Tag: business

The Grassroots of Business at the Royal Highland Show

On the 44th year as partner to Scotland’s largest agricultural event, Royal Bank of Scotland showcases some of the businesses who can see a new future in farming:

On Thursday, The Royal Highland Show returned to Edinburgh. The event follows the sixth wettest spring in history in the UK, creating untold pressure for the sector, which employs almost 70,000 people here in Scotland.

Accounting for a greater percentage of GDP in Scotland than the rest of the UK, agriculture plays a key role in Scottish cultural and business life.

This year marks Royal Bank of Scotland’s 44th year as partner to the event – the longest partnership in the bank’s history. But the bank is taking the opportunity this year to showcase businesses looking to the future of agriculture through a different lens and seeing where new opportunities lie.

To demonstrate its support for farming entrepreneurs, Royal Bank has allocated its activation space to platform two exciting businesses on the Royal Bank of Scotland Accelerator Hub programme who will exhibit across the weekend.

One such business is Glasgow’s Naked Kimchi, founded in 2021 by Katerina Hayes who is originally from the Ukraine and is now British.

Katerina introduced traditional Ukrainian fermenting practices to Scotland 16 years ago, producing a 100% vegan, free-from kimchi with her father’s authentic recipe. In response to ongoing world events, Naked Kimchi & Co has provided employment opportunities for displaced Ukrainian people.

Naked Kimchi & Co’s approach commits to pioneering mindful eating and emphasises the importance of gut health. The business supports local farmers, aiming to shorten the supply chain, and provide a delicious superfood that is loved by both individuals and the restaurant industry. Their efforts contribute to better food security while bringing fresh, delicious kimchi to chefs’ tables.

By harnessing the potential of overlooked “wonky” vegetables and utilising every part of the harvest, Naked Kimchi helps to reduce greenhouse gas emissions while creating a healthy superfood that benefits individuals and contributes to building better food security.

In recognition of the business’ success, Katerina and Naked Kimchi have recently picked up a Scottish Edge award, receiving £65,000 funding to continue to back their sustainability mission.

Naked Kimchi will be joined by West Lothian entrepreneur, Marie-Claire and her business, Dream Magic Superfood Powders.

After experiencing the health benefits of superfoods first-hand, having tried multiple options when tired and burnt out from raising a family and working as a fitness coach, Marie-Claire spotted an opportunity to help Scots live a healthier life and brought her own blend to market.

Using her qualifications in health and nutrition, Marie-Claire has led the business from strength to strength and Dream Magic Superfood Powders now offers six different blends for customers to choose from.

With the platform provided by Royal Bank of Scotland across the weekend, both businesses will be able showcase their produce and provide free samples while building industry connections and brand awareness.

The businesses are both on the Royal Bank Accelerator programme.

Entirely free, the Entrepreneur Accelerator initiative is aimed at high-growth businesses looking to scale. It provides access to coaching, mentoring, events and co-working hubs with the intention of helping fledgling businesses to unlock new markets, attract new talent, access growth funding and to build leadership skills and scalable infrastructure.

You can support Naked Kimchi here https://nakedkimchi.co/ and Dream Magic Superfood Powders here https://dreammagicsuperfoodpowder.co.uk/

Katerina, CEO Naked Kimchi commented: “We are deeply grateful for the support we’ve received from the Royal Bank Accelerator Programme. The guidance and resources on offer have been pivotal in helping us scale and grow the business.

“Being given the platform to attend the Royal Highland Show is testament to the backing we’ve been given as a business and we’re looking forward to sharing our passion for authentic Kimchi with the industry and to connect with fellow food and environmental enthusiasts”

Marie-Claire, CEO Dream Magic Superfood added: “The expertise and opportunity provided by the Accelerator programme has been transformative for my journey as an entrepreneur, enabling me to grow my business and further develop my skillset in sales and marketing to running and operating a successful business.

“The accelerator has helped me to navigate challenges along the way and to lay a strong foundation for sustainable growth.

“We are incredibly excited to exhibit our superfood powder range at the Royal Highland Show. This event is a fantastic platform us to build our brand profile with the industry and customers alike.”

Support for the agricultural industry offered by the bank includes:

Agriculture Relationship Managers: Royal Bank has specialist advisers working as agricultural relationship managers able to understand the unique needs of land-based businesses. One third of these are women.

Finance: In July 2022, NatWest Group, of which Royal Bank is a part, confirmed a £1.25billion lending package for farmers, taking its total lending capacity to the agriculture sector to over £6.7billion. The extended support came as farmers face multiple cost challenges as fertiliser, fuel, feed and energy costs continue to rise.

Women in Agriculture: Since 2017, Royal Bank of Scotland has been heavily involved in the Women in Agriculture group, providing mentors and specialist support to help equip women with the tools they need to counter the barriers they face in their careers.

Chartered Banker Institute: All Royal Bank agri-relationship managers are independently accredited by the Chartered Banker Institute (supported by NFU Scotland).

Two new awards and 35 winners take centre stage at Scottish EDGE 

 Scottish entrepreneurs share £1.5 million prize fund as 23rd round of awards takes place

35 businesses with high-growth potential are celebrating after winning shares of a £1.5 million prize pot at Friday’s Scottish EDGE award ceremony.

For their 23rd round the awards returned to the Royal Bank of Scotland Conference Centre in Gogarburn, Edinburgh, with winners hailing from across the country, from Orkney to the Borders.

This year’s ceremony saw the introduction of two new awards which are set to open new avenues for aspiring entrepreneurs. The inaugural £80,000 Scale EDGE Award, which is supported by Royal Bank of Scotland and includes access to a high-growth account manager and placement on one of Scale-Up Scotland’s growth programmes, was awarded to Edinburgh based Talonmore Drinks, a family-run business producing ginger-based alcohol alternatives.

Meanwhile a new Creative EDGE Award, facilitated with support from Creative UK, which champions, connects and promotes the development of the creative industries across the United Kingdom, gave a boost of £100,000 to Una Watch, which produces sustainable, repairable-at-home, modular GPS sports watches. 

Veteran award categories returned for the 23rd round, with sustainability remaining a key focus. The Circular Economy Award, supported by Zero Waste Scotland, went to Evolve Metals, who secured £90,000 for their development of a copper refinery which refines metals from scrap, while Smart Gym CIC, which supports families through innovative and affordable wellbeing services, won £75,000 in the Social Enterprise category, supported by the Postcode Innovation Trust.

The Young EDGE and Wild Card categories returned this round, with the former supporting companies whose managing directors are under 30 and the latter providing a grant to pre-trading businesses which need support to bring their products to market.

Winners of the Scottish EDGE supported Young EDGE award included Lairg-based Candles from the Croft, which won £10,000 for its sustainable, vegan and cruelty-free luxury fragrances, while seven businesses were successful in the Wildcard Category, including West Linton-based Hulk Bio, which was awarded £15,000 towards its production of stem cell-based human milk for infants in cases where breastfeeding is not possible.

The STV supported award of £70,000 plus £75,000 worth of ad airtime, went to Alloa fudge makers Ochil Fudge Ltd, while the women-led business StrEAT Events emerged as winner of the Scottish Government backed Pathways category, winning a £75,000 award for their online catering marketplace.

Judith Cruickshank, MD Commercial Mid-Market at the Royal Bank of Scotland and One Bank Scotland Chair, said: “The Scottish EDGE awards offer a fantastic opportunity to showcase the talent and ingenuity within Scotland’s entrepreneurial community, and the addition of two new categories for this year illustrates how that depth of skill and creativity continues to grow.

“Royal Bank of Scotland once again was delighted to host the finals here at Gogarburn and we would like to congratulate all those businesses who were awarded funding at last night’s awards.

“We are proud to have supported the inaugural Scale EDGE award and extend our special congratulations to the category winner Talonmore Drinks and look forward to supporting the business as it takes its next steps.”

Sir Tom Hunter, entrepreneur and philanthropist said: “Scottish EDGE is a key driver of economic growth, a critical stepping stone for many scaling businesses and its refreshing that earlier this week our Government recognised that with additional funds to support more entrepreneurs intent on building successful businesses.

“Their success builds Scotland’s success – nothing more needs said.” 

Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise said:“We’re delighted to continue our support for the Young EDGE category, which never fails to deliver a wealth of talented entrepreneurs.

“It’s incredibly exciting to see these innovative young people turning their ideas into businesses that will develop and flourish, and I’d like to congratulate all this year’s Scottish EDGE award winners, who look set to do amazing things both for Scotland’s economy and society as a whole.”

Evelyn McDonald, CEO of Scottish EDGE, said: “It’s been an honour to help unlock the huge potential within the Scottish business landscape through the 23rd round of the Scottish EDGE.

“With the introduction of two new awards this year – the Scale Award and the Creative Award – we’ve been able to dedicate more resources than ever to giving promising Scottish entrepreneurs a helping hand on their journeys.

“We would like to express our gratitude to all our partner organisations and supporters for their contribution towards helping our businesses to thrive”. 

Supported by The Hunter Foundation, the Royal Bank of Scotland, the Scottish Government and Scottish Enterprise, Scottish EDGE has a key role to play in facilitating the nation’s economic growth.

List of winners (alphabetical) 

Scottish EDGE

  • Clean Carbon UK – £85,000 – West Lothian – A circular economy through carbon capture and utilization that provides a reliable and green supply of CO2. 
  • Confidence Plus – £100,000 – East Kilbride – Confiplus has been created to contain leaks from stoma bags to allow the wearer time to get to a toilet without soiling their clothing/bedding.
  • Evolve Metals – £90,000 – Circular (Zero Waste Scotland) – Edinburgh – We are building a copper refinery. Our patented technology developed with the University of Strathclyde refines copper directly from scrap, creating a circular economy.
  • Looper Tech – £70,000 – Edinburgh – Looper is a Life Cycle Assessment (LCA) software that helps manufacturers generate product climate certifications in one place.
  • Naked Kimchi & Co – £65,000 – Glasgow – We specialise in fermented food & beverages designed for a modern lifestyle, promoting gut health and cultural appreciation. We support local farmers, create zero-waste ferments, and empower refugees.
  • Noost Ltd – £70,000 – Lochinver – Noost Knit Co aims to make “Made in the Northern Highlands” mean something in the knitwear industry, selling our own products and manufacturing for others.
  • Ochil Fudge – £70,000 plus £75,000 worth of Ad Spend – Alloa – STV – Ochil Fudge embodies craftsmanship, hand-producing Scottish Fudge. With local talent, quality ingredients, and traditional methods, we deliver an authentic homemade taste to delight our customers.
  • Optimum Business Growth – £60,000 – Glasgow – Our Bid Journey model has helped clients win over £800m of contracts since 2020 by taking a more proactive, strategic approach to bidding for work.
  • Smart Gym CIC – £75,000 – Glasgow – Social Enterprise (Postcode Innovation Trust) – Smart Gym is a social enterprise that supports families through innovative and affordable wellbeing services. 
  • StrEAT Events t/a AndMunch – £75,000 – Glasgow – Pathways (ScotGov) – AndMunch is an online catering marketplace for discovering and booking food trucks & mobile bars for events.
  • Tailored Spirits – £100,000 – Edinburgh – An Edinburgh-based company who coordinates every aspect of a whisky cask’s journey from barrel to bottle for clients seeking bespoke small-batch bottlings.
  • Talonmore Drinks – £80,000 – Edinburgh – Scale Up (RBS) – Talonmore is a family-run business focused on enhancing healthier socialising through non-alcoholic drinks. Offering a versatile, ginger-based alcohol alternative, that replicates a dark spirit experience.
  • Tax Torch – £75,000 – Hamilton – Revolutionary Tax Planning Platform leveraging AI to offer personalised, real-time and future tax planning based on an individuals profile, goals, HMRC guidance, and legislation.
  • The Ink Balm Co – £50,000 – Alloa – The Ink Balm is a vegan, eco-packaged tattoo aftercare product, created and made in Scotland, celebrating the art of tattoo.
  • Una Watch – £100,000 – Edinburgh – Creative (Creative UK) – Built with sustainability in mind, Una is a modular, repairable GPS running watch. We also design smart watches for industry customers using our modular system.
  • Whitebox Dental – £100,000 – Glasgow – We are a dental laboratory that specialise in the manufacture of orthodontic appliances, manufacturing braces, retainers and aligners and whitening products for specialist orthodontic clinics.

Young EDGE

  • AMJ Tech Consultants – £15,000 – Edinburgh – AMJ provides an export tool and API builder application for no-code databases.
  • Candles from the Croft – £10,000 – By Lairg – Based in the North of the Scottish Highlands on a working croft, we offer sustainable, vegan-friendly and cruelty-free luxury hand-poured home fragrances. 
  • CYKELWORX DESIGN LTD – £10,000 – Westhill – Cykelworx Design focuses on innovation across the outdoor market, with the flagship design, ‘The Assistant’, a new bicycle roof carrier with built-in assistance.
  • GRPZ Ltd – £10,000 – Westhill – GRPZ Sports is a sportswear brand that specialises in premium, innovative anti-slip socks that eliminate slippage between an athlete’s foot and shoe. 
  • Harlyy – £10,000 – Glasgow – A B2B SaaS platform that provides restaurants across Scotland and Pakistan with an automated customer feedback and marketing analytics so that they can make better-informed decisions.
  • LifeRites – £10,000 – Glasgow – Life Rites provides digital resources for those with terminally ill loved ones, helping them to have a good death. 
  • Maria Elizabeth – £10,000 – Paisley – Maria Elizabeth is a Scottish based wedding and event design studio that offers hand-drawn fine art stationery, styling, calligraphy workshops, brand artistry and storytelling worldwide.
  • MedSnapp – £10,000 – Glasgow – MedSnapp is the world’s first gamified medical education platform for medical students, allowing them to learn medicine through diagnosing and treating patients inside a game.
  • Moonshine Candle Co – £15,000 – Kirkwall – Moonshine Candle Co. offer luxury hand poured fragrance products, inspired by the calm moments of the Orkney Islands.
  • Mude – £10,000 – Edinburgh – Mude is an adaptive brand of clothing for people whose health depends on wearing medical devices, currently focussed on solutions for insulin pump users.
  • New Found Hope – £10,000 – Dunfermline – a Scottish adaptive children’s brand providing therapeutic footwear solutions to address the issue of toe-walking in neurodivergent kids aged 0-5 years old.
  • NUYRO Ltd – £10,000 – Glasgow – Development and sale of advanced nutraceutical formulation for retail audience in the UK.

Wild Card EDGE

  • 55th Parallel Coffee – £10,000 – Edinburgh – We are a small batch coffee roastery, selling to cafes and restaurants alongside at-home buyers via our website.
  • AllArmed – £10,000 – Glasgow – Novel personal protection for anyone who may feel vulnerable when alone in public.
  • FourFourFive Ltd – £10,000 – Edinburgh – FourFourFive Ltd is a software solution which, while working with existing platforms, enables a more timely, accurate and value-giving solution for accountants to prepare monthly business financials.
  • Hulk Bio – £15,000 – West Linton – Hulk Bio is offering stem-cell based human milk, when breastfeeding isn’t possible.
  • ProCedure VR – £10,000 – Dunfermline – Creating virtual reality training software libraries to support the immersive learning of surgical procedures. 
  • TinyGyms – £10,000 – Newport on Tay – TinyGyms provides private exercise spaces for people who feel intimidated by traditional public gyms. Unlike other gyms, you get the whole place to yourself.
  • TiroBio – £10,000 – Dundee – TiroBio Ltd will discover novel natural products such as enzymes and medicines from DNA microbiomes.

£5 million to unlock Scotland’s entrepreneurial talent

Support for start-up businesses

Extra investment to grow and nurture high-growth businesses and entrepreneurs has been announced.

The £5 million package will help deliver end-to-end support for Scotland’s start-up companies. It forms part of an ongoing to commitment to deliver on the recommendations of the Logan report into developing a world-class technology sector, and the Pathways report which is focussed on expanding the number of women starting and scaling-up businesses.

The package includes:

  • funding to expand the business funding competition Scottish EDGE, helping broaden and tailor the range of financial support available to fledgling businesses
  • the development of pre-start support, aimed at stimulating the earliest stages of business creation and product development for under-represented groups.
  • support to maximise the economic impact of university spin-out companies, and commercialise research
  • investing in initiatives that will attract the world’s top talent and showcase Scotland as a global destination for start-up founders and investors.

The additional support coincides with an announcement that Codebase, delivery partners of the Scottish Government’s £42 million Techscaler programme, are to partner with Scottish EDGE to develop the end-to-end support offered to businesses and entrepreneurs.

Deputy First Minister and Economy Secretary Kate Forbes announced the new funding as she visited the National Robotarium, the UK’s centre for Robotics and Artificial Intelligence and home to a number of spin-out tech companies.

She said: “Innovation is at the very heart of our economy. We have the talent, the skills and the facilities to make Scotland one of Europe’s fastest-growing start-up economies: an economy that is strong, successful and dynamic.

“This package of measures, which builds on the multi-million investment the Scottish Government is already making into our start-up business community, forms the next step in providing one of the most comprehensive government-backed support networks in Europe.

“The partnership between Codebase and Scottish EDGE also underlines our joined-up approach to fostering and nurturing Scotland’s young and vibrant business community. My message to Scotland’s innovators, entrepreneurs and disruptors is simple but clear: this Government believes in you and we will back you.”

Founder of the Hunter Foundation Sir Tom Hunter said: “Scottish EDGE is a proven, world class model of delivering finance to potential high growth early stage businesses and that has been independently verified.

“I am delighted the Deputy First Minister has recognised that and added significant additional resource to Scottish EDGE. When business and Government come together as they do in financing Scottish EDGE it can drive real economic growth by building the pipeline of entrepreneurial businesses, employment and the taxes that pay for public services.”

Entrepreneur and Investor Ana Stewart, author of the Pathways report on under-representation of women in entrepreneurship, said: “‘This  is a meaningful step forward in tackling the extreme gender imbalance which currently exists in entrepreneurship.

“I look forward to engaging and supporting the Government and other partners in enacting change whilst building on the existing momentum created since the publication of the Pathways report.

“Change will not happen overnight so I am also encouraged to see the adoption of a more strategic approach with a multi-year investment – a critical component if we are to tackle these persistent challenges.”

First Minister outlines his ambitions for Scotland’s economy

The First Minister has set out his ambitions for Scotland’s economy during a speech in Glasgow.

Speaking at the Barclays Campus in Glasgow’s financial district on Friday, First Minister John Swinney outlined his government’s approach to economic policy making.

Mr Swinney said poor decision-making at UK level, typified by Brexit and immigration policy, means the Scottish Government must work even harder with its limited powers to help businesses and workers thrive.

The First Minister stated his determination to bring hope and optimism and said he will “go all out” to encourage economic investment.

John Swinney said policy making will be governed by:

  • Moderate left of centre, progressive values
  • A partnership approach with unions and business
  • A focus on actions
  • Problem solving based on evidence

The First Minister will highlight significant announcements in Scotland’s renewable energy sector this week and actions the Scottish Government is taking to boost high growth businesses.

The First Minister said: “My goal is to help people live happier and healthier lives with higher living standards and to help businesses boost profitability.

“The evidence shows that independent countries that are comparable to Scotland are wealthier and fairer than the UK.

“Scotland has the talents and resources to match that performance with independence but in the here and now and in the face of Brexit we must work even harder to help Scotland’s economy with the powers we have.

“I will go all out to encourage investment in Scotland and I will ensure people know my government is a firmly pro-business administration.

“A partnership with trade unions and business will be at the core of my approach and through that approach and given our resources, not least incredible renewable energy, we should look to the future with hope and optimism.” 

ANALYSIS: FRASER of ALLANDER INSTITUTE

New FM – new approach on the economy?

Today, the new First Minister John Swinney set out his broad economic aspirations for Scotland (write MAIRI SPOWAGE and EMMA CONGREVE).

In a speech at the impressive Barclays Glasgow Campus (which he said embodied the ambition he wished to have for the economy), he set out the vision he had for Scotland to have a strong, successful, innovative and dynamic economy.

For people who were after specific policy actions, the speech was light on detail, but it was not perhaps fair to expect the FM to outline these sorts of specifics in a speech like this.

The FM also had a difficult line to tread, given (as he himself pointed out) that he has been a Minister in government for 16 of the last 17 years and wanted to talk about successes in a record he is “immensely proud of”. At the same time, he needed to recognise that there were failings in the previous administration that had led to him being in office as First Minister.

Economic Growth is front and centre

The First Minister had said as he took office that eradicating child poverty was his key policy objective. This morning he was keen to set out that there is no conflict between eradicating child poverty and boosting economic growth – rather, they go hand in hand. He set out that boosting the economy will create opportunities for people and raise living standards and that reducing poverty raises spending power and boosts productivity. This is to a large degree true, but there will at times be trade-offs that will require one to be prioritised over the other.

Given the key stakeholders from businesses and business organisations in the room for his speech today, he was very keen to set out that his government was going to work collaboratively with businesses and other organisations to design and implement policies to strengthen the economy. Even more broadly, the FM said that he wished to bring more consensus building back into Scottish politics to try to achieve outcomes – to “build up, not tear down” as he put it.

There was a clear “Scotland is open for business” from the FM today. Supporting more investment in Scotland (particularly related to the Energy Transition and Housing) is clearly a priority for this new administration. This featured heavily in this speech and has been supported by some of the policy announcements made earlier this week.

We will do, rather than write strategy documents

A widely welcomed aspect of the speech is likely to be the FM’s acknowledgment that his government could probably do with carrying out “more concrete actions and fewer strategy documents”.

We have been on record a number of times as saying that the Scottish Government produces too many and too weighty strategy documents. So this is a crowd pleaser to a room of people who are likely to want to see action rather than just warm words and have seen endless strategies come and go.

However, it is important to remember what the problem sometimes was with these documents. Sometimes, in the case of recent economic strategy documents, the problem is that they aren’t really strategies – if they set out high-level principles that no one can disagree with, but don’t provide a meaningful framework for prioritisation and dealing with trade-offs, then they aren’t particularly useful.

In other cases, even where strategies are set, they can often gather dust on a shelf rather than meaningfully drive activity in government.

All of this from the FM is likely to be broadly welcomed – it’s an easy sell to say there will be less bureaucracy. But let’s not forget that we still need a clear economic strategy from the FM and the DFM – and that a strategy is not a strategy unless it rules some things out and recognises trade-offs and carries through into day-to-day activity. This clarity and policy stability is what is likely to be required to inspire the confidence in investors that this new administration would like to see.

Looking forward, not back

Many of the questions from journalists in the room today were designed to get the FM’s views on what went wrong with economic policy under the previous leadership, In addition, he was asked what his government was likely to do on policies like rent controls, short term lets legislation, and tax increases (specifically income tax) that have been put in place at the past budgets. Essentially, people were keen to hear what, in these specific areas, might change under a John Swinney government.

The FM said clearly that he was “looking forward, not back” in response to the question about what went wrong under Humza Yousaf.

With regards to specific policies where regulation was impacting businesses, he said his Cabinet colleagues were looking at lots of areas of policy and that more details on specific policies would be following in the weeks and months to come.

On tax, he was more forthcoming – acknowledging that the higher tax rates on above-median earners in Scotland are an important component of raising revenue in straitened fiscal times, but also saying that “we can’t keep raising taxes”. It will be interesting to see how this approach to tax is reflected in the Government’s Draft Tax Strategy, which is due alongside the Medium Term Financial Strategy (date currently tbc). That is if these two documents survive the cull of strategies …

Evidence-based approaches

The FM today said a number of times that the government he leads will be more practical and will be driven by the evidence of “what works”. We are very supportive of this, of course, and hope it signals a shift of more meaningful appraisal and assessment of policy options within the Scottish Government, with the associated investment in evaluation.

In doing this, unintended consequences, whether economic or otherwise, are more likely to be identified and can be proactively mitigated, and/or it can allow the government to change course at an earlier stage.

In addition, progress and continuous improvement can only happen in a culture of meaningful evaluation and being prepared to learn from what worked and what didn’t work.

For example, how well has the policy on rent freezes and caps worked to date? It would initially appear from rental costs that it has had the opposite effect on rents than the government presumably desired, and it would also appear to have had an impact on investor confidence in the sector. Given the FM’s focus on housing in his speech today, and his commitment to be evidence-based, it will be interesting to see how this policy area progresses.

Is this a meaningful shift in approach?

With his speech today, that is certainly what the FM is trying to convey. He was saying many of the right things to hearten those who want to see the government focus on economic growth.

However, the proof will be in the policy action that is actually taken. So, let’s wait for these details in the weeks to come.

Success for young entrepreneurs from George Watson’s at Young Enterprise Scotland Regional Finals

 A team of pioneering young entrepreneurs from George Watson’s will be heading to Hampden Park to take part in the Young Enterprise Scotland National Finals.

Teams from Stewart’s Melville, Mary Erskine, Preston Lodge, St Georges, George Watson’s, Boroughmuir and George Heriot’s took part in the Lothian Regional Final for the Company Programme at Edinburgh Napier University, which saw George Watson’s take the crown with their business ‘Snappets.’ 

Snappets sells croc charms in a range of shapes and sizes, with the goal of producing a product that is suitable for everyone and promotes creativity.

The winners were presented their award by Daniel Johnson, MSP for Edinburgh Southern.

The Young Enterprise Scotland Company Programme is an immersive programme which provides a real-life learning opportunity that introduces young people from S5 and S6 to the realities of the world of work. 

Participants are required to start their own company, running through the key milestones of developing an idea, conducting market research, creating the product or service, promoting that product and ultimately trading it. 

Over 2,000 young people take part in the Company Programme every year in Scotland.

Young Enterprise Scotland, Chief Executive, Emma Soanes said: “The George Watson’s team is an inspiration and I wish them every success in the Scottish finals later this year.

Setting up and running their own successful company is a wonderful experience and will have given them new skills to take forward into their learning and future careers. So, whatever happens at Hampden Park, they are already winners.”

The Lothian Company Finals were sponsored by Edinburgh Napier.

The winning team will now go on to represent the Lothian region at The  Young Enterprise Scotland Company Programme Finals, which are part of the three-day Festival of Youth Enterprise, running from 28th to 29th May at Hampden park.

For more details visit https://yes.org.uk/news/regional-finals-2024-07-03-2024

Chancellor backs British business with pension fund reforms

  • Pension funds to publicly disclosure how much they invest in UK businesses Vs those overseas.
  • Schemes performing poorly for savers won’t be allowed to take on new business from employers.
  • Changes are part of the government’s plan to improve outcomes for savers and consolidate the pensions market.

The Chancellor has today (2 March) announced pension fund reforms as a further step in the government’s plan to boost British business and increase returns for savers. This includes requirements for Defined Contribution (DC) pension funds to publicly disclosure their level of investment in the UK.

The government’s auto enrolment rollout has driven a huge growth in the amount of investment entering UK pension funds, from less than £90 billion in 2012 to around £116 billion in 2022. However, the disclosure requirements for DC pension funds are currently inconsistent across the market and do not require a breakdown of UK investments, sometimes making it difficult for policymakers and savers to understand where this money is invested.

By ensuring pension funds publicly disclose where they invest and the returns they offer, it will make it possible for employers and savers to compare schemes and make informed choices. The government is embarking on Value for Money (VFM) pension fund reforms to improve outcomes for savers and consolidate the DC pensions market. The reforms will ensure that pension managers are focused on securing good returns for savers. 

Under the plans:  

  • By 2027 DC pension funds across the market will disclose their levels of investment in British businesses, as well as their costs and net investment returns. 
  • Pension funds will be required to publicly compare their performance data against competitor schemes, including at least two schemes managing at least £10 billion in assets. 
  • Schemes performing poorly for savers won’t be allowed to take on new business from employers, with The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) having a full range of intervention powers. 

The plans are subject to a consultation by the Financial Conduct Authority and build on the Government’s Mansion House compact, that encouraged pension funds to invest at least 5% of their assets in unlisted equity. 

Chancellor Jeremy Hunt said: “We have already started on a path to drive growth, unlock capital for our most promising companies and improve outcomes for savers – and these new rules mean employers and savers can see how their money is invested and how the returns compare to other schemes.

“British pension funds appear to contribute less to the UK economy than international counterparts do as they invest less in our domestic businesses. These requirements will help focus minds on how to improve overall returns and outcomes for savers.”

Secretary of State for Work and Pensions, Mel Stride MP, said: “The incredible success of automatic enrolment has opened up a huge opportunity to grow the economy, boost British businesses and fuel our futures. It has helped us transform the pensions landscape over the last decade.  

“And our Value for Money framework will take this one step further, focusing pension managers on their number one priority – securing the best possible returns for savers – as well as providing a boost to the wider economy.”  

Julia Hoggett, CEO of London Stock Exchange plc and Chair of the Capital Markets Industry Taskforce, said: “Pension holders should know how much is being invested in equities in their home market.

“Investing in UK companies ultimately benefits those companies and the returns they are delivering, which supports the economy and the country in which pension holders live, to everyone’s benefit and in everyone’s interest.” 

James Ashton, Quoted Companies Alliance chief executive, said: “There is huge upside to aligning the UK’s financial assets with innovative homegrown ventures that could be tomorrow’s world beaters.

“We welcome these new disclosures and hope they are the first step to many UK pension funds discovering the numerous high-potential companies whose shares are traded on their doorstep.” 

Chris Hayward, Policy Chairman of the City of London Corporation, said: “The Mansion House Compact aims to channel long-term capital from pension funds into growth companies.

“It will support high-growth companies to start, scale and stay in the UK. We welcome the Government’s action to support this objective which will turn the dial to drive investment into UK businesses. It is vital that the pension ecosystem focusses on value for money and long-term returns for savers.” 

New laws to be introduced to ‘force businesses to be upfront with customers’

  • Fake reviews will be added to banned practices
  • Unavoidable hidden fees cost consumers £2.2 billion every year

Fake reviews, shop labelling and hidden fees that make shopping more difficult and expensive for consumers will all be targeted head on to clamp down on unfair trading practices.

Following a consultation into consumer transparency and as part of the Digital Markets, Competition and Consumer Bill (DMCC), the Department for Business and Trade will officially add fake reviews to a list of banned business practices, outlaw dripped fees that are unavoidable for consumers and ensure that businesses provide clearer labelling for prices on supermarket shelves.

These measures will be legislated for as part of the DMCC Bill as it progresses through Parliament.

Sneaky hidden fees, or dripped prices that are unavoidable will be banned. Drip pricing occurs when consumers are shown an initial price for a good or service while additional fees are revealed (or “dripped”) later in the checkout process.

Research suggests it is widespread and occurs in more than half of providers in the entertainment (54 percent) and hospitality (56 percent) industry, and almost three quarters across transport and communication (72 percent) sectors.

Every year, unavoidable fees cost consumers £2.2 billion, which is why these laws are being designed to ensure online shoppers have a clear idea of what they are spending upfront, to inform them as much as possible and as soon as possible before making purchases.

To make it easier for consumers to compare products and services, fees that are mandatory must be included in the headline price or at the start of the shopping process – these include booking fees for cinemas and train tickets.

Optional fees such as airline seat and luggage upgrades for flights will not be included in these measures.

Minister for Enterprise, Markets and Small Business Kevin Hollinrake said: “From supermarket shelves to digital baskets – modern day shopping provides customers with more choice than ever before. But with that, comes the increased risk of confusion, scams and traps that can easily cost the public more than they had planned.

“Today’s announcement demonstrates the clear steps we’re taking as a government to ensure customers can compare purchases with ease, aren’t duped by fake reviews, and have the sting of hidden fees taken away.”

Reviews were found to be used by 90% of consumers and contributed to the £224 billion spent in online retail markets in 2022, which is why this government is committed to ensuring that the information available online is accurate and fair.

Working with the Competition and Market’s Authority, new guidance will be created in the coming months to tackle fake reviews which will be added to the list of banned practices, with website hosts held accountable for reviews on their pages.

The Price Marking Order (PMO), a piece of Retained EU Law, will also be reformed now ]we have taken back control of our laws’.

The PMO requires traders to display the final selling price and, where appropriate the final unit price (e.g., price per litre/kilogram) of products in a clear way. The EU’s PMO laws were last updated 20 years ago and no longer reflect modern shopping habits.

We will be working with stakeholders and businesses to create new, simpler and clearer guidance for pricing labels that works best for British businesses and improves the shopping experiences for UK customers. This is expected to be issued in the spring.

Our proposed changes will ensure unit pricing is consistently applied, including to promotions and special offers, helping consumers compare products easily and identify what items represent the best value to them.

Small shops that are currently exempt from the PMO will continue to be exempt from those specific measures.

Graham Wynn, Assistant Director, British Retail Consortium said: “The BRC looks forward to continuing to work with officials as practical detailed implementation plans are developed. We are committed to ensuring information given to consumers is clear and they are not misled in any way.“

The UK Government will also be making provision for the PMO in relation to the Deposit Return Scheme so the cost of the deposit is displayed separately on price labels.

In addition to fake reviews and hidden fees, the DMCC Bill will also look at other consumer issues including subscription traps, and will provide the CMA with stronger tools to investigate competition problems and take faster, more effective action, including where companies collude to bump-up prices at the expense of UK consumers.

Former SRU wellbeing coach announced as guest speaker at business anniversary event

Love Your Business networking club, which has welcomed 185 speakers and over 4000 attendees since it launched in 2018, celebrates its 6th anniversary with the announcement of this month’s speaker on the 25thJanuary as Ben Scott, former Scotland Men’s Rugby Wellbeing Coach, who worked with the team to help bridge the gap between wellbeing and performance.

The club, at Black Ivy in Edinburgh, was launched by Michelle Brown, founder of the eponymous PR agency which marks its 10th anniversary this year, to help businesses make connections and build relationships, exchange ideas, referrals and contacts, and hear from inspiring speakers every month, sharing their entrepreneurial journeys and business insights.

These include Chris van der Kuyl CBE, Chairman and Co-Founder of 4J Studios, developers of the multi-award-winning Minecraft Console editions, former co-founder of Social Bite and business coach, Alice Thompson, California based environmental entrepreneur Paul Tasner, founder of PulpWorks and Michael Welch, OBE and CEO at Tirebuyer.com.  

Also, Rachel Hanretty, founder of the award-winning Mademoiselle Macaron, which sells over 35,000 macarons a week, has a turnover of £1.2m and landed an order to send her meringue confections to the Barbie film set.

This month’s guest speaker, Ben Scott, specialises in health, wellbeing, performance and personal growth and was head-hunted to become Scotland’s Men’s Rugby Wellbeing Coach in 2021 to enhance the squads individual and collective wellbeing, on and off the field.

Having suffered from physical and mental challenges as a teenager, Ben embarked on a journey to discover the answers he needed to overcome them, which involved completing various courses, including a five-year master’s degree in Chiropractic, a three year postgraduate in Functional Neurology and a postgraduate diploma in Clinical Hypnotherapy.

From January 2021 until April 2023, he worked with the team during a time that became one of their most successful performance periods, breaking many of their records, and seeing them rise two places in the World Rugby Rankings. 

Ben, who continues to coach elite athletes in person and online, and also helps patients at Morningside Chiropractic, will be sharing the story of his career journey and the ‘4 Pillars of Wellbeing’ to help business owners get 2024 off to a positive start, professionally and personally.

Michelle said: “I’m delighted to welcome the wellbeing coach, Ben Scott, as the speaker at Love Your Business this month, whose advice on ‘purpose, potential and performance’ will help business owners to get 2024 off to a flying start.

“For the past six years so many speakers have given up their time to share their inspiring stories with us and learnings along the way and provide valuable advice for businesses which always leaves everyone in the room inspired and motivated.”

Ben said: “Being asked to speak at the Love Your Business networking event this month is a great opportunity for me to share insights on how our wellbeing effects our performances, both personally and professionally, and to highlight ways we can overcome our challenges, so that we are better able to fulfil our potential and reach our goals.”

“I’m really looking forward to celebrating the 6th anniversary of a club which has brought so many people and businesses together to share their knowledge and experiences, in what is such a fantastic achievement for Michelle.”

Over the years the networking club, has also supported various charities and social enterprises, including Make 2nds Count, Support in Mind Scotland, Invisible Cities, Epilepsy Scotland and Fighting Against Cancer Edinburgh, FACE who have received proceeds from ticket sales and marketing support.

Love Your Business networking club runs on the last Thursday of every month, from 11am till 1pm. The first event of the year is on the 25th January.  

Tickets are £20 plus booking – https://rb.gy/e8vefk.

No ‘real evidence’ for labelling burden on Scottish businesses

Scotland does not support ‘Not for EU’ food labelling proposals

Concerns about “arbitrarily adding costs to businesses” at a time when consumers are already facing a cost of living crisis have been raised by Rural Affairs Secretary Mairi Gougeon.

The UK Government has proposed a roll out of ‘not for EU’ labelling on food and drink products across the whole of the UK from October, despite the fact that food labelling is a devolved matter.

The Food and Drink Federation Scotland has called for a proportionate alternative and Cabinet Secretary for Rural Affairs Mairi Gougeon has sought further clarification from the UK Government given “the information that has been provided to us so far is limited and does not currently represent a convincing argument or provide any real evidence… why this blanket measure is considered a proportionate approach.”

In a letter to the Secretary of State for Environment, Food and Rural Affairs Steve Barclay, Ms Gougeon said: “As labelling is a wholly devolved matter, the policy decision on whether to place this additional burden on Scottish businesses should rest with the Scottish Ministers.

“On the face of it, your proposals would impact a large number of businesses in Scotland who do not sell goods to Northern Ireland but would be required to change their labelling, or who sell into Europe and would be required to set up separate labelling streams. 

“I do not support this GB-wide labelling proposal as it stands, and I am not persuaded on the information provided so far that there is a case to introduce it in Scotland. I look forward to meeting with you and discussing this issue in due course.”

GB-wide labelling proposal: letter to UK Government

Over £115m contributed to Edinburgh and the Lothians economy by Barratt Developments East Scotland

Barratt Developments Scotland, which includes Barratt Homes and David Wilson Homes, has made a substantial contribution of £355.5m to the Scottish economy, with the housebuilder’s East Scotland division supplying £115.5m in GVA itself.

In the year ending 30 June 2023, Barratt East Scotland also completed 847 new homes of which 187 were affordable, and supported 1,641 direct, indirect and induced jobs across the region, which includes Edinburgh and The Lothians.

2023 also saw the largest UK housebuilder reinforce its commitment to creating homes for nature as well as people. The business created 10.3ha of public green spaces and private gardens around the region, the equivalent of 15 football pitches, to help support wildlife on and around its sites.  

Across the UK, Barratt is working towards reducing its direct carbon emissions by 29 per cent by 2025 and indirect emissions by 24 per cent per square metre by 2030. In the past year, CO2e emissions per 100m.sq. of completed build area fell to 1.87t in Scotland – a reduction of 2 per cent from the 2018 benchmark.

Alison Condie, managing director for Barratt Developments East Scotland, said: “As the UK’s largest housebuilder, and one of the most sustainable, we place considerable emphasis on supporting people, the environment and generating strong economic growth for the region.

“We are proud to have made such a positive contribution to the region in 2023 with 847 new homes being delivered to families and boosting the local economy by £115.5m.”

As part of its housebuilding activity, Barratt East Scotland has made £3.4m in local contributions to help build new facilities and community infrastructure. This contribution includes the provision of 173 new school places. More than £27.3m has also been spent on physical works within communities, such as highways, environmental improvements and community facilities. 

Other key findings from the Barratt East Scotland 2021 socio-economic report include: 

  • Increased support for public services with £28.9m in generated tax revenues 
  • Over £96,000 donated to local charitable and community causes 
  • 296 supplier and 276 sub-contractor companies supported 
  • Increased support for the UK supply chain with 90% of all components centrally procured, assembled or manufactured in-country 
  • More than £15.2m in retail spending by new residents, helping support 150 retail and service-related jobs 

The development of new and future talent remains a key priority for Barratt Developments Scotland and 75 graduates, apprentices and trainees launched their careers with the company in 2023, including 24 from its East Scotland division.   

The assessment of Barratt Developments’ performance was carried out by independent consultants Lichfields, who analysed socio-economic impacts through the delivery chain for new housing based on Barratt datasets, published research and national statistics.