0.40 3.49 160 -11.6 2,500 -87.0 Dec-14

420 444 Veitchi (Holdings) Construction subcontractor Rutherglen Sco 38.24 38.40 1.12 0.85 305 -1.6 3,672 33.9 Nov-14

421 442 Tokheim UK Electronic equipment Dundee Fr 79.47 72.73 -4.90 -3.74 448 -2.2 n/a n/a Apr-15

422 404 Malcolm Allan Housebuilders Housebuilder Kintore Sco 22.77 24.17 4.47 4.96 62 5.1 72,097 -14.2 May-14

423* 461 Chap (Holdings) Bldg contractor; engrg; property dev. Westhill Sco 35.85 121.12 1.33 -4.76 230 -8.0 5,783 n/a Sep-14

424* 419 Teekay Offshore/Golar-Nor (UK) Floating production vessel operator Westhill Can 66.48 64.47 -1.13 0.16 n/a n/a n/a n/a Dec-14

425 New MB Aerospace Aerospace design/manufacture Motherwell UK 26.90 24.60 2.68 2.60 156 0.6 17,179 2.4 Dec-14

426* 338 Proclad Group (Scotland) Offshore engineering and pipe fittings Glenrothes UAE 27.03 27.97 2.64 6.74 307 15.0 8,599 -65.9 Nov-14

427* 477 Quiz Clothing/Kast Retail Clothing retailer Glasgow Sco 41.46 38.62 0.80 0.45 612 -2.7 1,307 82.8 Mar-14

428 431 Strategic Resources European Offshore recruitment agency Aberdeen Sco 38.26 38.00 0.97 1.07 13 8.3 74,615 -16.3 Sep-14

429 445 RM Easdale & Co Non-ferrous metal processor Glasgow Sco 50.18 51.64 0.22 0.23 66 4.8 3,333 -8.7 Dec-14

430 468 Emtec Group Building services Uddingston Sco 32.12 28.58 1.53 1.65 280 9.8 5,464 -15.6 May-14

431* 438 John Martin Holdings Motor dealer Edinburgh Sco 54.01 63.10 0.03 -0.22 208 -13.3 144 n/a Dec-14

432* New First Tech Mooring and marine solutions Aberdeen Sco 24.61 18.55 3.18 2.41 85 0.0 37,412 32.0 Apr-14

433 353 Arthur J Gallagher Insurance Brokers Insurance brokerage Glasgow UK 73.64 60.80 -13.50 0.84 823 -3.6 n/a n/a Aug-14

434* New Redeem Print cartridge recycling Bathgate Sco 39.97 30.12 0.78 0.53 94 -1.1 8,298 48.7 Mar-14

435 New Central Building Contractors (Glasgow) Construction; property development Glasgow Sco 40.50 33.00 0.75 0.63 195 8.3 3,846 9.9 Sep-14

436 New Robertson Metals Recycling Scrap metal processor/exporter Inverkeithing Sco 35.51 39.15 1.14 0.19 33 -8.3 34,545 554.5 Jan-15

437 478 Norscot Truck & Van/G Barrack Truck retail and truck and van repair Aberdeen Sco 31.67 29.27 1.53 1.30 126 -0.8 12,143 18.6 Dec-14

438 472 Entier Offshore catering and support services Aberdeen Sco 40.16 32.21 0.74 0.97 486 257.4 1,523 -78.6 Sep-14

439 495 Ashleigh (Scotland) Builder Dumfries Sco 31.02 28.31 1.44 1.25 89 -16.0 16,180 37.2 Mar-15

440* New Viju Video communications Livingston Nor 29.57 29.18 1.62 0.20 119 3.5 13,613 682.8 Dec-14

441 497 Zonal Retail Data Systems EPoS systems manufacturer Edinburgh Sco 52.28 41.31 -0.24 0.16 318 22.3 n/a n/a Jun-14

442 469 G101 Off Sales Off licences; convenience stores Glasgow Sco 50.00 48.64 0.02 0.06 426 -2.5 47 -65.7 May-14

443 New Vetcel Consultant buying facilities for vets Kincardine Sco 44.27 39.80 0.30 0.41 11 0.0 27,273 -26.8 Apr-15

444* 400 Granfit Holdings Bathroom equipment; shopfitters Edinburgh Sco 29.97 32.51 1.43 2.47 194 -12.2 7,371 -34.0 Dec-14

445 485 Clark Contracts Construction; refurbish/maintenance Paisley Sco 40.02 37.66 0.52 0.49 156 -2.5 3,333 8.8 Oct-14

446* New Survitec Offshore safety equipment provider Aberdeen UK 22.58 18.41 3.45 2.94 157 6.1 21,975 10.6 May-14

447* 458 McGill & Co Building services Dundee Sco 36.00 38.70 0.90 1.00 397 -5.5 2,267 -4.8 Mar-14

448 New Mainetti (UK) Plastic hanger manufacturer Jedburgh NL 29.40 27.01 1.53 1.01 371 -6.8 4,124 62.5 Dec-14

449 New Taylor & Fraser Heating and ventilation Paisley Sco 25.47 17.79 2.35 0.56 76 8.6 30,921 286.5 Jun-14

450 New Morris Leslie Equipment wholesaler; auctioneer Perth Sco 32.60 29.81 1.17 0.91 186 32.9 6,290 -3.2 Apr-14

426-450

401-425



www.bgateway.com



451 New MacGregor Industrial Supplies Industrial tools and equipment Inverness Sco 28.52 24.54 1.62 1.20 214 8.6 7,570 24.3 Mar-14

452* New Nairn’s Oatcakes Biscuits/oatcakes manufacturer Edinburgh Sco 24.14 18.57 2.68 1.70 180 16.1 14,909 35.9 May-14

453* 311 BDW North Scotland Building and contracting Balmedie UK 21.46 27.78 3.84 8.91 n/a n/a n/a n/a Jun-14

454* 455 Presentation Products Scotland Presentation box manufacturer Arbroath Sco 25.97 27.71 2.10 2.23 137 -6.8 15,328 1.0 Feb-15

455* 259 Day International (UK) Image transfer products Dundee Lux 50.10 54.20 -0.36 3.13 224 -1.3 n/a n/a Dec-14

456* 481 Minoan Group Travel consultant Glasgow UK 50.76 51.16 -1.04 -1.18 175 5.4 n/a n/a Oct-14

457 New Morrison Motors (Turriff) Motor dealer Turriff Sco 29.21 24.89 1.43 1.28 37 -5.1 38,649 17.8 Jul-14

458 New Mackenzie Construction Construction; civil engineering Glasgow Sco 25.72 17.14 2.12 1.79 162 30.6 13,086 -9.3 Mar-14

459 463 Donald Russell Meat, game and poultry supplier Inverurie UK 35.86 34.41 0.82 0.93 261 5.7 3,142 -16.5 Dec-14

460* New George Sharkey & Sons Interior fit out contractor Musselburgh Sco 38.05 31.23 0.57 0.49 74 10.4 7,703 5.3 Mar-14

461 448 George Leslie Civil engineering Glasgow Sco 34.82 40.81 0.93 0.67 174 1.2 5,345 37.2 Mar-15

462 383 Recruitment Zone Recruitment agency Edinburgh Sco 41.15 46.93 0.38 1.04 80 -9.1 4,750 -59.8 Dec-14

463 397 Tulloch Homes Group Construction; housebuilding Inverness Sco 58.10 44.95 -9.06 0.96 135 -19.6 n/a n/a Jun-14

464 New Mulholland Holdings Civil engineering contractor West Calder Sco 34.57 32.07 0.88 0.61 357 2.3 2,465 41.0 Jul-14

465* New Shields Automotive Motor dealer Glasgow UK 31.91 23.53 1.05 -0.39 40 11.1 26,250 n/a Dec-14

466 496 Southeast Traders Delivered wholesaler Cumbernauld Sco 36.17 32.40 0.71 0.79 15 15.4 47,333 -22.1 Oct-14

467 New East Kilbride Engineering Services Engineering consultancy East Kilbride Sco 22.98 17.01 2.65 1.06 125 10.6 21,200 126.0 Mar-14

468* 488 IFC Holdings Holding company for fish processors Fraserburgh Sco 40.73 40.93 0.27 1.69 493 -1.6 548 -83.8 Mar-14

469* New K&L Ross Protective clothing and equipment Aberdeen USA 22.90 21.12 2.62 2.60 53 10.4 49,434 -8.7 Nov-14

470 415 Scottish Rugby Union Rugby sport governing body Edinburgh Sco 44.24 43.73 0.02 0.86 345 8.8 58 -97.9 Apr-15

471 483 Front Line Construction Civil engineering and construction Bathgate Sco 20.84 21.00 3.39 3.09 156 -6.0 21,731 16.7 Jan-15

472* 380 Land Engineering Group/Gardrum Civil engineers; landscaping Glasgow Sco 42.89 45.24 0.11 1.21 417 0.2 264 -90.9 Aug-14

473 New Nobel NC Europe Industrial nitrocellulose manufacturer Irvine Thai 36.28 39.29 0.57 -0.77 11 -8.3 51,818 n/a Dec-14

474 474 Brightwork Recruitment agency Glasgow Sco 32.63 31.52 0.86 1.06 57 26.7 15,088 -35.9 Dec-14

475 434 McConechy Holdings Tyres and motor accessories Ayr Sco 37.52 38.92 0.38 0.51 341 2.7 1,114 -27.5 Apr-15

476* New Lindsay & Gilmour/Raimes Clark & Co Retail chemists Edinburgh Sco 26.70 25.80 1.39 1.42 239 -0.8 5,816 -1.3 Dec-14

477* New Sher Brothers (Glasgow) Textile and household wholesaler Glasgow Sco 47.15 56.51 -1.93 -0.39 162 -12.0 n/a n/a May-14

478 484 JF Hillebrand Scotland Transport/logistics of beverages Glasgow Ger 28.71 28.87 1.20 1.28 44 -4.3 27,273 -2.0 Dec-14

479* New Highland Industrial Supplies Industrial and agri equipment supplier Inverness Sco 35.12 31.04 0.60 0.81 218 9.0 2,752 -32.0 Jan-15

480 398 Mono Global Group Telephone masts Glasgow Sco 28.34 36.21 1.25 1.87 223 10.9 5,605 -39.8 Aug-14

481 New Fife Joinery Manufacturing Timber and aluminium products Glenrothes Den 27.66 30.60 1.31 0.07 189 -12.5 6,931 2039.2 Dec-14

482 New Ingram Motoring Group Motor dealer Ayr Sco 40.70 32.05 0.12 0.38 98 18.1 1,224 -73.3 Dec-14

483 369 Simpson Oils Fuel merchant Wick Sco 41.98 47.74 -0.03 1.12 n/a n/a n/a n/a Oct-14

484 426 AR Brown McFarlane & Co Steel stockholder and profiling Glasgow Sco 40.77 50.28 0.09 0.45 115 -54.2 783 -56.3 Mar-14

485 489 SGL Carbon Fibers Carbon & oxidised fibre Muir of Ord Ger 48.13 56.71 -6.06 -12.30 230 7.0 n/a n/a Dec-14

486* New Energetics Design & Build Multi utility solutions provider Hamilton Sco 38.17 28.04 0.16 -0.90 252 16.1 635 n/a Dec-14

487 New Sykes Global Services Assembly and fulfilment services Galashiels USA 25.69 21.51 1.35 1.43 839 30.9 1,609 -27.9 Dec-14

488 New Flexcon Europe Commercial labels and tags Glenrothes USA 24.92 24.05 1.58 1.57 115 5.5 13,739 -4.6 Sep-14

489 New Guitar Guitar Musical equipment retailer Glasgow Sco 22.47 18.63 2.42 1.87 99 13.8 24,444 13.7 May-14

490 New Terasaki Electric Europe Circuit breaker manufacture Glasgow Jap 25.51 22.13 1.33 0.77 126 3.3 10,556 67.3 Mar-14

491 New Rembrand Timber Timber merchant Dundee Sco 30.95 28.12 0.81 0.81 185 2.8 4,378 -2.7 Sep-14

492 New CapRock UK Communications systems installer Bridge of Don USA 47.46 56.08 -27.02 -9.50 269 -7.2 n/a n/a Jun-14

493* New Richard Irvin & Sons Mechanical & electrical services Aberdeen Sco 37.70 38.67 0.07 -3.14 436 1.9 161 n/a Dec-14

494* New Scotframe Timber Engineering Timber frame manufacturers Inverurie Sco 27.89 25.13 0.98 0.35 143 0.7 6,853 178.0 Apr-14

495* New Ahlstrom Chirnside Specialist materials manufacture Duns Fin 45.10 48.57 -9.28 -2.76 166 -5.7 n/a n/a Dec-14

496 410 Ravenhill Agricultural machinery Elgin Sco 37.69 39.91 0.05 1.16 123 0.8 407 -95.7 Dec-14

497 499 Concept Group Digital document solutions Livingston USA 22.66 22.16 1.89 2.30 197 4.2 9,594 -21.2 Dec-14

498* 290 Stena Drilling Drilling rig owners/managers Aberdeen Swe 41.69 38.38 -2.78 4.14 127 5.8 n/a n/a Dec-14

499 433 Sandvik Materials Heating system supplier Perth Swe 22.69 24.46 1.68 3.36 154 -1.3 10,909 -49.3 Dec-14

500 479 Plexus Corp (UK) Electronics design/manufacture Kelso USA 43.44 52.83 -7.94 -1.31 454 -2.6 n/a n/a Sep-14

451-475

476-500



INSIDER TOP500: INDEX


AAberdeen Asset Management PLC 13 25Aberdeen International Airport Ltd 130 29Adria Group Ltd 273 33Advance Construction Group Ltd 179 30AEGON UK Plc 8 25AG Barr Plc 39 25Aggreko Plc 9 25Ahlstrom Chirnside Ltd 495 41Akela Group Ltd 398 36Aker Solutions 28 25Albert Bartlett & Sons (Airdrie) Ltd 86 27Alexander Dennis Ltd 52 27Alexander Inglis & Son Ltd 241 31Alfred Cheyne Engineering Ltd 304 35Alliance Trust Plc 71 27Allied Vehicles Ltd 247 31AM Phillip Ltd 320 35Anderson Strathern LLP 388 36Angus Soft Fruits Ltd 393 36Apache North Sea Ltd 19 25Apex Hotels Ltd 191 30Aquascot Ltd 308 35Aquatic Engineering & Construction Ltd 283 33AR Brown McFarlane & Co Ltd 484 41Archer (UK) Ltd 78 27Argent Energy (UK) Ltd 310 35Arnold Clark Automobiles Ltd 14 25ARR Craib Transport Ltd 345 35Arthur J Gallagher Insurance Brokers Ltd 433 39Arthur McKay & Co Ltd 193 30ASCO Group Ltd 295 33Ashleigh (Scotland) Ltd 439 39Asset Development & Improvement Ltd 385 36Avanteq Ltd 355 36Avondale Environmental Ltd 287 33Axis Well Technology Ltd 392 36Axle Group Holdings Ltd 335 35

BBabcock Int’l Group (Marine Division Scotland) 49 25Babcock Rail Ltd 61 27Balmoral Group Holdings Ltd 188 30BAM FM Ltd 408 39Bancon Developments Holdings Ltd 288 33Bank of Scotland Plc 3 25Barclay & Mathieson Ltd 266 33Barnetts Motor Group Ltd 340 35Barrhead Travel Service Ltd 171 30Baxters Food Group Ltd 291 33BDW North Scotland Ltd 453 41Beam Santori Ltd 135 29Bell Group UK Ltd 301 35Benkert UK Ltd 233 31BenRiach Distillery Co Ltd 208 31BHC Ltd 265 33Bibby Offshore Ltd 35 25Bilfinger Salamis UK Ltd 66 27Biomar Ltd 184 30BioReliance Ltd 220 31Bluewater Scotland 400 36Bond Offshore Helicopters Ltd 128 29Braemar Investments Ltd 318 35Braid Group (Holdings) Ltd 199 30Brand-Rex Ltd 190 30Breedon Aggregates Scotland Ltd 113 29Brewdog Plc 365 36Briggs Commercial Ltd 269 33Brightwork Ltd 474 41British Polythene Industries Plc 37 25Brodies LLP 127 29Browns Food Group Ltd 104 29BSW Timber Ltd 120 29Buccleuch Estates Ltd 378 36Burn Stewart Distillers Ltd 189 30Burness Paull LLP 137 29

CCala Group Ltd 33 25Caledonian Heritable Ltd 290 33Caledonian Plywood Company Ltd 387 36Cameron Group (Perth) Ltd 240 31Campbells Prime Meat Ltd 258 33CAN (Holdings) Ltd 95 27CapRock UK Ltd 492 41Carat Scotland/Dentsu Aegis Edinburgh Limited 353 36Carron Phoenix/Franke UK Holding Ltd 203 31Castle View Ventures Ltd 139 29CBC Construction & Property Group Ltd 314 35CCG (Holdings) Ltd 102 29

Cefetra Ltd 63 27Celtic Plc 138 29Central Building Contractors (Glasgow) Ltd 435 39Champion Technologies Ltd 282 33Chap (Holdings) Ltd 423 39Charles River Labs Preclinical Services (Edin) Ltd 159 30CHC Scotia Ltd 144 29Cheque Centres Group Ltd 324 35Chevron North Sea Ltd 18 25Chisholm Hunter Ltd 374 36Chivas Brothers Ltd 15 25City Building (Glasgow) 307 35City Refrigeration Holdings (UK) Ltd 68 27CJ Lang & Son Ltd 221 31Clariant Oil Services UK Ltd 334 35Clark Contracts Ltd 445 39Clyde Union Ltd 157 30Clydeport Operations Ltd 131 29Clydesdale Bank Plc 294 33CMS Enviro Systems Ltd 379 36CNR International (UK) Ltd 321 35Coilcraft Europe Ltd 276 33Compello Staffing Group Ltd 331 35Concept Group Ltd 497 41Concept Systems Ltd 316 35Cordia Services LLP 296 33Craig Group Ltd 59 27Craneware Plc 356 36Cruden Investments Ltd 106 29

DDales Marine Services Ltd 271 33Dana Petroleum Ltd 312 35David MacBrayne Ltd 336 35Dawnfresh Seafoods Ltd 206 31Day International (UK) Ltd 455 41DC Thomson & Co Ltd 47 25Devro Plc 166 30DF Concerts Ltd 228 31Di Maggio’s Group Ltd 395 36Digby Brown LLP 344 35DigitasLBi Ltd 412 39Dingbro Ltd 118 29Dobbies Garden Centres Ltd 121 29DOF Subsea UK Ltd 264 33Dolphin Drilling Ltd 306 35Don & Low Ltd 169 30Donald Russell Ltd 459 41Douglas Cameron (Scotland) Ltd 346 35Dril-Quip (Europe) Ltd 53 27Dron & Dickson Ltd 326 35Dunne Group Ltd, The 371 36

EEast Kilbride Engineering Services Ltd 467 41Eastern Holdings Ltd 74 27ECS Europe Limited 213 31Edgen Murray Europe Ltd 82 27Edinburgh Airport Ltd 73 27Edinburgh Partners Ltd 202 31Edinburgh Woollen Mill (Group) Ltd 27 25Edrington 303 35Emtec Group Ltd 430 39Emtelle UK Ltd 103 29Energetics Design & Build Ltd 486 41Energy Assets Group plc 238 31Enquest Plc 313 35Enterprise Foods Ltd 244 31Entier Ltd 438 39Ethigen Ltd 149 29Euroforest Ltd 259 33EWOS Ltd 101 29Exova Group plc 322 35

FFarmfoods Ltd 32 25Farne Salmon & Trout Ltd 254 33Faroe Petroleum Plc 397 36Farstad Shipping Ltd 209 31Fergusson Group Ltd 183 30Fife Joinery Manufacturing Ltd 481 41First Milk Ltd 284 33First Oil Plc 373 36First Tech Ltd 432 39FirstGroup plc 12 25Flexcon Europe Ltd 488 41Flexible Manufacturing Group Ltd 411 39FMC Technologies Ltd 45 25Forbo Floors UK Ltd 70 27Forsyths Ltd 267 33Forth Holdings Ltd 205 31Forth Ports Ltd 43 25

Franklin Templeton Global Investors Ltd 187 30Freeworld Trading Ltd 263 33Front Line Construction Ltd 471 41Fugro Subsea Services Ltd 143 29Fugro Survey Ltd 29 31

GG1 Group Holdings plc 145 29G101 Off Sales Ltd 442 39GAP Group Ltd 69 27Gates (UK) Ltd 160 30GE Caledonian Ltd 56 27George Leslie Ltd 461 41George Sharkey & Sons Ltd 460 41Glasgow Airport Ltd 96 27Glen Turner Company Ltd 129 29Glenalmond Group Ltd 327 35Gleneagles Hotels Ltd 260 33Glenmorangie Company Ltd, The 109 29Glenrath Farms Ltd 181 30Goals Soccer Centres plc 270 33Grahams the Family Dairy Group Ltd 274 33Granfit Holdings Ltd 444 39Gray & Adams Holdings Ltd 132 29Grayloc Products Ltd 172 30Grieg Seafood Hjaltland UK Ltd 167 30Guala Closures UK Ltd 305 35Guitar Guitar Ltd 489 41Gyrodata Ltd 315 35

HHalliburton Manufacturing & Services Ltd 25 25Harper Macleod LLP 369 36Havelock Europa Plc 416 39Head Resourcing Ltd 418 39Helix Well Ops (UK) Ltd 38 25Henry Abram & Sons Ltd 361 36Hewlett-Packard M anufacturing Ltd 227 31Highland Fuels Ltd 216 31Highland Industrial Supplies Ltd 479 41Highland Spring Ltd 243 31Hillhouse Estates Ltd 341 35Holland & Sherry/Venlaw Road Ltd 280 33Honeywell Security UK Ltd 419 39House of Bruar Ltd 399 36Howco Group Plc 55 27Hunter Boot Ltd 98 27Hunting Energy Services (UK) Ltd 146 29Hydrasun Ltd 81 27

II&H Brown Ltd 234 31Ian Macleod Distillers Ltd 175 30ICR Integrity Ltd 300 33IFC Holdings Ltd 468 41Ingenico UK Ltd 88 27Ingram Motoring Group Ltd 482 41Insights Group Ltd 357 36Integrated Subsea Services Ltd 376 36InterBulk Group Plc 330 35Inver House Distillers Ltd 126 29Inverarity Morton/ABA Eaglesham Ltd 225 31Iomart Group Plc 140 29Ithaca Energy (UK) Ltd 364 36

JJ&J Denholm Ltd 42 25James Donaldson & Sons Ltd 64 27James Jones & Sons Ltd 60 27James Walker (Leith) Ltd 93 27JF Hillebrand Scotland Ltd 478 41JFD Ltd 177 30John Clark (Holdings) Ltd 57 27John Davidson (Pipes) Ltd 268 33John Dewar & Sons Ltd 92 27John G Russell (Transport) Ltd 249 31John Lawrie (Aberdeen) Ltd 148 29John Maclean & Son Electrical (Dingwall) Ltd 75 27John Martin Holdings Ltd 431 39John Menzies Plc 26 25John R Adam & Sons Ltd 252 33John Wood Group Plc 6 25Johnson & Johnson Medical Ltd 22 25Johnston Carmichael LLP 222 31Johnston Fuels Ltd 214 31Johnston Press Plc 319 35Johnstons of Elgin/James Johnston & Co Ltd 289 33JR Dalziel (Holdings) Ltd 77 27JW Filshill Ltd 219 31JW Galloway Ltd 110 29

KK&L Ross Ltd 469 41KCA Deutag 21 25

NAME RANK PAGE NAME RANK PAGE NAME RANK PAGE

NAME RANK PAGE NAME RANK PAGE NAME RANK PAGE

INSIDER TOP500: INDEX


Keltec People Ltd 403 39Kent Foods Ltd 89 27Kettle Produce Ltd 386 36Kirkwood Homes Ltd 242 31Klondyke Fishing Co Ltd 248 31Klondyke Group Ltd 245 31Kongsberg Maritime Ltd 256 33

LLand Engineering Group/Gardrum Investments 472 41Lees Foods Ltd 363 36Leiths (Scotland) Ltd 162 30Lend Lease Construction (Scotland) Ltd 253 33LFF (Scotland) Ltd 237 31LHD Ltd 417 39Life Technologies Ltd 29 25LifeScan Scotland Ltd 51 27Lightbody of Hamilton Ltd 218 31Lindsay & Gilmour/Raimes Clark & Co Ltd 476 41Loch Lomond Group 125 29Loganair Ltd 151 30Lomond Motors Ltd 136 29Lothian Buses Ltd 111 29Lothian Electric Machines Ltd 370 36Luddon Construction Ltd 347 35Lunar Fishing Co Ltd 114 29

MM & Co/Mackays Stores Group Ltd 337 35Macdonald Hotels Ltd 152 30Macduff Shellfish (Scotland) Ltd 239 31Macfarlane Group Plc 123 29MacGregor Industrial Supplies Ltd 451 41Mackenzie Construction Ltd 458 41Maclay Murray & Spens LLP 186 30Macphie of Glenbervie Ltd 339 35Macrae & Dick Ltd 154 30Mactaggart & Mickel Group Ltd 168 30Maersk Oil North Sea UK Ltd 309 35Mainetti (UK) Ltd 448 39Malcolm Allan Housebuilders Ltd 422 39Malcolm Group Ltd 80 27Marine Harvest (Scotland) Ltd 46 25Maritime Craft Services (Clyde) Ltd 359 36Matthew Algie & Co Ltd 360 36Maxi Caledonian Ltd 281 33MB Aerospace Ltd 425 39McAlpine & Co Ltd 261 33McConechy Holdings Ltd 475 41McCurrach Group Ltd 176 30McGill & Co Ltd 447 39McGill’s Bus Service Ltd 350 35McLaughlin & Harvey Construction 343 35McPherson Ltd 402 39McTaggart Group Ltd 413 39Meallmore Ltd 368 36Media Scotland 107 29MediaCom Scotland Ltd 323 35Mentholatum Co Ltd 372 36MF Wells (Hotels) Ltd 500 41Miller Group UK Ltd 31 25Minoan Group Plc 456 41Mitsubishi Electric Air Conditioning Systems Ltd 83 27Mono Global Group Ltd 480 41Morris & Spottiswood Ltd 328 35Morris Leslie Ltd 450 39Morrison Motors (Turriff) Ltd 457 41Muir Group plc 97 27Mulholland Holdings Ltd 464 41Munro Healthcare Group Ltd 230 31Murgitroyd Group PLC 285 33

NNairn’s Oatcakes Ltd 452 41National Oilwell Varco UK Ltd 24 25NCR Financial Solutions Group Ltd 349 35Newsquest (Herald & Times) Ltd 180 30Nobel NC Europe Ltd 473 41Norscot Truck & Van/G Barrack Ltd 437 39

O Oceaneering International Services Ltd 40 25Odfjell Drilling (UK) Ltd 362 36OEG Offshore Ltd 356 36Ogilvie Group Ltd 133 29Oki (UK) Ltd 178 30Optos Plc 108 29Orion Group/Orion Engineering Services Ltd 122 29Oticon Ltd 391 36

P Parkburn Precision Handling Systems Ltd 380 36Park’s of Hamilton (Holdings) Ltd 48 25Patersons Quarries Ltd 224 31

PD&MS Group (Aberdeen) Ltd 223 31Peak Scientific Holdings Ltd 311 35Peoples Ltd 99 27Peter Vardy Holdings Ltd 91 27Peterson (UK) Ltd 194 30Petrofac Scotland 297 33PetroIneos Manufacturing Scotland Ltd 325 35Petroleum Experts Ltd 165 30Phoenix Car Company Ltd 348 35Pipeline Technique Ltd 255 33Plexus Corp (UK) 500 41Plexus Holdings Plc 352 36Polymer Holdings Ltd 342 35Presentation Products Scotland Ltd 454 41Proclad Group (Scotland) 426 39Produce Investments Plc 76 27Prosource.IT (UK) Ltd 251 33

QQED International (UK) Ltd 404 39QTS Group Ltd 170 30Quiz Clothing/Kast Retail Ltd 427 39

RR&A Trust Company (No.1) Ltd 150 29Raeburn Group Ltd 415 39Ravenhill Ltd 496 41Recruitment Zone Ltd 462 41Redeem Ltd 434 39Rembrand Timber Ltd 491 41Richard Austin Alloys Ltd 197 30Richard Irvin & Sons Ltd 493 41RJ McLeod (Contractors) Ltd 134 29RM Easdale & Co Ltd 429 39Robertson Group (Holdings) Ltd 41 25Robertson Metals Recycling Ltd 436 39Rohr Aero Services Ltd 196 30Royal Bank of Scotland Group Plc 2 25

SSaltire Energy Ltd 211 31Sandvik Materials 499 41Schuh Ltd 62 27Scientific Drilling Controls Ltd 232 31Scopus Engineering Ltd 377 36Score Group Plc 112 29Scot JCB (Holdings) Ltd 164 30Scotch Frost of Glasgow Ltd 407 39Scotframe Timber Engineering Ltd 494 41Scotia Homes Ltd 302 35Scott Group Investments Ltd 174 30Scottish Citylink Coaches Ltd 262 33Scottish Exhibition Centre Ltd 272 33Scottish Football Association Ltd 410 39Scottish Friendly Assurance Society Ltd 85 27Scottish Leather Group Ltd 192 30Scottish Midland Co-operative Society Ltd 153 30Scottish Rugby Union Plc 470 41Scottish Salmon Company Ltd, The 158 30Scottish Sea Farms Ltd 72 27Scottish Water 17 25Scottish Widows Plc 5 25Scottish Woodlands Ltd 299 33Search Consultancy Ltd 124 29Seatronics Ltd 250 31Senergy Holdings Ltd 333 35Serimax Ltd 293 33SGL Carbon Fibers Ltd 485 41Shepherd & Wedderburn LLP 210 31Sher Brothers (Glasgow) Ltd 477 41Shetland Catch Ltd 236 31Shields Automotive Ltd 465 41Shin-Etsu Handotai Europe Ltd 141 29Simpac (Holdings) Ltd 40 39Simpson Oils Ltd 483 41Sky Subscribers Services Ltd 30 25Skyscanner Ltd 115 29Smart Metering Systems Plc 204 31Sodexo Remote Sites Scotland Ltd 116 29Solstad Offshore UK Ltd 277 33Southeast Traders Ltd 466 41Space Solutions (Scotland) Ltd 382 36Spark Energy Ltd 279 33Speirs & Jeffrey Ltd 394 36Speymalt Whisky Distributors Ltd 4 06 39Speyside Cooperage Ltd 275 33Spirit AeroSystems (Europe) Ltd 34 25Springfield Properties Plc 201 31SSE Plc 1 25Stagecoach Group plc 11 25Standard Life Plc 4 25Star Refrigeration Ltd 381 36

Stena Drilling Ltd 498 41

Sterling Furniture Group Ltd 409 39

Stewart Milne Group Ltd 142 29

Strachans Ltd 182 30

Strategic Resources European Recruitment Ltd 428 39

Streamline Shipping Group Ltd 332 35

STV Group Plc 79 27

Subsea 7 10 25

Sudzucker UK 212 31

Survitec 446 39

Sykes Global Services Ltd 487 41

TTAQA Bratani Ltd 286 33

Taylor & Fraser Ltd 449 39

Technip UK Ltd 20 25

Teekay Offshore/Golar-Nor (UK) Ltd 424 39

Teledyne Ltd 119 29

Tennent Caledonian Breweries UK Ltd 94 27

Tennent Caledonian Breweries Wholesale Ltd 235 31

Terasaki Electric Europe Ltd 490 41

Tesco Bank/Tesco Personal Finance Plc 23 25

Texas Instruments (UK) Ltd 117 29

The Anderson Group Ltd 156 30

The Harbro Group Ltd 200 30

Thistle Seafoods Ltd 292 33

Thomas Tunnock Ltd 215 31

Tilhill Forestry Ltd 65 27

Tillicoultry Quarries Ltd 367 36

Tokheim UK Ltd 421 39

TOM Vehicle Rental Ltd 195 30

Total Upstream UK Ltd 54 27

TPS Healthcare Group Ltd 226 31

Trac International Ltd 298 33

Trespass/Jacobs & Turner Ltd 185 30

Tube Developments Ltd 405 39

Tulloch Homes Group Ltd 463 41

Tulloch Recruitment (Aberdeen) Ltd 389 36

Turner & Co (Glasgow) Ltd 50 25

TUV Sud Ltd 231 31

TWMA Group Ltd 384 36

U United Closures & Plastics Ltd 147 29

United Holdings UK Ltd 257 33

United Wholesale (Scotland) Ltd 173 30

Usha Martin International Ltd 317 35

VVallourec Oil & Gas UK Ltd 84 27

Vascutek Ltd 207 31

Veitchi (Holdings) Ltd 420 39

VELUX Company Ltd 161 30

Vetcel Ltd 443 39

Vets Now Emergency Ltd 375 36

Viju Ltd 440 39

Viridor Enviroscot Ltd 383 36

Vroon Offshore UK Ltd 100 27

VWS Westgarth Ltd 198 30

WW M Donald Ltd 354 36

Walker Holdings (Scotland) Ltd 358 36

Walkers Shortbread Ltd 87 27

Walter Davidson & Sons Ltd 414 39

Walter Scott & Partners Ltd 44 25

WebhelpTSC/Telecom Service Centres Ltd 105 29

Weir Group PLC 7 25

Weldex (International) Offshore Holdings Ltd 396 36

Wemyss Development Co Ltd 351 36

Westcrowns Ltd 246 31

Whitelink Seafoods Ltd 390 36

Whyte and Mackay Group Ltd 58 27

William Grant & Sons Holdings Ltd 16 25

William Tracey Ltd 163 30

William Wilson Ltd 155 30

Wilson Imports Ltd 366 36

WL Gore & Associates 90 27

WM Donald 354 36

WN Lindsay Ltd 217 31

Wood Mackenzie Ltd 36 25

Wright Health Group Ltd 338 35

Wyman-Gordon Ltd 67 27

YYaskawa Electric UK Ltd 329 35

ZZenith Oilfield Technology Ltd 278 33

Zonal Retail Data Systems Ltd 441 39

INSIDER TOP500: NOTES


Adria Group Ltd (273): Trades as Taylors Industrial Services.

AEGON UK Plc (8): Trades 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 (495): Trades as Ahlstrom Fiber Composites.

Akela Group Ltd (398): Trades as Akela Construction.

Aker Solutions (28): The figures are a consolidation of Aker Offshore Partners, MHWirth UK, Frontica Advantage and Aker Subsea to more truly reflect Aker’s operations in Scotland. Employees are permanent only and there are many more contracted workers.

Alfred Cheyne Engineering Ltd (304): Trades as ACE Winches.

Alliance Trust Plc (71): Figures are taken from the revenue account with turnover being income.

Allied Vehicles Ltd (247): Trades as Cab Direct.

AM Phillip Ltd (320): Activities also include sales, repair and rental of agricultural and groundcare equipment.

Apache North Sea Ltd (19): Figures from Market IQ. Staff were subcontracted from a sister company.

ARR Craib Transport Ltd (345): Trades as Enterprise Freight.

ASCO Group Ltd (295): During 2014 the Group incurred £1.5m of costs associated with the Group’s acquisition and subsequent integration of Bonnie Rock Transport Pty Limited. A further charge of £14.6m was taken for the impairment of goodwill resulting in total exception.

Axis Well Technology Ltd (392): Activity also include reservoir development consultancy.

Babcock Int’l Group (Marine Division Scotland) (49): Figures are a consolidation of Babcock Marine (Clyde) Ltd and Babcock Marine (Rosyth) Ltd to more truly reflect Babcock Marine’s operations in Scotland.

BAM FM Ltd (408): Trades as BAM Construct UK. Employees contracted via the parent company.

Bank of Scotland Plc (3): Turnover is the total income figure.

BDW North Scotland Ltd (453): Employees contracted from a sister company.

Beam Santori Ltd (135): Previously known as Morrison Bowmore Distillers Ltd.

BenRiach Distillery Co Ltd (208): Trades as Also trading as Glendronach Distillery.

BHC Ltd (265): Trades as Brian Hewitt Construction.

Bluewater Scotland (400): 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.

Bond Offshore Helicopters Ltd (128): Present period 15 months.

Braemar Investments Ltd (318): Trades as Border Automotive Company.

Briggs Commercial Ltd (269): Trades as Briggs Marine Contractors.

Brodies LLP (127): Profit is before tax, members’ remuneration and profit shares. Employee figure includes partners.

Burn Stewart Distillers Ltd (189): Present period 6 months.

Burness Paull LLP (137): Profit is before tax, members’ remuneration and profit shares. Employee figure includes partners.

Cameron Group (Perth) Ltd (240): Trades as Cameron Motors (Sco); Douglas Cameron (Sco); Ian H Cameron. Previous period 6 months.

Carat Scotland/Dentsu Aegis Edinburgh Limited (353): Previous period 17 months. Actual company tracked is Dentsu Aegis Edinburgh Ltd which trades as Carat Scotland Ltd.

Carron Phoenix/Franke UK Holding Ltd (203): Actual company tracked is parent Franke UK Holding Ltd which trades as Carron Phoenix.

Castle View Ventures Ltd (139): Trades as SVIH, CVMS, Uin Foods Ltd, Supply Direct Ltd, Sports Leisure. Other activities include food manufacturing.

CBC Construction & Property Group Ltd (314): Present period 6 months.

Chap (Holdings) Ltd (423): Trades as Chap Group. Previous period 6 months.

Activities also include quarrying and kitchen sales.CHC Scotia Ltd (144): Trades as CHS Helicopter Services.

Chevron North Sea Ltd (18): Trades as Chevron Upstream Europe. Employees managed by the parent company.

Chisholm Hunter Ltd (374): Previously known as Chisholm Hunter Holdings Ltd. Previous period 11 months.

City Building (Glasgow) (307): 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 (221): Trades as Spar Scotland.

Clyde Union Ltd (157): Trades as Clyde Union Pumps.

Clydesdale Bank Plc (294): Turnover is the total operating income.

Compello Staffing Group Ltd (331): Trades as FPSG; First People Solutions;

Engage PSG; myBPOS; Net Talent. Also trades as TEC Group; The Social Care Community Partnership.

David MacBrayne Ltd (336): Trades as CalMac; Northlink Ferries.

Day International (UK) Ltd (455): Trades as Flint Group.

Digby Brown LLP (344): Profit is before tax, members’ remuneration and profit share.

Dolphin Drilling Ltd (306): Figures from Market IQ.

Dron & Dickson Ltd (326): Activities also include ex compliance engineering.

ECS Europe Limited (213): Trades as ECS Global. Figures are a consolidation of ECS Europe, ECS Global, ECS Security and ECS Consultancy to more truly reflect the group’s operations.

Edgen Murray Europe Ltd (82): Present period 15 months.

Edrington (303): Trades as The Famous Grouse/The Macallan/Highland Park/Cutty Sark.

Energetics Design & Build Ltd (486): Trades as Energetics Multi-Utilities.

Enquest Plc (313): Figures are from Market IQ.

First Tech Ltd (432): Trades as Mooring Systems; First Marine Solutions. Previously known as Mooring Systems Ltd. Activities also include bar and restaurant operation and sale of whisky.

Forbo Floors UK Ltd (70): Previously known as Forbo Flooring UK Ltd.

Forth Holdings Ltd (205): Trades as FES; Forth Electrical Services.

Gates (UK) Ltd (160): Trades as Gates Power Transmission.

GE Caledonian Ltd (56): Figures are from Market IQ.

George Sharkey & Sons Ltd (460): Trades as Sharkey.

Granfit Holdings Ltd (444): Trades as Grant Westfield.

Halliburton Manufacturing & Services Ltd (25): Figures used are from Market IQ.Harper Macleod LLP (369): Profit is before tax, members’ remuneration and profit shares.

Highland Industrial Supplies Ltd (479): Previously known as Highland Industrial Services Ltd.

Holland & Sherry/Venlaw Road Ltd (280): Actual company tracked is parent Venlaw Road Ltd which trades as Holland & Sherry.

Howco Group Plc (55): Previous period 15 months.

IFC Holdings Ltd (468): Trades as Int’l Fish Canners (Scotland); Nor-Sea Foods.

Insights Group Ltd (357): Trades as Insights Learning & Development Ltd.

Integrated Subsea Services Ltd (376): Trades as Harkand. Previous period 15 months.

Inverarity Morton/ABA Eaglesham Ltd (225): Actual company tracked is ABA Eaglesham Ltd, trading as Inverarity Morton and Glen Catrine Bonded Warehouse.

J&J Denholm Ltd (42): The Group demerged its oilfield services business on 30 September 2015. The 2014 numbers include oilfield services. Employees based in Scotland not disclosed.

JFD Ltd (177): Previously known as Divex Ltd. Previous period 13 months.

John Clark (Holdings) Ltd (57): Trades as John Clark Motor Group.

John Davidson (Pipes) Ltd (268): Trades as JDP.

John G Russell (Transport) Ltd (249): Trades as Russell Group.

John Maclean & Son Electrical (Dingwall) Ltd (75): Trades as Maclean Electrical.

John Martin Holdings Ltd (431): Trades as John Martin Group.

John Wood Group Plc (6): Figures are from Market IQ.

Johnson & Johnson Medical Ltd (22): Overseas turnover includes sales by divisions in Turkey and Russia which report through the company but operate independently.

Johnston Carmichael LLP (222): Profit is before tax, members’ remuneration and profit shares.

Johnstons of Elgin/James Johnston & Co of Elgin Ltd (289): Actual company tracked is James Johnston & Co of Elgin Ltd.

JW Galloway Ltd (110): Previous period 13 months.

K&L Ross Ltd (469): Previous period 9 months.

KCA Deutag (21): Exchange rate used: $ to £ = 0.6084 as supplied by the company.

Klondyke Group Ltd (245): Trades as William Strike.

Land Engineering Group/Gardrum Investments Ltd (472): Actual company tracked is Gardrum Invesetments Ltd, trading as Land Engineering.

Lees Foods Ltd (363): Trades as Lees of Scotland; Waverley Bakery.

LHD Ltd (417): Trades as LHD Marine Supplies.

Life Technologies Ltd (29): Trades as Thermo Fisher Scientific.

Lightbody of Hamilton Ltd (218): Trades as Lightbody Cakes.

Lindsay & Gilmour/Raimes Clark & Co Ltd (476): Actual company tracked is parent Raimes Clark & Co Ltd which trades as Lindsey & Gilmour.

Loch Lomond Group (125): The figures are a consolidation of the two operating companies, LLDR Alexandria Ltd and LLDY Alexandria Ltd, to more truly reflect the size of the group.

Lomond Motors Ltd (136): Trades as Glasgow Audi.

Lothian Buses Ltd (111): Previously known as Lothian Buses Plc.

M & Co/Mackays Stores Group Ltd (337): Actual company tracked is Mackays Stores Group Ltd which trades as M & Co.

Macduff Shellfish (Scotland) Ltd (239): Previous period 6 months.

Maersk Oil North Sea UK Ltd (309): Figures are from Market IQ.

Maxi Caledonian Ltd (281): Trades as Maxi Haulage; Maxi Constr; Maxi Warehousing.

McGill & Co Ltd (447): Trades as McGill.

McGill’s Bus Service Ltd (350): Trades as McGills.

McLaughlin & Harvey Construction (343): Previously known as Barr Holdings Ltd.

McPherson Ltd (402): Trades as McPherson (Aberlour).

McTaggart Group Ltd (413): Trades as McTaggart Construction.

Media Scotland (107): Previously known as Scottish Daily Record & Sunday Mail Ltd. Combines the results for Scottish Daily Record & Sunday Mail Ltd & Scottish & Universal Newspapers Ltd.

Minoan Group Plc (456): Trades as Stewart Travel Ltd; Loyal Ward Ltd.

Morris & Spottiswood Ltd (328): Activities also include M&E services, joinery manufacture and new build.

Munro Healthcare Group Ltd (230): Previously known as Strathclyde Pharmaceuticals / Newco Pharma Ltd.

Murgitroyd Group PLC (285): Trades as Murgitroyd & Co Ltd.

Nairn’s Oatcakes Ltd (452): Present period 11 months.

Newsquest (Herald & Times) Ltd (180): Trades as The Herald; Evening Times; Weekly Times.

Ogilvie Group Ltd (133): Other activities include vehicle contract hire, telecommunications and IT security.

Orion Group/Orion Engineering Services Ltd (122): Actual company tracked is parent Orion Engineering Services Ltd which trades as Orion Group.

Parkburn Precision Handling Systems Ltd (380): Trades as Parkburn PHS.Patersons Quarries Ltd (224): 2013 profit includes £14m gain on disposal of subsidiary.

PD&MS Group (Aberdeen) Ltd (223): Previously known as PD&MS Energy (Aberdeen) Ltd.

Peak Scientific Holdings Ltd (311): Trades as Peak Scientific Instruments.

Petrofac Scotland (297): 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 (325): Previously known as Ineos Manufacturing Scotland Ltd.

Plexus Holdings Plc (352): Trades as Plexus Ocean Systems.

Polymer Holdings Ltd (342): Trades as Tubetec.

Presentation Products Scotland Ltd (454): Previously known as Presentation Products Group Ltd.

Proclad Group (Scotland) (426): Combines the results of FTV Proclad UK Ltd, FTV Proclad Int’l Ltd and Proclad Int’l Forging Ltd to more truly reflect the group’s operations in Scotland.

Produce Investments Plc (76): Trades as Greenvale AP.

Quiz Clothing/Kast Retail Ltd (427): Actual company tracked is Kast Retail Ltd which trades as Quiz Clothing.

Raeburn Group Ltd (415): Trades as Raeburn Recruitment.

Redeem Ltd (434): Activities also include asset recovery from electronics.

Richard Irvin & Sons Ltd (493): Trades as Richard Irvin Services Group.

Robertson Group (Holdings) Ltd (41): 2014 profit includes £44m from investment sales. Present year employees estimated.

Rohr Aero Services Ltd (196): Trades as UTS Aerospace Systems.

Royal Bank of Scotland Group Plc (2): Turnover is the total income. Employee numbers are for full time staff in continuing operations.

Scientific Drilling Controls Ltd (232): Figures from Market IQ.

Scotch Frost of Glasgow Ltd (407): Previous period 11 months.

Scotframe Timber Engineering Ltd (494): Trades as Scot Frame Timber Engineering. Previously known as Scotframe Ltd.

Scottish Friendly Assurance Society Ltd (85): Turnover is the total income. Profit/loss is transferred from the fund for future appropriations.

Senergy Holdings Ltd (333): Trades as LR-Senergy. Present period 13 months.

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 4th December 2015.

INSIDER TOP500: NOTES


Serimax Ltd (293): Previously known as Umax Ltd.

Shepherd & Wedderburn LLP (210): Profit is before tax, members’ remuneration and profit shares.

Sher Brothers (Glasgow) Ltd (477): Present period 17 months.

Shields Automotive Ltd (465): Trades as Taggarts Motor Group. Previous period 18 months.

Simpac (Holdings) Ltd (401): Trades as James P Sim & Co; Simpac.

Sky Subscribers Services Ltd (30): Previously tracked consolidation of Sky Subscriber Services and Sky In-Home as Sky (Scotland).

Solstad Offshore UK Ltd (277): 2013 profit includes a £33.7m dividend received from subsidiaries.

Speymalt Whisky Distributors Ltd (406): Trades as Gordon MacPhail.

Standard Life Plc (4): Company no longer reports EEV profit and PVNBP and the figures are provided by the Finance team as the most appropriate measures. The financial figures are on a continuing operations basis - excluding Canada and Dubai businesses. Ignis was bought by Standard Life Plc.

Stena Drilling Ltd (498): Exchange rate used at December 2014 is US$1.5571 (US$1.6488 for previous year).

Subsea 7 (10): Figures are a consolidation of Subsea 7 Ltd, Subsea 7 Contracting Ltd and Subsea 7 (UK Service Co) Ltd to more truly reflect the Subsea 7 operations in Scotland. Some employees are outsourced.

Sudzucker UK (212): Previously known as James Fleming & Co Ltd.

Survitec (446): Previously known as Survival Craft Inspectorate Ltd.

TAQA Bratani Ltd (286): Figures from Market IQ.

Teekay Offshore/Golar-Nor (UK) Ltd (424): Previously known as Teekay Petrojarl Aberdeen/Golar-Nor (UK) Ltd. Actual company tracked is Golar-Nor UK Ltd which trades as Teekay Petrojarl. Exchange rate used at December 2013 is US$1.6488 (US$1.6161for previous year). Employees estimated as outsourced.

Teledyne Ltd (119): Trades as Teledyne Controls.

Tesco Bank/Tesco Personal Finance Plc (23): Actual company tracked is Tesco Personal Finance plc, trading as Tesco Bank. Turnover is calculated as total income.

Texas Instruments (UK) Ltd (117): Figures are from Market IQ.

The Anderson Group Ltd (156): Previously known as SAH Ltd.

Tillicoultry Quarries Ltd (367): Activities also include the manufacture of building products.

Total Upstream UK Ltd (54): The figures comprise Total Upstream UK Limited along with its subsidiaries including Total E&P UK Limited and E.F. Oil & Gas Limited.

Trespass/Jacobs & Turner Ltd (185): Actual company tracked is parent Jacobs & Turner Ltd which trades as Trespass.

Turner & Co (Glasgow) Ltd (50): Activities also include service of aviation equipment; vehicle hire; access equipment manufacture, hire and sale. Present year employees estimated.

TWMA Group Ltd (384): Activities also include environmental services and offshore welding/fabrication services.

United Closures & Plastics Ltd (147): Trades as GCS.

United Holdings UK Ltd (257): Trades as United Wholesale Grocers; United Polmadie.

Viju Ltd (440): Trades as CityIS. Previously known as City Information Services Ltd.

W M Donald Ltd (354): Previous period 18 months.

Walter Davidson & Sons Ltd (414): Trades as Davidson Chemist.

WebhelpTSC/Telecom Service Centres Ltd (105): Previous period 9 months. Actual company tracked is Telecom Service Centres Ltd which trades as

Webhelp UK. Wright Health Group Ltd (338): Trades as Wright Cottrell.

Drop outsUpdated figures not available:

Adam Wilson & Sons (Holdings) LtdAMG Group LtdBlackrock International LtdBorder Cars Group LtdBurntisland Fabrications LtdCirrus Logic International (UK) LtdCupid PlcCurrie International Holdings LtdDiamond Power Specialty LtdECG Facilities Services LtdFerguson Group LtdFraser Hart LtdGE Oil & Gas UK LtdGleaner Oils LtdGlobal Energy (Holdings) LtdGulfMark UK LtdHawco & Sons LtdKonecranes UK Ltd

Martin Currie LtdMuirfield (Contracts) LtdMurray International Holdings LtdNess Motors LtdNorthern Offshore UK LtdOil States Industries (UK) LtdOptical Express/DCM (Optical Holdings) LtdProStrakan Group PlcSood Enterprises LtdSparrows Offshore Group LtdSwire Oilfield Services LtdTalisman Sinopec Energy (UK) LtdTerex Equipment LtdThales Optronics LtdUPM-Kymmene (UK) LtdWeatherford UK LtdXodus Group LtdTullis Russell Group Ltd

Other:Grangemouth CHP Ltd: Now tracking PetroIneos Manufacturing Scotland LtdSky (Scotland): Now tracking Sky Subscriber Services Ltd

Outwith Insider criteria:AK Stoddart LtdArtemis Investment Management LLPAxis-Shield Diagnostics LtdBarclays Stockbrokers LtdCalachem LtdMatrix (Highlands) LtdPfaudler LimitedRohm & Haas (Scotland) LtdScottish Investment Trust PlcSFF Services LtdUrban & Civic PlcThames Gold Holdings Ltd: Previously tracked Thames Petroleum. Now part of Highland FuelsDropped in rankings:Alexander Harley Seeds LtdAvant HomesChristie & Son (Metal Merchants) LtdCMS ScotlandCRC-Evans Offshore LtdEast Coast Viners Grain LLPFLB Holdings LtdFreescale Semiconductor UK LtdJabil Circuit LtdKwik-Fit Insurance Services LtdMactaggart, Scott & Co LtdMotherwell Bridge LtdPlexus Corp (UK) LtdSandvik Materials LtdShell Shared Service Centre Glasgow LtdSilberline LtdSMART Modular Technologies (Europe) LtdThomas Johnstone (Holdings) LtdVaughan Engineering LtdWorldmark UK Ltd

New additionsFigures not available last year:

Bancon Developments Holdings Ltd (288)Central Building Contractors (Glasgow) Ltd (435)Cheque Centres Group Ltd (324)Honeywell Security UK Ltd (419)PetroIneos Manufacturing Scotland Ltd (325)Phoenix Car Company Ltd (348)Sher Brothers (Glasgow) Ltd (477)

Newly tracked:

CapRock UK Ltd (492)MB Aerospace Ltd (425)Previously outwith the Insider criteria:Brewdog Plc (365)Chisholm Hunter Ltd (374)CMS Enviro Systems Ltd (379)Digby Brown LLP (344)East Kilbride Engineering Services Ltd (467)Energy Assets Group plc (238)First Tech Ltd (432)

Guitar Guitar Ltd (489)K&L Ross Ltd (469)Mackenzie Construction Ltd (458)Maritime Craft Services (Clyde) Ltd (359)Nairn’s Oatcakes Ltd (452)OEG Offshore Ltd (356)Parkburn Precision Handling Systems Ltd (380)Pipeline Technique Ltd (255)Scopus Engineering Ltd (377)Speirs & Jeffrey Ltd (394)Survitec (446)Taylor & Fraser Ltd (449)Walker Holdings (Scotland) Ltd (358)

Risen in rankings:Ahlstrom Chirnside Ltd (495)Buccleuch Estates Ltd (378)CBC Construction & Property Group Ltd (314)Champion Technologies Ltd (282)Dawnfresh Seafoods Ltd (206)Di Maggio’s Group Ltd (395)Energetics Design & Build Ltd (486)Fife Joinery Manufacturing Ltd (481)Flexcon Europe Ltd (488)George Sharkey & Sons Ltd (460)Gleneagles Hotels Ltd (260)Highland Industrial Supplies Ltd (479)ICR Integrity Ltd (300)Ingram Motoring Group Ltd (482)Lees Foods Ltd (363)Lindsay & Gilmour/Raimes Clark & Co Ltd (476)Lothian Electric Machines Ltd (370)MacGregor Industrial Supplies Ltd (451)Mainetti (UK) Ltd (448)Morris Leslie Ltd (450)Morrison Motors (Turriff) Ltd (457)Mulholland Holdings Ltd (464)NCR Financial Solutions Group Ltd (349)Nobel NC Europe Ltd (473)Redeem Ltd (434)Rembrand Timber Ltd (491)Richard Irvin & Sons Ltd (493)Robertson Metals Recycling Ltd (436)Scotframe Timber Engineering Ltd (494)Scottish Exhibition Centre Ltd (272)Scottish Football Association Ltd (410)Serimax Ltd (293)Shields Automotive Ltd (465)Star Refrigeration Ltd (381)Sykes Global Services Ltd (487)Terasaki Electric Europe Ltd (490)TWMA Group Ltd (384)Vetcel Ltd (443)Viju Ltd (440)W M Donald Ltd (354)Weldex (International) Offshore Holdings Ltd (396)

Other

Sky Subscribers Services Ltd (30): Previously tracked consolidation of Sky Subscriber Services and Sky In-Home as Sky (Scotland).

IN MY VIEW: GRACE MCGILL


A GUIDE TO EMPLOYING OVERSEAS NATIONALS

DESPITE continuing attempts to modernise the Home Office’s website and improve access to information, UK immigration law

remains opaque. Many businesses are put off employing foreign nationals by the apparent complexity of the rules. Grace McGill, principal solicitor of McGill and Co, answers some fundamental questions about the employment of foreign nationals under the sponsorship system.

How do I employ an overseas national in my company?This is a simple question that predictably has a complex answer. The first point is to differentiate between nationalities and visa types. Some overseas nationals will be able to work for your company without much trouble, because they are a national of an EEA state or because, despite not being an EEA national, they have an existing visa which permits employment without restrictions, such as a spouse visa.

In all cases though, bearing in mind the substantial penalties levied against employers for illegal work, it is important to confirm the right to work of a potential employee, and the Home Office have established a checking service to allow this to be confirmed relatively easily.

For those overseas nationals either here or abroad who do not fall into the broad categories above, the main mechanism to permit work for your company is sponsorship.

What is sponsorship?Sponsorship by an organisation of overseas national employees to permit their work here has been a feature of the UK’s immigration system for some time. In its present form, an employer must seek a sponsorship licence from the Home Office. This involves establishing the organisation’s legitimacy and credibility, and its ability to properly report on those whom it sponsors through effective HR systems. The licence application involves the provision of key company documents and

background information. Increasingly the Home Office decision involves an assessment of the justification for requiring foreign workers.

Ok, so I have a sponsor licence, what next?A sponsor licence permits the employer to issue a document known as a Certificate of Sponsorship (COS) to an employee. This is then used in their applications for a visa, either to come to the UK or continue to reside here.

A COS must contain data about the salary to be paid and the occupation to be carried out. Salaries must be in accordance with published minimums, which change yearly. In addition generally only certain occupations which are regarded as skilled to degree level or above can be sponsored.

Before a COS is issued in many cases an employer must carry out what is known as the ‘Resident Labour Market Test’ to properly advertise the role to resident workers and justify why a foreign national is required. Certain exemptions to this requirement exist, including students who are coming to work after their degree here.

A further significant exemption is the Shortage Occupation List. This is a list of defined occupations which are recognised to be in shortage in the UK. These jobs do not have to be advertised and have streamlined

procedures. It is also worth bearing in mind that if someone is coming from abroad to work, rather than someone who is already here, the government has a fixed monthly limit of certificates.

This is to attempt to control numbers. As a result an application must be made for a certificate from a monthly pool.

I have obtained a sponsor licence, navigated the rules about Certificates and my new overseas national employee is now working for me, can I relax?A sponsor licence also imposes certain ongoing duties, including to maintain various records and to report proactively any changes to the business. This can range from changes in personnel to full mergers and takeovers, along with TUPE transfers. Ultimately the Home Office system seeks to impose the duty of monitoring foreign migrants to the company employing them and consequently wants to be informed of any changes that materially affect that position.

What are the benefits of engaging in this system?If this short piece has been even mildly interesting you likely already have had experience with labour shortages. It is often tough to get good candidates with high skill levels in certain fields.

Sponsorship, despite the relatively onerous conditions, allows the acquisition of skilled foreign talent. It can reinvigorate your business and open up new markets. In particular the right to work in the UK is sought after and an employer offering sponsorship can expect to receive loyalty and dedication from employees in return. Minimum salary rates are keen and competitive. Also, whilst the system may seem complex, it is no more complicated that many existing obligations and duties such as tax, or health and safety.

There are also professionals who specialise exclusively in the field who can help.

Sponsorship by an organisation of overseas national employees to permit their work here has been a feature of the UK’s immigration system for some time

ROUND TABLE: STATE OF SCOTLAND


ahead of everyone else but what was pleasantly surprising was just how confident I saw the marketplace as being.Stephen Park Brown: I was surprised that so many people in the survey said they were confident. I don’t necessarily agree that there is the warm feeling that’s come through, especially when I talk to other Scottish businesses. Most are looking to reduce their costs but they’re not necessarily looking to change their costs internally. They’re looking at external costs and trying to get suppliers into doing something cheaper.

So we’ve actually walked away this year from a number of opportunities. We’re trying to make sure that the business we get is good quality, recurring and built on a customer relationship rather than price alone.

We are trying to look further afield. We’ve had quite a few staff overseas looking for opportunities for us to expand. We won a contract in Baku to help deliver the European Games in June earlier in the year and we’ve also been out to Australia to look at 2018 and Brazil in relation to the Olympics in 2016 and the Formula 1.Andrew Craig: The way I see it the

QPlease give me your thoughts about the overall

findings on the levels of confidence, profitability, plans for jobs and investment.Andrew Malcolm: I think it’s quite a fair reflection of what we have seen. We normally invest to get the value back out of the whole business so our investment policy is still very strong and has been during the whole recession. We’ve always kept the business reasonably ahead of the marketplace and competition, which has given us some good opportunities to bring new trends and new principles to the marketplace. Confidence today, I would say, is similar to last year.

Our personnel levels are reasonably static and have been for the last ten years, although they have moved this year after picking up a major contract. As a result, our workforce increased by ten per cent this year.

The one thing I would think that’s changed most in our business in the last 12 to 18 months is that we have been more selective with what we do. Being a private organisation we aren’t chasing growth for growth’s sake and are focused very much on the profit and the cash.

We’re slightly cautious as we go but I’d say generally it’s been a good year for our organisation.Robin MacGeachy: I was a little bit surprised actually how confident people sounded. I think with the oil price having fallen as low as it had I thought we would have had an awful lot less confidence in general. The level of investment people were thinking about doing, the level of recruitment that people were doing was also surprising. We’ve been growing as a business very quickly, very rapidly over the last few years and I thought we were significantly

PANEL MEMBERSAlasdair Northropeditor, Scottish Business Insider

Andrew MalcolmCEO, Malcolm Group

George Bellchairman and CEO Bell Group UK

Robin MacGeachymanaging director, Peak Scientific

Bill Munrochairman, Barrhead Travel

Andrew Craigpartner, Maven Capital Partners UK

LLP

Stephen Park Brownmanaging director, NVT Group

Alison McGregorCEO Scotland, HSBC

Shuna Stirlinghead of corporate and commercial,

Brodies LLP

Thanks to Grand Central Hotel in

Glasgow for providing the venue.

CONFIDENCE LEVELS IN SURVEY SPRING SURPRISEBy ALASDAIR NORTHROP

Shuna Stirling

in association with



belt. The Aberdeen market is slightly depressed because of the oil price slump but there are promising signs there also. Brodies recently advised INEOS on two major purchases in the North Sea and while it is clear from the survey that the fall in the price of oil has been damaging for some, it also shows that a similar proportion have benefitted, and this is borne out in some of the activity in which we have been involved.

While some of the bigger players in the oil and gas sector are unable to make a return that satisfies their needs, other entrepreneurs are quite happy to enter the market at that level. We are witnessing greater certainty about the future pricing of assets in the UKCS, which is leading to more activity on the M&A side and, hopefully, in the longer-term, will lead to greater investment in the sector.Alison McGregor: The confidence levels didn’t surprise me. Year on year we’ve seen companies increase their banking facilities, now utilisation levels are going up. We’re seeing companies invest in people, in premises and looking to acquire other businesses and funding doesn’t appear short, certainly not with the businesses we meet, they’re rarely asking for funding that we’re not able to give them. So I do see an element of confidence.

However there are businesses concerned about the public sector spending cuts coming up and don’t know how that’s going to impact them. There are definitely businesses out there, particularly the small to medium sized businesses, that are saying the fall in energy prices is exactly what we needed to help to sustain our business.

The thing I find most disappointing I think is that we just can’t get the export market off the ground in Scotland. There are so many businesses that could export what they do whether it be expertise, services, products and we just fundamentally don’t seem to be able to shake that and take Scotland to the rest of the world the way that we should be doing.

QCould you give me your reflections on our findings

about the opportunities for growth over the next twelve

recovery still feels quite fragile for me and we’ve got quite a good helicopter view across a range of sectors as we have about 40 companies in our portfolio at the moment. Obviously those in the oil and gas service are finding it much more challenging right now due to the depressed oil price. However there are some companies in other sectors that are doing extremely well right now so they are feeling fairly bullish about the future in 2016.

It was pleasing to see that about 80 per cent of companies in the survey were looking to invest in new equipment and technology.Bill Munro: Yes, we’ve had quite a good year and we likewise expanded through recession and if anything it was slightly easier because we were able to secure property in prime locations and big shopping centres whereas prior to 2008 they would have said, go away, you’re too small, which is certainly not the case now. We also managed to recruit a lot of good staff because some companies were downsizing and we’re one of the few travel businesses that’s been expanding over the last eight or nine years.

We’re in the holiday business and the traffic in the holiday business remains challenging for now. The market is a bit flat but we’re doing better than others as we are up 15 per cent this year. We’re driving the business more down the tailor-made upmarket route which is sustainable and where the customer generally needs the advice and guidance of a good travel agent. We will never stop selling the traditional package holidays to Majorca and elsewhere but I think in some ways that’s

actually an advantage because the people who buy more expensive products will also go for a quick week’s golfing to Portugal or Spain.George Bell: I’m actually surprised at the level of confidence that’s been outlined in your report. In the construction industry I think everybody knows that there’s been a reasonable amount of unemployment since 2008 and it looked as if it was taking a swing in the right direction. But in the last six months prices

don’t reflect that, because prices are certainly a driving factor to tell you where the confidence is, and they’re going down rather than going up.

The construction industry has got a lot of different areas to it. If you speak to a housebuilder today he might tell you he’s just got a site that’s got 1,500 houses he can build on and he’s really upbeat and very confident about the future. Then you speak to somebody that’s constructing hotels or whatever and they say, can’t get planning permission for a hotel in Glasgow or can’t do this or can’t do the next thing.Shuna Stirling: As lawyers we have an overview of many different sectors so I’m not surprised at the level of confidence expressed in the survey. We’re seeing a lot of sectors that are very buoyant with people wanting to do deals, particularly in the central

I think with the oil price having fallen as low as it had I thought we would have had an awful lot less confidence in general

Robin McGeachy, Peak Scientific

caption Andrew Craig

Bill Munro

Alison McGregor



months and the barriers preventing businesses

from accessing opportunities.Bell: I just see some of it’s about client confidence. Clients don’t have the same confidence in Scotland. I think that’s one of the biggest barriers out there in the construction industry in particular.Munro: I think there are lots of opportunities. It’s just a case of sitting down thinking them through and going for it. I think there are more and more opportunities out there in the travel industry and I’m sure it’s the same in most businesses. I think skills are a problem in general and as a result we have now set up a training academy. We’re bringing in non-travel people from universities and also investing hugely in modern apprentices as a lot of them become little stars.

The internet is hugely important to us along with technology in general and we’ve embraced the internet. We hope to expand in England rapidly and there are also international opportunities. We’ve been talking to people about selling our own technology overseas and there are a number of people in Australia and New Zealand in particular interested in it. The events of Paris will impact very severely but we’ve been through 9/11 and other unfortunate events, the Globespan collapse, Icelandic ash cloud, Tunisia and various other things and we’ve always managed to survive but the immediate effect is severe at the moment. It depends on whether or not we can draw a line under the present problems and I don’t think we are going to be able to do this immediately.Craig: I completely agree around looking at export. That’s something that we’re just not very good at as a nation. We need to be better.

Another thing I was disappointed to see was that only three and a half per cent felt that acquisitions represented an opportunity. Four of our companies have made one or two acquisitions each over the last 12 months. I’d really like to understand what’s stopping more Scottish businesses taking the leap of faith and actually looking to buy more because, yes, it comes with a lot of risk but the upside can be tremendous too as well.Park Brown: Exporting for me is clearly linked to the public sector and thereafter internationalisation. I think our biggest problem in Scotland is

procurement inside the public sector. Our issue is, and it’s specifically in our sector, the ICT sector, our Scottish SME ICT industry can’t win enough large Scottish public sector contracts. Unless we get a substantial proportion of that public sector business for the reference-ability we can’t really internationalise easily because you don’t have the reference-ability giving you the creditability with having a large contract. If we want to fix things we actually need to emulate France, Germany, Italy who keep 40 to 50 per cent of their public sector spend and Sweden keeps 70 per cent.MacGeachy: I think there is opportunities for niche markets in these areas and that the availability of cash is there if you’ve got a sound, good business proposition. We export 85 per cent of what we manufacture. I think there are big opportunities for us as a country for our businesses.Malcolm: We’re in two business sectors, construction and logistics.

In construction the reality is how you actually grow that sector and also retain the margin. One of the biggest restrictions on growth in our construction division is actually skills shortage. We’ve lost a full generation during the recession. The transport sector has a major challenge going forward with driver shortages. There’s currently a 40,000 driver deficiency in the UK and we’re losing 30,000 a year and only getting 15 to 20,000 in.McGregor: With my chair of the CBI hat on, skills is a big issue for businesses in Scotland. The CBI’s recently published manifesto calls for stronger collaboration between industry, government and bodies such as Skills Development Scotland. Other areas are investment in infrastructure and digital.

Digital continues to be an issue in some areas of Scotland and if we’re looking to start small businesses, and for them to become mid-sized businesses we need to invest more in digital. Something I’m hearing as chair of the CBI is a now increasing concern over the Northern Powerhouse and what that will mean for Scotland and further investment that may go into the north, particularly in infrastructure.Stirling: There is no doubt that the skills gap is a major barrier to growth for many of our clients operating in a variety of sectors, from manufacturing to professional services. Perhaps unsurprisingly given the nature of work that we do, another major issue for our clients is regulation. It’s our job to help them navigate their way through an increasingly complex regulatory environment.

It’s clear from the survey that attracting new clients or customers is the most significant factor for driving future growth. As we’ve seen in the legal market, where a number of household names have disappeared, those that succeed, even in difficult times, are the firms that pay close attention to their clients and put in place relevant services to support their clients’ business objectives, underpinned by investment in people, technology and infrastructure.

QPlease give me your thoughts on our findings

about the concerns of a continued debate on independence.Bell: After 18th September last

There is no doubt that the skills gap is a major barrier to growth for many of our clients operating in a variety of sectors

Shuna Stirling, Brodies LLP

Andrew Malcolm

George Bell



year we thought it was all going to disappear, but it just keeps rolling on. My business is now 66 per cent English and 34 per cent Scottish. So we have a lot of business in England and I have to say, when I speak to my English staff or client base, I do find people are continuing to say what you guys want up there is to be on your own.

In the construction industry I see huge differences between our English workload versus the Scottish workload. And a lot of it comes by, beyond all doubt, a lack of confidence in what’s going to happen in the future. The MoD is not renovating buildings in places like Montrose and Aberdeen and Elgin and Lossiemouth. I think the continuing debate over independence is having a serious detrimental effect still today over a year on.Malcolm: We do hundreds of loads every day across the border between England and Scotland. We found that up to the referendum it was hard to get any customer to give any form of commitment. You’re into what is a ‘rolling’ contract. Since the referendum some commitment is returning. Three years has now become the norm; some have been a bit longer, which is a plus. Warehousing is a very big part of our operation.

During the independence debate a lot of our customers wanted us to look at a new model with warehousing at Carlisle. They didn’t want to put money into the Scottish tax system. The reality was that we could service from Carlisle as easy as we could from Newhouse, Grangemouth or Linwood. I wouldn’t say it’s having the impact that it did but as long as it hovers there, then yes, there’s always the suspicion it’ll come back on the table.MacGeachy: Less than one per cent of what we do is in Scotland and about fifteen per cent of that stays in the UK. And therefore we were able to be more vocal and host Alistair Darling at the factory. There were a number of people that were frightened to raise their head above the parapet because they were concerned about what the Government would say or do or take a contract away from them or whatever.

I’m very Scottish, very proud to be Scottish. But sadly as I travel around a little bit now it’s like the Scottish bit’s been taken away by the independence crowd. My view

and my wife’s view is if we become an independent country we will be leaving. We’ll have a factory here we’ll go down and live in London. I sincerely hope it gets put to bed as it should’ve been put to bed and we all move forward.

But it’s not gone away and I don’t see it going away. Most people think a second referendum it going to happen. And when it does happen I think it’s going to be called upon at a time when the SNP are most likely to get a yes.Craig: I think the continued uncertainty about another referendum is damaging. What worries me even more right now is the potential impact of Scottish income tax and the impact this could have on wealth creation. I think that, right now, with the oil and gas industry in the position it’s in, we need to be actually cutting taxes and not just corporation tax, but also personal tax if we’re going to make Scotland an attractive place to do business.

We need to encourage people to set up businesses and stay in Scotland. Some of the rhetoric coming out doesn’t seem to lend itself to that and that’s a real worry, because in this day and age it is relatively easy for businesses to relocate elsewhere.Park Brown: I think it’s shocking we’re still talking about it. I think we should’ve stopped talking about independence after the result and get on with managing the country at least for a generation.

The Scottish Government should run the country with everything new that they’ve been given. And then in 20 years’ time come back and if the people then say well, we’ve been running it and we’ve done a great job with all these other powers, etcetera, and we’re wealthy, we want another crack at it, we’ll get it.McGregor: HSBC is a global business, operating in over 70 countries. We have recently announced our intention to invest in another property in Scotland with capacity for 400 people.

In my role as CEO for HSBC in Scotland and my capacity as chair for CBI I meet a lot of Scottish businesses. I wonder if the looming EU referendum is keeping the Scottish independence debate going. Businesses are querying what will happen if proportionally Scotland wants to stay in the EU and the rest of the UK doesn’t, will that trigger a discussion on independence? I sense the conversation has been lengthened as a result of the EU referendum.Stirling: I don’t think the independence debate will end any time soon. However, I do expect it to be overshadowed by the debate over EU membership over the coming months.

In your survey you also asked about constitutional change and that has being an ongoing process for more than a decade. Our immediate focus is on the new powers under the Scotland Act and how those will affect our clients, in particular the new Scottish tax system, including LBTT.

The focus has to be about government policy, whether at Holyrood or Westminster, and on the practical steps that can be taken to stimulate economic growth and boost Scotland’s competitiveness, such as improving our transport infrastructure, skills development or building new homes to fuel business growth in our cities.

I think we should’ve stopped talking about independence after the result and get on with managing the country at least for a generation

Stephen Park Brown, NVT Group

Robin McGeachy

Stephen Park Brown

www.brodies.com@BrodiesLLPBRUSSELSGLASGOW EDINBURGHABERDEEN

IN SEARCH OF THE GREAT BUSINESS LEADER FORMULABy PERRY GOURLEY

FROM the ever-lengthening list of book titles written by self-styled management gurus, it is clear there is no shortage of

advice available on leadership.Given everyone has experience of

either being led or of leading, it’s also subject which draws a huge range of opinions.

What makes a good leader, and whether that is something which is in an individual’s nature or can be nurtured, is hotly debated, but few would doubt their value to businesses and organisations.

David Watt, executive director of the Institute of Directors in Scotland, argues that while future success for Scotland is often seen as being dependent on the performance of ‘standout’ industry sectors, it is the quality of leadership across the nation’s businesses and organisations which will be the biggest determining factor.

“We require inspirational leadership and direction from the top if we are to flourish in an increasingly demanding and competitive world,” he stresses.

“The quality of this leadership

undoubtedly will be the deciding factor in the battle between economies – the dynamic, opportunistic and innovative will win, as will their businesses.”

According to Aydin Kurt-Elli, who founded Edinburgh-based IT firm Lumison and is now involved on the boards of a number of companies

across Europe, the perceived wisdom on what good leadership looks like oversimplifies the issue.

He agrees with organisational behaviour specialist Charles Handy that there is no right or wrong leadership style and what works best depends on the context.

“A command-and-control style may suit particular types

of businesses for example but a coaching style is more appropriate in others,” said Kurt-Elli, who left a career as a junior doctor to set up his business.

He also believes that different styles of leadership are appropriate at different times in the life of a business.

“In an organisation which is struggling and where big changes are needed you perhaps need a more dictatorial approach to drive them through and ensure that the business survives.

“But once you are through that stage perhaps a more consensual approach is more appropriate.”

He argues that the key for different leadership approaches is honesty with staff.

“If employees know that the company needs to have a particular style of leadership for a period to be able to move on to the next phase where there will be more opportunities for people to flourish, it makes it easy to get through the tough times.”

Kurt-Elli also believes that having a leader with the ‘self-actualisation’

Looking back in history we can see how some great leaders developed their leadership skills. For example Winston Churchill developed his communication and gravitas

Kim Walker, Advance Consultancy (below)

REPORT: SECRETS OF LEADERSHIP


Anderson Strathern – for legal services that lead the way

in association with



to understand their strengths and weaknesses and see when the right time to handover at the helm is particularly valuable to a business.

“Some of the big successes in leadership are where people come in, do the job they are best at and then move on for someone to take it to the next stage.”

As well as self-awareness, good leaders must always be looking to challenge themselves and improve according to Graeme Allan, managing partner of Aberdeen-based accountancy firm Anderson Anderson Brown (AAB).

He argues that “great leaders have to evolve as their business evolves”, rather than being born.

“Every aspect of leadership can be learnt, it is simply that some people have a more natural flair for leading than others,” he pointed out,

To be an effective leader, Allan argues the ‘status quo’ must always be challenged.

“That means you are always looking for ways to improve and you can’t be born with that - you learn to challenge yourself and the people around you.”

Kim Walker of leadership development firm Advance Consultancy agrees that the best leaders are continually looking to improve.

“Great leaders are very self-aware and focus upon continuous development. Looking back in history we can see how some great leaders developed their leadership skills. For example both Winston Churchill and Nelson Mandela developed their communication skills and gravitas.”

Kurt-Elli argues that there is no question that while some people can instinctively gain the confidence of others, others find it very difficult to lead.

“It’s less about capability and more about willingness to take responsibility,” he said.

“The worst case scenario is where someone who doesn’t want to take that responsibility is in a leadership role and ends up taking bad decisions.”

Gordon Beattie, who founded PR group Beattie and who recently wrote a book – Thought for the

Day - on his experience of building a successful business, also points out that a great manager doesn’t necessarily make a great leader.

“Some of the greatest leaders are terrible managers. Management is about doing the right things, leadership is about doing the right things,” he said.

While the stereotype of some leaders is of individuals who put themselves before others, law firm chief executive Chris Harte argues a good leader should be doing the opposite.

Harte, who has overseen revenue growth of a third after taking up the post of chief executive of law firm Morton Fraser in 2013, believes the famous Sandhurst motto ‘Serve to Lead’ should be at the forefront of leaders’ minds.

“It’s about putting others’ interests before your own. It’s also about focusing on the intangible elements of a team: its energy, momentum, morale and resilience. Providing the right freedom and environment will allow talent to shine.”

Advance Consultancy’s Walker agrees that a leader’s approach to their staff is key.

“Delivering results does not make someone a great leader. They need to get to know their people and really understand what motivates them to harness their energy and help them to perform to their full potential.”

Paul Blair, who recently joined Livingston James to lead its executive search and leadership advisory practice, highlighted the importance of an effective relationship between business leaders and HR directors.

“To get things to change in an

Demonstrating leadership shouldn’t be confined to the CEO or senior members of a business, it’s not just for the few at the top of an organisation

Adam King, Deloitte

Anderson Strathern – for legal services that lead the way

IN FOCUS: Leadership advice

Best piece of advice for aspiring leaders?“Assemble the right group of people around you and make sure

everyone takes the time to listen to one another. This is a team sport

and no one person can do everything well. If the team trusts one

another, the collective goals and ambitions will be easier to realise. “

Best example of leadership you have encountered?“When a partner allowed me to run a corporate transaction from

start to finish when I was still a trainee solicitor. He provided

mentoring and encouragement all the way but trusted my work

ethic and determination to see it through - he showed just the right

balance of being there in the background to guide me but also the

patience to step back and allow me to be in control.”

Murray McCall, managing partner, Anderson Strathern gives his thoughts on leadership...



organisation you need to take its people with you,” pointed out the former head of HR and global HR director at both Aegon and Wood Group PSN. To be able to contribute to that, an HR director needs to get to a situation where they can gain the confidence of the leaders of a business. But they also need to be able have a conversation and not to be just a listening board if they are to really help a CEO and a board to develop solutions.”

According to Blair, one of the common traits of all the good leaders he has worked with during his time in senior HR roles has been their willingness to “let you in”.

“They will admit to their own vulnerabilities and those of the business and will say where they see the business is going, where the tensions are and where the gaps are.”

Blair said he had witnessed a subtle shift over the years towards more personal than technical skills among business leaders.

“Leaders are also now expected to be multi-faceted– they need to have wider awareness and skills than just their own area in a business.”

Where leaders would often outsource development of the team around them Blair also believes they now want to be far more involved in the process themselves.

Developing future leaders in a team is a continuing challenge for those at the top.

A recent survey by Deloitte found that although nearly nine out of ten HR and business leaders rate leadership as a top issue, only six per cent think their current leadership pipeline is ready for the years ahead.

Adam King, director in consulting, said encouraging people to be leaders at all levels was key to plugging the gaps that exist in many organisations’ talent pools.

“Demonstrating leadership shouldn’t be confined to the CEO or senior members of a business, it’s not just for the few at the top of an organisation.”

He also stressed that developing leaders should not be a one-off activity only looked at when times are good.

“Leadership capability should continually be developed by using consistent core concepts developed in a range of ways, including group-based learning, peer support networks and learning from current leaders. This will ensure there is a

strong pipeline of future talent, ready and able to lead the business in the years ahead and when times get tough.”

Justin Grace, chairman of the Academy for Chief Executives Scotland, which aims to serve as a platform for business leaders to share their experiences and learning, believes leaders also need to give priority to their own self-development.

“Just because they have reached the top doesn’t mean that they know it all, and there’s a real irony in seeing CEOs who talk about the importance of investing in their business and their staff but don’t do the same for themselves.

“That’s like a football team not investing in their number one player.

“Why wouldn’t a CEO want to stay

match fit, keep up to date in the latest thinking and ideas?” he asked.

Dr Paul Ballman, a leadership expert who has worked with the likes of Standard Life, Scottish Power, RBS and Lloyds, believes the unique challenges which leadership brings explains the wave of new books claiming to bring a fresh perspective on the subject.

“Leadership is difficult. I have never met a leader who isn’t permanently wrestling with a string of seemingly unresolvable compromises. Facing this challenge alone is not very appealing and books offer a different way of thinking,” said Ballman, who has recently published ‘Red Pill: The Truth About Leadership’.

“I actually think that leadership books don’t necessarily need to be ‘the answer’ in order to be useful. Sometimes they give a leader the confidence to keep going or they help that leader explain to others what they are trying to do. I am not against leadership books at all, but treat them for what they are.”

COMMENT

Murray McCallManaging Partner,

Anderson Strathern

www.andersonstrathern.co.uk

A modern leader cannot survive without being fluent, persuasive and passionate

Leadership is a common topic for analysis

among academics and management gurus

alike. It remains an important item on the

corporate agenda and examples of good and

bad leadership styles can be seen in every

workplace. The recent Volkswagen debacle put

corporate leadership and ethics in the public

spotlight and exposed failings for all the world

to see.

Most commentators agree that today’s

leaders must be able to articulate a clear vision

and do so with integrity. Added to that, they

need to be good listeners, earn trust and have

access to strong networks.

Collaborative leadership is a popular theme

and one we pay great heed to, not only across

staff at all grades within our firm but across the

many interpersonal relationships we have with

private, commercial and public sector clients.

A good leader must work hard to ensure that

they have the right people in the right roles at

the right time. If people are carefully selected,

mentored, encouraged and given sufficient

responsibility to match their talent, a light-touch

style can be adopted which entrusts the team

with real and tangible authority. Mutual respect

and trust allows both parties to stretch and

continuously improve, getting away from the

curse of insipid micro-management.

I’ve found that good leaders are often at their

best in a crisis. They don’t show signs of panic,

carry out an appropriate analysis of the issues

quickly, take advice from trusted advisers and

can ultimately make informed and decisive

calls. Everyone makes mistakes – that’s life. We

should not expect absolute perfection every

time although when mistakes have turned into

incompetence this needs to be recognised too.

A modern leader cannot survive without

being fluent, persuasive and passionate when

communicating with the team.

I have never met a leader who isn’t permanently wrestling with a string of seemingly unresolvable compromises. Facing this challenge alone is not very appealing

Justin Grace, Academy for Chief Executives Scotland

www.andersonstrathern.co.uk

REPORT: SUSTAINABILITY CONFERENCE


CONFERENCE HAMMERS HOME VITAL SUSTAINABILITY MESSAGE

THE CHALLENGES and opportunities for Scotland involved in moving to a more sustainable economy were

highlighted at a major conference.The ‘Rewiring the Economy’

conference, staged by Scotland’s 2020 Climate Group to coincide with the COP21 summit in Paris, heard how new business models and ways of working needed to emerge to make the step-change required to a more sustainable economy.

Leading figures from business, government and academia joined forces for the event at the Edinburgh Centre for Carbon Innovation.

Samantha Barber, 2020 Group vice chairman and a non-executive director at ScottishPower’s parent company Iberdrola, said the risks businesses faced today were very different to those of 10 years ago and that the pace of change was now unprecedented.

“But risk presents opportunities to look at things differently and to shape the direction of a business rather than hindering it,” she argued.

She said Scotland’s 2020 Climate Group - set up by business leaders six years ago - offered businesses and the nation as a whole the chance to go much further on climate change and

sustainability than they could do in isolation.

Ian Marchant, the former chief executive of Perth-based utility SSE, who now serves on the boards of a number of companies and organisations, warned the conference not to underestimate the scale of the challenge ahead in moving the global economy away from fossil fuels.

“As a species we have learned how to use fossil fuels and then ruthlessly exploited them over the past 300

years. They are deeply embedded in

everything we do. To wean ourselves off them is going to a very long and hard road.”

He stressed how a sustainable approach made good business sense.

“Sustainability is about reducing resource use and increasing well-being in terms of things like being safe, free and healthy,” said Marchant, who was chair of the 2020 Climate Group until 2015.

As well as the obvious benefit of saving money, he argued sustainability energises staff, enhances a company’s brand, reduces risk and creates opportunities to develop new products, services and ventures.

Marchant admitted the first six years of the 2020 Climate Group had not been a smooth path but said much had already been achieved.

The group now has 140 members across more than 100 different organisations in the public, private and third sector.

Events staged include a series of public lectures which have attracted more than 800 attendees over the past two years.

A 2050 Climate Group, focused on the efforts of the younger generation, has also been successfully established with 22 core members and a Youth Leadership Programme of over 100 members.

The right regulatory environment which works for business and speaks the language of business is essential

Lady Susan Rice, Scottish Water (above)

Scotland’s 2020 Climate Group was launched in 2009 by a group of

senior business leaders and individuals from across a broad range of

sectors and disciplines to collaborate to combat climate change.

The 2020 Group works closely with the Scottish Government and

aims to promote the benefits and maximising the opportunities

that will arise in the transition to a low carbon future but also to

challenge some of the key barriers.

The group has recently announced partnerships with the

University of Cambridge Institute for Sustainability Leadership

and the Centre for Sustainable Practice and Living at the

University of Stirling.

2020 CLIMATE GROUP

By PERRY GOURLEY

REPORT: SUSTAINABILITY CONFERENCE


Marchant said the scale of the challenge of climate change and of moving away from fossil fuels meant that the 2020 Climate Group would need to evolve through the many different ‘curves’ identified by management guru Charles Handy as key to the long term success of organisations.

The best time to start a new ‘curve’ is seen as being before the peak is reached of the existing one and when resources and enthusiasm are still available.

“What we are trying to do is hard but it is vital. We will need many different curves and many different leaders,” said Marchant.

Lady Susan Rice, chair of Scottish Water, who took over from Marchant as chair of Scotland’s 2020 Climate Group in the summer, said the second curve was about an emerging vision and for businesses that meant new business models.

Up until now the focus had been on emissions targets but Rice said that the factors such as advances in technology and changes in geopolitical threats meant the backdrop had changed.

She said a single-minded focus on a target to reduce won’t by itself prompt the change required to deliver a sustainable economy.

“Most businesses for example don’t include targets for reducing greenhouse gas emissions in their operating plans. They may well be doing so but they don’t have particular targets.”

Rice said the second curve would see businesses start to develop the new business models to enable the deep change required.

She highlighted the role of organisations such as SEPA in helping move towards that second curve.

“The right regulatory environment which works for business and speaks the language of business is essential. Of course we need safeguards but they need to work and to encourage innovation.”

She said much progress was already being made in a number of industries where new ways of working and new business models were being developed.

Rice cited Scotland’s whisky industry as one of the best examples of how “innovation, creativity and environmental stewardship have worked together effectively and profitably”.

She also said that large businesses had a significant role to play in sharing their knowledge and expertise with those they work with.

“Bigger businesses need to work with their supply chain – not just demand from it - to help them on a similar journey to a more sustainable business model. That will benefit everyone.”

Serial environmental entrepreneur Kresse Wesling also spoke about the role creativity and innovation can play in helping drive sustainability across Scotland’s economy.

In 2007, Kresse launched Elvis & Kresse, which turns industrial waste into innovative lifestyle products and returns 50 per cent of profits to charities and organisations related to the waste.

Elvis & Kresse’s products include fashion goods such as handbags made from decommissioned fire hose from London’s fire service.

Wesling was speaking at the conference through a connection established by Martin Valenti, head of strategic partnerships at SEPA.

“I have been involved in a number of events here so far and have been blown away by the ambition around sustainability in Scotland. There might be an impression that the Scots are a bit dour but from what I have seen they are incredibly enthusiastic and passionate.

“I think the nature of Scotland where people in different sectors often know each other means that there are real opportunities for collaborative partnerships to develop here.”

Although Wesling does not have any business interests in Scotland currently, she said she hoped that would change in “the very near future”.

Progress on sustainability in the Scotch whisky sector highlights

what can be achieved when businesses work together and put

competitive pressures aside, according to an industry leader.

David Frost, chief executive of the Scotch Whisky Association,

said although that the sector likes to think of itself as the “original

sustainable industry”, it is also an intensive energy and water user

and has a significant supply chain and transport footprint.

Six years ago the association launched an environmental

strategy to bring together best practice and latest thinking across

the industry and since then Frost said there had been significant

progress.

The strategy, which includes targets to reduce greenhouse gas

emissions, move away from fossil fuels, eliminate waste to landfill

by 2020 and better manage water requirements, is the only

initiative in Scotland covering an entire business sector.

“We believe our environmental strategy is a great example of

what can be achieved by an industry working in collaboration,” said

Frost.

He said maintaining constructive relationships with regulators

such as SEPA and with government was vital to make continued

progress.

“It is very easy to get into slightly confrontational relationships

so it is important to be in constant dialogue and to make sure you

understand each other’s difficulties and try and resolve issues in a

collaborative way,” he said.

SCOTCH WHISKY ASSOCIATION

Scotland could be at the forefront of sustainability in Europe if

it looked to develop a more integrated approach to resource

management.

Dan Cooke, director of external affairs for Viridor, which works

with most of Scotland’s local authorities and many major

businesses, said replacing ‘old school’ waste infrastructure with a

regional resources network would bring huge benefits.

He said Scotland had made “solid progress” in terms of improved

recycling and resource management but more could be done.

Cooke argued that a more integrated approach to make better

use of resources through collection, reuse and recycling would also

encourage investment by global manufacturers who would benefit.

“There is a significant opportunity for Scotland’s political

parties to commit to the adoption of resource networks that

would position the country as the leader in European resource

management.”

Cooke said there was a wider need to move away from the

language of waste to resources.

“Waste should only be what remains after prevention, reuse,

recycling and recovery,” he stressed.

CALL FOR INTEGRATED APPROACH

Delegates at the conference

David Frost

COMMENT: IAN RITCHIE


Ian Ritchie is a member of the council of the Royal Academy of Engineering and chairs its finance committee.

COMPUTING SEES A GENDER IMBALANCE IN REVERSE

ONCE UPON a time, women were relatively keen on a career in computing; in fact the world’s first computer, the ‘ENIAC’ was programmed by six female mathematicians

back in 1944.When I did my computer science degree in the

late 1960s, about 40 per cent of my classmates were women in what seems to have been a golden age for gender equality. The proportion of females interested in studying computing has since collapsed.

Maybe I should have spotted a problem when I heard one of my female classmates complaining about the number of ‘hirsute misogynists’ in our class – a remark which set me off in search of my Chambers dictionary. Being clean shaven I

concluded that I had been excused from her attack.Nevertheless, back then, girls who enjoyed

studying maths at school still saw a career in computing as a creative and collaborative one and were relatively keen to study it.

In fact one of the most successful software development companies at that time was FI, founded by Stephanie ‘Steve’ Shirley which, until sex discrimination legislation made the policy illegal, only employed female software developers.

But it is not like that now. Although girls in general are performing very well at university, with females taking up 57.5 per cent of all UK places in 2013 – clearly outstripping their male colleagues.

However in computer science the picture remains very weak for girls – an astonishing 87 per cent of students are male and only 13 per cent are female – along with engineering this is by far the most gender imbalanced subject taught in universities today.

According to the BCS (the UK’s professional institution for IT) only 16 per cent of IT specialists

in industry these days are female. This is crazy – computing and IT are excellent, fulfilling and highly paid careers for all, and there is absolutely no credible justification for it having largely become a ‘male profession’.

Looking at the trends over the last 50 years, it is clear that the mid-1980s was the point at which girls started to lose interest in studying computing and it can’t be a coincidence that personal computers (PCs) were just coming out at that time – Sinclair launching their affordable ZX81 PC in 1981.

A credible theory, recently expressed in an NPR report for their programme ‘Morning Edition’ is that such PCs were specifically promoted for boys who enthusiastically acquired and started programming them. By the time they reached college, the boys had amassed a great deal of practical knowledge unlike many of their female classmates who were then ‘switched off ‘ by their relative inexperience.

Whatever the reason, the proportion of women studying computing plummeted round about then and has never recovered since.

A study in 2013 for mobile phone operator O2 into the ‘Digital Skills needs of the UK Economy’ forecast that around 745,000 additional employees with digital skills will be required in the next five years to meet the expected demand. Given that only around 22,000 graduate in computer science in the UK each year that leaves a huge gap which has to be filled somehow.

However, they also found that 23 per cent of parents believed that digital skills were irrelevant to their children’s future career success, and 38 per cent of parents admitted that they did not know enough about the digital economy to help their children make informed career choices.

Every professional and industrial body in this field has mounted efforts encouraging women into IT; Polly Purvis, who runs IT trade body ScotlandIS, has launched a campaign to get more women involved.

It has never been more needed.

When I did my computer science degree in the late 1960s, about 40 per cent of my

classmates were women in what seems to have been a golden age for equality

SIR IAN Wood recently announced plans for the Wood Foundation’s £25m investment into a new private sector-led economic development body, Opportunity North East (ONE).

ONE has been set up to help rejuvenate the future of the North East’s economy, which has been hit hard following the decline in the oil price.

ONE will be the Wood Foundation’s primary focus in the North East and, coupled with support from other organisations, the fund could reach £50m over five years to support projects and jobs. ONE will also be active in bidding for a City Region Deal, worth c£2.9bn over the next 20 years, for much needed infrastructure improvements in the region.

ONE will support four sectors: Oil & Gas; Food, Drink & Agriculture; Life Sciences; and Tourism. The first project being proposed by ONE is the creation of a new oil and gas technology centre in Aberdeen, aimed at securing Aberdeen’s future on the global oil and gas stage.

It is encouraging to see industries beyond oil and gas being supported by ONE as they will play an important role in bringing future prosperity to the region. While the oil and gas industry is struggling, we have seen other sectors, such as food and drink, come into the spotlight.

We recently acted in the sale of the hugely successful Mintlaw based family business, Macduff Shellfish, to Clearwater Seafoods, a Canadian listed company, for c£98m, a clear indicator that there is more to offer in the North East, than oil and gas.

ONE will be chaired by Sir Ian Wood, who sees two directions for the region’s economy “...a renaissance which sees us revitalise the region’s economy or a slow decline towards becoming a museum for the golden age of North Sea oil and gas.” Let’s hope there’s only ONE direction for the North East and that it’s very much the former...

www.burnesspaull.com

Arran Mackenzie

Arran Mackenzie

Senior Associate

Burness Paull

E: [email protected]

T: +44 (0)1224 618565

W: www.burnesspaull.com

Sustainable Opportunity Solutions (SOS) is an award-winning Edinburgh based organisation dedicated to helping businesses explore the benefits of sustainability.

SOS was founded in 2008 by Paul Adderley to combine his passion for sustainability with accountancy expertise. SOS is expanding its multi-disciplinary team to deliver a joined up approach to help businesses create triple bottom line benefits from sustainable business management. Environmental Management is changing with the introduction of the newly revised international standard.As a result, to remain competitive, your systems need to focus on connecting business strategy with environmental performance. The emphasis is now on how your business responds to the challenges in carbon-constrained world. In other words, it’s about the big picture, not just ticking boxes. It’s about embedding sustainable thinking in the heart of your business plans and processes. It’s about more than energy efficient light bulbs, it’s about business efficiency, resilience and value creation.

If you’re not sure where to start, start by talking to us. We can guide you through the process, helping you identify and make savings, and optimise your business efficiency. And because we understand business concerns as well as environmental factors, we can help create a strategy that benefits your bottom line as well as the environment. We can create robust reports to ensure your credentials are trusted by stakeholders, enabling you to walk the talk, something that companies increasingly look for when selecting suppliers.

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Paul Adderley

Paul Adderley

Managing Director

Sustainable Opportunity Solutions Ltd

E: pauladderley@ sos4business.uk.com

T: 0131 472 4708

W: sos4business.uk.com

Twitter: @soscompass

REPORT: CORPORATE SOCIAL RESPONSIBILITY


CSR FOR BUSINESS TAKES ON A WHOLE NEW MEANINGBy MAGGIE STANFIELD

THE CONCEPT of Corporate Social Responsibility was originally coined in the 1930s by Harvard professors AA

Berle and CG Means. Although this historical fact is a clue to its meaning, the term has undergone a number of shifts in usage since then.

Western governments now exert considerable restraints upon business through legislation so as to improve the ‘social’ dimension of business growth. The Scottish Parliament has legislation in place that means any company applying for a government contract must comply with a range of ‘responsible business’ criteria.

Precisely what CSR means to businesses here and now in Scotland remains a conundrum and it is one that bothers the authors of Corporate Social Responsibility at a Crossroads1.

“One major problem is that the lack of a single agreed definition of CSR and its objectives has become a real blockage in building understanding on how best to move forward. This problem has two underlying faultlines. First, the extent

to which importance is placed on the centrality of the ‘business case’ for responsible behaviour in defining the scope of CSR practices. Second, the extent to which government is seen to have a role in framing the agenda – and how.”

The Scottish Government works hard to embed the ideals of responsible business. That it has committed to sustainability not only in its own procurement process but more widely in the Scottish Sustainable Action Plan2 where it

sets out the ways in which public sector buyers can build sustainable procurement into their corporate culture.

In an ideal world, running a socially responsible business would

be a straightforward component in overall management, but clearly that’s not always the case. As Jane Wood, chief executive officer at Scottish Business in the Community (SBC), says, perception is key.

“We have a very diverse marketplace in terms of what CSR means to different organisations. The big players such as Lloyds, Boots, Marks and Spencer and other listed companies have a very visible presence as socially responsible businesses.

“Then we have the sectors who have a very different perception. Construction, for example, is very aware of the safety and training aspects, and the oil and gas sector likewise are concentrated in those areas.

“Smaller companies may well have a social ‘intrapreneur’ in the workforce who will be encouraging this kind of responsibility within the business.

“Although CSR does not have a strong presence right across the spectrum, all are savvy about socially responsible behaviour. A lot of the drivers are apparent and businesses

The big players such as Lloyds, Boots, Marks and Spencer have a very visible presence as socially responsible businesses

Jane Wood, Scottish Business in the Community

1. Corporate Social

Responsibility at a

Crossroads: Halina

Ward and Craig Smith.

International Institute

for Environment and

Development.

2. The Scottish Sustainable

Procurement Action Plan

http://www.gov.scot/

Topics/Government/

Procurement/policy/

corporate-responsibility/

CSR/SSPAP

TV’s Cat Cubie and cancer survivor Kate Bowman get muddy to rally ScottishPower employees. Image: Phil Wilkinson



have fewer places to hide. Their ethical standards are being noticed and considered so consumer demand is the main driver. The impact of social media and open access to information mean that businesses can take years to build up their credibility only to have it destroyed instantly. We have recently seen how that happened to Volkswagen.”

The push-pull approach of SBC does seem to be effective however. There is a changing perception and more businesses are recognising the importance of their green credentials within a wider responsible business commitment.

The Green Investment Bank, established in Edinburgh in 2012 and now on its way to privatisation, is the personification of the sustainability aspect of corporate business. Business, Innovation and Skills Secretary at Westminster, the Rt Hon Sajid Javid, emphasised the importance of the Bank’s ‘green credentials’ and ‘ethical values’ in a speech last June.

He argued that the benefits of privatisation would increase the available options for the bank through access to a greater volume of capital and a wider array of green projects.

The environmental pillar of the CSR structure can, at times, look like a conflict. Traditional thinking often centred around the idea that you either make a profit or you go green but that to do both is not possible.

As Jane Wood explains, that view is inappropriate in the current climate. “I think you have, on the one hand, enormous pressures with companies to maximise production without ethical consequence considerations, yet on the other hand, if they don’t integrate CSR they will be at a competitive disadvantage. CSR philosophy is no longer about writing a big cheque for charity once a year. It is about integrating responsible business throughout your organisation and realising the benefit it brings.”

Nevertheless, charitable giving plays a significant part in CSR. The chairman of legal practice, Burness Paull, Philip Rodney emphasises how giving engages the community.

“CSR has always been important to us and we have spent a great deal of time working with employees to shape how we contribute to our communities. From fundraising events to allowing staff three days

off a year to volunteer with local organisations, we have made a point of making sure they are fully engaged in everything we do. This year we have launched the Burness Paull Foundation, a trust created to support anyone in the firm who is undertaking a charitable initiative for a cause close to their heart. The panel of trustees is made up of employees from across Burness Paull, ensuring everyone is represented.

“Ten years ago, what was then called CSR was seen as an add-on, a box that needed to be ticked. Now, there is much more a sense of making it a core part of your business, a more integral part of doing business. It comes down to respect and not compromising. When it comes to ethics, you have to get things right.”

The continuing threat of climate change and the extent to which businesses compromise our environment is perhaps the aspect of CSR that most people are conscious

Ann Loughrey is head of corporate social responsibility at

ScottishPower. She explains the company’s commitment to

charitable work throughout Britain.

“Corporate Social Responsibility is fully integrated in our

engagement with local communities. It makes sense in everything

we do to consider our neighbours and what impacts upon them.

We issue a sustainability report annually which includes our targets.

“You can’t ignore CSR with its benefits to the community and for

your employees.

“For instance, if our employees have a cause particularly close

to their own hearts, then they can apply to have their fundraising

activities matched by the company through our Charity Chest

programme.

“There is a real inspiration for people to get out into the

community rather than to be in a call centre. There is fantastic

feedback and people clearly enjoy giving something back to their

communities.

“Our Energy People Trust has provided over £4m to help 115,000

people across Scotland and that in turn has leveraged more funds.

It directs money towards young people and those setting up home

for the first time.

“iHeat volunteers go into people’s homes with advice on how

to manage fuel bills and to explain what welfare support may be

available to them. In Dumfries, we have an Independent Living

Support project that works with particularly vulnerable young

people.

“It is a tremendously rewarding experience to provide support to

people who might not otherwise be able to access it.”

CASE STUDY: Scottish Power

Ann Loughrey with Jim Percival from iHEAT



of. Yet many businesses tend to think of themselves as ‘clean and green,’ particularly in the service sector.

Paul Adderly is the chief executive officer of Edinburgh-based Sustainable Opportunity Solutions. How does he encourage clients to become more aware? “We believe in working in partnership with our clients, not preaching to them and forcing a green agenda on them. We also work in partnership with a team of expert associates, so we have a wealth of knowledge and expertise to draw on.

“We know that every business is different, so we tailor solutions to your unique situation, ensuring that you have a plan that works for your business and its needs.

“It’s an approach that means many of the businesses we worked with when we started out are still working with us today.”

Adderly believes the original conception of CSR has been superseded by a clause in the Company’s Act of 2006 which demands businesses consider the impact of their services upon employees, the community and the environment.

The business practices its message in-house, reducing its own carbon emissions from transport by supporting staff cycling, avoiding flights in favour of the train, car sharing through the use of City Car Club and using collaborative tools to reduce paper and ink use, storage space, waste and the need to travel. Shared office facilities also reduce energy use.

“In general, my view is that CSR is more a tick box demonstrated by a short paragraph on a company website. However, there are many companies that are integrating sustainable business practices through their strategy.”

At the other end of the size scale, the Lloyds Foundation provides an efficient, transparent and intentional way of transforming private wealth into public benefit. Charitable foundations are independent and while their annual spending power is not huge, they can often punch far above their weight.

After a rocky few years, an upward trend in giving has set in on the same trajectory as economic growth and recovery in the financial markets. Growth in asset value have seen a healthy hike in grant-making. In 2014, the combined donations of the

Lloyds Bank and Bank of Scotland Foundations amounted to £16.5m while more than 37,000 employees volunteered their time under the Group’s Day to Make A difference project.

A Lloyds spokeswoman said: “We do not see this as a ‘flavour of the month’ event. Rather, it is something we’ve done throughout our 250-year history. We have proudly been

investing to meet the country’s changing social and economic needs. Even today we believe we have a unique opportunity to enhance Britain’s economic and social well-being through our expertise and experience.

“Some of our Scotland-specific programmes include Midnight League, a community football initiative that was developed in 2003 to provide a fun diversionary activity for 12-16 year olds across Scotland at a time of high social disturbance. The programme has grown from providing three leagues to operating at over 100 communities across all 32 Scottish local authorities. Each year, we help keep the ball rolling on this programme by providing funding for venues, kit and coaching. Since 2003 over 80,000 kids have taken part in the programme.

“Then there is the Bank of Scotland School of Social Entrepreneurs, and Lloyds Scholars where Edinburgh University is one of the eight universities where we offer students from lower income families a complete package of financial support, paid internships, a business mentor and the opportunity to develop their employability skills.”

Encouraging young people to stretch themselves and gain from the experience is an essential component within the Polar Academy.

Run out of Bo’ness by Craig Mathieson, a respected climber, the Academy seeks “to unlock the vast potential within the ‘invisible and forgotten’ young adults in our education system and turn them into positive role models for their community and families. Each year the Polar Academy will inspire and motivate thousands of young adults, positively demonstrating that by ‘inspiration through exploration’ anybody can achieve their absolute potential”.

The Polar Academy conducts visits to High Schools and offers a selected number of young adults between the ages of 14 and 18 the once in a lifetime opportunity to be part of a major Arctic expedition.

“This expedition will be beyond anything that they have ever determined to be possible,” says Mathieson. “It will positively change the lives of the participants and their families. Returning to the UK as true role models they will have a wide ranging and positive impact on their communities.”

Encouraging smaller businesses to participate in CSR can be

challenging. Spotless Cleaning operates around the UK and has

rolled out CSR to the benefit of all its customers. Niall Moffat is CEO.

“We have a set of foundation values and we encourage everyone

not only to live and breathe these at work but in every part of

their lives. The values of respect, reporting, creativity and self-

responsibility are embedded here and these extend out to society

as a whole.

“These values empower all our people and give them a greater

sense of enrichment, belonging and responsibility. As a result, in

this highly competitive sector where turnover tends to be very

rapid, our staff remain on average for three years or more.

“We have about 60 managers up and down the UK and they are

obviously tasked to make sure that we are delivering a sustainable

service. I believe our values actively support us. We will take a

colleague along to presentations for example. That means he feels

good about himself because he is recognised for his contribution.

People in organisations need to appreciate that it’s not just about

the money but also about the wellbeing of our staff.

“We certainly have a pedigree around helping people. A manager

who recognised that some of our cleaners were struggling with a

housing issue took it upon herself to sort out the appropriate forms

and helped those people find a home. She naturally feels good

about doing that. That mentality of helping someone in difficulty is

contagious.

“We run ‘Moan and Groan’ sessions which I always attend and that

provides the opportunity to hear what we’re doing well and what

frustrations there might be. These sessions pick up momentum as

they go and ensure that staff our confident about speaking to the

CEO. “CSR isn’t a bunch of people climbing up Kilimanjaro to raise

money for charity and collect a badge.”

CASE STUDY: Spotless Cleaning

CSR has always been important to us and we have spent a great deal of time working with employees to shape how we contribute to our communities

Philip Rodney, Burness Paull (above)

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BALANCE OF POWER SHIFTS FROM RECRUITER TO CANDIDATEBy KRISTY DORSEY

FROM the depths of the recession in 2010 – when Scottish unemployment peaked at nearly nine per cent,

and almost a quarter of all young people were out of work – the job market has rallied into an escalating scramble for talented staff. Gone are the days of workers clinging to their posts, as skilled professionals across an array of sectors have become masters of their own destiny.

“Counter-offer situations are becoming increasingly common, and some of these counter-offer situations are becoming ridiculous,” says Hilary Roberts, managing director of Glasgow-based HR Consultancy. “For example, we’re not talking about a 10 per cent increase on salary, but maybe an increase of 25 or 30 per cent just to hang on to decent members of staff.”

Shortages are being reported across an array of sectors and disciplines such as accounting, analysis, change management, compliance, construction, engineering, finance,

IT, procurement and nursing, which is why savvy Scottish recruiters in 2016 are increasingly focusing on the other “R” in the skills management equation.

“Retention of your talent is massively important,” says Mark McFall, managing director of Change

Recruitment.“Engagement is key, both with

potential candidates and existing employees. Not only will that improve staff retention, but it also pushes on referrals – people are more likely to recommend their place of work to others if they feel valued by their employer.”

Firms that haven’t yet divined the prevailing wind are being told they

must start selling themselves in this client-led market. Remuneration remains an important consideration, but judicious candidates are also taking increasing account of other factors such as company culture, progression prospects and flexible working arrangements.

Roberts advises clients that interviews are now very much a two-way process, with the balance of power between employer and candidate “much more equal” than ever before. Companies need to promote their brand and their place of work to secure the best talent.

She also strongly cautions against “over-selling”, as some companies can be economic with the truth when outlining their policies on matters such as work-life balance.

“If you have described a situation that clearly doesn’t exist, you are going to have problems,” she says. “This is particularly true when you are in candidate-short markets, because it is very easy for your recruit to go out and get another job elsewhere.”

More than three-quarters of

The problem with big data and digital transformation is that it all sounds really good, but not many people really understand what it is

Alistair Shaw, Hudson (below)

REPORT: RECRUITMENT


REPORT: RECRUITMENT


Scottish organisations plan to hire additional full-time staff in 2016 according to a recent survey from Hays, and more than half require extra temporary staff. Meanwhile, 58 per cent of employees in Scotland are looking to change jobs in the coming 12 months.

Many of them report being unhappy with their salary, even though 2015’s average pay increase of 1.6 per cent was among the highest recorded by Hays in the regions outside London. Less than half of the 24 per cent of Scots who asked for a pay rise in 2015 were successful, further driving the trend to explore new pastures.

The combination of these various factors will continue pushing up salaries in the coming year, according to Akash Marwaha, managing director of Hays in Scotland. The situation remains “extremely competitive” in many sectors, with no relief on the immediate horizon.

“We are in a candidate-led market,” Marwaha says. “Recruitment and retention are business-critical issues.”

The skills shortage in construction has been described as “chronic” by a number of commentators, with developers warning that a lack of suitable staff will drive up building costs. Report on Jobs, the monthly intelligence produced by the Recruitment and Employment Federation (REC), says increases in construction salaries are “vastly outpacing” the private sector average.

“There is no way you are going to get anybody cheap in the current market,” says Paul Dixon, the head of construction recruitment specialist Munro Group. “Things are so tight at the moment that you are head-hunting at virtually every level.”

The so-called “hidden costs” of recruiting – the diversion of management time, and the expense of training up new staff – further mount when filling a role left by a former member of staff. Leaving these positions vacant for months on end can seriously hamper productivity, which is why recruitment professionals are advising employers to be realistic about what is available in the marketplace.

John-Paul Toner, operations director with Contract Scotland, says some of his firm’s clients have sat for as long as six to 12 months with vacant posts. One of the best ways to avoid this is to shift the recruitment

emphasis towards potential, rather than automatically ruling out candidates who fail to tick every box in the checklist of prescribed knowledge and experience.

“Some employers can be slow to look at anyone who is not a ‘10 out of 10’ candidate,” Toner says. “But they need to be looking at nine out of 10, or even eight out of 10 candidates.

“Given that we now appear to be almost completely out of the recession, the demand for talent is only going to increase, and because of that employers are going to need to adapt their behaviour.”

“Lateral thinking” is a common mantra among Scottish recruitment professionals who are being asked to find candidates with skill sets that don’t currently exist. Rather than relentlessly sticking to a catalogue of divergent proficiencies, the most successful firms will embrace what is described as values-based recruitment.

This is more difficult than

boilerplate methods of hiring, as it focuses on less tangible qualities such as a candidate’s global mindset, flexibility and aptitude for building relationships. So-called “digital hunters” who can effectively engage customers and partners through social media are also highly valued.

“The big thing in 2016 is going to be digital transformation and big data,” says Alistair Shaw, who leads Hudson’s accountancy, risk and finance team in Scotland. “But the problem with big data and digital transformation is that it all sounds really good, but not many people really understand what it is.”

Indeed, the answer hinges on which companies you speak to. Depending on their specific objectives, these rather nebulous disciplines require a combination of talents such as app development, cloud services, data analysis or process automation with a knack for brand-building, community relations or front-end engagement – a merger of “technical” and “soft” skills that is rare in today’s market.

“You need to be very clear about what the real ‘must-haves’ are,” says Gavin Speirs, the head of Solutions Driven.

Set up 15 years ago in Glasgow, Solutions Driven specialises in “remote identification” of potential recruits, and has developed an online scorecard process for picking out candidates at both professional and executive level. Its areas of focus include electronics,

For employees, a good work-life balance is by far the most important factor, excluding salary, when considering a new role, but only 11 per cent of employers agree this is important when attracting staff

Akash Marwaha, Hays (below)

REPORT: RECRUITMENT


healthcare, industrial and general manufacturing, all of which are suffering from a shortage of suitable talent.

“Employers need to take enough time to really understand what it is they are looking for,” Speirs adds. “It’s no longer a case of just going to the market with a job spec.”

Solutions Driven does a substantial amount of hiring from outside the UK, as does Change Recruitment. Contract Scotland has also set up an office in Spain to help fill demand where construction staffing shortages are particularly acute, such as quantity surveying, estimating and cost consultancy.

However, Toner says there remains “more reluctance than perhaps there should be” to hiring workers from the Continent.

“In a market where there is a critical shortage of quantity surveyors, companies need to consider those candidates from outside the UK whose skills are transferable,” he says. “Structural design engineers and geotechnical engineers have always been difficult to find, but now it’s almost impossible.”

Elsewhere, financial services continues to play catch-up after post-crisis cost-cutting that led to hundreds of thousands of job losses across the sector. Various surveys have highlighted a surge in permanent vacancies in both finance and accounting during 2015, a trend that is expected to continue through the current year.

Having cleared a glut of graduate trainees from a few years ago, nursing and other medical staff are also now in short supply, as are procurement professionals. Demand for the latter is being driven across the board by organisations looking to keep costs under control, with particular urgency in the cash-strapped public sector, where government austerity cuts are still working their way through the system.

About the only major area where activity remains depressed is the offshore industry, which is continuing to grapple with historically low commodity prices. According to the latest Oil and Gas Survey from Aberdeen & Grampian Chamber of Commerce, 64 per cent of firms reduced their workforce in 2015, compared to just 14 per cent which increased numbers. Nearly nine out of 10 expect the job losses to

continue in the coming year.The response to these

redundancies has been mixed. Although more than half of firms agreed that cutting jobs is a strategic move to get the industry fit for the future, a similar number, 58 per cent, believe the level of redundancies has been excessive. There are concerns about the loss of key skills: the most common destination for contracting staff who have been let go is a complete exit from the industry (31 per cent), followed by those going into retirement (29 per cent).

On a slightly brighter note, a recent survey from Scottish Engineering has suggested that the displacement of offshore staff is helping to ease long-standing skills shortages in engineering firms across the Central Belt, providing what chief executive Bryan Buchan described as “some degree of hope for the future”.

Among those whose skills are in high demand, considerations other than salary are gaining priority. With pay aspirations more likely to be met, workers are increasingly seeking new types of benefits, with Hays reporting that 62 per cent of employees now rank flexible working at the top of the list.

“However, only 56 per cent of employers offer this,” says Marwaha.

“For employees, a good work-life balance is by far the most important factor, excluding salary, when considering a new role, but only 11 per cent of employers agree this is important when attracting staff. This ranked lower than career development, the benefits package

and job security, and this disconnect needs to be addressed.”

The demand for a flexible and socially conscientious workplace has been well noted in the graduate market, but it’s not only the young who expect adaptability from their employers.

While executive recruitment has not succumbed to the same counter-offer frenzy happening at less senior

levels, even top directors are looking for a new way of working.

Scott Black, managing director of executive search specialist FWB Park Brown, says board level recruitment discussions within Scotland are currently dominated by the issues of diversity and flexibility.

While firms will compromise very little on the qualifications of their most senior appointments, the ability to work part-time, on compressed hours or from home is increasingly expected at the highest levels.

“If you are able to offer flexible working, it generally opens up the candidate pool,” Black says. “It is something we operate here at FWB Park Brown, and it has allowed us to hire some very talented people.

“It also helps to promote diversity in the workplace.”

According to Black, the executive market “burst back to life” in the spring of 2013, and this has continued in the years since. Demands at this level remain high in terms of a candidate’s experience, intellect and attitude, but openings are increasingly abundant.

“The market is generally quite buoyant, with both employers and employees willing to consider change,” he says.

“This is particularly true for candidates who are geographically mobile, as there are many opportunities throughout the UK right now.”

Those looking to fill lower-level professional positions should take note, says Hudson’s Shaw: “If you can get a really good candidate, but they will only work for four days a week, then companies need to consider that. It’s far better to have an effective employee, rather than concentrating on how much time they spend at the office.”

Employers need to regularly review their benefits to ensure they match up with staff expectations, and should ideally offer a “menu” of options to meet individual desires.

For example, while baby boomers tend to value work-life balance above job security, Generations X and Y are more likely to consider career progression their top priority.

“The personal situation is just as important as salary,” says Marwaha. “What matters to employees varies by individual, and organisations which recognise these differences will be the most successful in attracting and retaining talent in the year ahead.”

If you are able to offer flexible working, it generally opens up the candidate pool. It is something we operate here and it has allowed us to hire some very talented people

Scott Black, FWB Park Brown (below)


REGIONAL REVIEW: STIRLING

STIRLING’S £200M GRAND PLAN TO EVOLVE AS ‘CITY OF THE FUTURE’By VICTORIA MASTERSON

STIRLING has opened a new chapter in its development with the launch of a £200m plan to reposition the

city as an ‘economic and cultural powerhouse’ at the heart of Scotland.

The vision – outlined in Stirling Council’s City Development Framework – sets out new business, tourism and infrastructure investment to ensure Stirling evolves as a ‘city of the future’.

“It’s basically a £200m blueprint to deliver major projects designed to grow the city both economically and culturally,” explains Stuart Oliver, economic development project manager at Stirling Council.

“One of the projects we’re going to deliver is a digital hub, a bespoke building designed to grow the digital technology sector.

“We’re also looking at a new conference centre to support business tourism, and a new ‘royal market’, a covered market in the city centre to deliver markets and events. The idea is to try and link Stirling Castle more with the city centre and the main shopping areas.”

The council’s plan is to develop emerging new sectors – particularly digital technology – while continuing

to promote the growth of established industries, including food and drink, tourism and financial services. Stirling is home to around 4,000 businesses employing 35,000 people.

Stirling Council leader Johanna Boyd says: “Our vision for the future is very much about opening up new opportunities and creating a different kind of Stirling attractive to new players, without forgetting the sectors that have been such an important part of our economy to date.

“We’ve traditionally been particularly strong in terms of our ability to attract and retain major players across financial services, the food and drink industry and of course tourism. We very much want that to continue and are working closely with business leaders, partners and other local stakeholders to make

sure their voices are a central part of the conversation going forward.”

A key aim of the digital hub – costed at £5m – is to position Stirling as a leader in digital technologies and bring higher value jobs to the area.

“It will also help with graduate retention,” Oliver adds. “We have a lot of high quality graduates coming out of Stirling University in disciplines like digital technology. But the default is to head to Edinburgh or Glasgow. We need to do a lot more to make sure they stay and see viable options for their careers here in Stirling.”

One of Stirling’s star ‘digitech’ performers is DOGFI.SH Mobile, Scotland’s largest mobile app development company. Headquartered at Stirling University Innovation Park, it has 35 staff and an office in Mumbai as well as developers in the south of England and mainland Europe. Its clients include Network Rail, Public Health England, the NHS and many of the brands owned by TUI Travel – including Thomson, First Choice and Sovereign.

“Being located at Stirling University gives us direct access to the excellent student talent coming

Our vision for the future is very much about opening up new opportunities and creating a different kind of Stirling attractive to new players

Johanna Boyd, Stirling Council (below)

A spectacular view from Stirling Castle



out of the university in terms of both employees and interns,” says DOGFI.SH Mobile co-founder Ross Tuffee. “There’s also research that allows us to team up with the academic staff and deliver the cutting edge solutions that our clients expect of us. We’ve particularly benefitted from working with the computer studies department and also some of the academics in the health sector. Stirling itself is a great location to set up a business as it’s equidistant between Edinburgh and Glasgow – meaning that we can attract talent from those hubs too.”

Stirling’s central location – within an hour’s drive of more than half of Scotland’s population and 30 minutes from Edinburgh and Glasgow airports – is a key selling point for the city.

“We really try to highlight this in terms of road, rail and air,” says Stuart Oliver at Stirling Council. “A recent development is Virgin’s launch of a direct link with no stops from Stirling to Kings Cross – which is great. And in an international context, we’re virtually on the outskirts of Edinburgh and Glasgow airports, so the connectivity here is as good as you’re going to get in Scotland.”

The council’s inward investment strategy is to focus on specific subsectors with high-growth, high-value potential where Stirling already has strong credentials. Examples include aquaculture, building on the hub of expertise at the new £11m Scottish Aquaculture Innovation Centre and Stirling University’s Institute of Aquaculture. Researchers here are developing solutions to global problems such as pest control for salmon farmers and sustainable fish feed alternatives.

In healthcare, there are opportunities to develop digital technology – for example through Stirling University’s Dementia Services Development Centre, which seeks to improve the understanding of dementia and care standards for patients. Stirling’s strong financial services sector – including Prudential, Capita and HSBC – presents an opportunity in so-called ‘fintech’ – financial technology.

Recent activity in this sector includes the creation of 100 new jobs by International Financial Data Services (IFDS), which already employs around 500 at Stirling’s Castle Business Park. The company provides outsourced technology

solutions to the financial services industry and employs 7,800 people across Canada, Ireland, Luxembourg and the US as well as the UK.

Irene McGowan, director of operations - platforms at IFDS, said: “With a healthy pipeline of new business across insurance, pensions, asset management and the broader financial services industries, we’re able to offer exciting career opportunities across a wide range of skill sets.”

Digital technology for sport is another important subsector for Stirling. “Stirling is one of the leading universities for sports development, research and science,” Oliver explains. “It is home to the Scottish Institute of Sport, the Scottish National Tennis Centre and the National Swimming Academy. The facilities there lend themselves to businesses coming in and using them to develop products and access that research. So that’s a

huge strength for the area for sure.”Part of the council’s infrastructure

strategy includes extending Stirling Sports Village, a £27.3m development of indoor and outdoor sports facilities on the outskirts of the city. Plans include extending The Peak – Stirling’s flagship sports centre – to create a new national curling centre. There are related sports tourism opportunities in the hotel and hospitality sectors.

Other elements of the City Development Plan include a revitalised cultural quarter at the top of the town to create a hub for the arts and creative industries and a proposed £30m metropolitan arts centre to act as a platform for creative industry projects. The covered ‘royal market’ would be located under fixed canopies in the old town and would act as a showcase for Stirling’s food and drink sector and an all-weather performance area. Separately, plans have been lodged for a major new 66-bed hotel in Stirling city centre.

One of Stirling’s most enduring tourist attractions is the National Wallace Monument, which has brought growing numbers of visitors to Stirling since the release in 1995 of the movie Braveheart – starring Mel Gibson as William Wallace. Visitor numbers to the monument have since jumped from around 80,000 to more than 100,000 a year. In a recent

Being located at Stirling University gives us direct access to the excellent student talent coming out of the university in terms of both employees and interns

Ross Tuffee, DOGFI.SH Mobile (below)

Above: The National

Wallace Monument,

one of Stirling’s most

enduring tourist

attractions



survey by Stirling District Tourism, which manages the monument, 35 per cent of respondents said the film had influenced their visit.

“To say that the impact was phenomenal is no exaggeration,” says Ken Thomson, marketing manager for Stirling District Tourism. “The film has prompted at least one million visitors to come to Stirling – and they have spent at least £25m here in the city – in Stirling’s shops and restaurants, in its hotels and guesthouses, and in its visitor attractions.”

In the food and drink sector, one of Stirling’s biggest successes is Graham’s The Family Dairy. Scotland’s largest independent dairy, it recorded sales of more than £82m in 2014 and has more than 6,000 customers including Morrisons, Sainsbury’s, Waitrose, Tesco and Asda. The company is investing £20m in a new dairy that will expand its workforce from 500 to 900, creating new jobs in processing, research, design, logistics, marketing, administration and management.

“The new facility will enable us to accelerate research and production of added-value dairy products across areas such as spreadables, organics, gluten free and nutritional ‘grab and go’ children’s products,” says managing director Robert Graham, whose grandfather founded the

business in 1939.Graham’s has also just acquired

First Milk’s Glenfield Dairy in Fife, allowing it to further expand its product range into cottage cheese and quark – a soft, unsalted curd cheese that is popular in Germany and Eastern Europe.

Supporting the rural economy – and new business opportunities in related areas like food and drink – is key to Stirling Council’s economic development strategy.

Also based in Stirling is Falcon Foodservice, the UK’s go-to manufacturer of stainless steel commercial catering equipment. The company was founded in Falkirk in 1819 before moving to Stirling in 2004 and employs 200 people.

“We manufacture and supply commercial cooking equipment including oven ranges, fryers, grills and ovens to professional kitchens all across the UK, Europe, the Gulf and India,” explains managing director Tim Tindle.

The company has just unveiled its first new equipment range in over 20 years, with launches at the QEII Centre in London and the British Embassy in Dubai.

“The response from the industry has been very positive and orders for the new products are increasing week after week,” Tindle adds. “We’ve invested significantly in our factory in recent years, spending several million pounds on new technology to improve our manufacturing processes, such as a new laser cutting technology, state-of-the-art panel bending machinery and robotic welding. We’ve also been investing heavily in new product development and export sales, both as a platform

to sustainably grow the business.”In the construction sector, Stirling

is home to a number of significant businesses including Ogilvie Group. Founded in Stirling in 1953, it turns over more than £200m a year across divisions in housebuilding, construction, security, telecoms and IT, fleet and geomatics (surveying).

The company employs more than 400 at its Stirling head office and divisional offices in Glasgow, Belfast, Newcastle, Sheffield, Milton Keynes, Swansea and London.

“Business is very good for us right now and we’ve come out of those tough recent recessionary years very well indeed,” says chief executive Duncan Ogilvie, whose grandfather founded the business.

“In the past year, we’ve completed a project to implement a new funding stream for our fleet business which would allow them to almost double their size if they wanted. We’ve built and sold more than 200 new homes; integrated a newly bought business – Longdin & Browning – into our geomatics division and have just secured our tallest building project to date, the 14-storey new hotel Motel One in Glasgow.”

Stirling’s central location, access to a quality workforce and understanding council make it great location for the business.

“We actually don’t consider that there are any threats to being here,” Ogilvie adds. “We just hope to see a continued investment in the infrastructure and ongoing development in the town centre to make it as an attractive city as it possibly can be for visitors and residents.”

Robertson Group, the engineering, construction and facilities management business, started out in Elgin 49 years ago but relocated its headquarters to Stirling in 1999. The company employs 335 of its 1600 staff in the city.

“We relocated our head office because Stirling offers the perfect base for our national geographical coverage,” explains Derek Shewan, Robertson’s chief operating officer. “We’re located right next to the motorway, which offers great access to the rest of Scotland and across the wider UK.”

Highlights over the year have included the creation of three new businesses – an affordable housing business, a specialist render and roof tiling business and a new regional construction business in Sheffield.

“We’ve developed strong partnering relationships with both public and private clients in the Stirling area, which has allowed us to take on a number of significant projects,” Shewan adds. “This in turn has provided good opportunities for our local supply chain.”

City centre accommodation that has previously proved exceptionally difficult to let is now being occupied due to the general lack of availability

Andrew Peel, Graham + Sibbald (below)



Stirling Development Agency (SDA) owns and manages a substantial property portfolio in and around Stirling and is progressing a number of strategic redevelopment schemes at locations including Forthside, Burghmuir and Kildean.

Since it was set up in 1996 as a joint venture between Stirling Council and European real estate investment manager Valad Europe, SDA’s development activity has created in the region of 2,900 jobs.

“That’s predominantly been through Castle Business Park, which is the pre-eminent business park in Stirling – and that’s about 2000 jobs,” explains Andy Richardson, head of UK development for Valad Europe. “While Castle Business Park is offices, the other key asset is an industrial business park called Broadleys, where we’ve created about 600 jobs.

“About six years ago we diversified from pure employment uses into other uses, leading to the creation of the Burghmuir retail scheme at the gateway to the town centre, with about 200 jobs created. That was pre-let to Waitrose, TK Maxx and Maplin and sold prior to completion to Legal & General.”

Another 50 jobs have been created at a new 60-bedroom Premier Inn hotel and Beefeater Grill restaurant at Forthside, a 40-acre regeneration area designed to extend Stirling city centre with commercial, leisure, residential and civic uses. SDA is also developing 89 flats here, while a further 53 mid-market affordable homes are planned for Station Road in Stirling.

Another key SDA development involves creating 400,000 sq ft of grade A offices at Kildean, a new business park next to Castle Business Park and junction 10 of the M9.

“We do create jobs through our activity and we invest for the future,” Richardson continues. “We’re already investing in product for another 20 years’ supply of development land. So we are not short-term investors in this relationship.”

Chartered surveying practice Graham + Sibbald has had an office in Stirling since 1964 and has seen a general improvement in the commercial property market – particularly office and industrial – over the last two years.

“City centre accommodation that has previously proved exceptionally difficult to let is now being occupied due to the general lack of availability,” says Andrew Peel, commercial

surveyor in Graham + Sibbald’s Stirling office.

“On the industrial front, Bandeath Industrial Estate, owned by Stirling Council, is now almost 100 per cent let. This compares to three to four years ago when around 50,000 sq ft was available across a variety of units. On the retail front, we’re still seeing a number of vacant units throughout the city centre, especially in secondary and tertiary locations. We continue to emphasise to our landlord clients that they can’t be complacent and must accept that money should be spent on vacant property before it’s placed on the market. With tenants typically having plenty of options to consider, a poorly presented property will be instantly dismissed.”

That said, the firm was delighted to be agents for a new build development at Goosecroft Road in Stirling comprising three ground floor retail units with residential

accommodation above. The completion of the Premier Inn at Forthside and Hotel Colessio in Spittal Street were also welcome additions to the city, Peel added.

“If the economy continues to improve and constitutional uncertainties are put to one side, the future for Stirling can, and hopefully will be, very exciting.”

In the education sector, Forth Valley College opened new campuses in Stirling and Alloa in 2012 and 2011 respectively, and is now planning a new £70m campus in Falkirk.

“The new development will be an asset to the town and the wider central Scotland area,” says Forth Valley College principal Dr Ken Thomson. “It will be a strong influencer for investment and business opportunities – ultimately helping to attract and create more jobs.”

Construction is expected to commence in 2017 and complete in 2019. The campus will be built on the site of the college’s former Middlefield Building.

Forth Valley Chamber of Commerce meanwhile is leading an innovative employment and training programme for ex-forces personnel. As the lead chamber in Scotland for military/civilian engagement, Forth Valley helps ex-forces personnel looking to start their own business, move into employment or gain extra training.

“Starting up a new business is challenging at the best of times,” explains Michelle McKearnon, chief executive of Forth Valley Chamber. “But when dealing with other issues around transition, it becomes even more difficult. However ex-forces personnel can possess the right mindset and skills to make a real success of running their own business. They are focused, hard- working and never give up. All vital attributes for being a business owner.”

The chamber’s Scottish Veterans Employment and Training Service includes specialist recruitment services and further education and training through a raft of providers. Training and support is also provided to civilian employers.

“SVETS is a win-win situation for veterans and businesses alike and we are very proud that it is happening here in Forth Valley with the support of 51 Brigade in Stirling,” McKearnon adds.

We hope to see a continued investment in the infrastructure and ongoing development in the town centre to make it as an attractive city as possible

Duncan Ogilvie, Ogilvie Group (below)

Ogilvie Group’s Stirling head office

ENTRANCE ARRANGEMENTS 2016

Our main entry points are Kindergarten, a pre-primary one year,

and Junior 1 for the Junior School and Transitus (Primary 7) and

First Year, for the Senior School.

We also have vacancies at some other age groups.

Informal interviews are held for Kindergarten and Junior 1 during

January. Tests for Juniors 2 to 6 and Transitus to Fourth Year will be held

this year on: Wednesday 20 January 2016

Please contact us for any other information you may need.

w w w. g l a s g o w h i g h . c o mT h e H i g h S c h o o l o f G l a s g o w L t d . R e g i s t e r e d C h a r i t y N o . S C O 1 4 7 6 8

Junior School

Tel: 0141 942 0158

Email: [email protected]

Senior School

Tel: 0141 954 9628

Email: [email protected]

ROUND TABLE: DIGITAL SCOTLAND


infrastructure that industry and consumers need.Adam Brown: We work across all sectors in the UK as well as internationally, and a lot of our work is Scotland-based. In sectors such as digital that grow and change so rapidly we take a leading role in providing support for our clients to attract skills from outside the sector.Chris Yiu: We do three things which are relevant to this conversation: we work with our members to get people in Scotland who don’t have decent digital skills on to the web for the first time.

We’re also working with a lot of Scottish charities helping them with digital skills and offerings and I look after our in-house digital teams where we try and set an example to the sector that a small organisation with not much money can still build world class digital products.Colin Cook: Previously I was responsible for digital infrastructure with Scottish Government, very much driving the roll out of superfast broadband. Now my focus is on how digital technology can be adopted more rapidly and more deeply by the public sector in Scotland and how we need to change our organisations

QCan you tell me briefly about your organisation’s

involvement in digital?Ross Martin: We have recently published a refresh of our national economic blueprint which tackles some of those issues and a lot of those issues are in that theme, looking in particular at the impact of digital on the productivity of the economy, on level of innovation on our attempts at internationalisation and its use in terms of developing modern infrastructure to support all three of those challenges.Steve Watt: I look after IT and change management in a 602-year-old institution, which has got its challenges! I have a team of 95 looking after those two areas.

I am also the sector lead on a number of national groups including the higher education IT directors group and also various groups looking at shared services across Scotland.Stuart Robertson: I am involved in digitalisation in relation to the external as well as our own attempts to get more digitally connected. A large part, in partnership with BT, is improving infrastructure and superfast broadband roll-out, and also about how businesses use technology to the best effect and to some extent about how individuals can use the technology.Tony Rose: I’m heading up a digital team at SFT that is looking at the infrastructure elements of the Scottish Government’s world class digital vision. We are working with industry, government, public bodies and other stakeholders more broadly, to better understand the potential infrastructure need and what government can do in its broadest sense be it regulation, planning or funding that will stimulate different approaches to deliver the world class

PANEL MEMBERSAlasdair Northrop

editor, Scottish Business Insider - chair

Tony Rose

infrastructure director, Scottish

Futures Trust

Steve Watt

CIO, University of St Andrews

Colin Cook

head of digital public services and

business transformation, Scottish

Government

Chris Yiu

director, digital participation at SCVO

Ross Martin

chief executive, SCDI

Adam Brown

director, FWB Park Brown

Stuart Robertson

director digital, Highlands and Islands

Enterprise

Brendan Dick

director, BT Scotland

Thanks to The Royal Society of

Edinburgh for providing the venue.

IS SCOTLAND KEEPING PACE IN THE DIGITAL REVOLUTION?By ALASDAIR NORTHROP

Brendan Dick

in association with



support to each of our locations internationally and having very good internet access is crucial to enabling this team to work effectively.

We have also recently moved from having a server based in each office to a cloud-based system which allows each employee access to our database wherever they are.

Interestingly this has had a significant effect on our ability to support agile working and has increased our workforce diversity, particularly in terms of gender. As this last point is something that we widely help our clients to deliver, we firmly support the assessment that reliable high speed broadband has a direct impact on the ability of businesses to increase gender diversity of staff at all levels.Yiu: In many respects the issues for the charities sector are not that different from those you find for many small businesses. Two things stand out for me. One is giving organisations the ability to interact with service users or customers or whatever it is, in the sort of forums where those people are.

So I spend a lot of my time focusing on organisations who don’t have good digital skills, getting them to think about information and websites, social media and so on.

The other thing for charities is around saving money. Earlier this year we hosted Google at our office to launch Google for Non-profits in Scotland, which gets charities in Scotland completely free access to entire Google apps and suites.

But there are a lot organisations that can’t do that and are still trekking down to the high street to part with money for software on disks and it’s expensive.

But all of the potential of cheap cloud services is predicated on fast broadband. It won’t work if you can’t actually get good connectivity.Watt: First of all from a sectoral point of view we are probably pretty lucky in that we have got quite a large UK-wide network and links internationally and through the Government-funded Super Janet network so that already provides pretty good connectivity for everything from real time research collaboration whereby researchers can collaborate internationally. I also think access brings opportunities

and the way in which we operate to get full benefits of that for public services.Brendan Dick: I am heavily involved in rollout of infrastructure. Uniquely in our sector we service all sectors of the market from consumers to global corporates and all geographies in Scotland.

In that sense I’m interested about how we as a country exploit digital technology.

QHow does high speed broadband enable

businesses and other organisations to do what they currently can’t do?Robertson: Businesses that contact us are looking for higher upload speed as well as a higher download speed. That higher upload speed allows them to do the kind of things they perhaps haven’t been able to do in the past - uploading data as opposed to just consuming it as a more residential connection.

It’s all about small businesses through low cost broadband being able to act like bigger businesses who can afford more expensive ethernet connections, and appear as a completely connected business across the world.Martin: The coverage across the country is variable. I was down in Dumfries and Galloway a few weeks ago and I think something like a third or more of the geographic land mass of Dumfries and Galloway doesn’t have even 3G let alone high speed broadband.

So there’s still a lag in terms of being able to ensure that businesses in the locations that most need that level of service get it. There’s a

programme that’s helping massively but until we get to that saturation point that choice for many people is actually very exclusive. In terms of enablement, the impact it can have on business is fast, so if you look at some of the emerging unicorn businesses in Edinburgh, they have automatically become international before they are even domestic. But it also raises a whole range of issues for government and regulatory authorities both here at home and

abroad in terms of how you track that stuff, how do you tax it, how do you support it, and all of those questions round about that, so whether it’s the fiscal framework in terms of the level of support or whether the regulatory framework all of these aspects of the public and private sector cooperating with each other requires an enormous amount of work, and I think we are really playing catch up with technology rather than being prepared for its use and then enabling its rollout.Brown: Our business operates internationally and so we have to be able to access people wherever they are. Advances in digital and broadband capability have revolutionised our ability to do this in recent times. We have a research function which is based in Edinburgh and Aberdeen but provides

There’s still a lag in terms of being able to ensure that businesses in the locations that most need that level of service get it

Ross Martin, SCDI

Adam Brown

Colin CookChris Yui



to access other markets as we’re a global business based in a small fishing village in Fife and our reach is obviously global and high speed network allows us to deliver that to where we want to, whether that be education or whether that be the acquisition of potential customers if you want to call them that.

I think by 2020 I think something like 80 per cent of organisations will have some sort of public cloud usage. Most larger organisations will still maintain some on-premise computing but I think access to cloud services will be an absolute necessity going forward.

Because I think all of us are in the same position whereby there’s a lot of cost in having your own on-premise IT. I think having high speed connection can allow you to save a huge amount of money.Rose: Whilst significant improvements are being made and recent OFCOM data would suggest that the SG target of 85 per cent of premises having access to next generation broadband has been achieved, take up data from OFCOM data from last year showed that only 17 per cent of SOHO businesses have got next generation access, 48 per cent of large businesses and 23 per cent of SMEs, so there’s still a long way to go in terms of business use of digital.

It is also important to consider mobile connectivity which is one of the areas we haven’t touched on really, as business need is not just about fixed connectivity, it’s about mobile as well. Going forward businesses that are encouraging mobile working and establishing cloud-based services – as well as consumers - will expect fast connection wherever they are.Cook: A good broadband service enables you to think about changing the model in which you work. It allows you to change how you procure and where you procure from, share services across boundaries or increase your use of the cloud and, of course, it allows you to offer more reactive 24/7 services. From a public sector point of view I think there’s also something about digital technology enhancing the accountability of the organisation. It opens you up, allows people to shape services to comment on services, give you the feedback, makes you more visible or more accessible and I think

that can only be a good thing for the people of Scotland, because I think ultimately it makes governments and the people who work for them more accountable.Dick: The infrastructure deployment is hammering on, and the government’s target by the end of this financial year to be about 85 per cent availability on fixed broadband across various providers is getting there, which is great. Take up is clearly going to drive ongoing investment and that does vary around parts of the country. Broadly speaking we are heading in the right direction. I think the big thing for me going forward is the real opportunity to help business externalise what their current markets are. For example, if you live in Perth and your current market is Perth, depending on what you do, your market might become Scotland or it might be international. The ability to really enhance how tourism businesses are communicating with their markets across the world is really significant. Looking at the third sector, the ethos and outcomes might be different but fundamentally they are businesses so it’s all about efficiency. I think the hard part in all of these different

sectors is not just the organisations doing something differently, it’s how we, in parallel, educate our customers to interact differently so I think participation and knowledge levels relating to using digital technology is key. Broadly speaking I think it’s a step change for the country. If we invest well in the infrastructure and the skills base I think we can make a massive improvement and eat into the challenge that we have in Scotland, and Britain, on productivity.

QHow does Scotland compare to other countries in terms of

exploiting digital?Cook: One of the things that digital technology enables you to do is to share and learn from international experience. Our reference points for digital public service are global because we can find out very easily what’s happening in governments across the world. We look at the experiences of leading digital governments be they in Scandinavia, Singapore, New Zealand or Australia.

We benchmark with them very easily and effectively because of digital technology. I think it’s a mixed picture. There are some countries that have moved ahead on things like Smart Cities. Places like Singapore and Korea are perhaps leading the way.

There are some that have really pioneered broad online service delivery such as Estonia and Sweden. Scotland has the potential to be at the forefront of this whole revolution because it has a good strong underpinning infrastructure, a good university sector and a relatively well integrated public sector by international standards.

But that doesn’t mean there isn’t anything to learn, and we are committed to sharing experiences and learning from the ways that other countries are developing shared service capabilities.Dick: Broadly speaking Scottish people and Brits are good at using the internet compared to other countries. We see that in all the OECD stats so whilst there are challenges that people like Chris are trying to address to get people online, we’ve got a broad infrastructure that is there or getting there. I think the thing we are still struggling with is how we make best use of the data that we have. That’s a very hard one,

We are committed to sharing experiences and learning from the ways that other countries are developing shared service capabilities

Colin Cook, Scottish Government

Ross Martin

Tony Rose



it’s not just a technical question, it’s a political and data security issue, and I don’t know that we’ve all got the answers yet.Brown: I returned to Scotland fairly recently having worked in London for ten years. FWB Park Brown also has a business in Houston. My impression is that Scotland is actually very good at exploiting digital. It’s a highly entrepreneurial society so it is naturally open to and adoptive of new things and it’s small enough to be able to embrace new technologies and ways of doing things very quickly.

QWhat can a digitally engaged nation

mean socially, as well as economically?Yiu: Our view would be if you care about social inclusion and the state of society in 2015 it’s very difficult to envisage how you can get to where you want to be without everybody being able to participate using the internet and digital channels.Cook: I think first it’s a more participative society. There’s opportunities right from the beginning for people to give their views and feedback, to expect responses, to get into a dialogue with policymakers and service providers and see services change. Technology makes it far easier to work on projects together across sectors, across countries.

And then, of course, there is the opportunity to access that digital technology to tackle inequality in our society.

Digital opens up opportunities around education and health like never before and Scottish Government and its partners in business and the third sector are working to ensure that as many people as possible have the skills required to take advantage of these opportunities.Brown: One element is the environmental one – more recently in our business we have been able to do a lot of our internal meetings by videoconference which means we don’t have to travel…it’s also cheaper! From a workforce diversity angle, the fact that people can work just as effectively from outside the office means that we can offer more agile working options and this allows people with, for example, childcare requirements to continue

to work without necessarily being in the office all of the time. We are seeing an increasing amount of smaller businesses being successful in Scotland because they are able to produce work of a high standard and have access to major clients without necessarily being in an expensive office in the middle of the city with associated high staffing and travel costs. This also has an impact on historically beleaguered rural economies as businesses can more easily operate from these locations. It’s interesting to think where we might be in 20 years’ time – some companies may not need offices at all, never mind large city-based offices. It would appear that overall the enabling power of digital is a force for good.Rose: Working with Scottish Government, Glasgow Housing Association (GHA) and BT, an innovative, Wi-Fi prototype has been developed that provides internet access for £1 a week per household, available to tenants living in 138 flats of a Glasgow multi-storey tower block. Subsequently, more than 50 per cent of households signed up to take part. Internet access has allowed tenants to improve their IT

skills, search for work, and increase their use of online services. This has also had a benefit to the housing association because they were then able to engage with their customers in a different way, and also look to make improvements and refinements to support functions.Brendan Dick: I think there’s about 250,000 social houses in Scotland which are either local authority-owned and not-for-profit sector, so there’s a massive opportunity there.Stuart Robertson: Digital engagement is something we have a debate at home about. My wife is very much ‘the boys shouldn’t spend all their time in front of screens.’ It’s important that they have these skills and I guess somewhere along the way there’s a need for some kind of balance. We do still need to function as social individuals in meeting people and talking to people and not doing everything online. I would certainly think that it’s a force for good.

There is also a strength in finding people of like interest. Online you can do that on a much wider scale than you could if you were doing it physically.

So you can draw in lots of experiences that otherwise you wouldn’t have if you were relying on the old ways of doing things.Watt: From an economic point of view technology must be the backbone of where Scotland is going. I think also targeting people of maybe 55+ or 60+ being less ICT literate would be a benefit. In my own case for example, my father retired after working in a factory all his life, I bought him a PC when he was 65, he’s now 80 and is now proficient with online banking.Dick: We have got a technology that now opens up the world, certainly to those that are already online, and potentially for those who aren’t yet. We live in a world where compared to one or two generations ago families are more dispersed and they can now connect more easily.

There are also some really good examples of how technology can support communities. If I’m looking to do something or find something or buy something I can go online I find it here in a way I couldn’t have done five years ago.

That requires the supply side locally to exploit digital. If they don’t they will lose out.

We’ve got a technology that opens up the world, certainly for those that are already online, and potentially for those who aren’t yet

Brendan Dick, BT Scotland

Steve Watt

Stuart Robertson

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THE COUNTDOWN is on for small and micro employers to comply with the biggest change in pensions

law for a generation. In a bid to get Britain saving for retirement, employers with fewer than 30 staff must automatically enrol eligible employees into a workplace pension by 2018.

The regulations – which have already been rolled out for medium and large employers – will affect around 1.8 million small and micro employers over the next three years. Even those with just one employee, such as hairdressers, architects or people employing a personal care assistant, will have to comply. The rules also cover short-term, seasonal or temporary staff such as IT contractors, labourers or fruit-pickers who are not on regular hours or incomes but are paid through a payroll.

“Smaller employers are likely to face different challenges to the larger employers,” suggests Caroline

McIntyre, pensions team director at law firm Burness Paull. “Particularly how to resource, manage and implement the ongoing obligations of auto-enrolment – including the complexities for payroll.

“The key lesson learned is to prepare early, and don’t

underestimate the time that can be involved in preparing for auto-enrolment. Employers should assess their workforce for eligibility and ensure employee data is current and that payroll systems and processes for joining, opting-out and monitoring can cope.

“The company’s pension scheme and contributions should be reviewed

to check that they qualify for auto-enrolment. If an employer has no pension arrangement in place, they need to build in time to identify and put in place a suitable arrangement. This includes taking into account the lead-in times of pension providers, who are under pressure to meet rising demand.

“Employers – particularly smaller employers – should carry out a costing exercise to identify what the likely costs of auto-enrolment will be for the business. This will largely depend on whether the company already has a pension scheme in place and how many staff are already members.”

The current rules apply to anyone aged between 22 and the state pension age who isn’t already in a workplace pension, who earns more than £10,000 a year and ordinarily works in the UK.

More than five million eligible workers have been auto-enrolled since the regime started in October 2012, with few people choosing to

The key lesson learned is to prepare early, and don’t underestimate the time that can be involved in preparing for auto-enrolment Caroline McIntyre, Burness Paull (below)

GUIDING YOU THROUGH THE MAZE OF AUTO-ENROLMENTBy KRISTY DORSEY

REPORT: PENSIONS


in association with

The only law firm with dedicated pensions teams in Aberdeen, Edinburgh and Glasgow.

REPORT: PENSIONS


COMMENTSarah PhillipsPartner

Burness Paull

Email: sarah.phillips@

burnesspaull.com

T: +44 (0)131 473 6906


The pensions revolution: time for a single regulator?

2016 looks like another busy year for pensions.

And, as ever, none of it is straightforward.

Since the introduction of auto-enrolment in

2012, the pensions market has welcomed 5.4m

new pensions savers. That is a real achievement.

But, those new pensions savers come from only

60,000 (or 3% of) UK employers. By 2018, the

Government is expecting another 1.8m small

and micro employers to enrol eligible workers

into workplace pension schemes. And that will

bring its challenges - for employers, for savers

and for the regulators operating in the pensions

arena.

Employers: the key lesson so far is to prepare

early; don’t underestimate the time involved.

Smaller employers are likely to face bigger

challenges, particularly resourcing auto-

enrolment implementation and managing their

ongoing obligations. The Pensions Regulator

anticipates exercising its powers for non-

compliance more often. If you don’t want to be

on receiving end of that action, don’t leave it

too late!

Savers: while it is great that so many more

people are saving for retirement, it is only a

matter of time until those savers who pay

and receive the minimum auto-enrolment

contributions realise that this is insufficient

for a comfortable income in retirement.

And, at some stage, the Government will

have no choice but to raise those minimum

contributions.

Regulators: in the past, the distinction between

occupational / workplace pensions and

contract based pensions was relatively clear.

As a general rule, the Pensions Regulator was

responsible for regulating occupational (trust

based) pension schemes; the FCA and PRA, for

regulating contract based schemes. However,

that line has been blurred by auto-enrolment,

with the Pensions Regulator now regulating

auto-enrolment, even in respect of contract

based schemes. With two different regulatory

regimes, inconsistencies arise in the way

pensions policy is implemented, depending on

the applicable regime. And it seems to me that

the time has come to re-open the debate about

a single regulator for pensions.

opt out.“Auto-enrolment has had a significant

impact in terms of people saving for their retirement,” McIntye adds. “The employee opt-out rate is still relatively low. Recent studies have shown that older workers, women, and part-time workers are more likely to opt out on average than other workers, with the main reasons tending to be around affordability.”

Chase de Vere, the independent financial advisory firm, has seen a similar trend, with ‘huge’ levels of engagement from employees. In his Autumn Statement, Chancellor George Osborne said the number of people saving for retirement was at its highest point since 1997.

“Of the 1,000-plus projects we’ve completed, the vast majority of clients have seen opt-out rates amongst their employees well below 10 per cent and a number of them less than one per cent,” says Sean McSweeney, auto-enrolment specialist at Chase de Vere.

“Many employers have also used their auto-enrolment project as the opportunity to think about recruitment, reward and retention of their people, and have decided to offer a package which is wider than a pension scheme.”

That said, The Pensions Regulator, which regulates work-based pension schemes in the UK and is overseeing the roll-out of auto-enrolment, has recently seen a large increase in the number of employers under investigation and has just issued the first ‘fixed penalty’ notices of £400 for employers who failed to meet their duties. To the end of September 2015, the regulator had issued 2,248 compliance notices and fined nearly 600 employers.

“Time and time again, we are approached by employers who are only starting to plan two or three months before their staging date (the date their automatic enrolment duties come into force, based on the total number of people in their PAYE scheme). Auto-enrolment can be a complex project and the earlier an employer starts planning, the less grey their hair will be by the end of the project.”

The firm’s experience is that many small employers are struggling to understand their duties and can’t always afford the help of a pension specialist – so a big proportion are turning to their payroll provider or accountant for help. “We’re working in tandem with these payroll providers to take auto-enrolment off an employer’s desk at a cost they can afford,” McSweeney says.

James Keith, a senior associate in the pensions team at law firm MacRoberts, agrees there is no escaping that pension provision is an additional cost which some companies may struggle to afford.

“From an administrative perspective,

particularly for smaller companies, it’s a burden,” he says. “That’s why it is important to ensure that your payroll and assessment procedures can cope. Once everyone has been enrolled, it’s likely that the required level of employer and employee contributions will increase further over time. Employers should consider having a contingency plan and budget from 2019.”

Workers must pay a minimum of one per cent of their salary into the auto-enrolment pension, rising to a minimum of five per cent from April 2019. Employers must match this with a minimum one per cent contribution, rising to three per cent in April 2019. Both employer and employee contributions get tax relief.

“Having a workforce that can afford to retire is important so that the next generation can take your business forward,” Keith adds. “In employment terms, there’s no longer a default retirement age and that means it can be difficult to compulsorily retire older employees unless there are issues such as performance or capability. For employees, auto-enrolment may not suit everyone because there might not be enough time in some cases to build up a sufficient pension pot before retirement. This in turn could have an impact on wider state pension benefits and credits.”

Due to the minimum earning criteria, some low-paid employees might work in numerous jobs but won’t get any provision whatsoever, Keith says. “Unless packaged with a clear employee communication, being auto-enrolled may be an unwelcome surprise. So education and engagement is essential.”

Some commentators view the existing auto-enrolment regime as a prelude to something more robust to cater for an ever-ageing population, Keith continues. “We may well eventually see the implementation of much higher contribution rates or even a system of compulsory pension contributions, as has been implemented in Australia since the 1990s.”

Standard Life, one of the UK’s largest workplace pension providers, notes that the estimated 500,000 employers joining auto-enrolment in 2016 represents a 10-fold increase on 2015 – highlighting the importance of early action.

“The key consideration here is the sheer volume of employers staging each month,” explains Alan Richie, Standard Life’s head of employer and trustee proposition. “On average, roughly as many employers will stage every month over the next two years than have staged since auto-enrolment began back in 2012. To avoid being caught up in this unprecedented demand, employers should start preparing early and make contact with their existing scheme provider and/or adviser if they have one.”

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Not all pension schemes are the same and there will be pros and cons with each, Richie adds. Employers should choose their provider carefully to suit their needs and the needs of their workforce.

Mercer, the human resources consultancy, points out that there are currently two phases of auto-enrolment underway. Alongside the roll-out to small and micro businesses, large employers are having to go through a three-yearly re-enrolment process.

“Broadly this means that they have to automatically re-enrol any eligible worker who opted out or ceased pension scheme membership more than 12 months earlier,” explains Brian Henderson, a partner and leader in defined contribution and financial wellness at Mercer. “The re-enrolment process is designed to ensure that as many employees as possible save for their old age when they no longer can or want to work. For those who did opt-out, there may be some frustration that they’ll be required to opt-out again.” Henderson stresses that the current minimum level of contributions required under auto-enrolment will not be enough to provide an adequate income in retirement for everyone. So employees should really be considering how much more they need to pay on top of their employer’s contributions.

“With only 37 per cent of employees making the most of the contributions on offer to them, this is an area for all to address,” Henderson says. “Communication and employee engagement needs to be the highest priority if workers are going to be able to enjoy the income they think they deserve in later life.”

Mercer’s main concern is that wide-ranging changes to pension provision – including the government’s radical pensions freedom move in the 2014 Budget – should be given time to ‘bed in’. The liberalisation means anyone aged 55 and over can take their whole pension pot as a lump sum, paying no tax on the first 25 per cent and the rest taxed at their income tax rate like a salary.

Ian Gordon, a partner at law firm Pinsent Masons, believes being able

to access retirement savings from the age 55 will be a big attraction for many employees. “They don’t even need to use the money for retirement purposes these days,” he adds.

For employers, salary sacrifice can be used to offset increased costs. This involves offering employees non-cash benefits such as childcare vouchers or increased pension contributions in return for giving up part of their salary. Gordon’s main concern for employers is around compliance, albeit most cases seem to relate to error rather than deliberate violation.

“Employers don’t generally understand that switching between schemes or providers triggers re-enrolment requirements and sometimes consultation,” he says. “It also appears that some of the IT tools used to segment the workforce into eligible or non-eligible job holders are not functioning as they should. There have been examples of those returning from maternity leave being missed off. We’ve also seen cases of records of opt-outs being unavailable. All of this gives rise to compliance action by The Pensions Regulator.”

The top tip for employers is to be absolutely clear with their pension

providers about who is responsible for what aspects of compliance – and make sure there are no gaps.

Edinburgh-based legal practice Davidson Chalmers is preparing for its own auto-enrolment staging date on 1 April 2017. The firm has 45 employees and key markets in the healthcare, professional services, renewables, charity and hospitality sectors.

“The key challenge for our business is that – despite having paid more into our employees’ pension schemes than auto-enrolment requires us to do for a number of years – this isn’t enough,” says Dawn Dickson, employment law partner at Davidson Chalmers. “The scheme we provide auto-enrolment through also has to be compliant, and there’s an increased administrative burden that goes along with this.”

Employers need to budget for increased costs and act now to avoid the growing bottleneck as employers queue up to mobilise schemes.

The Pensions Advisory Service (TPAS) provides free advice on pensions and lists many frequently asked questions about auto-enrolment on its website.

“We receive a number of queries about the process,” explains Michelle Cracknell, TPAS chief executive. “Examples include where employees are already contributing to their own pension plan or in receipt of a pension – and they’re not sure whether they can also be part of a workplace pension scheme. It is now possible to be a member of more than one pension scheme and also contribute to a pension when you’re already receiving one. Though in this case, there may be implications on the amount that you can contribute.”

There have also been queries and complaints about the employer’s right to automatically enrol workers into a pension scheme – particularly the employer’s right to deduct money from salary without permission.

Those not classified as workers under auto-enrolment and therefore exempt include self-employed contractors, company directors with no other employees, armed forces personnel and office holders such as company secretaries and non-executive directors.

Employers don’t generally understand that switching between schemes or providers triggers re-enrolment requirements and sometimes consultation Ian Gordon, Pinsent Masons (below)

burnesspaull.com

OUR PENSIONS TEAM.PERSONABLE.NOT PENSIONABLE.

ROUND TABLE: SPORT IN SCOTLAND


Scotland. It works across all six cycling disciplines: BMX, Mountain Bike, Cyclo-Cross, Road, Track and Cycle Speedway in 178 clubs and associations throughout Scotland. There are over 650 events across the disciplines. On the back of the London Olympics success our membership has quadrupled.Willie Finlayson: My day job is in helping to run an executive search business. FWB Park Brown is an executive search company which advises and supports its clients on how to identify and recruit board level (non-executive and executive) and senior management talent. But I am also a big sports fan and indeed I am a non-executive director of Inverness Caley Thistle, who gloriously won the Scottish Cup last season.Nigel Holl: I’ve been CEO of scottishathletics for approaching six years, with a career background exclusively in sport – England Netball (performance director), Scottish Institute of Sport (during its formative years), and England

QPlease tell me me briefly about your organisations.

Stewart Regan: I am chief executive of the Scottish Football Association and chairman of Hampden Park Ltd, a 100 per cent-owned subsidiary of the Scottish FA. The Scottish FA is football’s governing body in this country and responsible for a spectrum of areas concerning the national game, from all senior and youth national teams, both boys’ and girls’, men’s and women’s; the national cup competition, The Scottish Cup; disciplinary procedures, club licensing, player and coach registrations, referee development and coach education.Hamish Grey: I have been chief executive of Scottish Golf for 18 years. Scottish Golf is the governing body for the sport of golf in Scotland. It represents 607 golf clubs across the country representing a total membership of over 220,000 golf club members and we work to grow the game, develop talent and support healthy vibrant golf clubs.Forbes Dunlop: I have been CEO of Scottish Swimming for nearly three years. Scottish Swimming is the national governing body for swimming in Scotland. Its aims are to get more people swimming for health, fitness and fun, to support our 150 member clubs and to support our athletes to compete on the international stage. Scottish Swimming is the governing body for swimming, synchronised swimming, diving and water polo.Craig Burn: I’ve been CEO of Scottish Cycling for just over four years. Scottish Cycling is the national governing body for cycling in

PANEL MEMBERSAlasdair Northropeditor, Scottish Business Insider – chair

Stewart ReganCEO, Scottish Football Association

Hamish GreyCEO, Scottish Golf

Forbes DunlopCEO, Scottish Swimming

Nigel HollCEO, Scottish Athletics

Craig BurnCEO, Scottish Cycling

Willie Finlaysondirector, FWB Park Brown

Thanks to Hampden Park for

providing the venue.

UNITED IN PROMOTING AND DEVELOPING SCOTTISH SPORTBy ALASDAIR NORTHROP

Nigel Holl

in association with



on a main board reduced from 12 to eight. We have also recently conceived Scottish FA Congress, a fully representative body composed of all key stakeholders in the game, including players, coaches, match officials and even the media.

Ultimately the success of the governing body in football is ultimately decreed by the success of its national team and these improvements will take time to blossom, hence the name of our strategic plan, Scotland United: A 2020 Vision. The immediate challenges are in maximising funding for facilities and infrastructure, compared to other countries, and how to provide a more efficient and effective pipeline of talent between the professional and recreational game. I think sport can benefit from a more co-ordinated shared strategy with the ultimate aim of creating a better, healthier and more aspirational Scotland.Grey: We have been on a modernisation journey. In 2008 we were all hit by the economic downturn with sponsorship dropping. Our aim from 2008 was to come out stronger than where we went in and actually using the sponsorship portfolio as one measure, we are significantly better off.

We have had to build partnerships to grow and I think we have done that very well with the recent amalgamation of the Scottish Golf Union (SGU) and the Scottish Ladies’ Golfing Association (SLGA).

There has been an 18 per cent decline in golf club membership over the past decade as a result of consumer behaviour changing and the clubs not changing quickly enough to adapt to it. Fourteen per cent of membership in Scotland is female. If you compare that to the Scandinavian countries they are around 30 per cent. I think Germany and Austria are highest with 36 per cent. We know our populous is about 50/50, so it stands to reason there is a real opportunity here where we have got capacity in our clubs, to engage more women.

Hockey. So I have experience of a few governing bodies of sport – in English as well as Scottish sport, and when at the Institute, working closely with nine governing bodies. Scottishathletics – covering all disciplines of the sport - track and field, hills, trail, ultra, XC, road running, and also the very significant “jogscotland” programme – impacting on the health of the nation in every community through

volunteer “walk, jog, run” groups.

QCould you give me your perceptions about sporting

organisations in Scotland and where you feel we have strengths and weaknesses?Finlayson: The question on my mind is no doubt no different from many others. As a nation do we do as well at sport as we can? On the one hand we can look at the world-class achievements of our swimmers and cyclists and the fantastic athletes (mainly women) that we have - but at the same time wonder why countries like Northern Ireland, Iceland, Wales and Albanian are going to the European football finals next year – and we are not. We can also look at the nine golf majors won by Ireland in the last decade relative to the bare cupboard we have. It must be very difficult for you CEOs to balance the needs of the grass roots and the elite across your sports. In cycling, for example, is the greater legacy in having produced our

greatest Olympian or is it in having 30 per cent more kids cycling, with the obvious health benefits that come from that. It must be very difficult to do both brilliantly and to keep everyone happy.Regan: Scottish football has experienced many challenges in recent decades. Upon my arrival, we initiated a governance review on the back of Henry McLeish’s report in 2010, and have since

made a series of improvements in our governance and structures. We have tackled all but five of McLeish’s 103 recommendations, the most significant being the implementation of a performance strategy to improve elite talent development in partnership with the SPFL clubs. We have also modernised and streamlined our governance, not least with the implementation of an independent judicial panel to deal with disciplinary procedures via our compliance officer, added a professional and non-professional game board to deal more effectively with strategy at both ends of the game, and now have two independent non-executive directors

Sport can benefit from a more co-ordinated shared strategy with the ultimate aim of creating a healthier and more aspirational Scotland

Stewart Regan, Scottish FA

Forbes Dunlop Stewart Regan



Further, women generally have more say on what their children play in the family. So if they have had a positive experience in the game it’s going to lead to more families playing, and we know all the research shows that if you play as a family, you are more likely to stay involved in golf. That’s hardly rocket science.

Consequently, we need to start shaping the way we offer memberships, to mirror what the consumer wants. We are in the middle of a cultural change at our clubs to make this adjustment and encouragingly those clubs that have engaged with us have outperformed the average club membership trends by nearly 4.5 per cent.

Through all this we still keep our focus on developing young talent moving from amateur and ultimately professional. That’s gone pretty well overall and we are current European champions.Dunlop: Prior to my current job I worked with Sports Scotland for over 10 years. I think there’s a real mixed bag out there and there’s also a misunderstanding of the size and scale of the organisations involved.

A lot of these governing bodies are small voluntary-run organisations but there has been a programme of modernisation and a group of sports are now run by teams of professional staff. I firmly believe that if you are going to have sustained success at a performance or a development or a participation level, you need a solid governance structure to do that from. Picking up on the theme of going from good to great to world class, we in Scottish Swimming have had a 20-year approach to this.

The strategy that has delivered consistent world class performance for about 10 years started 20 years ago. It started by sorting out the governance then it focused on making sure the coaching model was right so regardless of whether you are a 10-year-old, or Commonwealth Games gold medal winner Ross Murdoch, you get a high class quality professional coaching experience.

It is professional in the sense that they do the right job and not that they are all paid. Very few are paid in the bigger scheme of things, and that model has worked.

We have now created environments in Scotland where the culture and belief is that we are as good as anywhere in the world. I think there is some brilliant stuff

going on in Scottish sport where we are seeing world class performances from athletes who have been developed in Scotland and are based here.

The performance at Olympic sport and Commonwealth sport in Scotland has gone through the roof and one of the big factors has to be lottery funding coming in the late 90s. The medal table, whichever way you look at, has gone through the roof.Burn: We have a growing membership with growing expectations, but I guess we’ve got to be less reliant on the public pound as well. It’s that whole thing about your army of volunteers out there versus running a business and I guess the commercial reality as well.

Because we don’t compete as Scotland we can’t put Vauxhall on a national jersey. We are very much an integral part of a UK performance system and cyclists compete either for GB or for professional trade teams. So it gives a real challenge over what rights and what assets we have to sell.

I think we are competing against societal changes as well as technological ones.

We have a generation of people who want to watch sport and not necessarily participate in sport. We are also competing for the talent of a lot of the same kids.

At what age do you specialise and at what age do you try and focus on certain areas? There’s a tier of sports that have only been professionalised in the last decade and we’re really still almost at the foundations and getting them solid.

The lottery has been a great thing but it’s also created a lot of initiatives and we get pulled in all different directions. There’s an expectation on the limited amount of funds that go into sport that we are going to solve these bigger society problems like obesity. We’re a small organisation with a small resource and if you want to be successful you have to be focused. With cycling, it brings huge challenges because there’s all different facets of cycling such as cycling tourism and cycling for utility purposes. I really agree with Stuart’s comments about shared services. Can we sell joint data? Could we look at how we can really impact on health improvement by sports working together instead of competing and knocking on the same sponsors doors?Holl: From a commercial partnership perspective we have a guaranteed income from British Athletics on an annual basis and we work very closely with UK Athletics, which has had positives and negatives. We are very happy to claim a very significant legacy from London 2012 and the Commonwealth Games in Glasgow and we see that from the growth of the sport.

With the referendum now behind us it has enabled some governing bodies to be much, much clearer in terms of their role. Certainly from an athletics perspective it has crystallised our remit because actually our role is to work with our elite athletes to a certain point at which point we almost say to UK Athletics and UK

There’s a tier of sports that have only been professionalised in the last decade and we’re still really almost at the foundations and getting them solid

Craig Burn, Scottish Cycling

Hamish Grey

Craig Burn



Sport these athletes are now your responsibility.

We’ve done the groundwork, we’ve done the foundations. You’ve got the finishing school, because actually they have access to resource levels that we don’t have.

We have taken a very deliberate route in Scottish athletics over the last five years in employing less people but of a higher quality. If you don’t have the right people skills, however good your technical skills, economic skills, business skills, planning skills, if you haven’t got the ability to deal with people in a people-orientated business we will fail.

So I will pay more to get people that have got all those skills and great people skills as well and I believe that’s one of the keys to success. Our approach has been very much saying we’ll only be as strong as our clubs. So actually if we are going to be stronger as a sport in Scotland we are going to work with our clubs.

We’re saying to any club in Scotland you have got to think like a seven day a week business, and we are working with them on their legal status, income streams, gift aid, charitable status and governance structures within clubs.

That mindset shift in clubs is starting to have quite a major impact on our sport but I think that’s got to go through much wider sport in general.

QWhat are the challenges and benefits of attracting people

from conventional business organisations into the sports sector?Regan: The biggest challenge can sometimes be in bringing logic, common sense and perspective into a sporting environment where everyone in the country has an emotional investment to a greater or lesser degree. It is important we bring in a blend of skill sets and experiences to the Scottish FA, and it definitely helps to have an outside perspective to complement those who are steeped in Scottish football. One of our most recent senior appointments came from the banking sector and has been fantastic in leading our governance improvements.

The key is to map out what is required to execute your objectives and make your strategies achievable, then recruit or restructure on that basis. Interestingly, I moved from the

brewing industry into football and there was absolutely no difference whatsoever: my job was trying to market a brand to a set of consumers, to sell the benefits and get somebody to purchase what we are selling. Football, of course, is far more than a business but customer, or supporter, loyalty must be at the forefront of your decision-making so the process is the same.Holl: Yes we go out and recruit people, yes we put ads out there for non-exec directors, but actually it’s headhunting. It’s who you know, what skill sets are you actually looking for. The one bit we have stressed in all of that is that they must have a passion for the sport, not an involvement necessarily, but a passion for it.

When it comes to staff it’s a slightly different situation for us. If we’re recruiting senior exec roles we are still potentially offering salaries that don’t match up to similar roles in other businesses and that can be a bit of a challenge.Burn: Cycling is hot. We were a minority sport and we still are a bit, but we’ve got profile. There are an awful lot of businesspeople in our sport and we have to tap into that. I think staffing-wise it’s been a real challenge because we have not had the income streams.Grey: To me it doesn’t matter what walk of life people come from. It’s getting the right quality matched to the appropriate role. For the inaugural board of our new body 65 people put themselves forward for nine unpaid non-exec positions. We didn’t need to shoulder tap and the quality available to the organisation was excellent.Dunlop: We’ve got some excellent board members from a variety of backgrounds, including the private/commercial sector and so that’s not really an issue.

Probably where we have a bit of work to do is round about our recruitment and reward and retention of our staff. It is not often that we look outwith our ‘sporting world’.

When we have, we have found some excellent people who bring a different perspective to our work. In sport we have this debate all the time around salary levels. I’m a believer in getting young talented highly intelligent people bringing them in and very quickly they adapt, they learn and mould to your culture.

Problem is you often can’t keep them long, so you get another and another and you keep building.Finlayson: There are two different issues here. It is less of a problem attracting talented business people to do these things for no financial return.

The bigger problem is to get really good management to do it for a living – there’s a big difference between the two. When you have a talented young marketing manager who can go and work for say Heineken for £50,000 but you want to employ them but can only do so at £30,000, that becomes difficult.

The individual really must want to be involved. If they are only doing it for the money then the chances are you won’t be able to hire them.

We must wonder why Northern Ireland, Iceland, wales and Albania are going to the European football finals next year - and we are not

Willie Finlayson, FWB Park Brown

Willie Finlayson

IT MATTERS: DIGITAL TRANSFORMATION


MAJOR STEPS ON THE ROAD TO WORLD-CLASS DIGITAL VISION

Builder of Gigabit Cities

SCOTLAND is emerging ahead of the pack in terms of an ultra-fast next generation broadband programme

aimed at ensuring the country becomes a world-class digital nation by 2020.

Cities are central to the delivery of a digital revolution with the rise of new technologies and cloud services that are together radically transforming the way we work and live.

Digital connectivity is absolutely crucial if this process is to succeed. A Gigabit City, with a state-of-the-art digital infrastructure, will spark growth and innovation and act as a catalyst for economic and social development.

It is estimated that a fibre-rich city can increase GDP by two per cent and create thousands of new jobs. McKinsey Global Institute describes broadband infrastructure

as “the backbone of the entire Internet ecosystem” upon which entrepreneurs and businesses innovate.CityFibre, as the largest

independent wholesale provider of fibre infrastructure in mid-sized

cities and major towns across the UK, is designer, builder, owner and operator of networked gigabit cities.

This is achieved through the clever deployment of world class fit-for-purpose pure fibre infrastructure bringing the benefits of Gigabit speed connectivity to every aspect of a city’s community.

Such expertise chimes with the aims and objectives of ScotlandIS,

whose chief executive Polly Purvis views a broad range of sectors producing the next wave of businesses tapping into the benefits that digital offers.

“You’ll see exciting companies emerging in areas such as financial technology (fintech), analytics, health informatics, cyber security, the ‘internet of things’, small retail and power and renewables.”

CityFibre’s ongoing work also provides a perfect fit with the Scottish Government’s aim to increase availability of next broadband connectivity that’s “critical” to Scotland’s future.

The project has been significantly boosted by Edinburgh becoming the UK’s largest pure fibre metro roll-out city. CityFibre has extended its existing Gigabit City project covering the Capital, to an additional 294 council-owned sites costing at least £5.6 million.

Commsworld, a national telecommunications provider, is

By BILL MAGEE

With strong financial, tech and media sectors, Edinburgh’s businesses are poised to take advanatge

Greg Mesch, CityFibre

COMMENT

James McClaffertyCity Development Manager,

CityFibre

E: [email protected]

W: www.cityfibre.com

The rise of the gigabit cityWE’RE in the middle of a digital revolution. In

towns and cities across the UK, the rise of new

technologies and cloud services is radically

transforming the way we live and work.

CityFibre is a builder of Gigabit Cities.

Through the deployment of a fit-for-purpose,

pure fibre infrastructure, we help bring the

benefits of Gigabit speed connectivity to entire

communities. Every Gigabit City we build

provides local business, Government, health

and education sectors with a modern fibre

infrastructure, capable of meeting their data

connectivity and communication needs for

years to come

Within the UK, Peterborough, Coventry

and York are already seeing the economic

and business benefits, while Aberdeen and

Edinburgh are Scotland’s first Gigabit Cities, with

a new project in Glasgow recently announced.

Benefits to the economyResearch commissioned by the Department of

Culture, Media and Sport found that the country

gains £20 in net economic benefit for every £1

of public investment in digital infrastructure.

With readily available gigabit connectivity in

place, business and councils become more

nimble and efficient, Indeed Edinburgh City

Council have recently signed a deal to connect

their buildings to the network – from schools

to libraries and council buildings, resulting in

Edinburgh becoming the largest pure fibre

rollout in the UK.

Benefits to businesses Meaning businesses can

effortlessly transfer the largest files in flash (10-

100X faster than most business connections)

Cheaper, smarter VoIP

telephony and face to face meetings with HD

video conferencing tools

Huge cost and time saving

benefits, alongside much greater flexibility

when it comes to how, when and where the

Internet is accessed

Cloud applications like

Dropbox, Google Drive or Box becomes practical

solutions with a pure fibre connection.

If you would like to find out more about the projects in Scotland, the benefits to your business or would like to register your business, go to

IT MATTERS: DIGITAL TRANSFORMATION


working with CityFibre in a contract that is part of a wider £186m outsourced ICT procurement programme for Edinburgh City Council won by CGI.

Tens of thousands of local companies are being urged to take full advantage of the network. Especially now, as CityFibre’s chief executive Greg Mesch, points to the world’s bandwith consumption set to triple in the next four years.

“With strong financial, tech and media sectors Edinburgh’s businesses are poised to take advantage of a digital headstart…providing them with a competitive advantage at home and abroad.”

Ricky Nicol, chief executive of Commsworld, adds that the network’s reach and benefits will have a hugely positive impact: “Ultrafast, gigabit connectivity appeals hugely to digitally-dependant businesses and this is only going to grow with time. It will soon become the standard driving productivity, innovation and the bottom line.”

CityFibre’s earlier projects include Aberdeen, creating Scotland’s first Gigabit City through a collaboration with Internet for Business (IFB). A modern digital infrastructure is transforming gigabit speeds within reach of over 6000 companies.

Now Glasgow is also covered, in a ten-year deal signed by CityFibre, along with Inverness telecoms company HighNet, with a first phase totalling £3m Mesch describes Glasgow as “Scotland’s newest Gigabit City”, and with a network presence established in Scotland’s four largest cities this makes his organisation the largest wholesale fibre infrastructure provider after BT Openreach.

CityFibre owns and operates 618 route kms of local access networks serving and total of 1,017 customer connections in 61 towns and cities throughout the UK. The Group’s city-wide pure fibre networks, known as “COREs”, are bringing world-class Internet connectivity benefits of gigabit speeds to every aspect of a city’s community.

COREs are deployed using the company’s Well Planned City (WPC) design philosophy in which its city-wide core fibre infrastructure is designed with thousand-strand fibre cables in dual ducts, optimally routed to serve present and future demand.

We’re talking about business park estates, mobile base stations together with the public sector, ultimately designed to serve as the feeder and distribution network for Fibre-to-the-Home deployments.

CityFibre is also a founding member

of a joint venture with TalkTalk and Sky, a two-year-old collaboration with the aim of proving the viability of gigabit speed Fibre-to-the-Premises (FTTP) networks and services for businesses and homes.

Not a group for sitting still, CityFibre has acquired KCOM’s national fibre and duct network assets (excluding Hull and East Yorkshire) for £90 million facilitated by a £180m fundraising exercise. This increases the number of its metro footprints to 36 cities, enabling CityFibre to target a total of 50 cities by 2020 and represents 20 per cent of the UK market.

CEO Greg Mesch: “This is the most significant event to take place in the UK’s digital infrastructure market in a decade. The UK now has a secure independent infrastructure alternative.”

He adds that cities, service providers, mobile operators and investors have boldly embraced a new model of future-proof infrastructure provisioning and paved the way for its acceleration across the country. CityFibre will continue to grow “offering existing and new partners an ever increasing opportunity to capitalise on a pure fibre future.”

The new financing comprises £80m of new equity and £100m in debt facilities, and both the financing and acquisition transactions were scheduled for completion in mid-January.

This makes CityFibre the UK’s largest wholesale infrastructure provider after BT and the first challenger to the national incumbent, nearly ten years to the day since the formation of BT Openreach. On completion CityFibre’s expanded footprint, spanning 36 cities and interconnected by the national long distance network, will address more than 7,000 mobile cell sites, 24,500 public sector sites and 245,000 businesses.

Furthermore, it positions the Group as an enabler for gigabit speed, ultrafast broadband to support fibre-to-the-Home deployment to 3.5 million residencies. In line with CityFibre’s shared strategy, the physical network has abundant capacity to supply the UK’s unrelenting demand for high-bandwith, ultra-low latency services.

Such a rate of digital change can represent both an opportunity and a threat for cities throughout the world as they compete regionally, nationally and internationally to attract businesses, foster job creation and accelerate their economic development.

It is clear with such a growing internet economy that digitally-minded business and commercial reliance on broadband connectivity will only increase.

COLOURED GEMSTONES CLOSE THE GAP ON DIAMONDS

By KRISTY DORSEY

ALMOST the size of a tennis ball, the discovery of the world’s second-largest diamond by Canadian

mining company Lucara thrust jewellery’s premier gem into the headlines when it was unearthed in Botswana back in November. The discovery sent shock waves through the $80bn diamond industry, as the 1,111 carat stone is expected to ultimately yield dozens of “significant” polished gems of 20-plus carats worth millions of dollars apiece.

Although dwarfed by the legendary Cullinan diamond, which weighed more than 3,106 carats upon discovery in 1905, gem-quality stones such as the Lucara are extremely rare. The historic find ignited excitement across the sector, which has suffered a global supply glut following all-time high sales of $55bn in 2014.

Despite recent difficulties, diamonds have for decades significantly outstripped sales of other gems. But while coloured stones are not yet back to the 50:50 parity they enjoyed up until the 1940s, sales of rubies, emeralds, sapphires and so forth have made a comeback during the past five years to partially close the gap on the champion of gemstones.

“Diamonds have had the best marketing that anything could wish for, and diamonds are amazing,” says

Moira Patience Warren, the creative force behind Patience Jewellery in Edinburgh. “But I think it is important to educate people about the options, and what else is out there.”

Helen Plumb, the founder of Just Gems who opened her first shop in Aberdeen in 2011, says the rising popularity of coloured gemstones is down to a number of factors.

Internet and cable sales channels have played their part by promoting lower-cost jewellery using lesser-known stones such as iolite, morganite, chrome diopside, heliodor and kunzite to a wider market. Meanwhile, diamond advertisers have been focusing their marketing budgets on the developing

world, which has softened demand for diamonds in Europe and North America, giving coloured stones some breathing space.

“Also, cocktail rings and statement pieces of jewellery are fashionable at the moment,” Plumb says. “Large rubies, sapphires, emeralds and diamonds are too expensive for most jewellery designers to use, so they

have been working with alternative coloured stones.”

Precious gems of many varieties are found in Scotland, though none in sufficient quantities for commercial mining. In addition, many rest within protected areas where collecting is strictly prohibited.

On the Isle of Lewis, several sapphire crystals were discovered in the 1980s during excavations for a farm path. They averaged 2-3 cm in length, and were all of gem quality.

In 1995, the area yielded Britain’s largest sapphire, a 9.6 carat stone which at the time was estimated to be worth about £60,000. However, the region has been designated Site of Special Scientific Interest (SSSI) for many years, making Scottish sapphires the rarest of all the country’s gemstones.

“The sizes tend to be quite small, and they are not often ace quality, but to own a Scottish sapphire is very special,” says Michael Laing, whose family’s eponymous business is one of the best-known names in the Scottish jewellery trade.

The renowned gemmologist designed the baton for the 1986 Commonwealth Games in Edinburgh, and after its trip around the world with the customary message from the Queen, the baton was topped off with Scotland’s unique version of semi-precious jasper from the Campsie Fells. Now on display in

The sizes tend to be quite small, and they are not often ace quality, but to own a Scottish sapphire is very special

Michael Laing (below)

REPORT: GEMSTONES


the National Museum of Scotland, the baton’s feature stone – a single piece of red and yellow jasper about half the size of a golf ball – is found nowhere else on the planet.

But the vast majority of precious gems originate in more exotic locations around the world. Rough emerald deposits are typically found in metamorphic rocks such as the mountain ranges of the Andes, home to three major mines that make Columbia the world’s leading emerald producer. Brazil, Zambia and Zimbabwe also feature near the top of that list.

Sri Lanka is widely recognised as the best source for blue sapphires currently coming out of the ground, but top ranking is still held by Kashmir gems. First discovered in the early 1880s after a landslide in the remote Kudi Valley of India, Kashmir sapphires are no longer in meaningful production, and fetch commanding prices from avid collectors.

Burma, now called Myanmar, is highly rated for sapphires and is also the world’s most famous source of fine rubies. Located on the Southeast Asian axis between India, Bangladesh, China, Laos and Thailand, production in Myanmar pre-dates modern history: mining tools from the Stone and Bronze ages have been found in the legendary pits of the Mogok Valley, whose rubies are famed for their pure red colour.

Trade in precious stones from Myanmar has long been restricted amid concerns about slave labour and the use of profits to support the country’s military dictatorship, but the recent election of democratic opposition led by Aung San Suu Kyi has raised the prospect that sanctions could be eased. As is the case with diamonds, one of the foremost concerns when buying a coloured gem is to ensure it is free from conflict.

Treatments to enhance the appearance of coloured stones are common, so much so that disclosure on these processes is not required. Declan Dawson, the third generation of family-owned Finnies of Aberdeen, says customers should ask if they have any questions.

About 90 per cent of all sapphires are heat-treated to help bring out their colour, and a similar percentage of emeralds are fracture-filled to give the stone better clarity. The vast majority of rubies are also heat-

treated, which involves extreme temperatures of up to 1800 degrees.

Straight-forward heat treatment effectively completes the natural process that happens in the earth when the gemstone is forming, and is therefore widely accepted. The improvements are permanent and do not impact on the care of the stone, which is as durable as an unheated version.

However, there are many variations to the process. Glass filling has become increasingly common in lower-grade stones, but this treatment is not very stable as temperature changes, ultrasonic cleaners and shock can cause the lead glass to fall out of the stone. Other types of processes include diffusion, which bakes a colouring element to the surface of a stone.

Coloured gemstones do not normally come with independent certification, although this can be requested for an additional charge. All diamonds over a certain size come with certification – including full disclosure on treatments to enhance colour or hide fractures – and this should be from a respected

institute such as the GIA or the IGI.“Most diamonds are not treated,

but they are becoming more prone to treatment because it is more accepted in other types of gemstones,” Dawson adds.

Warren at Patience Jewellery cautions that “a diamond has to be seen”. On paper, a stone can rank highly on the famous “4 Cs” – colour, cut, clarity and carat weight – but might still reflect black, indicating that it is fake or has been improperly cut.

In addition, about a third of diamonds posses a degree of fluorescence that alters their colour and how they look to the human eye, which in some circumstances leads to a hazy or cloudy appearance. But fluorescence is not a factor that appears on any certification and can therefore be overlooked, particularly when buying online.

For coloured stones, Warren says the four key factors are desirability, beauty, rarity and durability. She buys many of her stones directly from Mina Gerais in Brazil, a family-run mine specialising in rose quartz, green amethyst, aquamarine and tourmaline, as well as Warren’s current favourite, morganite.

“It’s a beautiful rich coral pink that compliments all skin tones,” she says. “It is very warming on our pale British skin.”

A graduate of the Duncan of Jordanstone College of Art and Design, Warren started her career at Edinburgh’s Hamilton & Inches before working for Stephen Webster, the luxury jeweller known for his use of colour, in London and Spain. She specialises in bespoke designs that suit the individual and their lifestyle, two factors she considers paramount when buying.

Laing – who last month opened the UK’s biggest jewellery store outside London on Edinburgh’s George Street – says design is critical when purchasing a piece either as an investment or to mark a special occasion. As the hardest substance known to man, diamonds are often handed down through the generations, all the while increasing in value.

“There will be little ups and downs, but it is the only thing you can buy, own, wear and get pleasure from, and it will still be worth more in 10 years than when you bought it,” he says. “That will never be the case with, for example, your car.”

Diamonds have had the best marketing that anything could wish for, and diamonds are amazing. But I think it is important to educate people about what else is out there

Moira Patience Warren, Patience Jewellery (above)

REPORT: GEMSTONES



INSIDER INTERNATIONAL: AUSTRALIA

have physical operations in Australia including Aggreko, Weir Group and Aberdeen Asset Management.

Although the Australian oil and gas sector has been impacted by the fall in oil prices, a number of major projects there are being developed and offer significant potential for Scottish firms.

Aberdeen-based OEM Diesel Products recently invested a six-figure sum in a new base in Perth to meet market demand in the country.

The move places the firm, which was established to provide a single point of contact for companies

WITH shipments of its bottles of gin taking some 50 days to reach Australia by

sea, forward planning will be an important factor in the success of spirits business NB Distillery in Australia.

The North Berwick company recently secured its first order down under, but chief executive Vivienne Muir admits the logistics of dealing with a market over 10,000 miles away are a challenge.

“Sea freight is the only economic way for us to transport our products there but it is expensive and you do need to make sure you know exactly how much all the additional costs such as port charges will be,” said Muir.

“We will need to work closely with our customers there to monitor demand and plan shipments well in advance.”

The cost and time involved in transporting products is one of obvious issues in doing business with a market some 24 hours away from the UK by plane.

Australia itself is vast, 100 times bigger than Scotland, as big as the USA and covering three time zones. The distances between its key cities are huge - Perth is over 2,000 miles from Sydney.

There are also issues in doing business in a country where time zones are between seven and eleven hours ahead of the UK.

But despite the logistical challenges, Australia is a market which is becoming increasingly important for UK and Scottish firms, both in its own right and also as a stepping stone to markets in the world’s fastest developing region, the Asia Pacific.

Many businesses are using Australia as a base from which to tap into trade opportunities with countries including China, India and Malaysia.

Although it has suffered in recent years due to falling prices of commodities which are responsible for a significant proportion of its GDP, the Australian economy is relatively strong.

The latest figures show it grew more than expected in the third quarter of 2015, despite a slowdown in its most significant trading partner, China.

It is now the fifth largest economy in the Asia-Pacific region, and the

12th largest in the world with a GDP per capita making its citizens among the world’s top five wealthiest.

It is also ranked by the World Bank as the tenth easiest country in which to operate thanks to factors including a lack of bureaucracy and the speed at which new businesses can be established there.

Scottish firms are already tapping into the potential of Australia and according to the latest Global Connections survey by the Scottish Government, some £530m of Scottish goods heading to the Australasia region in the latest 12 months, up 4.7 per cent on the previous year and representing a more than doubling of exports over the past decade.

Over 50 Scottish companies also

RAISING A GLASS TO THE AUSTRALIAN MARKETBy PERRY GOURLEY

Our long-term plan is to build the business across Brisbane, Adelaide, Sydney, and the Middle East

Above: Steve and Viv

Muir of NB Distillery

An estimated 1,000 UK companies are

actively doing business in Australia,

which is the country’s 12th biggest

export market. The UK’s total goods and

services exports to Australia were almost

£10bn in 2013, an increase of 63 per cent

since 2007.

Top 10 UK exports to Australia include

medicines, industrial machinery, food

and drink and clothing.

Business opportunities exist across

sectors including financial services,

education and training, environmental

technologies, mining and minerals,

energy and aerospace.

FACTFILE: AUSTRALIA

Barry Park, OEM Diesel Products


Demand for products including Scotch whisky is seeing significant growth with exports showing a 12.6 per cent rise in the first half of 2015

sourcing engine services or spare parts, in the heart of the city’s oil and gas district.

Managing director Barry Park said demand for the company’s new services, aimed at detecting and eradicating diesel fuel contamination, had helped make the decision to open its first overseas base in Australia a “relatively easy one”.

“Our long-term plan is to build the business across Brisbane, Adelaide, Sydney, and the Middle East,” he added.

The significant ex-pat population – 1.2 million Britons are permanent residents in Australia and over two million Australians claim Scots ancestry - also provides a ready market for sectors such as food and drink.

Demand for products including Scotch whisky is seeing significant growth with exports showing a 12.6 per cent rise in the first half of 2015.

The industry had been boosted by

Scotch whisky being registered as a certification trademark in Australia since 2014, giving consumers and the industry better protection against fakes.

The country had been one of the worst markets for fake ‘Scotch’ with the Scotch Whisky Association taking action to stop the sale of 40 brands of fake ‘Scotch’ in Australia since 2005.

With Australia already a sizeable market for whisky, NB Distillery is hoping that the strong growth in demand also being seen for gin in the country will continue.

After identifying Australia as a key emerging market for its product, it took the company around 10 months from initial research to getting a deal with Melbourne-based drinks retailer The Wigs Cellar to send bottles there.

Negotiations are already underway with other Australian stockists and distributors, and NB Distillery hopes that the spirit will soon be rolled out to other parts of the country.

Having someone representing the company on the ground has been crucial, according to Muir.

“In this industry you really have to get your product in front of buyers and have someone there representing the company which is obviously a challenge given the fact we are a small company and Australia is so far away.

“Fortunately a colleague I used to work with in Scotland lives there and agreed to act for us and to go and meet buyers and attend trade shows, which proved to be a major factor in us getting our first order.”

Sydney Harbour

EVENTS: ACCOUNTANCY AWARDS 2016


innovation, client service and CSR.

Small Accountancy Firm of the YearAccountancy firms with fewer than 50 staff in Scotland. For a firm which enjoyed an exceptional year in 2015 and demonstrated its outstanding achievements. The judges will be looking at a number of areas including leadership, growth, innovation, client service and CSR.

Accountant of the YearFor an outstanding individual in either the private, public or third sector in Scotland who has made his or her mark in accountancy particularly during 2015. Finalists will not be announced for this award, the winner will be announced at the ceremony.

Finance Director of the YearThe panel is looking for finance directors who have provided a significant contribution to the development of their company or organisation and perhaps have made their mark with some special achievements.

The organisation must be a head

ENTRIES are now being invited for the 2016 Scottish Accountancy & Finance Awards.

The prestigious awards, which recognise the skills and achievements of accountants and finance experts in both the private and public sectors, are being held at the Glasgow City Hotel (former Thistle Hotel, Glasgow) on Thursday June 16, 2016.

The awards will once again feature interviews with the independent judging panel for all shortlisted entries.

This year the awards feature a new category recognising the Corporate Finance Team of the Year.

Alasdair Northrop, editor of Insider, which organises the awards, said the awards had been well supported and hoped for even more entries this year.

“I think accountancy firms recognise that winning an award is extremely prestigious as well as a very useful marketing tool,” he said.

Once again, independent research for the awards is being carried out by the Business School at Edinburgh Napier University.

Brian Windram, assistant dean of the Edinburgh Napier University Business School, said: “Edinburgh Napier University is delighted to be supporting the awards again this year. I believe it emphasises our commitment to the employability of our graduates and the importance of our strong relationships with the professional accountancy bodies in helping us to prepare our students as

well as possible for careers in the profession.”

The award categories are:

Large Accountancy Firm of the YearFor a firm which enjoyed an exceptional year in 2015 and demonstrated its outstanding achievements. The judges will be looking at a number of areas including leadership, growth,

These prestigious awards recognise the skills and achievements of accountants and finance experts in both the public and private sectors

Attention accountancy and finance professionals!

EVENTS: ACCOUNTANCY AWARDS 2016


in distress and produced the best possible outcomes in the circumstances.

Tax Team of the YearFor a team which must be client focused and able to present good results for their clients. Innovative solutions will also be considered.

Corporate Finance Team of the YearFor a team which must be client focused and able to present good results for their clients.

Innovative solutions will also be considered.

More information about the event can be found at www.scottishaccountancyawards.com. To book tickets or discuss sponsorship opportunities please call Michele Aaen on 0141 309 4906 or email [email protected].

I think accountancy firms recognise that winning an award is extremely prestigious as well as a very useful marketing tool

office or a subsidiary but it must be based in Scotland.

Finalists will not be announced for this award, the winner will be announced at the ceremony.

Emerging Finance Director of the YearCandidates for emerging FD of the year are likely to be showing long-term potential in their first FD role, there is no specific age limit.

He or she will have contributed significantly to the development of the company or organisation.

The organisation must be a head office or a subsidiary but it must be based in Scotland.

Public Sector Finance Team of the YearThe winning team will be one which has made an outstanding difference/major impact to the public sector organisation which it is part of.

Young Accountant of the YearFor accountants who have qualified within the last five years and have demonstrated leadership, contributed to strong growth, presented innovative solutions and demonstrated good client service. Entrants should also have entrepreneurial flair and be good team players.

Restructuring Team of the YearFor an insolvency practitioner who has successfully assisted companies

Alasdair Northrop, Insider

EVENTS: MADE IN SCOTLAND


COMPANIES have less than two months left to enter the new Made in Scotland awards, run by

Insider in association with Royal Bank of Scotland.

The new awards, which are being held at RBS’s Gogarburn conference centre on April 21 2016, will cover as many sectors as possible in order to demonstrate that innovation is not confined to manufacturers.The categories are:

Engineering Company of the YearThis award is for a Scottish based engineering company involved in manufacturing which demonstrates its ability to innovate and make an impact in the market it operates in between October 2014 and September 2015.

Life Sciences Company of the YearThis award is for a Scottish-based life sciences company which demonstrates its ability to innovate and make an impact in the market it operates in between October 2014 and September 2015.

Food and Drink Company of the YearThis award is for a Scottish-based food and drink company which demonstrates it has made significant progress between between October 2014 and September 2015.

Manufacturer of the YearThis award is for the most outstanding manufacturer in Scotland which demonstrates innovation, a commitment to excellence, sales growth and increased profitability between October 2014 and September 2015.

Exporter of the YearThis award is for a Scottish-based company which demonstrates its success in exporting Scottish made products between October 2014 and September 2015.

Scottish Brand of the YearThis award is for a company which can demonstrate the success of a brand it owns between October 2014 and September 2015.

Young Innovator of the YearThis award is for a person under the age of 25 who has developed an innovative product or process between October 2014 and September 2015 with commercial potential.

Innovator of the YearThis award is for a Scottish-based manufacturer which used

The deadline for entering the awards is Friday March 4. Visit www.insidermadeinscotland.co.uk

Innovators invited to move into the spotlight

innovation in the production process that had a measurable effect on the bottom line between October 2014 and September 2015.

Inventor of the YearThis award is for a Scottish-based inventor who has launched or created a product or process between October 2014 and September 2015 with substantial commercial potential.

Best New ProductThis award is for a new product designed and/or manufactured in Scotland which was put on the market between October 2014 and September 2015 and has the potential to drive new sales.

Made in Scotland AwardAll the previous category winners are eligible for this award which recognises the most outstanding entry for the awards.

The deadline for entering the awards is Friday March 4.

More information about the event can be found at www.insidermadeinscotland.co.uk. To book tickets or discuss sponsorship opportunities please call Michele Aaen on 0141 309 4906 or email [email protected]

Event venue RBS Gogarburn conference centre


EVENTS: DEALS & DEALMAKERS BUSINESS BREAKFAST

This year’s panel once again includes Mike Beveridge, managing director with Simmons & Company International, a specialist banking firm dedicated to the energy industry.

Beveridge joined Simmons in 1999 as a director of the team that founded Simmons’ Aberdeen-headquartered Eastern Hemisphere business.

Based in the firm’s Aberdeen office, he has responsibility for running a large team advising on M&A and finance raising transactions across Europe and Internationally.

Among the questions which will be asked are:

More information about the event can be found at www.insiderbusinessbreakfasts.co.uk.To book tickets or discuss sponsorship opportunities please call Michele Aaen on 0141 309 4906 or email [email protected]

NEW SCOTTISH Enterprise chairman Bob Keiller is guest speaker at the annual

Insider and CMS Deals & Dealmakers Business Breakfast on March 8 at the Mercure Ardoe House Hotel & Spa, Aberdeen.

Borders born Keiller began working in the oil and gas industry in 1986 and has gone on to be involved in a number of high-profile deals, including the $1bn sale of PSN to Wood Group in 2011. He was also responsible for the creation of PSN by manufacturing a $280m management buyout from Halliburton in 2006.

He recently stood down as chief executive of the Wood Group after three years in the role.

Keiller has a Master of Engineering degree from Heriot-Watt University and is a chartered engineer. He has been chairman of the Offshore Contracting Association (OCA) and the cross-industry trade body Oil and Gas UK. He also sat on “Pilot” – the industry-government steering group. He was a member of the UK cross-industry Step Change in Safety Leadership Team and he led the UK Helicopter Task Group formed in 2009 to accelerate safety improvements in air safety.

Keiller was named Entrepreneur of the Year in 2006 and 2008, Scottish Businessman of the Year in 2007 and Grampian Industrialist

of the Year in 2008.In 2009 he was recognised for

his outstanding contribution to the oil and gas industry at the Scottish Offshore Achievement Awards and in 2010 was the first individual to receive global recognition in safety leadership in the shape of the International Regulators Forum’s “Carolita Kallaur Award” for his outstanding leadership of the Helicopter Task Group.

The Deals Business Breakfast also features a panel discussion and Q&A session.

Keiller to speak at Deals Business Breakfast

In 2009 Bob Keiller was recognised for his outstanding contribution to the oil and gas industry at the Scottish Offshore Achievement Awards

Bob Keiller

PROPERTY: NEWS


Unrivalled on-the-ground legal expertise with property & infrastructure teams in Aberdeen, Edinburgh and Glasgow.For more information visit burnesspaull.com or contact Tamar Tammes, Partner +44 (0)131 473 6169

in association with

NEW ENTERPRISE AREA TO OPEN UP IN SCOTLAND

SCOTLAND will this year get its first new Enterprise Area for three years when BioCity in North Lanarkshire

becomes the fifth.Four Enterprise Areas were created

in 2012 across 15 sites. BioCity will offer life sciences companies business rates relief, streamlined planning processes, skills support and assistance into international markets.

Scottish pharmaceutical company Alfacyte Ltd moved to BioCity Scotland from Glasgow at the end of last year after securing £350,000 of equity and grant funding from the EOS Technology Investment Syndicate, Scottish Investment Bank and Scottish Enterprise.

The investment will be used to develop and produce a proprietary molecule which will form the basis of an oral peanut-allergy vaccine. Peanut allergy affects two per cent of people in Western countries and is the most common cause of food-induced fatal reactions.

The company was set up by

Professor of Immunology William Stimson and Dr Alistair Strachan in 2012 to develop drugs to treat food allergies.

“As a very young and very small SME, we feel BioCity offers not just excellent facilities but an opportunity to mix with similar companies and

share experiences,” said Alfacyte’s chief executive Gillian Brown.

BioCity claims to have more space already occupied than any other incubator in Scotland and has fully-fitted laboratory space for companies ranging from university spin-outs to later stage companies wanting to expand.

Dr Diane Harbison, managing

director of BioCity Scotland, said that as Scotland’s fifth Enterprise Area it will be able to provide “our tenant companies with high-spec laboratories and office space, access to expertise, finance and a community of like-minded people”.

Construction was recently completed on MediCity Scotland, a dedicated medical technology incubator at BioCity, funded with £1m from City Deal, comprising funding from the UK Department of Business Innovation and Skills and matching contributions from BioCity Scotland Limited.

A total of 11,000 sq ft of offices and incubation workspace has been constructed by refurbishing a vacant building at the BioCity campus.

Over the next five years MediCity aims to support up to 50 new medtech businesses and 150 jobs, develop links between the commercial and academic communities, and showcase Scotland to inward investors in this field.

Dr Harbison said: “MediCity will follow a similar clustering model to the one already successfully in action at BioCity, bringing together entrepreneurs, clinicians, developers, innovators and investors in a supportive environment which will facilitate and accelerate medtech opportunities.”

The BioCity network, which has sites at Manchester Science Park in Alderley Park and the Boots campus in Nottingham, provides access to high-end equipment, shared services, training, business support and investment.

Nearly 200 companies are based in a BioCity business incubator. “One of the benefits of clustering similar businesses together is that it leads to a higher survival rate,” said Dr Harbison. “For example, businesses at BioCity Nottingham have a 91 per cent survival rate, which is fantastic.”

By FRANCIS SHENNAN

We feel BioCity offers not just excellent facilities but an opportunity to mix with similar companies and share experiences

Above: BioCity Scotland, North Lanarkshire

Gillian Brown, Alfacyte

COMMENTRichard RenniePartner

Burness Paull

Email: Richard.Rennie@

burnesspaull.com

T: +44 (0)131 473 6168


The Scottish Budget – more pain for propertyJohn Swinney announced his budget in the

Scottish Parliament on 16 December 2015.

With stamp taxes on property transactions –

now Land and Buildings Transaction Tax (LBTT)

in Scotland – being fully devolved already,

Mr Swinney has increased the rate on certain

transactions.

A 3% supplement will apply to second

homes and buy-to-let properties above

£40,000. Normal LBTT rates applicable to

residential or commercial properties are

unchanged.

The context for the increase is maintaining

parity with the rest of the UK – although LBTT

rates in Scotland are different to SDLT rates

that apply to the rest of the UK. However, the

Finance Secretary was presumably concerned

about an influx from the south of buyers of

holiday homes and residential investments.

We are keen to see the detail behind the

announcement, as there are many questions

to answer. At Westminster, the Chancellor

acknowledged that the rate increase should not

affect institutional purchasers acquiring a large

number of flats/houses, so does appear to be

sensitive to killing off the developing PRS, or

build-to-rent, market. We need to see how the

line will be drawn on both sides of the border.

Currently the purchase of six or more

residential properties in a single transaction is

treated for LBTT purposes as non-residential

property – so taxed at the commercial rate. It is

hoped that classification can remain (although

that gives little comfort to smaller investors

building up a portfolio of buy-to-let properties).

Mr Swinney also announced changes to

the non-domestic rates regime – increasing

the Large Business Supplement; reform to

Renewable Energy Relief; and restriction of

Empty Property Relief.

The proposed change to Empty Property

Relief will hit vacant industrial property (current

100% relief will now just apply for the first three

months); and reducing the relief available for

other properties (full relief for the first three

months being reduced to 50%).

So it looks liked no competitive advantage

for investment/development in Scotland,

and instead more pain for already suffering

landlords.

PROPERTY: NEWS


BASF site set for developmentA PLANNING application is expected this year to build homes on the 63.4-acre former BASF pigment manufacturing site after it was sold in a multi-million pound deal to a joint venture between Miller Developments and Craigrossie Properties.

BASF ceased its operations on Hawkhead Road on the west of

Paisley a year ago, ending almost 65 years of manufacturing. The site has been entirely decommissioned.

“This major deal represents an important opportunity for the buyers and Paisley,” said Keith Aitken, regional senior director at Bilfinger GVA, which represented BASF with co-advisors CMS Cameron McKenna and Aracdis.

Troon hotel sold in major dealTHIS YEAR’S Open Golf Championship at Troon will have new neighbours after one of Scotland’s most iconic hotels was sold in a multi-million pound deal. The Hotel Collection sold the Marine Hotel on the edge of the 18th hole of Royal Troon Golf Course to a joint venture between Cannock Investments and Hetherley Capital Partners.

“Looking at the history of the Marine Hotel, we were immediately taken by its reputation as one of the leading hotels in Scotland and more specifically the importance of the hotel to Ayrshire and its residents,” said principal of Hetherley Capital Partners Charles Scudamore.

“We recognise the hotel needs investment to restore its former glory and we are committed to conducting those works as sympathetically as possible.”

The deal was brokered by commercial property group Colliers International through its head of UK hotels agency Julian Troup and hotels

director Alistair Letham. It offered the hotel with a £7m guide price.

Built at the start of the 20th century, the four-star property has already witnessed eight Open Championships at Troon. With 89 bedrooms, it offers views across the Firth of Clyde to the Isle of Arran and Ailsa Craig.

“It attracted a huge amount of interest from both UK and international buyers,” said Troup. “Its iconic position overlooking the 18th hole makes it truly unique and I’ve no doubt the new owners will have ambitious plans for the Marine.”

The Marine Hotel, Troon

Campus goes on the marketA 7.65ACRE site between two arterial roads will cease to be an operational college campus in July 2016 and is already on the market.

The price for Priory Campus in Kirkcaldy is available from Shepherd Chartered Surveyors, who were instructed by Fife College to offer it for sale. Fife College is consolidating its estates in Central Fife at the St Brycedale Campus and Stenton in Glenrothes along with a £90m investment in new facilities in West Fife and Levenmouth over the next few years.

Priory Campus is a mixture of purpose-built and converted properties in a mixed residential and

commercial location on the outskirts of Kirkcaldy town centre 25 miles north of Edinburgh.

It occupies a site between Victoria Road and High Street, close to the port.

Fife College’s Priory Campus in Kirkcaldy

WEALTH MANAGEMENT: FRANK SHENNAN


THE AVERAGE UK savings pot is £8,500 and earns

an average of only £43 in annual interest before tax,

according to research from Charter Savings Bank

and YouGov. Yet we all need to keep some

money close at hand for emergencies or those

unexpected bills.

Challenger banks such as Charter, One Savings

Bank, Aldermore and Shawbrook Bank are cropping

up more often in best buy tables according to

Moneyfacts, but some of the best interest rates on

the market are being offered by regular savings

accounts. Nationwide now has one for banking

customers paying 5 per cent fixed for 12 months

which allows £500 to be paid in each month – at

least £200 more than competitors – or £6,000 over

a year.

That means up to £162.50 interest before tax,

which compares to £117 from First Direct and £97

from M&S, even though they both have higher

interest rates.

And unlike those competitors, the Nationwide

Flexclusive Regular Saver account offers unlimited

access to the savings without penalty.

The catch is that customers must already hold a

Nationwide FlexAccount, FlexDirect or

FlexPlus current account – otherwise the rate

is only 2 per cent – and customers can hold

only one regular savings account

with Nationwide. Accounts can be opened

online or in branch.

PRODUCT OF THE MONTH

NATIONWIDE REGULAR SAVINGS ACCOUNT

FUND MANAGERS LEAVE JOBS TOO: BE PREPARED

ANOTHER New Year. Another resolution. Perhaps to change jobs? But what happens when your fund manager decides to change jobs? Or even when the fund you

have invested in decides to call it a day? It is not such an unusual event as you might think.

More than 400 hedge funds wound up operations in just six months last year, according to analysts at Hedge Fund Research. Among them Fortress Investment Group closed its global macro hedge fund. So too did Liongate Capital Management. And Bain Capital’s Absolute Return Capital hedge fund went the same way.

The world’s largest asset manager, BlackRock, has closed an average of 200-plus funds a year for the last few years. Mind you, it still runs 3,500 funds around the world.

There was no lack of reasons: oil prices, Asian market volatility, the Swiss franc’s rise after cutting free from the euro.

Money was returned to investors, but if a fund’s star manager leaves there are decisions to be made, such as whether to sell or hold.

“There are lots of reasons a manager could leave a fund,” says James Bateman, head of portfolio management at Fidelity Solutions. “Retirement, career breaks and personal circumstances are facts of life, but the type of departure can impact the performance of the fund if it affects the manager’s approach before leaving.

“If the manager is sticking around for a few months, it’s important to know about their motivation and level of engagement over this period.”

Take note of how long it will be until the manager is due to leave, whether it is immediately or whether there will be an extended hand-over. The latter can mean the outgoing manager continues to hold the reins and can train his or her successor.

If it is a sudden departure, it can be hard to find out if there was sufficient succession planning, unless the job goes to a long-standing close colleague of the former manager. Bateman points to Neil Woodford’s departure from Invesco Perpetual Income and High Income funds. His successor, Mark Barnett, had worked closely with Woodford for years and intended to follow a similar strategy.

Many people buy a fund only because of a strong fund manager. For them it is crucial to find out quickly if the new manager or managers will be able to continue running it with a similar level of success. Others buy a fund because of its investment focus or strategy. They will need to know that this will continue.

A key question is why you originally bought into the fund. Your investment goals, risk tolerance and strategies may have changed even if the fund’s haven’t, so now is a good time to rethink anyway.

As soon as you hear that a change is likely or imminent, it is a good idea to take a look around for other funds which have a similar approach to the one that you are in, or whose focus and strategy are closer to the current you.

New Year. New you? New focus?

If it is a sudden departure, it can be hard to find out if there was sufficient succession planning, unless the job goes to a long-standing close colleague of the former manager


WEALTH MANAGEMENT: INTERVIEW

Q&AMarkets hate uncertainty and the end of :Q

2015 saw plenty, so the prospects can’t be

good for 2016, can they?

It was another quite muted year of returns

for many investors, masking some periods of

volatility which rattled markets, particularly

over the summer.

However, we find some reasons to be

cheerful for 2016. While perceptions often

drive markets in the short run, our long-term

investment approach is to look for economic

reality to reassert itself. We think global growth

will be surprisingly reasonable in 2016.

What makes you optimistic?:Q

Several reasons. Incomes and consumer

spending are rising in the major developed

economies, inflation is low – allowing central

banks to remain accommodating – and banks

are lending more.

Low oil prices should continue to grease

the wheels of consumer demand for the next

couple of years. The three previous large oil

price declines since the 1980s were followed

by stronger global growth one to two years

later, and we are now more than one year into

a period of cheaper oil. That’s good news for

the world’s consumers, who tend to spend the

windfall from lower fuel bills.

In the US and Europe, rising incomes and

house prices are underpinning household

balance sheets, and households are borrowing

and spending more. With consumption

accounting for nearly two-thirds of national

income in these economies, lower oil prices

could provide a substantial boost to global

growth.

There are still plenty of risks, though, :Q

aren’t there?

Yes. For example, there are risks to emerging

markets from the slowdown in China. A rapid

succession of downgrades to global growth

estimates, driven by China, Europe and Japan,

culminated in International Monetary Fund

warnings in October that global growth in 2015

would weaken to three per cent. They forecast

an increase to 3.6% in 2016.

As investors we must balance the risks of

investing in the hugely promising markets

of Asia against the risks of liquidity, currency

and debt. We do this by looking for long-

term high-quality companies, whether these

are businesses based overseas, or UK-listed

companies with exposure to the Far East and

Latin America.

Part of our job is also to consider which

companies are exposed to long-term, structural

growth trends. This enables them to grow their

geographic footprint and provide sustainable

returns on investment.

What about the immediate future?:Q

Fixed income remains an important diversifier

of returns, yet still presents us with challenges.

Yields remain exceptionally low when

compared to the last 40 years, and there are

signs that rates will rise imminently in the US

and the market is also pricing in increases for

the UK in 2016.

We think any rate increases will be small

and widely spaced. We also think rates will

be going up for the right reason, because

growth is picking up, but not enough to choke

it off. Unemployment is reaching historically

low levels in the US and the UK, and inflation

remains held back by lower commodity prices.

However, in Europe and Japan, the signals

are for further quantitative easing programmes,

as inflation remains low. As the Euro and

Yen will continue to be put under pressure

by further loosening, this may damage the

outlook for the UK-based investor’s returns in

these areas.

Corporate bond yields remain reasonable

and default rates, while rising, remain

reasonably low. UK commercial property

continues to do well and has a robust outlook.

It’s also going to be a politically eventful :Q

year, isn’t it?

In the UK we will see a rise in commentary

during Cameron’s negotiations with his

European counterparts and a referendum

date set. The ‘Brexit’ word will loom large. And

in the United States the focus will turn to the

upcoming election.

Anna Croze is executive director at Adam Investment Management.

Anna Croze, Adam Investment Management

INSIDER: APPOINTMENTS


Barclay is new Homes for Scotland chief

THE HOUSE builder trade body Homes for Scotland has appointed Nicola Barclay as its new chief executive.

Barclay joined Homes for Scotland (HFS) in May as director of planning from Scottish Futures Trust, the Scottish Government’s infrastructure development agency.

She will take up the chief executive role on February 1, 2016, replacing Philip Hogg, who is leaving to join Bancon Group’s homes business as managing director. HFS said Barclay’s career in the home building industry “spans over 20 years and covers a number of areas including sales, land and planning”.

Before joining Scottish Futures Trust in 2012, Barclay spent two years as a planning advisor with HFS. She had originally joined the trade body from Macfarlane Homes.

She also previously held land and development manager roles with Taylor Woodrow and AWG Property.

Barclay is a Chartered Member of the Royal Town Planning Institute and is an active member of Women in Property.

Commenting on Barclay’s appointment, HFS chair, Jim Mather, said: “Nicola is extremely well respected by both members and other stakeholders, she will bring fresh energy and insight to our work.

“This will ensure our members are best able to work with others and attract the necessary resources to deliver many more homes of all tenures thereby helping to improve the lives of thousands of people and the strength of the Scottish economy.”

Name: Nicola Barclay

Previous title: Director of planning, Homes for Scotland

New title: Chief executive, Homes for Scotland

In the

spotlight

TRADE body Scottish Financial

Enterprise (SFE) has named industry

veteran Graeme Jones as its new

chief executive.

Graeme joins SFE from Experian

where he was senior partner of

banking and financial services.

Jones has previously held posts

as head of distribution for Aviva,

head of regulated sales at RBS

Group and manager of strategy and

operations at Standard Life.

Jones said: “I look forward to the

new challenges this role will bring

and to putting something back into

the industry which has given me

so much.”

SFE chairman Sir Ewan Brown,

said: “Graeme will bring with him a

tremendous amount of experience

and expertise of the financial

services industry to the role and I

believe his contribution to the work

of SFE will be invaluable.

“I look forward to working with

Graeme to support and promote

our industry, which is so important

to the UK economy.”

Industry veteran to lead SFE

Bank bolsters senior teamCLYDESDALE Bank added two new appointments to its senior management team.

Gavin Opperman (right) joins the Glasgow-based bank as director of customer banking from Standard Chartered Bank, where he was regional head of consumer banking, Greater China, including China, Taiwan and Hong Kong.

Opperman, who brings more than 30 years’ experience across digital, retail, commercial, corporate and investment banking, will be responsible for “driving growth and further improving the bank’s support for Retail and Business & Private Banking customers”.

Kate Guthrie joins Clydesdale Bank from Lloyds Banking Group where she was latterly the HR director responsible for leading the group’s Culture, Capability and Engagement.

Guthrie, who will report directly to chief executive David Duffy, will be responsible for developing

Clydesdale Bank’s HR strategy.Both appointments are Glasgow-

based.Commenting on the

appointments, Clydesdale Bank chief David Duffy said: “Further strengthening the bank’s Leadership Team, both Kate and Gavin have first-class track records of building dynamic and successful service-led cultures across large organisations.

“They are both great additions to help us deliver our ambitious customer support and growth plans.”

NEW POSTS

Law firm HBJ Gateley has

added seven new hires,

including six new partners.

Nick Taylor and Paul Ockrim

join the firm’s Glasgow office

as partners from legal firm

Leslie Wolfson & Co. Helena

Brown, an intellectual

property specialist, joins

HBJ’s Edinburgh office from

Burness Paull, along with

ex-McClure Naismith banking

partner, John Blackwood.

Addi Shamash, recently

promoted to corporate

restructuring partner, has

joined the Aberdeen office.

Former Subsea 7 in-house

counsel consultant, Alison

Sim has also joined HBJ’s

senior team in Aberdeen along

with Philip Argo, previously

a legal consultant with Sigma

Commercial Consulting.

Big four accountants Ernst &

Young (EY) have appointed

Charlotte Nordberg as

director of client services for

Scotland and North England.

Nordberg joins EY’s Scottish

financial services team from

Virgin Money, where she

was head of delivery. Prior

to joining Virgin Money,

Nordberg held a number

of senior roles with AEGON

Scottish Equitable and

multinational management

consultants, Accenture.

Former Labour Chancellor

Alistair Darling was

appointed to the board of US

bank, Morgan Stanley.

Law firm bto has made two

new partner appointments at

its Glasgow office. Alasdair

Gillies and Laura Salmond

both join the firm from Levy

& McRae. Gillies, a solicitor

advocate, brings 14 years’

experience in both criminal

and civil law. Salmond, an

employment law specialist,

joins bto’s Employment Law

team in Glasgow.

People on the move in Scotland’s business community

COMMENT

Donald MacKinnonDirector of Legal Services

Law At Work

T: 0141 271 5555

E: Donald.MacKinnon@

lawatwork.co.uk

W: www.lawatwork.co.uk

Will new reforms mean an end to Tribunal Fees?

ONE OF the more controversial employment

reforms enacted by the last UK Coalition

Government was the introduction of fees

for claimants taking claims to employment

tribunals. Disliked by unions and other

organisations representing employees, fees

have been subject to a number of unsuccessful

legal challenges both north and south of the

Border. Of particular concern was the high level

of the fees – it costs an employee £1200 to take

an unfair dismissal or discrimination claim to a

hearing.

Regardless of the rights of wrongs of fees, it

is not disputed that their introduction resulted

in a large drop in the number of claims brought

before employment tribunals. It is estimated,

for example, that there has been a drop in 80%

in the number of sex discrimination claims

brought since the introduction of fees.

While the fees regime in England and Wales

will remain in place at present, albeit subject to

a number of ongoing reviews, the position is

likely to change more quickly in Scotland. The

Scotland Bill, currently making its way through

the UK Parliament provides for the devolution

of the Scottish tribunal system. The current

Scottish Government has already indicated

its intention to abolish fees as and when the

tribunal system is devolved some time in 2016.

While employment law will, with some minor

differences, remain the same on both sides of

the border, having a different fees regime in

place may result in some employees ‘forum

shopping’ i.e. seeking to establish a place of

work in Scotland to avoid having to pay fees

south of the Border.

For employers in Scotland, the main question

will be whether the abolition of fees will see an

upsurge in claims to their previous levels. ACAS

pre-conciliation and the limits of compensation

levels (introduced around the same time as fees)

will to an extent stem the tide. However, given

the historic level of claims pre- fees, a significant

increase in the number of claims is inevitable

and Scottish employers should be planning

now for this.

PERSONNEL:FILES


BUSINESSES entering the new year will know the winter months in Scotland can play havoc on overall productivity, but a recent study suggests unhealthy lifestyles and poor workforce health is costing UK businesses £57bn a year.

The Britain’s Healthiest Company (BHC) study, a geographically confused title for what is in fact a UK-wide research study, is conducted by VitalityHealth, Mercer, the University of Cambridge and RAND Europe.

Its findings, taken from 32,538 workers across all industries - and rather oddly presented in a series of press releases as opposed to a full report - suggest UK companies are losing 23.5 days of productive time per employee each year.

The BHC study suggest this loss of productivity – calculated as output per hour worked - is down to staff either taking time off sick or underperforming in the office as a result of ill-health or unhealthy lifestyle.

Sadly this wide-ranging research doesn’t include regional variations; perhaps a chance lost to define the UK in a way an insurer like the study lead VitalityHealth, and an employee benefits specialist like

Mercer may find invaluable, but there are some notable claims, albeit cherry-picked from “commercially confidential” research material.

Perhaps the most startling is the estimate more than a third - 36 per cent - of UK employees “have a chronic condition, such as heart disease or diabetes, which are strongly associated with their lifestyle choices”.

And bearing in mind the bread and butter business of the study leads, perhaps less surprising is the claim 25 per cent of companies with the largest health promotion budgets “saw an eight per cent year-on-year improvement in the proportion of employees in good or excellent health, and a 16 per cent year-on-year reduction in productivity loss”.

Most recent figures published by the Health and Safety Executive (HSE) titled Work Related Stress, Anxiety and Depression in Great Britain in 2015, estimates around 444,000 cases of workplace stress, a prevalence rate of 1380 per 100,000 worker, based on Labour Market Survey figures.

The HSE figures also suggest 234,000 of those were new cases, or 740 per 100,000 workers.

REPORT CLAIMS UNHEALTHY LIFESTYLES COSTING £57bn

RECOGNITION at work is more important than

pay, a report form the Association of Chartered

Certified Accountants (ACCA) suggests.

The ACCA notes in a report titled ‘Culture and

Channelling Corporate Behaviour’ – compiled

from survey responses taken from almost 2,000

of its members across the globe – recognition at

work is the highest motivator, regardless of age,

industry or location.

The report suggests recognition at work ranks

higher than monetary reward.

Although half of the respondents conceded

performance-related pay schemes could help

foster best performance, nearly two-third

thought such systems could invite people to

“exaggerate or otherwise falsify their measures”.

“This shows the fine line employers need to

tread when putting in place performance related

targets and the need for careful consideration

when linking them to pay,” the report adds.

RECOGNITION RANKS ABOVE PAY - SURVEY

Insider’s regular events picture page

HIGHLAND SINGLE MALTSCOTCH WHISKY

In association with

Above: Scottish accountancy and business

advisory firm Johnston Carmichael has picked up

two awards at the British Accountancy Awards 2015

– Restructuring Project of the Year and Corporate

Finance Team of the Year. The firm’s Donald

McNaught receives the award for Restructuring

Project of the Year from Rufus Hound.

Above left: Over 200 guests attended a glittering

Rolex reception hosted by Laing Edinburgh at the

Assembly Rooms on George Street, in December

2015. Pictured here are Richard Laing and Lydia

Bourhill.

Left: The Family Business Awards in Glasgow,

L-R: Fraser Campbell, partner and head of family

business services at Campbell Dallas presenting

an award to winners, Anderson Maguire, Funeral

Directors in the Business Innovation category,

and Carol Smillie.


Above: First Minister Nicola

Sturgeon with top table guests

at the Scottish Chambers of

Commerce annual dinner.

Right: Vector Aerospace

Component Services UK lifted

the Perthshire Chamber of

Commerce 2015 Business Of

The Year title at a glittering Star

Awards ceremony.

Below: Pictured at the

Entrepreneurial Scotland dinner

(L-R) are Graeme Bone, Andrew

Malcolm, Amy Livingstone,

Mike Loggie, Julie Wilson, Jamie

Coleman, Iain Hutchison and

Professor Sir Jim McDonald.



THE TENMINUTEINTERVIEW

In association with

Above top: Alastair would like to see Liam Neeson play him in a film of his life

Above: He has a huge admiration for Andrew Carnegie

Below: We might see him singing a bit of Robert Palmer on the karaoke

Alastair ScottAlastair Scott co-founded Edinburgh’s 20/20 Productions in 1990, after years of working in theatres, opera houses, on fashion shows and corporate events. 20/20 Productions is a creative communications agency creating high-profile communications that deliver client messages to stakeholders, employees, colleagues and customers.

What does your typical day involve?Many different things of course. Looking at our

marketing strategy, our financial position and

performance, and our current client workload, trying

to make sure we have the best resources to deal

with what’s ahead. Talking to my good friend Andy

who runs our US operation, and the team who are

promoting our Dubai office. I also have a

production role and that means I deal with film

and event projects directly with customers – and I

love it!

What five words would friends/colleagues use to describe you?Flexible/honest/considerate/ambitious/reliable.

If you could choose anyone, who would be your fantasy board members and why?Andrew Carnegie – great work ethic with

philanthropic values and he also knew how to get

the best out of people.

If you could choose anyone, who would be your fantasy dinner party guests and why?Stephen Fry, Agatha Christie, Richard Burton, Raquel

Welch, Thomas Dolby, Edith Piaf and the Dalai Lama.

Oh yes and Andrew Carnegie of course! Why is

obvious isn’t it?

If you were in charge of Scotland, what would you change and why?I’d massively improve our transport networks. This

would mobilise the workforce and give people the

opportunity to buy affordable homes knowing they

could easily travel to work in city hubs.

What sport are you interested in and which sporting team do you follow?My favourite sport is rugby and I am a passionate fan

of Edinburgh rugby. I go to all home games and try

to get to away games when I can.

What was the first record you bought/first film you saw at the cinema/concert you attended?My first vinyl was The Geoff Love Orchestra Great

War movie themes – I was a child but loved the huge

sound of orchestral music. The first film I ever saw in

a cinema was Tora Tora Tora, which was a Japanese

perspective of the Pearl Harbour attacks – my

mother took me when I was eight. The first concert I

ever attended was Bruce Woolley and the Camera

Club in Leeds – I remember it clearly – great night!

What is your favourite memory from your schooldays?I played in a school band when I was 15 and we got a

gig at a local private school for girls – why they ever

agreed I will never know! Another great night.

What is your most embarrassing moment?There are so very many… one I can tell you about

was whilst working with Sir Digby Jones (at that time

director general of the CBI) at a presentation in

Brighton, spending the whole day calling him Sir

Rigby… he eventually put me right after five hours!

Who would play you in the film of your life?Liam Neeson.

If you could choose your last meal on earth what would it be?Monkfish and king prawns, with Dauphinoise

potatoes and ice cold Chardonnay.

What is your karaoke song/party piece?Robert Palmer - Addicted to Love.

What is your favourite shop/clothing brand/restaurant?Hate shops – I buy everything online. My favourite

restaurant is Fishers in Leith – a table in the bar.

BGF is the UK’s most active provider of growth capital for companies with turnover of £5m to £100m.Since 2011 we have invested more than £100m in Scottish businesses just like yours. Our funding is used to help businesses grow. We make initial investments of £2m–£10m in return for a minority equity stake. And we offer access to a huge network and support.Any more questions?0345 266 8863 [email protected] @bgf_team

So, what exactly is our investment focus?From Ayr to Wick. High-tech to high street. Fisheries to forestry. Tourism to transport. Getaways to takeaways. Big energy to a wee dram. Lifestyle to life sciences.Whatever the sector, wherever you are, our focus will always be on you, your business and your plans.

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