IN ASSOCIATION WITH THE SCOTTISH COUNCIL FOR DEVELOPMENT & INDUSTRY

SPRING 2023

PILLARS OF SUCCESS

RETAIL INNOVATION SHAPING A NEW SHOPPING EXPERIENCE

ENERGY AND ENVIRONMENT CAN SCOTLAND’S PORTS BE TRANSFORMED?

INDEPENDENT SCHOOLS FACING UP TO THE AFFORDABIITY FACTOR

THE D SUN ISTR DAY IBUT TIM ED W ES S ITH COT LAN D

The leadership strategy of Burness Paull managing partner Tamar Tammes

WELCOME AN INDEPENDENT MAGAZINE DISTRIBUTED WITH THE SUNDAY TIMES SCOTLAND CONTRIBUTORS Colin Cardwell Anthony Harrington Fiona Laing Graham Lironi Dominic Ryan Kenny Kemp Claire MacKay

PUBLISHER Canongate Communications 42 St Mary’s St Edinburgh EH1 1SX 0131 357 4470 www.thebusiness.scot

COMMERCIAL Eleanor Hunt 07986 701846 [email protected]

DESIGN & PRODUCTION

Welcome signs of resilience Times have been memorable (again) since the last issue of The Business was published. Events have included global banks having to be rescued from the brink of failure and another Budget, superseding the Truss/Kwarteng debacle that almost broke the UK’s financial system. As Clare Reid of the SCDI notes, while the UK’s inflation rate is moderating it remains worryingly high while energy and food prices continue still push up the cost of living. There’s familiar evidence of Scots resilience though, exemplified by Laings the Jewellers, which was founded in 1740, creating a new space for retail and craftsmen in Glasgow’s Buchanan Street. In our cover story, Kenny Kemp speaks to Burness Paull’s managing partner Tamar Tammes about her ethos, one that helps to create a virtuous circle at the legal firm which

drives her approach to leadership and helps to unlock talent. Our regular coverage of energy and environment issues looks at how the awarding of Green Freeport status will be a timely and important accelerator for the transition of Scotland’s ports toward clean energy. There’s also a positive trickledown effect for those locations which were not fortunate enough to benefit from the immediate investment. Skills in all sectors, of course, derive from a quality education and our enviable independent education sector remains at the heart of providing these. While for those lucky enough to have some disposable income in these times, our guides to wealth management, luxury living and interiors provide some welcome diversions.

Palmer Watson www.palmerwatson.com

TYPOGRAPHY

Acta by Dino Dos Santos DSType Foundry www.dstype.com Flama by Mario Feliciano www.felicianotypefoundry.com Cover picture: Paul Watt The Business is an independent publication produced by Canongate Communications and distributed in The Sunday Times Scotland. All rights reserved. Neither this publication or part of it may be stored, reproduced or transmitted, electronically, photocopied or recorded without prior permission of the Publisher. We verify information to the best of our ability but do not accept responsibility for any loss for reliance on any content published.

CONTENTS ECONOMY

4 Pressure remains on household services and public services

Cromarty Firth’s recently announced Free Greenport status has the potential to create 25,000 new jobs in the area

7 Opportunity to unlock economic and trade benefits

RETAIL INNOVATION

8 How Laings is creating a unique luxury shopping experience

COVER STORY

10 Profile: Burness Paull managing partner Tamar Tammes brings new energy to change the culture

ENERGY AND ENVIRONMENT

14 Home, work, play ... and contributing to net zero 15 Green Freeport status set to transform future for ports 24/06/2021

PARTNERS

16 Hunterston ready for key development role

SBS Logo Colour Sheild.png (945×1131)

1/1

24 Plug into green driving 25 Shrinking the working week

BUSINESS EDUCATION

32 Students learning to profit by keeping their distance

WEALTH MANAGEMENT

17 Huge investment in clean energy required

APPOINTMENTS

INDEPENDENT SCHOOLS

26 On the move: New faces stepping into senior roles

35 Is it worth investing in cryptocurrencies?

27 Bouncing back from redundancy

37 Make the most of your tax reliefs

20 The affordability factor https://strath.sharepoint.com/sites/sbs/Graphics and Logos/SBS Logos/SBS Logo Colour Sheild.png?originalPath=aHR0cHM6Ly9zdHJhdGguc2h…

HR & EMPLOYMENT LAW

21 Making education accessible to as many children as possible 22 Holistic approach brings key skills for the future 23 Journey of discovery connects pupils to the real world

DEALS & DEALMAKERS 28 Navigating an uncertain landscape 29 Funding boost for Scottish SMEs 30 Winter deals in focus

34 New tax year brings new challenges

LUXURY LIVING

38 Designs on sustainable life

SIDEWAYS GLANCE

50 Trying to raise a laugh? Just don’t bank on it

THE BUSINESS | SPRING 2023 | 3

ECONOMY

Grocery prices have risen by 16.7 per cent and the cost of housing and household services 26.7 per cent year-on-year to January 2023 Shutterstock / Yau Ming Low

Pressure remains on household finances and public services 4 | THE BUSINESS | SPRING 2023

Rising grocery and housing costs leave many consumers struggling, but business confidence is slowly improving BY CLARE REID The economic environment remains challenging for businesses and households. While the inflation rate is moderating it remains high and energy prices continue to put upwards pressure on the price of goods, services and wages. The Chancellor’s budget set out plans to incentivise business investment and to encourage early retirees and parents of young children to return to work. This has also brought £320 million of

Barnett consequential funding for the Scottish Government. However, despite tax rates rising from April and healthier than expected tax revenues in January that boosted public coffers by £5.4 billion, UK public spending remains constrained, with the Chancellor’s focus firmly on stability and keeping a cap on inflation. The consumer prices index (CPI) measure of inflation rose by 10.1 per cent in the 12 months to January 2023, down marginally from 10.5 per cent in December 2022.

In association with SCDI

UK and Scottish economies narrowly avoid recession but growth in 2023 will lag UK GDP is estimated to have grown by 0.3 per cent in January 2023, an improvement on the 0.5 per cent fall in December 2022. The latest quarterly data showed there was no growth meaning that the UK narrowly avoided a recession, defined

Quarterly Scottish consumer sentiment indicator 30 20 10 Net balance

as two quarters of decline. Scottish output followed a similar pattern with a 0.6 per cent fall in December and a marginal rise of just 0.1 per cent for the quarter as a whole. In December a drop in services output, from health and related services, was one reason for lower activity reflecting some strike days and lower levels of Covid-19 related activities such as vaccinations. The UK’s trade deficit (the difference between the value of exports and imports) grew in the three months to January by £3.5bn to £27.6bn. The decline in the value of both UK imports and exports is due in part to the falling value of energy and chemicals. The trade in goods deficit increased over this period whilst the trade in services surplus narrowed slightly. A drop in the values of exports of fuels and processed raw materials such as metals was one reason for the widening goods deficit in January. Food and Drink Federation data shows that exports of food and drink, worth an estimated £25 billion, fared well in 2022, with most categories exceeding pre-pandemic levels. Whisky exports account for around a quarter of the total value and a 37 per cent rise in the value of Scotch whisky exports in 2022 to £6.2 billion would have been a major contributor to export growth. The OBR is forecasting a contraction in UK output this year but at a smaller rate of -0.2 per cent. It also predicts the recovery in growth will be slow. While this is an improvement on earlier predictions, pre-Covid levels of GDP growth are not expected to return until 2026 according to the Bank of England, which cites “the change in the trading relationship with the EU” along with lagged effects of the pandemic and continued higher energy prices following Russia’s invasion of Ukraine as key factors. The Fraser of Allander Institute forecasts that Scotland will see a sharper correction this year of -1.0 per cent before a gradual recovery in 2024, with marginal growth of 0.6 per cent. This is a downwards revision on its previous forecast, reflecting the expected impact of continued high costs of living and doing business. However, this may be revised up in the next quarter to reflect the three-month extension to energy bill support for households which was announced in the budget. Last year, the UK was in the top half of faster growing global economies with output growth of

0 -10 -20 -30 -40

2013

2014

2015

2016

2017

2018

2019

2020

2021

Year and quarter

2022 Source: Scottish Government

Consumer price index (CPI) inflation. January 2013 - January 2023 16 14 12 10 Inflation

Although the Bank of England’s monetary policy committee’s view is that global and UK inflation have peaked, it voted in February to increase interest rates by a further half a percent to 4 per cent, noting that UK pressures, including higher than expected private sector pay and services prices rises, remain a concern. Grocery prices have risen by 16.7 per cent, and the cost of housing and household services 26.7 per cent year-on-year to January 2023. These rising costs will be felt by all households, with the impact felt most keenly by those on lower or fixed incomes. According to the marketing data and analytics company Kantar, a quarter of consumers say that they are now struggling financially, compared to one in five this time last year. For most workers, pay increases have not matched inflation. Although regular pay rose a substantial 6.5 per cent, pay in real terms in October to December 2022 adjusted for inflation fell by 3.2 per cent for total pay and 2.4 per cent for regular pay – one of the largest falls for two decades. The outlook is for the rate of price increases to fall this year. The Bank of England forecasts that inflation will fall to around 4 per cent by the end of the year, while other institutions such as the Office for Budget Responsibility (OBR) and Citibank are more optimistic, estimating that inflation could as fall to as low as 2.9 per cent and 2.3 per cent respectively by the end of the year. This is only slightly above the Bank of England’s 2 per cent inflation target, which has not been met since July 2021. Thus, despite an outlook for slowing prices rises, the squeeze on households will continue. The OBR now expects real living standards in the UK to fall by 5.7 per cent over the period 2022/23 to 2023/24. While this is an improvement on its November 2022 forecast it would still be the largest fall since records began in 1956-57.

8 6 4 2 0 -2 -4

2013

2014 CPI

2015 Goods

2016

2017

Services

2018 Year

2019

2020

2021

2022

2023

CPI exl energy, food, alcohol and tobacco Source: Office for National Statistics

more than 4 per cent. However, according to IMF data, weaker growth and higher relative energy costs mean that we will be the only advanced economy to see a decline in 2023 following last year’s relatively strong bounce back, and will continue to lag behind many of our competitors’ growth rates in 2024.

Employment rate at record high but tight labour market conditions expected to loosen Despite slowing economic growth, Scotland saw a record-high employment rate in the final quarter of last year with the proportion of people in work (of those economically active) rising to 76.5 per cent while unemployment fell to a historic low of 3.1 per cent, down on the same period a year ago. Businesses continued to report difficulties in recruiting staff at the end of 2022 according to the British Chambers of Commerce (BCC), with 82 per cent of firms reporting recruitment difficulties, up from 76 per cent in the previous quarter. Firms in the hospitality sector report the most severe difficulties,

followed by manufacturing, professional services and healthcare. Unemployment is expected to rise in the short term as the economy contracts, with the Bank of England forecasting that UK unemployment will rise gradually to 5.3 per cent by the end of 2025. According to Skills Development Scotland, Scotland will fare slightly better, with unemployment forecast to peak at 4.7 per cent at the end of 2024. The BCC also indicates that despite tight labour market conditions, investment in training is lower than one might expect with just one in four firms increasing their investment in skills over the last three months, 60 per cent reporting no change and 16 per cent reporting a decrease in investment.

Energy costs will continue to impact household and business decisions The Energy and Climate Intelligence Unit notes that energy costs in the UK reflect a dependence on gas, exacerbated by the onshore wind ban and the relative inefficiency of UK housing with less than 2 per cent of

THE BUSINESS | SPRING 2023 | 5

➜

MAXIMALISM

Our role is simple, really. We make the most of what is yours. Legally, tax-efficiently, effectively. Both now and for future generations. If you want more from your advisors, we are here.

turcanconnell.com

Turcan Connell is a Partnership of Scottish Solicitors regulated by the Law Society of Scotland.

ECONOMY

5 4 3 2

Clare Reid is Director of Policy & Public Affairs, Scottish Council for Development and Industry.

The SCDI Annual Forum is Scotland’s best cross-sector economic event. It is for leaders, thinkers and innovators from large employers and SMEs, local authorities, public bodies, colleges and universities, cultural institutions, charities and social enterprises, trade unions, trade and professional bodies. Think of it as all the best minds in the economy under one roof sharing knowledge and ideas and building connections. The Annual Forum convenes Scotland’s leaders to consider our role in the global economy and inspire and effect change in Scotland’s national and regional development. It provides a platform to engage in constructive, forward-looking dialogue to help find solutions through public-private cooperation. SCDI’s shared cross-sector ambition is to support economic growth and prosperity for Scotland but our thinking extends beyond narrow economic success to deliver better social and environmental outcomes. To secure your place, go to: www.scdi.org.uk/events/scdiforum-2023/

Scotland’s trading relationship with other nations is one of the foundations of our economy and the health of those relationships is a key driver of our future economic success. Exported goods and services account for roughly a fifth of Scotland’s GDP and the Scottish Government’s ambition is to grow this to a quarter over the coming decade with the potential to substantially boost GDP and tax revenue. Exports from energy, renewables, financial and professional services, whisky and salmon alone are estimated to contribute more than £25 billion to the UK’s exports each year. Tourism and international students at Scotland’s universities and colleges also create substantial economic value. Trading conditions in recent years have been challenging but there have been opportunities as well as losses. India, for example, has overtaken France as the biggest market for Scotch whisky by vol-

ume – yet this still only represents a small proportion of the Indian market opportunity. SCDI has been working closely with members of our International Business Committee, a panel of exporting organisations, to understand how they are being impacted by these changes, not least our exit from the EU trading bloc. Understanding how the EU is changing and resetting our relationship with our biggest trading partners is why later this month we will be visiting Brussels with some of our members for what we hope will be positive dialogue with EU officials, Scottish and UK representatives in Europe, trade association counterparts and other countries also trading outside the EU. Whatever the outcome, we owe it to our exporters to work to find ways to unlock future trade barriers and to support our ambitions to sell more of Scotland’s goods and services around the world. l

1 0 World output

Advanced economies

USA

Euro area

Germany

France

Italy

Japan

UK

Source: International Monetary Fund

to spending decisions this year though we may expect a slight improvement this quarter because of a further three months of household energy relief and the fuel duty cut. Costs are also rising for businesses. The Fraser of Allander Institute found in its most recent quarterly survey that just under half of businesses reported that they expected to reduce operations to some extent due to high energy costs, while almost 60 per cent of firms report they are considering making energy efficiency improvements due to increasing energy costs. However just over 60 per cent of businesses also said the cost of making improvements stops them from making these investments. While the BCC’s December 2022 survey showed a slight improve-

An opportunity to unlock economic and trade benefits

CLARE REID

SCDI ANNUAL FORUM: SECURING SCOTLAND’S PROSPERITY

Real GDP annual percentage change

Growth

➜ UK homes having the top energyefficiency ratings. This suggests that fluctuating energy prices will continue to be a factor in determining our economic performance for some time. In January, Scottish retail sales increased by 7.9 per cent on a like-for-like basis compared with January 2022, slightly above the three-month average increase (7.6 per cent) but below the 12-month average (9.5 per cent). The Scottish Retail Consortium points out that this sales data is underpinned by an uptick in spending on discounted items for non-food retail sales, and that the rises in spending on foodstuffs reflect a rise in food prices rather than volume of sales, which has fallen. The Office for National Statistics reports that around two-thirds of UK adults surveyed say they are spending less on non-essentials because of the rising cost of living with almost a quarter borrowing more than usual to make up shortfalls. Reflecting these difficulties, consumer sentiment has also fallen. In the quarter to December 2022, the Scottish Consumer Sentiment Indicator, an experimental dataset which measures current household sentiment and expectations for the future, was -28.1, a drop of 10.4 points on the last quarter and the lowest recorded since 2013. We would expect this to feed through

In association with SCDI

With news of a proposed solution to replace the Northern Ireland Protocol in the shape of the proposed Windsor Agreement, one of the barriers to trade for Scottish exporters could be removed. This is welcome news for businesses hoping to resume or increase trade with Northern Ireland. However it also has wider ramifications, with hope that other aspects of our post-exit trading relationship with the EU, such as access to the Horizon Europe research programme, could also be resolved with potentially significant financial and economic benefits for Scotland.

ment in expectations for profitability among UK firms, overall, the balance remains negative and at Covid-crisis levels. In Scotland, the Royal Bank of Scotland Business Activity Index data showed output improving in February despite rising costs, persistent supply chain disruptions and the slowdown in the housing market. Scottish businesses saw a rise in new business won, though the rate of new activity was outpaced by most other UK nations and regions. Overall, business confidence among Scottish businesses is rising, albeit more slowly than in most other parts of the UK. l

THE BUSINESS | SPRING 2023 | 7

RETAIL INNOVATION

Jeweller and watchmaker Laings is transforming a B-listed building in the centre of Glasgow into what it says will be a unique luxury shopping experience. It will be visible proof of a dynamic vision for the future of the family business, which was founded in 1840

Watch this space! BY CLAIRE MACKAY When Laings sweeps open the doors of Rowan House on Buchanan Street later this year, the family-run luxury jeweller will be ushering in a bright new chapter, not only for this flourishing Glasgow business, but potentially also for the city’s beleaguered retail sector. In announcing its £5 million development plans for the B-listed building, Laings was heralding a remarkable new stage of growth and investment that is continuing to unfold against what has been a level of challenge and economic pressure unrivalled in recent history. As part of its dynamic and energetic vision for the development of its jewellery business, Laings is ready to redefine the high-street experience for customers at its showrooms and workshops, not only by spending money on bricks and mortar, but also on its most precious resource – its people. Having seen its profits bounce back after the pandemic period, up from £2.8 million in 2021 to £5.4 million in its last financial year, and with a 62 per cent increase in turnover to £60 million, Laings has been embarking on a programme of investment in its high street store estate. It is a move that might seem at odds with the recent trend for retailers to move online. Yet for Laings, with showrooms in Glasgow, Edinburgh, Southampton and Cardiff, the decision to reinvest back into the business is part of a clear policy in a sector where quality shines alongside talent and where tradition and innovation are also at its heart. Stuart McDowell, managing director of Laings, says by transforming the company’s showrooms and workshops across the

UK, its will be “reimagining the customer experience while ensuring traditional jewellers’ crafts are kept alive”. He insists that plans for this new retail format will “capture the imagination of our clients and further enhance the luxury shopping experience in Glasgow”. With a total of £10 million now confirmed for revitalising the 19thcentury retail and office development at Rowan House, together with the recent expansion of its showroom in Cardiff, and similar development now under way in Southampton, Laings – which is also a strong online player – is underlining that commitment. In the process, the sixth generation of this family business is helping to re-energise its local retail environments, providing jobs and creating unique, immersive shopping experiences. Joe Walsh, CEO of Laings and husband of family member and director Wendy Laing, is in no doubt about how important this

Joe Walsh (left), CEO of Laings, and Stuart McDowell, managing director. “Along with our highlyskilled workforce, our retail stores are the cornerstone of our business,” says Walsh.

8 | THE BUSINESS | SPRING 2023

is. “Along with our highly-skilled workforce, our retail stores are the cornerstone of our business,” he says. “These are where our clients can immerse themselves in the history and traditional expertise of our business and that of our prestigious partners. “It’s vital we continue to invest for the future, making our physical assets as enticing and engaging as possible. Our online experience has also dramatically improved, helping people to make purchases more easily when they cannot come to see us in store. “Works are well under way at Rowan House and it’s exciting to see the plans coming together. Our watch workshop will be the first to be completed and we’re anticipating an opening in the next few months.” It was James Rankin Laing who founded the Glasgow business in 1840, supplying Clyde-built ships with clocks and precision instruments. He was then joined by his brother William 10 years later. Officially appointed as official clockmakers by the Admiralty and Clydeport Authority, a Laings clock still sits in the Clydeport office in Robertson Street. Today, Laings is well known as an outlet for acclaimed brands, with fine jewellery and luxury watches from names such as Rolex and Patek Philippe. However, the firm is also known for its own bespoke design and repair services from the team’s watchmakers, goldsmiths and jewellery designers. Laings stresses that it is not only a retailer; it is also a maker, which explains why a determination to value and nurture talent is integral to its business DNA. When Wendy Laing and Joe Walsh joined the family business in 2011, they brought with them a passion and determination to

continue the Laings story, one rooted in heritage and craftsmanship, and looked back to the skills that founded it using those guiding principles of craft to write its future. “Laings workshops are at the heart of what we do,” says Walsh. “We have a vision of creating collaborative spaces where skilled goldsmiths and watchmakers can work together in a technical and creative space, united by the same passion. It is in this space we see age-old skills paired with new techniques, working side-by-side in perfect harmony to reignite a love of craftsmanship for generations to come.” Currently occupying second and third floor office space in Rowan House in Glasgow, Laings is transforming the stone-built, fivestorey building at 68/70 Buchanan Street. Retail space will span the ground and first floors, as it brings the brands from its showrooms within the city’s Argyll Arcade under one roof. The basement, third and fourth floors will be offices, with an enhanced hospitality area on the fifth floor, while the second will host a new watch workshop.

How Rowan House will look when its £5 million development is complete. Laings is transforming the stonebuilt, five-storey building at 68/70 Buchanan Street, Glasgow

Wendy Laing and Joe Walsh joined the family business in 2011 Expanding the workspaces for watchmakers and goldsmiths, the glass-fronted watch workshop will create skilled job opportunities, while also inspiring the next generation of talent to train in the field. This will also allow Laings’ customers a unique opportunity to join their watchmakers and goldsmiths behind the benches and see them at work. From this new home in Buchanan Street, Laings will continue its programme of talent acquisition, alongside staff training and development, and with a focus on highly skilled roles such as watchmaking and goldsmith-

ing. Also in the pipeline will be exclusive brand collaborations, new partnerships and one-off events. There also plans for sponsorship programmes that will offer support to craftspeople and designers from overseas. Laings already has a sponsorship programme to recruit watchmakers, goldsmiths and artisans from different corners of Europe and a vision to house a larger team in-house, giving the firm the opportunity to train apprentices and carry on the centuries-old skills within the next generation of talent. “Our expanded watch work-

shop will give employees across the business, who aren’t in the traditional watchmaking field, new opportunities,” says Walsh. “They will be able to visit the workshop, train and learn new skills, taking their incredible retail knowledge and transferring it into a whole new skill set, becoming a watchmaker or being involved in quality control. “We recently partnered with the British School of Watchmaking and are very proud to be involved in the prestigious watchmaking community, helping us to grow the offering that we have.” This new chapter of growth

‘IT’S LOVELY TO MENTOR YOUNGER DESIGNERS’ Laings say nurturing young talent is vital to its success. Felicity Lynden, who completed a jewellery design course before joining Laings on the showroom floor, honed her knowledge in the retail team where her passion for design was quickly recognised, and she joined the bespoke design team. There she was mentored by lead designer

Sarah Alexander, who has more than 30 years of experience in the business, guiding Felicity in how to transform a conversation with a client into a beautiful, sentimental, and forever-loved jewellery piece. “It’s lovely to mentor younger designers,” says Alexander. “I find it invigorating to tap into my past designs and knowledge to pass

on to the next generation, and it’s so nice to see they have the same values and passion I have – always looking to improve and grow our service into something bigger. Sometimes you forget all the work you’ve done, but mentoring the other designers lets me revisit previous chapters in my career.”

fuels the company’s ambition to create a unique, luxury shopping experience for customers, both instore and online, with continued investment still at the forefront of its priorities for the year ahead. Opportunities to grow and learn are then passed on through instore experiences, and investing in talented people, the company believes, will ultimately pay dividends with its customers. “This is a very exciting time for us as a brand and these investments demonstrate our commitment to bringing our clients a luxury retail experience every time they visit,” says Walsh. “Our turnover growth reinforces the decisions we have made to drive the business forward during a highly challenging few years in the retail industry. “We could not have achieved our successes to date, nor plan for future successes, without the skill, expertise and dedication of our colleagues, who remain at the forefront of our vision to grow the business further. We look forward to bringing our current enhancements to fruition, and to further securing our role as an industry leading, luxury destination across our UK store estate.” l

THE BUSINESS | SPRING 2023 | 9

10 | THE BUSINESS | SPRING 2023

PROFILE

Burness Paull managing partner Tamar Tammes’ leadership strategy is to unlock talent to achieve business success leading to more work. A similar virtuous circle has allowed her own career to thrive

New energy the key to a culture of change BY KENNY KEMP

Tamar Tammes at Burness Paull’s Edinburgh offices. She has spent the lion’s share of her career with the firm, rising to become its elected leader in 2018 working alongside chairman Peter Lawson Paul Watt

Since the turn of the millennium, the painful consolidation of many revered names in Scotland’s legal sector has resulted in the loss of distinguished brass nameplates on doors in both Edinburgh and Glasgow. While the major multinational legal companies have generally been welcomed there has been a lament at the loss of the independent and distinctive Scottish law firm. Burness Paull stands proudly as one of those remaining Scotlandheadquartered independent law firms, with offices in Glasgow, Aberdeen and Edinburgh. It is the sole Scottish representative in the highly vaunted Lex Mundi network of the world’s independent law firms and hosted Lex Mundi’s first post-Covid international gathering in Edinburgh in 2022. The company’s Scottish roots remain important to this modern and thriving law firm. And meeting Tamar Tammes, the managing partner, there is little doubt that in the continuing battle to attract both new talent and lateral hires, there is a tangible benefit of working in a firm where partnership decisions are made closer to the seats of work. She is one of a growing band of female lawyers at the top of their game in a profession that in the UK now boasts an overall gender balance in favour of women after decades of domination by male figureheads. In truth, a great law firm can only be the sum of its

people; the combined wisdom and brainpower of a group of highachieving human beings is what gels any culture. And with any high performing groups, such as lawyers and their support teams, leadership and direction are the emblems of sustainable success. “Our predecessors going back some way are responsible for the core of the culture of the firm, which is carried along in the firm’s DNA which in turn produces the next generation of lawyers,” says Tammes. “We look for those who carry that DNA, that same independence of spirit and a talent-first, high-performing approach.” It is a testament to the culture of Burness Paull that Tammes, as the managing partner, has been able to spend the lion’s share of her career with a single firm, rising to become its elected leader in 2018 working alongside chairman Peter Lawson. “I’ve never questioned or thought about going anywhere else. This working relationship works both ways. It has been a symbiotic relationship for me at Burness Paull because the opportunities have always been there for me to progress and for the firm to develop into new areas of legal expertise and practice,” she explains, sitting in the firm’s Edinburgh office, which has views of the Usher Hall and Edinburgh Castle. Perhaps it is good fortune or perhaps sound career planning, but Tammes found a legal niche early in

her career. She worked with David Reid, the head of commercial property, who was a doyen of the real estate industry in Scotland. “I happened to land in property and real estate to start with, which was partly due to the role models at the time, including David Reid, who was also senior partner at the firm and was absolutely amazing and inspirational.” The early-to-mid 1990s was a time of expansion, when new structures of real estate and construction finance were helping to fund muchneeded infrastructure for the public sector including hospitals, schools and major roads and bridges. Some were controversial and contentious with PPP [Public and Private Partnership] and PFI [Private Finance Initiatives] projects but each was a Gordian knot of legal contract and financial arrangement. Tammes qualified as a solicitor while working in ‘comm prop’ and was elevated to partner in 2003. However, it was the arrival of onshore wind turbines which led Burness’ real estate team into uncharted and lucrative waters. The early renewables energy industry was led by property developers and landed entrepreneurs before the major energy companies woke up to the need for stronger green credentials. Tamar Tammes was in on the ground floor of this UK renewables boom, learning about the dense fields of regulation and electricity contracts, joining teams of multidisciplinary lawyers to tackle the ➜

THE BUSINESS | SPRING 2023 | 11

PROFILE ➜ complicated issues of tariffs and grid connectivity. During this time, a secondment with Bank of Scotland helped her understand more complex financial instruments where she undertook the review of banking securities. For a young woman with Dutch heritage, who was environmentally conscious and understood the global dangers of climate change, the green agenda has resonated strongly throughout her professional life. “Not long after my spell at Bank of Scotland, I was drawn into onshore wind deals, supporting clients moving into this sphere. I was part of this team, then building and leading the team [as head of property and infrastructure] in the firm and proud to be part of an industry where Scotland leads the way. This has been very exciting, all the way through the onshore wind boom, and now increasingly offshore wind with the big oil and gas energy players in transition to new greener technologies,” she says. In 2012, the then chairman Philip Rodney masterminded a merger with Aberdeen-based Paull & Williamson, which strengthened its important north-east oil and gas connections. At that time, Burness’ turnover was £37 million. Ten years later, in 2022, the turnover was £78.6 million, with profits of £35.7 million. The firm now has 650 people including 85 partners. By any measurement, this is a supercharged Scottish business success story. Today, Burness Paull’s renewables team numbers more than 40 lawyers and operates UK-wide, with the ability to pull in specialists on taxation and construction or knowledge from the offshore oil and gas industry, which is increasingly part of the Scotland and the UK’s transition to net-zero carbon. Tammes and Lawson were recently re-elected by their partners for another three-year term; their strategic leadership focus is now on developing the business which, in essence, means the talent. “I like to think that my job now is to continue these opportunities for other people in our firm,” she says. “In my view, leadership and management is about being able to unlock more success through others – more than by focusing on your own career progression.” Here there is a seminal point about the constantly evolving requirement of the legal profession as it navigates through fresh areas of

THE ROOTS OF A EUROPEAN SCOT As a female corporate lawyer, Tamar Tammes is imbued with an intrinsic European moral sense of liberty, equality and justice. While she was born in London her connection with Edinburgh was woven by her father. Bruin Tammes was a brave young Dutch student who escaped to England from occupied Netherlands by sailboat in August 1940. He was an ‘Engelandvaarder’, a term for those making the dangerous crossing over the North Sea during the Second World War. Only one in ten were successful, and many who were caught by the Nazis were either shot or sent to concentration camps. Bruin joined the RAF and was assigned to Coastal Command. After the war, he studied medicine at Edinburgh University, graduating in 1957. While he retained his Dutch nationality, he became a respected psychoanalyst in Britain and married Verona Hockaday, Tamar’s mother.

business. While Tammes was been able to ride the roller-coaster of the renewables technology, the next generation of legal minds must display the same flexibility, resilience and high performance to undertake legal challenges that remain unknown and in the future. “There is a metamorphosis of legal work which is led by client demand. My mantra to myself, of why I work as a lawyer, is to facilitate success for others. That is a virtuous circle: operating as a leader to unlock talent and maximise the potential of every single person in the firm, which in turn allows more success for our business, leading to more work in supporting our clients.” Since the pandemic, Burness Paull has moved towards blended office and home working, encouraging a “very flexible working policy” while the ‘E’ from ESG [Environment, Social and Governance] is plotted heavily on the firm’s use of any form of transport. So, while not completely replacing in-person gatherings, Microsoft Teams has become the de facto form of commu-

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Tamar Tammes followed in her father’s footsteps to Edinburgh University. “I started doing a fouryear history degree and was pretty sure that I wanted to study law after this, although not sure what jurisdiction that would be in.” She recalls ‘inspirational’ tutorials on the George Square lawns with the irrepressible Irish historian Owen Dudley Edwards. She undertook her law conversion course in Edinburgh and was an Erasmus exchange student studying in Paris at Université Paris XIII, now Université Sorbonne Paris Nord. “There were six places and not enough undergraduates wanted to

go, so three of the two-year postgrads went on the exchange and I was one of them. It was very good and very testing.” She was allowed to extend her stay in France to complete an Honours degree there. She returned to Scotland and joined what was then W&J Burness WS as a trainee solicitor, partly because the Edinburgh law firm was the only firm scouting for young lawyers on campus and she was offered a traineeship. She was interviewed by a Burness Partner and head of human resources and was offered a place which she accepted – and has remained with the firm since then. l

nication for both client and internal meetings. “I’m green through and through and this sits well with me, but clients are expecting us to be absolutely answerable for our own ESG agenda.”

provide that leading-edge of quality service for our clients. We think that those we hire are drawn to the success of the firm and our human qualities and culture,” she states. A major aspect of good governance is information security and ensuring the safe transmission of confidential documentation. “We want to be role models and thought leaders in every part of ESG.” For Tamar Tammes, the important aspect of Burness Paull remains the opportunity for the next generation of lawyers to prove their capabilities and build the firm. “When I joined the firm, I didn’t know I was going to be a commercial property lawyer or go into property finance and then the renewables sphere. I didn’t know I would become the managing partner of a leading independent Scottish law firm. This whole world which opened and was a virtuous circle allowing me to grow and thrive, must be open to the emerging generation of legal talent in Scotland,” she says. That remains her mission for Burness Paull. l

This also extends to the welfare and wellbeing of the legal teams and their support workers. Tamar Tammes is proud that Burness Paull was the first Scottish law firm to sign the Mindful Business Charter in 2019, and has enhanced family policy for paid pregnancy, and maternity and paternity entitlements for all employees, and the first accredited menopause-friendly employer in Scotland. “We are a very human firm and so we will support each other to

My mantra to myself, of why I work as a lawyer, is to facilitate success for others

ENVIRONMENT

Ahead of All-Energy & Decarbonise 2023, the UK’s largest low carbon energy and decarbonisation event, Clare Foster of Shepherd and Wedderburn explores a key focus of the conference: the decarbonisation of cities and places

Home, work, play … and net zero You could be forgiven for feeling more than a little battered and bruised in 21st century Britain – having endured more than three years of Covid, we have seen a number of developments that most thought they would never witness in their lifetime – a horrendous war in Ukraine with the resultant turmoil in the energy and gas markets, exacerbated by a febrile geo-political situation, meaning security of supply has never been higher on the domestic agenda. Add to that the challenges of political upheaval, extreme weather events, a cost of living crisis and more than 1.5 million children in England living in cold, damp or mouldy homes (a statistic from charity Citizens Advice in January 2023). This description is a dystopian nightmare which should be more at home in 19th century Britain, rather than today. Sitting among all of these challenges there is one constant – climate change. And despite what has just been described, if we are to avoid the ultimate existential threat, then reaching net zero has to be regarded by everyone as nonnegotiable, rather than just a set of statutory targets set by UK and Scottish governments. We have a collective responsibility to decarbonise, and the green building blocks are there if we have the will to make it happen. It should not be assumed that this just a problem for government and industry to tackle. The energy sector is already playing its part in trying to achieve the colossal clean energy generation targets set by government (notwithstanding the challenges of port infrastructure, planning and grid

constraints, amongst others), and progress is impressive. However, the challenge around decarbonising our towns, cities, villages and other places where we go to work and call home seems to attract fewer headlines. The irony is that the challenge of climate change should resonate with every person. It is in everyone’s interest to focus on achieving a future which is clean, sustainable and economically robust. In the context of cities, the challenge is acute, as cities are responsible for more than 65 per cent of the world’s energy consumption and over 70 per cent of its CO2 emissions. What better place to start in terms of reduction in consumption than where we work, live, study and socialise? Cities account for a tiny 4 per cent of the EU’s land area but are home to about 75 per cent of its citizens… given the concentration of people in urban areas then surely there is a case for taking collective action. In Scotland, there are already initiatives, set up specifically to encourage businesses and organisations (public, private and third sector) to work together in sharing best practice and to commit to taking certain actions to tackle climate change. The Edinburgh Climate Compact and the Sustainable Glasgow Charter are good examples of what can be achieved by a coalition of the willing. But we need much more action to make decarbonisation happen and activity should be mobilising across the UK with communities, towns and cities seeking out opportunities to work together – targetting “place” based action. The key ingredients of political

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Clare Foster says that we have a collective responsibility to decarbonise

What better place to start in terms of reduction in consumption than where we work, live, study and socialise? will/support, training, capability to get the right measures implemented, finance (through public, private or community investment) all exist, but there needs to be much more co-ordination and co-operation to streamline and accelerate the processes. If existential threat is not enough of an incentive, then ponder this – cities play an important role in the economic development of any country and over 75 per cent of global wealth is generated in cities. Given that there is an opportunity to decarbonise and boost the economic opportunities for all, then surely the drivers to take action are there – and the potential prize is

enormous: the creation of clean, green, warm places which are inclusive and provide opportunities for economic growth on a sustainable basis. For such a small geographical landmass, the UK has achieved some astonishing results in the past 20-plus years in terms of clean energy generation, despite the challenges – we should be capable of replicating that in terms of decarbonisation and everyone has a responsibility to make it happen. Shepherd and Wedderburn is working with clients on a variety of low carbon and decarbonisation projects. Please visit us at stand D20 at the All-Energy conference on 10 and 11 May at SEC, Glasgow, where our clean energy team will be on hand to share market-leading expertise. l Clare Foster is a partner and head of clean energy at Shepherd and Wedderburn Partner Content in association with Shepherd and Wedderburn Shepherd and Wedderburn - AllEnergy 2023 (swallenergy2023.com)

ENERGY AND ENVIRONMENT

Redundant oil rigs in the Cromarty Firth. Clean energy investment could create 25,000 new jobs in the area Wah75 / Shutterstock

Jobs and investment boost in the pipeline for Cromarty Firth and Firth of Forth

Green Freeport status set to transform future for ports

BY DOMINIC RYAN The awarding of Green Freeport status to Cromarty Firth and the Firth of Forth has been hailed as a timely accelerator for the transition of Scotland’s ports to clean energy. Cromarty Firth, focusing on industries involved in hydrogen and offshore wind, is looking to create 25,000 jobs and generate £4.8 billion in local investment. The Forth Freeport, meanwhile, will be a hub for alternative fuels, renewables manufacturing, carbon capture and shipbuilding. It is envisaged this will create 50,000 jobs and attract £6 billion of investment. With both freeports looking to rapidly capitalise on their newfound status, Neil Girvan believes Scotland’s ports represent a longterm infrastructure investment,

where the pay-off to local communities and the wider Scottish economy continues year after year. The publisher of The Ports of Scotland Yearbook, which in its 43rd year provides the industry with a unique and authoritative resource, Girvan says: “Investment remains a key driver of growth in our business. Forth Ports and Cromarty Firth Port Authority have poured large amounts of money into improvements and port expansion plans, creating engineering opportunities to dismantle the past and build the future. “Almost wherever you look, there is ongoing work to replace some of the older structures with modern new buildings while upgrading facilities – including deepening harbours, strengthening quaysides, building heavy lift pads and ➜

THE BUSINESS | SPRING 2023 | 15

ENERGY AND ENVIRONMENT ➜ developing laydown areas for the offshore wind industry.” However, Girvan points out that governments are also keen to achieve higher environmental standards and the ports sector must respond. “Scottish ports have long been looking at ways to be environmentally sustainable. Looking forward, the implementation of the green agenda and how this energy transition plays out, is an interesting side on how North Sea ports will facilitate and service a still vitally important oil and gas and subsea sector.” As Scottish ports continue to find new ways to accommodate the renewables and marine energy generation sectors, including wave and tidal, Girvan caveats: “The most immediate renewable opportunities lie within offshore wind. This will require a huge amount of development and much will be facilitated in the Scottish port sector and Scottish waters.” In Girvan’s view Scotland’s ports are in good shape to take advantage of traditional opportunities in agriculture, forestry, container business, fishing and leisure industries, but he adds: “The role of the ports is constantly evolving, as they look to find new ways to accommodate the fledging industry sectors, such as decommissioning and renewables, and continue to capitalise on the flourishing cruise ship market”. He concludes: “The industry is full of opportunities and Scottish ports will continue to provide sustainable employment along with technical ability, knowledge and investment to ensure they play a crucial role as a sector driver in the national and local economies.” While much of the heavy lifting

Almost wherever you look, there is ongoing work to replace some of the older structures

The port industry will be forced to change to meet new market expectations Kevin Martin

Neil Girvan is already under way to facilitate the ports’ transition, a major factor in this evolution will be the digitalisation of operations, a driver of growth very much intrinsic to Kevin Martin’s mission. Having worked in the ports sector for 30 years, both in operations and technology, Martin created Smart Ports Alliance in 2020. Its foundation is the Smart Ports Manifesto, a set of values and principles designed so any port can adapt to become a Smart Port. “We promote a mindset where ports and terminals consider their unique requirements and build effective technology stacks using the most appropriate tools – the right tools for the right job at the right time. There’s nothing smart about the bad use of good technology! “Embedded habits and behaviours of mature, infrastructureheavy industries that favour slow

movement and long investment cycles are not compatible with the fast moving, continuously evolving world of digital technologies.” Martin argues new behaviours and attitudes to change are required for industry to capitalise fully on digital assets. “It’s no longer enough to buy individual siloed solutions that keep data in one single area of the business – data that potentially has value in many other areas, if only those areas knew it existed. “If ports have already invested in the physical IT infrastructure – networks of servers, routers and switches and devices connected by physical or wireless transmission medium – they now need to invest in the hard and soft skills required to create an additional virtual layer of interconnected digital assets, greater than the sum of its parts, that optimises the movement and

availability of information.” Martin’s aim is to encourage a different way of thinking about technology and the skills required to maximise its value. “I’m also hopeful The Smart Ports Alliance can bring smaller ports together to realise they do all have similar challenges, and they can work collaboratively on solutions, leveraging their collective bargaining power to make digitalisation a more affordable prospect. “Without this, the digital gap between the large and small players will continue to expand.” He believes there will be huge opportunities for the small players as businesses look to reinvent supply chains and environmental action promotes a modal shift from road to rail and sea. “For years, shipping has become more and Emission results are plane to seessels visiting fewer and fewer ports, but these things work in cycles with technology always enabling decentralisation in the long run. “The pandemic and the calamity caused by the container ship Ever Given grounding in the Suez Canal have shown supply chains are not resilient to shocks. “The likes of John Lewis, Walmart and others started chartering their own vessels to avoid the congestion that arose from those two scenarios, and smaller ports that are digitally enabled and ready to meet the new market expectations could have a significant competitive advantage in the future. “As consumer and business technology evolves, it is inevitable the port industry will also be forced to change to meet new market expectations ... but a mindset shift will be required.” l

HUNTERSTON SET FOR KEY DEVELOPMENT ROLE Hunterston Port and Resource Campus has announced it is ready to welcome renewable energy developers to join its growing community after being granted national development status. The designation, under the Scottish Government’s National Planning Framework 4, recognises Hunterston as a strategically important site with a key role to play in supporting the delivery of Scotland’s national

development strategy and the transition to net zero by 2045. The government’s consultation paper on the strategy stresses the status will leverage Hunterston PARC’s “potential for electricity generation from renewables”, as well as research and development, aquaculture and the circular economy. Part of Clydeport, Hunterston PARC is one of 18 developments

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to have received special status as part of the Clyde Mission. This is focused on the river and riverside from South Lanarkshire to Inverclyde and Argyll and Bute. Ultimately, this will see King George V Docks, Rothesay Dock, Inchgreen and Greenock Ocean Terminal form part of the new planning designation. It’s the latest phase in Hunterston PARC’s mission to

create a facility to service and grow the blue, green and circular economies. James McSporran, Director of Clydeport at Peel Ports Group, commented: “Clydeport’s assets are uniquely placed to also attract further investment and business opportunities that will be a vital boost to the West of Scotland after Glasgow City Region lost out on its bid for Green Freeport status.” l

ENERGY AND ENVIRONMENT

Huge investment in clean energy required Investments in clean energy must quadruple within the next two decades, said the Energy Transitions Commission (ETC) in its latest report published last month. The global coalition of leaders from across the energy sector highlights the critical importance of strong government policies relating both to the real economy and to the financial system if finance is to flow on the scale required. It also identifies ‘concessional/grant’ payments needed to support early coal phase-out, end deforestation and finance carbon removals. Around $3.5 trillion a year of capital investment will be needed on average between now and 2050 to build a net-zero global economy, up from $1 trillion per annum

today. Of this, 70 per cent is required for low-carbon power generation, transmission, and distribution, which underpins decarbonisation in almost all sectors of the economy. Part of the investment needed will be offset by declining investment in fossil fuels, cutting the $3.5 trillion per annum requirement to a net $3 trillion. This is equivalent to 1.3 per cent of potential average annual global GDP over the next 30 years. In middle- and low-income countries, much of the investment would be required to support economic growth even in the absence of a climate change challenge and could come from corporates via voluntary carbon markets, philanthropy, and high-income countries. l

If companies are serious about tackling climate change they must fly less, says Transform Scotland Shutterstock/motive56

Emission results are plane to see Two companies headquartered in Scotland, Lloyds Banking Group and Abrdn, are among the top 10 out of 322 businesses ranked by the Travel Smart campaign. The ranking reviews how companies are performing on their commitments to reduce corporate travel and report air travel emissions. In the first ever overview of reporting of non-CO2 emissions related to business flying, the ranking finds that 11 Brit-

ish companies are leading the way by listing all greenhouse gas emissions associated with corporate flights. AstraZeneca, HSBC, Deloitte and NatWest are among those who set the example by considering the full impact of flying in their reporting. The other companies headquartered in Scotland that featured in the ranking, NatWest Group and SSE, received the secondbottom ‘C’ rating. Transform Scotland

spokesperson Elspeth Wray said: “If companies are serious about tackling climate change, then they must fly less. Leading Scottish companies such as Lloyds Banking Group and Abrdn have shown that it’s possible to cut emissions from business travel whilst succeeding commercially. “Businesses that don’t act will increasingly be challenged for failing to follow their environmental rhetoric with concerted action to cut emissions.” l

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INDEPENDENT SCHOOLS

Investing in an independent education brings diversity of opportunity Angus Forbes/High School of Dundee

The affordability factor Independent schools are committed to widening access to their education but parents should still start planning early for school fees BY FIONA LAING The one thing you cannot ignore about independent education is the level of school fees. With headlines about parents paying half a million pounds for a child’s lifetime education, it is a serious topic. Most parents will have to ask themselves if they can afford that amount of money … and how. The financial experts agree it’s a major commitment. “Plan early. You can’t just take this year’s fees and cross your fingers,” says Hayley Robinson, a private banker based in Weatherbys Private Bank in Edinburgh. “Assume fees will rise in line with inflation and probably more. Even if they only rise by 2 per cent a year, the parents of a child who started school last year and boards from

the age of seven can expect to pay over £500,000 for their education. “For a day pupil it could be over £250,000. And with inflation at current rates, that feels like a very modest estimate. “Remember that in the past 14 years school fees have risen by more than one and a half times the rate of inflation.” Planning is key, Robinson emphasises. “If you are putting money aside for this, then either make generous provision for the increases or ensure that the money is invested in such a way that it has some capacity to grow. “Private schooling is expensive and often a family effort that needs to be carefully budgeted and planned. I know a lot of grandparents who help with fees – they see a good education as one of the best

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legacies they can leave a child. “But that also needs some careful planning to ensure the gift is made most effectively from a tax perspective. It can be an integral part of their inheritance tax planning,” she says. Scotland’s independent schools also support pupils with fee assistance. In 2022, 24.2 per cent of students attending independent schools received some form of financial support from their school, with 3.2 per cent of senior students having their places fully funded by the school. The total value of this assistance – means-tested bursaries – provided by the members of the Scottish Council of Independent Schools (SCIS) is more than £55.6 million per year. “Fee assistance has more than

doubled in the in the past 12 years,” says SCIS deputy director Alison Herbert. “Every school has increased its support to families since the Charities Act in 2005 and it must be at least three times higher than before the act was in place,” “The Charities Act put two obligations on independent schools. One was to ensure that public benefit that accrued to the school from being a not-for-profit charity exceeded the private benefit that accrued to those who used the charity, namely the pupils and the families. “The other thing was if your charity charges fees – all of our schools are charities – you had to do something to ensure those fees were not disproportionately large to prevent people accessing the services of the charity, namely the school’s education,” says Herbert. That charity test saw schools increase the means-tested bursary provision that they had. Each school has different criteria to select which families qualify for

Making education accessible to as many children as possible COMMENT BY ANDREW MCGARVA RECTOR AT MORRISON’S ACADEMY, CRIEFF, PERTHSHIRE Morrison’s Academy in Crieff was established on a proud tradition of philanthropy. We strive to make our educational offering accessible to as many families as possible. Our school founder, Thomas Morrison, a stonemason and master builder from Muthill, asked that the trustees of his estate “erect and endow an institution ... to promote the interests of mankind having a particular regard to the education of youth and the diffusion of knowledge”. Morrison’s Academy opened in 1860 but would not exist or have thrived without the benevolence of Thomas Morrison. He wanted the children of Strathearn to attend his school and recognised that by making education open to all, he would

fee assistance. And an application will require detailed information about household finances and commitments to gain an understanding of circumstances and requirements. A child will also have to satisfy the normal entry requirements such as an entrance assessment or exam results. With annual fees for secondary day pupils in Scotland starting at about £13,000 (senior boarding fees are from about £33,000 a year), is the financial investment a good one? Herbert believes so: “Our strapline is ‘choice, diversity and excellence’. It is ultimately all about that. It’s the choice of what curriculum you follow. Schools will do different things, giving you the breadth of subject choice so that you can find the thing that works for you. “It is the diversity of opportunities – extracurricular music, drama, social service, public service, sport, whatever it might be – so that you get every opportunity to find something that clicks for you. “And yes, there’s a commitment

contribute to a rich and diverse community. Our school has evolved over the years but its focus on supporting the families and its desire for inclusiveness remains steadfast. We believe that a Morrison’s Academy education and all of the benefits and opportunities it presents should be accessible to as many children as possible. Consequently, a growing number of means-tested bursaries are awarded each year. In all cases, the assistance is determined by the individual circumstances of the family. In some cases, full fee awards are made, but the majority of awards fall in the range of 20 per cent to 60 per cent of the tuition fee. In this way we ensure that bursaries help widen access to the school and assist the greatest number of families. We are always looking for ways to increase the support we offer our school community and recently made our bursary programme

Morrison’s Academy recently made its bursary programme available to all pupils from primary one and older. Morrison’s Academy available to all pupils from primary one and older. Applications are also considered from existing parents who have experienced a change in circumstances. We believe that every child who is committed to the values and ethos of the school should have access to Morrison’s Academy, regardless of financial circumstances. Education is life changing and we are passionate about widening the opportunities for children now and in the future. l

Partner Content in association with Morrison’s Academy morrisonsacademy.org The next Open Morning for Nursery and Primary School will take place on Friday, 28 April 2023. For further information about bursaries or other general enquiries contact admissions @morrisonsacademy.org

to excellence – an expectation that pupils and families will put their all into this. And this is an opportunity – not an obligation – to seize with both hands.” Independent schools, like the rest of us, have been dealing with rising costs and are doing what they can to mitigate the impact. “The last thing schools want to do is put themselves in a position where they are unaffordable or beyond the means of people,” adds Herbert. “So it’s really for governing boards to manage the costs and spread the load where possible, trying to mitigate that against other savings within the school so that the impact on parents is as minimal as possible. “It’s important that people recognise that the whole point of charitable status is that it keeps the cost of fees as low as possible; it’s not about raising money. “Independent schools are not businesses – they are not-for-profit educational institutions, and that’s very much part of their ethos,” says Herbert. l

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INDEPENDENT SCHOOLS

Making all the numbers add up It is never too soon to start saving. Putting money aside regularly from a child’s birth means a good start, but even saving £200 a month would need a return of about 6 per cent to grow to £33,000 in a decade. To cover even just the secondary years of independent education, families will inevitably need to take professional advice and look beyond savings accounts and ISAs to offset mortgages, re-mortgaging, pension withdrawal, investing in the stock market, setting up family trusts or using a company. Many will call on family – often grandparents – to help out and this too will mean taking financial advice. The current economic crisis has highlighted how important professional insight is when things beyond our control change at pace. In addition to amassing enough funds to cover fees yourself, there are a limited number of specific educational grants you can apply for. For the most part they are

administered by charitable foundations and geared towards supporting the education of children from minority or disadvantaged households. Although there has been a shift away from non means-tested scholarships to means-tested fee assistance, several independent schools still have scholarships available. They are usually awarded for academic ability, arts, sport or general excellence and after a highly competitive selection process. There are some companies who will assist employees so that a child’s education is not disrupted if a job takes parents overseas. For parents with more than one child, there may be sibling discounts. And at some schools former pupils, members of HM Forces or the clergy are offered a discount on fees for their children. Schools may also offer discounts for those who pay fees up front. However, the Financial Services Compensation Scheme does not cover these payments if the school runs into financial difficulties. l

Fairview International School delivers a personalised approach to learning, tailoring each student’s education journey to their individual needs and ambitions. Malcolm Cochrane/ Fairview International School

COMMENT

Holistic approach brings key skills for the future BY DAVID HICKS HEAD TEACHER OF FAIRVIEW INTERNATIONAL SCHOOL, BRIDGE OF ALLAN Having been an educator for 25 years in the UK and internationally and spending the last decade working as the head of an established International Baccalaureate (IB) school, founding principal of a new IB school and founding chair of the IB Association of Schools in the UAE, I’m in a position to say the value of an IB education is undeniable. The IB education programme is robust and well-recognised as an educational curriculum. It combines disciplines to help students develop transferable skills such as communication, research, critical thinking, social skills and selfmanagement. These skills are key in helping students prepare for higher education and working life. Independent research has found that IB diploma students are three times more likely to enrol in a top 20 higher education institution than their equivalent A level peers, and 40 per cent more likely to

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obtain a first-class or upper secondclass honours degree. As an international boutique school with small classes, at Fairview we deliver a personalised approach to learning, tailoring each student’s education journey to their individual needs and ambitions. In line with the IB, we take a holistic approach to education, recognising and nourishing individual strengths and talents, supporting students to have confidence in their abilities. At Fairview we want to ensure students can achieve the highest grades they can, while being as accessible as possible. For example, we offer scholarships for Academic Passion, Excellence in Performing Arts and Sporting Performance. Our students are consistently gaining excellent grades, with 40 per cent of our students scoring over 40 points, out of 45, which is equivalent to 4 As at advanced higher. l Partner Content in association with Fairview International School, Bridge of Allan www.fairviewinternational. uk For more information contact [email protected]

COMMENT

Journey of discovery connects pupils to the real world BY LISE HUDSON RECTOR OF HIGH SCHOOL OF DUNDEE The High School of Dundee’s location in the heart of the city helps our pupils feel connected to the real world, creating fully rounded and grounded young people. With the help of a curriculum in which timetables are built around individual choices, a vast co-curriculum and extensive pastoral support, we help our pupils discover who they are, find their confidence and strengths and begin the jour-

The High School of Dundee has a unique sports development programme, providing talented sports stars with expert coaching. High School of Dundee

ney to where they want to be. In our primary school, our teachers focus on developing the core skills which are so crucial. But the focus is also on making learning fun, engaging and wide-ranging. Children receive teaching from our secondary school subject teachers in multiple areas of study. It’s an environment in which learning is cool. In our secondary

school we have enterprise skills courses which allow pupils the chance to work on real-world projects with local businesses. We have a unique sports development programme, providing talented sports stars with the expert coaching and all-round guidance they need to reach the next level. There’s a commitment to STEM, with specialist staff, state of the art

labs, equipment, and a focus on digital skills. Come and see us. We’d be delighted to tell you more. l Partner Content in association with High School of Dundee www. highschoolofdundee.org.uk For more information contact [email protected]

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HR & EMPLOYMENT LAW

Risk-free salary sacrifice scheme can save up to 40% on electric cars

Plug into green driving With plug-in hybrid and fully electric cars now making up the lion’s share of all new vehicle orders, salary sacrifice schemes are leading the way as the cheapest form of electric vehicle (EV) funding. According to Scott Durno, who heads up Grosvenor Leasing – Scotland, company employees can drive an electric car for up to 40 per cent less with salary sacrifice compared to a personal lease, with advantages for the company too. Grosvenor Leasing’s offering is also risk-free, which is a key factor for HR directors looking to implement a scheme quickly, as it comes with protection against employees leaving the company, or going on extended sick or maternity/paternity leave. “Never before have we seen such swift uptake in a funding solution,” said Durno. “The reason is all down to the very low benefit in kind tax (BIK) on electric cars, which has resulted in salary sacrifice becoming by far the cheapest way to source an EV. “Put simply, if an employee decides to sacrifice a portion of their salary for an electric car, the amount of income tax and national insurance contributions they pay will reduce. “Their employer then provides

them with a fully funded, maintained and insured electric car, on which they will only be paying very low BIK tax. “This provides an immediate saving compared to buying that vehicle or funding it through a personal lease, and the employer also gains by making Class 1a NI savings as well as offering an additional staff benefit, at no extra cost. Durno added: “A unique aspect of our salary sacrifice scheme is that it is also risk-free, as it comes with protection against employees leaving the company, or going on extended sick or maternity/paternity leave. “This is a particularly important feature of our offering, because it means companies can implement it with complete peace of mind. “It’s also very straightforward to put in place, and with minimal input or administration it can be implemented swiftly – quickly becoming a very important staff benefit offering sizeable savings.” Grosvenor Leasing is the UK’s largest privately-owned contract hire and fleet management specialist, providing a range of vehicle funding and management solutions to well-known names such as Glenmorangie, Weetabix, Tata Steel, Transport for London and the

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Salvation Army Trading Company. With a pedigree spanning more than 40 years, Grosvenor Leasing has won multiple awards for the support offered to its customers in driving down their carbon footprint and moving towards zero emission motoring. The company is also one of very few major leasing companies to have avoided a call centre culture, instead offering a personal touch that has resulted in customer satisfaction ratings that sit consistently between 98 per cent and 100 per cent. For any company seeking advice regarding salary sacrifice, Grosvenor has a team of experts on hand who can offer objective advice to any company looking into the benefits and how a scheme is structured. “The significant financial benefits of salary sacrifice are underpinned by the reassurance in the Government’s last Autumn Statement that low BIK rates on EVs will remain in place for at least another five years; fixed until 2025, then incurring only a 1 per cent increase annually until 2028,” continued Durno.

“To give a flavour of the potential savings of salary sacrifice compared to an employee funding a car through a personal lease, a 20 per cent tax payer choosing an MG MG4 Hatchback 125kW SE EV 51kWh 5dr Auto on a 3 year lease, covering 10,000 miles per annum, would save £140.71 per month. “A 40 per cent tax payer choosing a Cupra Born Electric Hatchback 150kW V2 58kWh 5dr Auto covering 10,000 miles per annum over three years would save £160.12 per month. “A 40 per cent tax payer choosing a Tesla Model Y Hatchback Long Range AWD 5dr Auto with 10,000 miles per annum over three years would save £374.57 per month.” Durno added: “Examples such as these, which factor in the lease costs as well as the separate insurance needed for personal contract hire, demonstrate why the financial benefits are so strong, and at Grosvenor Leasing we manage everything for the customer including payroll reports, contract variations and the full in-life management of

Shrinking the working week What businesses need to know about four-day weeks reduction in hours, putting them in the same position as the other employees. Employers will need to assess whether the part-time role could be carried out effectively over 3.2 days. Low benefit in kind tax has fuelled a swift uptake says Scott Durno, head of Grosvenor Leasing – Scotland

the vehicle including maintenance, accidents etc. “Employees can also sacrifice a further portion of their salary to fund a home charge point as this can be wrapped into the lease, and companies enjoy a free work charger for every five orders. “All the employer has to do is authorise orders with minimum or living wage checks, deduct the employee’s salary and carry out P11d reporting, which Grosvenor provides to them in a report. “To reduce administration for the employer further, any recharges are also charged direct to the employee rather than the company. “It means this is a very good opportunity for businesses and their employees to take advantage of the savings and accelerate their shift towards zero emission motoring.” l Partner Content in association with Grosvenor Leasing. For more information www.thegrosvenorgroup. co.uk/salary-sacrifice or contact the team on 01536 536 536 or salsac@ grosvenor-leasing.co.uk

BY NATALIA MILNE In a UK wide six month trial of a four-day working week, 56 of the 61 participating companies intend to continue this arrangement. The study, which ran for six months from June 2022, has been subject to debate, but what are the legal ramifications that employers need to consider before instituting this arrangement? IMPACT ON PART-TIME WORKERS Employers need to examine carefully the position of parttime workers. If an employee is already working four days a week, with a pro-rated salary, there are a few ways this could be handled. One option would be to reduce the part-time worker’s week by a proportionate amount and retain their level of pay. They would receive 100 per cent of their salary despite a

DISCRIMINATION Another option would be simply to increase the pay of the parttime workers to a full-time salary, but keep their hours the same. This may be difficult from an employee relations standpoint as it places part-time workers at an advantage. They would receive the salary of an employee who would otherwise work five days a week but are only expected to do four days’ worth of work – as opposed to squeezing five days’ worth of work into four days. The danger in this approach is the potential risk of discrimination. Part-time workers would be denied the opportunity to reduce their hours and retain their pay which may lead to a successful part-time worker discrimination claim. Consider the common reasons why employees need to work part time: childcare responsibilities and health concerns. Indirect discrimination can occur when a policy applies to all employees but has a negative impact on those who have a protected characteristic. Such a claim may be viable if an employee, who has already demonstrated their need to work reduced hours because of a protected characteristic, does not qualify to take part in a company

wide scheme to reduce hours spent at work. TRIAL PERIOD Employers contemplating a fourday week should initially do so on a trial basis. Practically speaking this would involve issuing employees with a temporary contract variation reducing their working days and stating that the change is temporary and would be reviewed after a set period of time. Remember that any permanent change needs to be done by agreement, and employees are unlikely to agree to increase their hours again. OTHER ISSUES Employees will need to be made aware that their annual holiday allowance will reduce by 20 per cent. If employees are expected to cover for their colleagues on their respective days off it is possible this would negate the stress relief impact a four-day week has been shown to have. Additionally, any expectations of contact on the employee’s day off should be made clear. Thought will need to be given to this in respect of checking emails or answering calls from clients. SUMMARY The results of the study seem positive, but employers need to think these issues through carefully before implementing this work pattern. l

Natalia Milne is legal manager at Navigator Employment Law www. navigatorlaw.co.uk enquiries@ navigatorlaw.co.uk

THE BUSINESS | SPRING 2023 | 25

APPOINTMENTS

On the move: new faces stepping into senior roles A roundup of some of the more significant recent appointments across Scotland P&J LIVE ASM Global, the owner of P&J Live, has named Rob Wicks as managing director of the Aberdeen events venue. Wicks will be joining P&J Live on 5 June from his current role as commercial director at Aberdeen Football Club, where he has been responsible for all football club revenue streams. He 25 years of experience in the sports and events industry, working with rights holders, brands, host venues, governing bodies, promoters and agencies. Wicks, who hails from South Africa and has worked in Europe for the past two decades and delivered projects and events in 25 countries. MM SEARCH Lindsay MacLeod has been appointed as associate partner at executive search firm MM Search. The new position will see MacLeod lead the business’s procurement and supply chain sectors while also developing the engineering, manufacturing and logistics offering. MacLeod brings a wealth of experience from her time with recruitment firms Page Group, Drummond Bridge, Badendoch & Clark and Hays. PINSENT MASONS Laura Cameron will succeed John Cleland as managing partner at

Pinsent Masons from 1 May. Cleland steps down following eight years in the role, having served the second of a maximum two terms. Cameron, who has been with Pinsent Masons for 28 years, has had leadership roles on its global board and as its first female board member. Based in Glasgow, Cameron until recently was global head of the firm’s 880-strong risk advisory services group which operates in construction, advisory and disputes, intellectual property, litigation, regulatory and tax, and technology, media and telecoms. ANDERSON STRATHERN Fraser Geddes has become Anderson Strathern’s full-time chairman, taking over from Bruce Farquhar. Geddes, who has been with the legal firm for about 12 years, gave up his position as head of dispute resolution operation, where he has a particular interest in regulation within the health sector. Geddes will be in place for Anderson Strathern’s move from Rutland Square to Capital Square in Edinburgh’s Exchange District. PROPERTY MANAGERS ASSOCIATION SCOTLAND Neale Bisset, co-chairman of Aberdeenshire-based company PMC Property Management & Let-

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Fraser Geddes Anderson Strathern’s full-time chairman

tings, has been elected president of the Property Managers Association Scotland (PMAS), which represents registered property factor firms. PMAS promotes standards, training and best practice and actively engages with the Scottish Government and legislative bodies on topics including property legislation, industry impacting issues and the Property Factors Code of Conduct. Bisset succeeds Nic Mayall of James Gibb and Ross Watt, of Newton Property Management, becomes vice president. IBIOIC A senior business engagement manager to support the growth of the Highlands and Islands’ bioeconomy has been appointed by the Industrial Biotechnology Innovation Centre (IbioIC). Annelie du Plessis joins IBioIC from Ethicon, a Johnson & Johnson subsidiary specialising in surgical technolo-

gies, where she was responsible for managing sales and business development. She will help businesses to develop and adopt biotechnology processes and products across the food and drink, textiles and marine sectors, working closely with Highlands and Islands Enterprise. SCOTTISH WOODLANDS Ian Robinson has become managing director at Scottish Woodlands, replacing Ralland Browne as he retired after seven years in the post. Robinson has worked for 35 years with Scottish Woodlands which is 80 per cent owned by its employees and has 230 staff in 19 offices in Scotland, northern England, Wales and Northern Ireland. Dessy Henry steps up to forestry director in Robinson’s place, having previously served as operational director. Charles Bushby, Neil Crookston and Michael Hall join the board.

Bouncing back from redundancy Lindsay MacLeod, associate partner at MM Search

Tough economic times means picking the right person for the job is more important than ever

Laura Cameron, managing partner at Pinsent Masons

Annelie du Plessis, senior business engagement manager at IBioIC SCOTLAND’S TOWNS PARTNERSHIP Kimberley Guthrie has become interim chief officer of Scotland’s Towns Partnership (STP) after Phil Prentice stepped down after eight-and-a-half years in the role. Guthrie, who is STP director of operations, has more than 25 years’ experience in business and retail, including as an owner and director. Prentice will pursue other interests in place-making, while keeping links with STP as a strategic consultant and programme director of Scotland’s Improvement Districts. HERIOT-WATT UNIVERSITY Heriot-Watt University has named Grant Wheeler as head of commercialisation. He will be responsible for delivering the university’s enterprise ambitions and will work with academics, students and industry partners to translate research into new services, products and spinout companies. He will use his experience in enterprise creation and technology commercialisation and his connections in Scotland, the UK and internationally in the key strategic role. SCOTTISH DENTAL CARE Scottish Dental Care, the Glasgowbased family-owned firm has appointed Lynn Hood as chief

executive. She joins from her role as chief executive of Focus Hotels Management, a white-label brand fronting several hotel franchises. The appointment follows a multi-million pound minority investment from BGF last year and allows the founders Philip and Christopher Friel to expand the leadership team as the firm continues to capitalise on opportunities. DYNAMIC EARTH Dynamic Earth in Edinburgh has appointed Zoe Mobey to the newly created post of director of fundraising & marketing. She joins from Edinburgh Leisure, where she was head of funding and evaluation and brings more than 20 years of fundraising and marketing experience gained at MS Society, Childline Scotland, Macmillan Cancer Support and the Royal Zoological Society of Scotland. SNIPEF Stephanie Lowe has been appointed deputy chief executive of the Scottish and Northern Ireland Plumbing Employers’ Federation (SNIPEF). She joined SNIPEF as industrial relations officer in 2006 and has recently been acting chief executive in the absence of Fiona Hodgson. l

BY DEREK MACFEATE The economic downturn has forced many businesses to restructure, downsize or close, contributing to global job cuts across the sectors. From tech and banking to retail, the shifting landscape has made many skilled professionals redundant. Redundancy can be highly emotional, but it is essential for those affected to remember that job cuts are often a result of unavoidable market forces. At MM Search, we work with many candidates who have been through the redundancy process, and while initially disheartening, many have told us that it has led them to exciting opportunities that have reinvigorated their careers. The current economic climate means that many businesses are placing their recruitment strategies under increased scrutiny. The costs associated with finding talent mean that there is more pressure for companies to make the “right choice” the first time, which has led to longer hiring processes with multiple interview stages. This is intended to ensure that candidates have the relevant experience and skills for the role and are aligned with the core values and culture of the business. While more rigorous recruitment processes may seem intimidating, particularly for

those who have experienced redundancy, candidates can turn them to their advantage. A more extended hiring period means candidates have more opportunities to showcase their assets and assess whether a role is right for them. Redundancy can be an opportunity for candidates to rejuvenate their careers, and an executive search team can support jobseekers to secure roles that are both fulfilling and challenging as well as providing unrivalled access to key contacts in relevant industries. A dedicated executive search professional can also help candidates to understand and communicate their worth to potential employers. This is essential in assisting applicants to stand out in a competitive marketplace and in supporting them to bounce back from redundancy. While market forces can be challenging, MM Search is still seeing a healthy number of opportunities across the sectors. We understand that value is critical to our clients. We have been collaborating closely with our partners to ensure that we find the talent they need to strengthen their businesses and meet growth targets in unstable climates. l Partner Content in association with MM Search MM Search specialises in executive search, executive interim and nonexecutive director positions. Led by founding managing partners Ken Morrice and Derek MacFeate, its process is streamlined, simple and innovative. www.mmsearch.co.uk

THE BUSINESS | SPRING 2023 | 27

DEALS & DEALMAKERS

Rising costs hit business confidence – but interest from foreign buyers in Scottish businesses remains strong

Dealmakers look to navigate uncertain landscape BY PERRY GOURLEY Although advisors report an encouraging start to 2023, the economic backdrop means few are willing to make bold predictions about the months ahead. “There is definitely an air of uncertainty in the market at the moment,” admits Donnie Munro, head of corporate at law firm Harper Macleod. “Business owners, lenders, investors and buyers are all trying to interpret the various economic indicators for the year ahead particularly when it comes to inflation levels and interest rates.” The rising cost of borrowing has inevitably impacted on investors who leverage debt, but Munro also argues cuts to energy bill support for businesses will have affected “both cashflow and confidence for a wide variety of industries”. However, the domestic financial challenges do not appear to have dampened the appetite of foreign buyers for Scottish businesses and assets, with several well-known names changing hands in recent months. High-profile acquisitions included healthcare AI specialist Blackford Analysis, which was spun out from the University of Edinburgh

in 2010, being bought by global life sciences company Bayer. Houston-based private equity firm SCF Partners also purchased Aberdeen’s Global E&C, which employs more than 1,000 people on onshore and offshore projects, from Global Energy Group, which retain its other energy businesses. Among smaller deals, Spanish digital services consultancy Sistemas acquired Glasgow’s New Verve Consulting. Significant domestic acquisition deals involving Scottish firms included Coatbridge-based Lees, manufacturer of meringues, teacakes and snowballs, being bought by Finsbury Food Group in a £5.7 million transaction. Several Scottish firms also hit the acquisition trail including Irn-Bru owner AG Barr which acquired the remaining 38.2 per cent equity stake in MOMA Foods from founder Tom Mercer and the other minority shareholders for £3.4 million. All-Scottish mergers and acquisitions (M&A) deals included Bishopbriggs-based security firm Connelly Group Holdings acquiring Renfrewshire safety and security business Brookfield Alarms in a deal advised on by Harper Macleod. Private equity (PE) firms have

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Gigged.AI: Completed a £1.6 million seed round

Snappy Shopper: Raised a seven-figure sum from existing investors continued to be active in recent months, following a record 2022 when Scotland bucked a gloomier UK-wide trend. Analysis by KPMG UK identified 51 deals involving Scottish firms with a total value of £3.5 billion in 2022, up 69 per cent on 2021. According to Gerald McLaughlin, head of corporate finance at Wylie & Bisset, PE firms are now more willing to invest in smaller businesses and to take a longer-term view. “PE firms traditionally sought an Internal Rate of Return (IRR) more than 20 per cent, with a three- to

four-year investment period, but over recent years many have been more comfortable with a longer timeframe, with the advent of ‘patient capital’ deployed by some business growth funds benefiting SMEs that are seeking to scale-up their enterprises,” he said. “PE firms are looking for SMEs with a unique service or product, a solid management team and, for new developments, barriers to entry for competitors so that there is an opportunity to develop that offering and roll it out on a much wider basis.” Among the most significant

Ken Cooper: “Connecting with entrepreneurs in hardto-reach areas will be an important focus”

FUNDING BOOST FOR SCOTTISH SMES

Advanced Clothing Solutions: Secured £10 million investment

recent funding deals, Advanced Clothing Solutions secured a £10 million investment from growth equity fund manager Circularity Capital. The move is aimed at accelerating the Glasgow-based firm’s push to become one of Europe’s largest circular fashion providers specialising in clothing rental, subscription and resale. Snappy Shopper, the Dundee-based home delivery platform which works with convenience stores, raised a seven-figure sum from existing investors Highland Technology, Kelvin

Capital and Scottish Enterprise. In the technology sector, Glasgow-based HR software firm Gigged.AI – which works with clients including the BBC and the University of Edinburgh, completed a £1.6 million seed round led by Par Equity alongside existing investor Techstart Ventures, Edinburgh-based strategic design firm Nile HQ and several entrepreneurs. Recent months have also seen a clutch of Series A funding deals by high-growth firms including golf technology firm Shot Scope which raised £2.7 million in a round

A £150m investment fund aimed at driving the growth of SMEs in Scotland is set to be launched this summer. The Investment Fund for Scotland from the British Business Bank will offer commercial finance options with loans from £25,000 to £2 million and equity investment of up to £5 million. The planned launch comes as figures show demand for funding from SMEs is rising at the same time as major banks are reducing their lending appetite. Data from credit fintech Iwoca showed that more than eight in ten finance brokers reported major banks are now less willing to fund SMEs. Ken Cooper, managing director of Venture Solutions at the British Business Bank, said the new fund aims to break down barriers that small firms may face in accessing finance, creating a more level playing field. “While we have seen an

encouraging stream of equity deals into Scottish firms over the past couple of years, the overall levels of equity investment and also private debt lending remain much lower than Scotland’s share of the UK’s small business population,” he said. “Given the geographical spread of Scotland’s smaller business population, connecting with entrepreneurs in some of the more rural and hard-to-reach areas will be an important focus of the fund.” Another new fund launched in Scotland and targeting SMEs made its first investment recently. Foresight’s £60 million Scotland Fund, backed by Strathclyde Pension Fund and British Business Investments, completed a £3.8 million investment in South Lanarkshire-based Electric Heating Company which aims to launch a range of air source heat pumps for domestic use. Macdonald Henderson advised the company.

headed by Guinness Ventures and supported by Scottish Enterprise, Old College Capital and angel fund Equity Gap. Shot Scope was advised by PwC. In the life sciences sector, PneumoWave closed a £7.5 million Series A round to help develop a platform for remote wireless monitoring of respiratory changes in high-risk patients. The round included £5.2 million equity from new investor Scottish National Investment Bank, alongside £2.3 million from existing investors Scottish Enterprise, IIG, Equity Gap, Alba Equity and

London and Scottish Investment Partners. Dxcover, a Glasgow-based company developing a blood test that can detect cancer at an early stage, raised £9.7 million through a Series A round and grant funding led by Eos Advisory, Mercia Asset Management, Scottish Enterprise, University of Strathclyde, SIS Ventures and Norcliffe Capital, and joined by US-based life science investor Mark Bamforth of Thairm Bio. Recent buyout deals in Scotland include Empteezy Group, the Livingston-based industrial safety ➜

THE BUSINESS | SPRING 2023 | 29

DEALS & DEALMAKERS

North Star: Raised £140 million to build the next wave of its renewables fleet

Eserv: Completed an investment deal with Vespa Capital

WINTER DEALS IN FOCUS £140M FUNDRAISING FOR NEW RENEWABLES FLEET Aberdeen-based shipping firm North Star raised £140 million – including £50 million from the Scottish National Investment Bank – to build the next wave of its renewables fleet. The deal came as the company looks to broaden its position as the UK’s leading service operations vessel operator and seize new opportunities in Europe. Other backers included IFM Investors, Edmond de Rothschild’s BRIDGE, and RBC Capital Markets. The deal was supported by an advisory team including Shepherd & Wedderburn, PwC, RBC Capital Markets, Allen & Overy, Clifford Chance and Blackwood Partners. PALLET BUSINESS BOUGHT BY TIMBER GROUP Dunfermline-based timber pallet and

➜ products firm, sold by owner Bruce Wishart to its management team with backing from Chiltern Capital. South of Scotland Enterprise also provided a £285,000 grant to support a management buyout at the Rowan Glen yoghurt factory in Dumfries & Galloway. The plant had closed in October but under managing director Alan Baxter the new company aims to increase its workforce to 25 by the end of this year. A six-figure funding package from UKSE, alongside input from private investors, also supported a management buyout at Lesmahagow-based fleet vehicle graphics firm OPG. Among employee buyouts announced since the start of the year,

packaging business Scott Group was acquired by UK timber and forestry group BSW Timber. Since it was founded in 1987, Scott had grown to employ 1,300 staff with an annual turnover more than £250 million. Operating across 32 sites it also operates a pallet recovery, repair and reuse service, and a timber sourcing arm in Latvia. Scott Group was advised by BTO Solicitors in Glasgow and BSW was advised by Macfarlanes in London. MUSIC PROMOTOR IN GERMAN DEAL Edinburgh’s Regular Music, which has staged concerts by acts such as Oasis, Neil Young, Bob Dylan and Lana Del Rey, completed a partial sale to German promoter, venue operator and ticketing conglomerate DEAG. Under the deal, through DEAG’s UK subsidiary Kilimanjaro Group,

Livingston James became Scotland’s first recruitment firm to move into staff ownership. Chief executive and co-founder Jamie Livingston will continue to lead the Glasgow-based company following the transition. Glasgow-based personal insolvency firm Harper McDermott, which trades as Trust Deed Scotland, also transferred into employee ownership in a deal advised on by Grant Thornton. Scotland’s quota of stock market listed firms looks set to continue to decline in the first half of 2023, with sausage casings manufacturer Devro receiving an improved takeover offer from Dutch firm Saria

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Regular Music CEO Mark Mackie remains a shareholder in the company and will continue to manage it in the long term. Burges Salmon advised the shareholders of Regular Music with a team led by Edinburgh-based corporate partner Danny Lee, alongside associate Victoria MacAulay.

Regenerate Ventures’ Agtech Fund, Milltrust International Group, and Scottish Enterprise, which also provided the company with advisory support.

SEED FINANCING ROUND FOR PLANT CELL FIRM Green Bioactives, which specialises in the discovery and production of natural products derived from plant cell cultures, secured a £2.6 million seed financing round led by St Andrews-based Eos Advisory. The financing will enable the Edinburgh company to grow its management, production and research team capabilities. The round also included investments from London-based

INVESTMENT DEAL FOR DIGITAL TWIN DEVELOPER Aberdeen-headquartered Eserv, a provider of digital twin software for industrial assets, completed an investment deal with Vespa Capital. The deal, for an undisclosed sum, sees Vespa partnered with Eserv’s management team led by founder and CEO Dan Millard. The deal will support Eserv’s international growth plans, as well as further investment in staff and technology. Eserv’s shareholders were advised by EY and Addleshaw Goddard. Vespa Capital was advised by DLA Piper, Calash, RSM and Endava.

Nederland BV, while North Sea explorer HurricaneEnergy has also received multiple proposals in the formal sales process it kicked off at the end of 2022 and Aberdeenheadquartered energy services firm Wood revealed it had rejected three offers from US private equity group Apollo. However, Edinburgh’s Capricorn Energy called off a proposed merger deal with NewMed Energy and is reviewing strategic options for the group. Elsewhere, Scotgold Resources, which has a gold mining operation near Tyndrum, raised £2.5 million in a placing supported by directors and significant shareholder Nathan-

iel le Roux to ramp up production. Although the economic backdrop remains challenging, Max Scharbert, a senior director in Anderson Strathern’s corporate investment team says he is “cautiously optimistic” about the remainder of 2023 given the lack of usual warning signs of a prolonged recession such as high unemployment or supply exceeding demand. “There is a lot of negativity in the market just now, but I am not convinced it is based on economic facts. We need to be careful that these doom and gloom predictions don’t scare the market further and become a self-fulfilling prophecy,” he said. l

BUSINESS EDUCATION

Students learning to profit by keeping their distance Achievement by refugee living in Tripoli camp highlights impact of Scottish MBA courses

Nahed Mansour’s MBA from Heriot-Watt while studying at a Libyan refugee camp highlights the remarkable possibilities for a Scottish-based degree

BY GRAHAM LIRONI While there may be nothing unusual about distance learning for an MBA in these post-Covid days, the news that Nahed Mansour took only two years to complete the four-year MBA at Heriot-Watt University by studying remotely from the Beddawi Refugee Camp in Tripoli, where she lives, highlights just how far-reaching and accessible Scotland’s internationally renowned MBA courses have become. It was while she was working for Association Des Jeunes Islamiques, a local non-governmental, humanitarian organisation, that Mansour was encouraged by a friend to apply for the Lebanese Refugee Scholarship, run in a partnership between Heriot-Watt University and children’s charity, Theirworld, which provides fully-funded places for Palestinian and Syrian refugees, as well as vulnerable Lebanese nationals. She joined a virtual study group with other students, where they dedicated two to three hours a day to learning. The university also provided an online platform offering support. The Lebanese Refugee Scholarship recently won first place in the Going BEYOND Awards hosted by the Global Business School Network for its positive impact on society. Professor Angus Laing, Executive Dean of the Edinburgh Business School and School of Social Sciences, said: “The alumni of our MBA programme spread across the globe and include senior political and business leaders in developing economies. “The Lebanese Refugee MBA programme epitomises that commitment to delivering educational

opportunities to learners in the most challenging circumstances.” The scholarship was launched in 2020 amidst the pandemic and during difficult economic conditions in Lebanon. Such has been its success that the Edinburgh Business School has already recruited a second cohort of scholarship students. Aside from switched-on refugees, distance learning is becoming a popular option with Scottish businesses with the UK’s largest university, The Open University (OU), offering training up to the value of £5,000 for small and medium-sized enterprises through the Scottish Government’s Flexible Workforce Development Fund. Larger employers that are apprenticeship levy payers in the private, public and third sectors can also tap into training up to the value of £15,000. The fund was set up to help Scottish businesses build a skills base that supports growth, efficiency and profitability and the array of training provision on offer is flexible, from bite-size courses to deeper learning with study options from

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ten hours to ten weeks, including a globally recognised MBA. The growing popularity of remote learning suggests that the life-saving lessons about the importance of keeping our distance in those years when the pandemic was rife appear to have stayed with many of us, with technology facilitating flexible learning experiences and widening opportunities for students to earn while they learn. Professor Elizabeth Gammie, Dean of Aberdeen Business School, Robert Gordon University, said that the university’s data shows that individuals with mid-management experience are less likely to opt for full-time on-campus MBA programmes because that would require taking a 12-month break from work. “Responding to this change in demand, we are now focusing more on our distance learning courses which are offered through a variety of different flexible routes and can therefore be aligned with other work-based responsibilities,” she said.

And Dr Phil Considine, Director of Executive Education at Strathclyde Business School, is of the firm view that higher education should be personalised, offering students an individualised learning agenda with flexibility in delivery and framework of micro-credentials. “The benefits of displacement during the pandemic accelerated digitalisation, remote learning and pace of innovation. This should be a continuum,” he said. And with April heralding the start of the two-year part-time Executive MBA programme – a new way of studying for Strathclyde’s MBA programme while continuing with a full-time career – there seems little doubt that the pace of change in higher education has accelerated, disrupting traditional operating models and driving innovation in the design and experience of the learning journey. With flexibility at the heart of the latest ways to study for an MBA, the world is shrinking as more and more students choose not only to earn while they learn but learn the benefits of keeping their distance. l

WEALTH MANAGEMENT

New tax year brings new challenges for earners The spring budget brought changes to the tax system that will affect different people in different ways

Chancellor Jeremy Hunt’s surprise change in scrapping the lifetime limit on how much can be saved in a pension will have little effect on low or medium earners Shutterstock/Sean Aidan Calderbank

BY ANTHONY HARRINGTON With the UK and Scottish governments paying out huge sums of money both through the pandemic and on into the present, some serious revenue-raising changes are being made to the UK tax system in the year ahead. Most of these have already been announced, though the Chancellor had a major surprise in his spring budget on March 15. The new tax year began on April 6, which represented the cut-off date for those wanting to mitigate their tax exposure. People now need to focus on what they can do through the 2023 to April 2024 tax year to mitigate their tax and maximise their long-term savings potential. The significant change that Jeremy Hunt made wasn’t the decision to freeze the tax allowance bands for the next six years. That had been widely trailed prior to the budget and is bad news for low and medium earners. This is because it guarantees that they will pay more tax as their employer struggles to keep salaries in line with inflation. You can’t do anything about that. The big change – which again will mean nothing to low and medium earners – is that the Chancellor has scrapped the lifetime limit on how much anyone can save in their pension. He has kept the £40,000 annual limit on the total amount that you can pay tax free into your pension fund, but the lifetime limit of £1,073,100 – frozen at that level since 2020 – has gone. Some tax experts argue that this is only sensible, because it does not make a lot of sense to impose both an annual limit and a lifetime limit

on pension contributions. However, under the old system that pertained until this latest budget, anyone lucky enough to have a pension pot grow by £40,000 a year would have used up their entire lifetime allowance in a little under 27 years. Now they can keep on accumulating at that rate for their entire working or earning life, which could be much more than 27 years. Great news of course if you are one of the top 1 per cent of earners, or if you have ambitions to be at that level soon – but entirely forgettable for the rest of us. Not surprising then that the Conservatives are getting some stick for looking after their uber-wealthy supporters. The budget means that more people will be falling into the highest rate tax band in the current tax year. The income tax bands for the 2023/2024 tax year remain at 20 per cent for earnings between £12,571 and £50,270. The higher rate tax band of 40 per cent kicks in at earnings between £50,271 and £125,139 and the additional rate, as it is called, of 45 per cent hits all those earning over £125,140. This means many more people will end up in the 45 per cent tax band. At the same time, the tax-free personal allowance of £12,570 from

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the 2022 to 2023 tax year has been frozen at the same level. This is not great news since the personal allowance has often in the past been increased by whatever the UK Government deemed the current inflation rate to be. Since we are now at a 40-year high in terms of inflation, which is currently running in excess of 10 per cent, freezing the personal allowance results in a de facto cut in its value of at least 10 per cent. If you are lucky enough to have been given a significant pay rise to match or partially counter the way inflation has eaten into your salary, it means you will be paying more tax unless you take some mitigating action. So what to do? There are basically two ways to take advantage of the reliefs provided by the UK tax system. One is to invest in products such as ISAs, where the growth of your investment is tax-free. There is a £20,000 cap on the amount you can invest in an ISA annually and it is on a ‘use it or lose it’ basis. You cannot roll any unused ISA allowance forward. Paul McFadyen and Nadeen Watson of Spectrum Wealth Group point out that the Lifetime ISA (LISA) is particularly interesting for

those under 40 (that’s the age cut off for LISAs, so starting in your 20s or 30s makes sense). You can contribute up to £4,000 of your £20,000 annual ISA allowance to a LISA. What makes a LISA special is that the government will contribute a further 25 per cent to anything you pay in each year, up to a maximum of £1,000 in any tax year. (There are other conditions, details of which can be found online.) Or, McFadyen and Watson note, you can opt to invest more into your pension from your salary. The government will pay the tax on the amount you invest directly into your pension fund for you. This means that for a basic rate taxpayer paying £100 into their pension, the government will add £25. Your pension provider automatically claims the basic rate contribution on your behalf and adds it to your pension pot. Higher rate or additional rate taxpayers claim the additional tax relief through their tax returns. In Scotland we pay a slightly higher rate than in England so the pension is even more beneficial to anyone resident here. The good news is that you can opt to increase your pension contribution for the current year up to a

Is it worth investing in cryptocurrencies? Those in their 30s or 40s should talk to a financial planner to work out how much they are likely to need when they retire Nadeen Watson maximum of 100 per cent of your salary, or £40,000, whichever is the lower. Of course, these limits are way out of reach for most people, but it is still worth thinking about doing what you can. Watson makes the point that it is extremely difficult for anyone in their 30s or 40s to work out on their own how much they are likely to need to be comfortable when they retire. The best course of action, she argues, is to talk to a financial planner who will help you work everything out. As PwC tax partner Susannah Simpson notes, pensions are such a powerful tax win that it is almost always a ‘go-to’ recommendation for financial advisors to make to their clients. Apart from pensions and ISAs, if you are wealthy enough to have disposable assets, be it property or shares, Simpson points out that you need to be aware of the coming changes to the capital gains tax (CGT) allowances. This is a real stinger. For some time now people have been able to make up to £12,300 tax-free gains every year on assets that attract CGT. The present tax year, 2022-23, is the last time the allowance will be this generous. In the next tax year the allowance drops to £6,000, and the year after it halves again to £3,000. So if you had something that you’ve made a profit on, and failed to sell it before April 6, 2023, tough luck. You now have just half the CGT allowance that you would have been able to claim had you sold whatever it was, before April 5. It halves again next year. You’ve been warned. l

BY ANTHONY HARRINGTON We need to start with a philosophical point. Behind any query about investing in a particular asset class, or a specific asset within that class, is an implicit concern about risk. ‘What risk am I running by investing in this or that asset?’ is the more useful question. PwC crypto expert Lawrence Wiseman, a director in the firm’s deals practice, points out that there is no such thing as a ‘safe’ asset class. ‘Class’ refers to a whole category of assets. Shares are an instance of an asset class. Bonds are another, as is real estate, or cryptos, for that matter. Within each class will be a range of different assets. Wiseman makes the point that, just as there is no perfectly safe asset class, not all the assets in a particular class will be as dangerous or have the same level of risk. If that sounds like picking a particular asset is the equivalent of picking a name with a pin while blindfolded, he argues that over time we have come to understand quite a bit about the risks associated with traditional asset classes, such as stocks and bonds. “The problem with cryptocurrencies is that we are still coming to grips with the investment risk that they represent,” he comments. This uncertainty is reflected in the price volatility associated with the better-known cryptos. Their value, like the value of a house that goes up for sale, is exactly what people are prepared to pay for it at any time. No more … and no less.

who held off, waiting for a softer entry price. Of course, if they get in while everyone else is still selling, their entry point will be under water fairly rapidly, which is what you get with a volatile asset. As any investment manager will tell you, timing any market is tough. Which with the crypto markets is even tougher because the uncertainty is so much deeper. Does it mean that you can’t make money investing in cryptos? No – but it does mean that the risk is such that you probably shouldn’t invest money you are not prepared to lose. It certainly shouldn’t be high up the list on any ‘widows and orphans’ fund. It’s interesting to reflect on just how negative the comments were regarding cryptos and Bitcoin from some of the investment world’s sharpest experts back in

the recent past, but many of those have moderated their opinions quite drastically. The website Crypto News has dug up a few of these quotes. JP Morgan Chase CEO Jamie Dimon called Bitcoin “a fraud” and “worse than tulip bulbs” in the early days. This year JP Morgan is much more interested in the whole blockchain, cryptocurrency phenomenon. Similarly, about the same time that Dimon was bashing cryptos, Warren Buffet called cryptocurrencies “a mirage” and warned people to stay away from them. His opinion, apparently, hasn’t softened. In May 2022 Buffett told delegates at Berkshire Hathaway: “If you owned all the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it.

Faith and trust come into play. When the price of Bitcoin is surging, people tend to pile in, convinced that they are on to a winner. Greed rules. Then, when a scandal rocks the crypto world, fear rules and the price tumbles. That’s tough for those who bought at or close to the price peak but great for those folks

THE BUSINESS | SPRING 2023 | 35

➜

WEALTH MANAGEMENT

Make the most of your tax reliefs was halved to £1,000 and will half again to £500 in 2024/25.

➜ Because what would I do with it? I’d have to sell it back to you, one way or another. It isn’t going to do anything.” Bitcoin, and other cryptos don’t make or produce anything, he pointed out. They are not productive assets. That is undoubtedly true; nevertheless, the plain fact is that they do tend to surge in value. Getting on the right side of that surge can be extremely profitable, just as getting on the wrong side can be seriously painful. Then too, as we began by saying, not all cryptos are the same crypto. They can have many different use cases associated with them. PwC’s Wiseman points out that it is probably misleading to lump all 22,000 cryptos into something

Cryptocurrencies can be enormously different. There are cryptos that behave like bonds, others that behave like stocks, and still others which have a variety of different use cases Shutterstock/ eamesBot called a cryptocurrency asset class. “They really can be enormously different, one from another. There are cryptos that behave like bonds, others that behave like stocks, and still others which have a variety of different use cases. Many of the newer ones are associated with their own eco-system, such as computer games, or even aircraft chartering. This is a highly nuanced market and blanket descriptions about it have very little meaning,” he cautions. l

CRYPTOLOGY DEFINED The great early appeal of cryptocurrencies was that, unlike ‘fiat’ currencies such as sterling, the euro and the dollar, they were and still are (so far at least) independent of any government. The cryptocurrency phenomenon famously owes its launch to an October 2008 paper by an anonymous character who called himself Satoshi Nakamoto. This paper gave birth to Bitcoin, the best-known of the current stock of more than 22,000 digital currencies (a synonym for cryptos). Bitcoin is not just the best

known of all the cryptos, it is also the most highly-priced and, possibly, the most volatile. In 2021 Bitcoin hit its highest value ever, with each coin priced at some $69,000. Over the past year, its lowest price was $15,516.53, while the high was $48,187.22. Recently the price was around $23,000. Not great if you bought at the top, but quite nice if you bought at $16,000. Go figure. The big takeaway to remember is that the term ‘cryptocurrency’ covers many use cases. Not all cryptos are the same, not by a long shot!

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CARLEY MEARNS-BEGLEY It’s always a good idea to take advantage of your annual tax reliefs and allowances wherever you can. This year, though, it’s more important than ever, due to recent changes. WHICH KEY ALLOWANCES ARE CHANGING? Following the Chancellor’s announcement in the Autumn Statement, as of 6 April 2023, the Capital Gains Tax (CGT) allowance was more than halved to £6,000, and it will half again in 2024/25 to just £3,000 a year. This means that when you sell investments currently, you can only enjoy gains up to £6,000 before you pay CGT. The Chancellor also set his sights on the dividend allowance. This is the amount you can earn from company shares, including dividends from money held in collective investments such as funds and investment trusts before Dividend Tax is charged. In the 2022/23 tax year the dividend allowance was £2,000, but as of 6 April 2023 it

WHICH ALLOWANCES COULD I BE UTILISING? You can shelter your investments from Dividend Tax and CGT by holding them in tax-efficient wrappers, such as a pension or Stocks & Shares ISA. If you’ve already fully funded your ISA or pension, you could consider a pension for a spouse, child or grandchild, or explore ISAs for your family. We can help you take advantage of the reliefs and allowances you’re entitled to. Get in touch for a no obligation consultation. l

Carley Mearns-Begley, BA (Hons) DipPFS is an Associate Partner Practice of St James’s Place. Contact her on 07504 503983 Partner Content in association with C Mearns Finance, carleymearns.co.uk The value of an investment with St James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested. The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances. C Mearns Finance is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website http://www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.

SJP Approved.

LUXURY LIVING

The Chippendale school attracts students from across the world to East Lothian

Designs on sustainable life Not only has Scotland a wealth of creativity, it is offering students unique opportunities to learn how to create objects and spaces that tap into our design aspirations BY FIONA LAING How you furnish your home says volumes about you. The seaside dreamer or elegant historian are easily identified by the contents of their living space. And if, for instance, you want to underscore your green outlook on life, one way to do it is to use locally-sourced, artisan-made products. In Scotland, we are incredibly lucky to have a wealth of talented people making beautiful products right on our doorstep, from furniture made from sustainable wood – storm damaged or grown responsibly – to luxurious textiles created in the Borders and the Hebrides and turned into bespoke furnishings. As the shift of focus on to green credentials continues, the idea of buying furniture from independent makers grows in importance. Not only does it support small businesses in these challenging times, it is more sustainable and longer lasting.

Some of those creating bespoke pieces of furniture will have graduated from the Chippendale International School of Furniture. Nestled in the East Lothian countryside it trains students in furniture design and making and restoration skills. Established in 1985 by Aslem Fraser, the school’s nine-month professional course has attracted more than 540 students from across the world. “Sustainability remains key for consumers – people want to know the eco-credentials of what they are buying,” says Tom Fraser, Chippendale principal and son of the founder. “Increasingly switched-on consumers can spot greenwashing from a mile away, so make sure any sustainability claims are the real deal. “Sustainability is a core value of the Chippendale School, and is something we ingrain into our students – from sourcing wood sustainably to restoring furniture.” Another trend Fraser notes is the

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interest in multifunctional furniture. Driven by working from home and people staying put in houses for longer, flexible design becomes key. “So, while spaces may stay the same size or get smaller, furniture needs to be as flexible as possible to accommodate the changing needs of the household – whether that’s a growing family or working from home,” he says. Another by-product of spending

People want to know the eco-credentials of what they are buying Tom Fraser, principal of Chippendale furniture school

more time at home – and not moving to a new house – is the attention being given to soft furnishings. Scottish fabrics have long been interior favourites and alongside tweed and tartan, there are plenty of strong Scottish designs to be inspired by. Many of the textile designers will have passed through the doors of the School of Textiles and Design (SoTD) at Galashiels. Alongside those fashion and textile students are the people learning to create the spaces we live and work in. The SoTD, which is part of Heriot-Watt University, has offered degrees in interior design since 2010, with approximately 20 students graduating each year. Lee Miles, director of learning and teaching at the SoTD, says that those interior design students cannot fail to be influenced by Scottish fabrics, as the school is based at a former textile mill. “It’s part of their heritage and there are fashion and textile students alongside them working with fabrics.” And there have been projects where students have tried to connect fabrics into the interior space. “In one particular example it was about dementia and working with ➜

LUXURY LIVING ➜ textile design students to look at how textiles function in an interior space with the aim of trying to make spaces more inclusive to people that have dementia. “We don’t specifically teach them how to use fabrics, but the interior design students often consider it a lot as part of their own work,” says Miles who also teaches on the interior design degree courses. He adds: “For the undergraduate in interior design, the focus would be upon the vocational skills required to function as an interior designer in the global industries. Beyond that, the focus is on the impact the graduate has in terms of making a meaningful difference by interior design to the world around them. So for the undergraduate, the focus is on them having their own agenda and agency and trying to influence and improve the world through interior design.”

Pieces by 2022 Chippendale graduates illustrate their skill in furniture making

Miles notes that students are currently reflecting on the way we live and how it has changed. “The students come to us with their ideas. And what we are seeing is that there’s a number of themes that seem to almost be a reflection of the times they’re in.” He says: “There’s a focus on

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biophilic design – the idea of design with nature in mind. They are trying to look at nature and trying to bring the outside to the inside. “But also alongside that, the decor and the styling seems much softer and more gentle now than in previous years. I think because of the pandemic they consider mental health more and, I guess, many students now would tend of choose much more of a muted, natural palette of colours and materials. “Definitely there’s this interest in quite simple – maybe not minimal – authentic colours and materials in their choices. They are interested in what’s local around them: colours, tones, textures and materials that reflect that.” Students are also reflecting the cost of living crisis. “They are being much more economical in terms of what they spec or select or choose in their own work. I think many students in the final year form their own design brief as a way to prepare themselves for working in the industry. “There’s been this kind of, I wouldn’t say ‘upcycling’, but it’s been looking at quite simple, functional products that last a long time and trying to be conscious of the budget and the value of items and objects.” l

LUXURY LIVING

The Jeffreys Interiors Edinburgh showroom sources globally from the forefront of international design ZAC and ZAC

Exceptional interiors created to your taste Jeffreys Interiors brings creative talent and a kaleidoscope of influences to give you the perfect home Established in 2006, Jeffreys Interiors spans a kaleidoscope of styles and influences. The awardwinning design studio built its reputation on delivering exceptional interiors for homes across Scotland, the UK and further afield. Led by directors, Jo Aynsley and Georgina Fraser, the internationally recognised team of creative talent are dedicated to reflecting the tastes, lifestyle and character of their clients. “Here at Jeffreys Interiors, we work by the motto ‘your taste, our talent’. We won’t just waltz in and do whatever we fancy to your home,” says Aynsley. “We’re not monsters. We’re designers – and we care about creating the perfect home for you. We strive not just for aesthetically

pleasing, but also functional and appropriate. “A design that aligns with your home, your personality, and your lifestyle. We’re a diverse team of designers. “We’ll find the best match for your vision, and you’ll work with you from start to finish. From ideation to installation, no matter the size of your project.” Aynsley adds: “We’ll manage the nitty gritty details and the contractors and suppliers, and we will be unashamedly pedantic about getting the details right for you. “We will encourage you to be bold and take risks, to embrace your true style – and we will not compromise on your ideals.” Seamlessly executed and always beautifully finished, their intel-

ligent use of colour, pattern, scale and proportion combine to create functional, liveable and comfortable spaces with an inherent sense of style. A taste of which can be had daily in their ever-evolving retail showroom. At home in leafy Stockbridge, the Edinburgh showroom sources globally from the forefront of international design, spotlighting unique designers, limited editions and one off pieces across furniture, lighting and homeware accessories through their constantly evolving collections. When sourcing, Aynsley says: “We search for suppliers that are tastemakers rather than followers, specialising in statement conversation pieces, incredible craftsmanship and elegant gifts for the home. “We are honoured to be part-

nered with some fantastic brands, including Jonathan Adler, Paolo Moschino, Tom Faulkner, Julian Chichester, Kelly Wearstler and Ralph Lauren. Our favourite scents from Dr Vranjes have been a showroom staple for years.” From sourcing a single item to renovating your entire home, clients of Jeffreys Interiors can be sure of a thoroughly enjoyable experience with a personalised touch, and an impeccably finished home to enjoy for years to come. See the current collection at 8 North West Circus Place, Edinburgh, EH3 6ST. Open Tuesday to Saturday, 10am to 5pm. Or shop online at www.jeffreys-interiors.co.uk l Partner Content in association with Jeffreys Interiors

THE BUSINESS | SPRING 2023 | 41

SIDEWAYS GLANCE

The whole Bank of Ant and Dec riff was moderately amusing at first hearing Mr Pics / Shutterstock

Please Andrew, the Ant and Dec joke has gone too far BY KENNY KEMP Andrew Wilson, the former SNP MSP, has flitted to a seriously big job with Santander UK. He has departed Charlotte Street Partners, the Edinburgh-based public affairs agency he set up with Malcolm Robertson and the late Sir Angus Grossart, and will sit on the board of the bank’s UK executive. Andrew was communications supremo at Royal Bank of Scotland when there was a special relationship with Banco Santander, and its Spanish boss Emilio Botín, who sat on the RBS board. So, it will be familiar territory for the comms guru, working with Emilio’s daughter, Dame Ana Botín, now chair of Santander. It’s a fabulous job opportunity for the former SNP cabinet minister and strategist, who also chaired

Scotland’s Sustainable Growth Commission in 2018. But please, Andrew, as Director of Corporate Communication and Responsible Banking, can you make a quick and decisive change? Kill off those awful television adverts featuring the unbearable Ant and Dec. That whole Bank of Ant and Dec riff was moderately amusing at first hearing. But the advertising bods have persisted with even more juvenile nonsense. Now it’s way beyond a joke. It’s also costing a packet. For two guys who are already rich beyond their wildest talent. Maybe we should start a hashtag? #DitchthemnowAndrew Speaking of jokers who are promoting our illustrious banking industry … yes, there are a lot of them still sitting on various boards, but we won’t go there.

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Comic relief

Susan Calman, the bouncy former star of Strictly, and a qualified lawyer, remains the human face of the Bank of Scotland. A relief from James Cosmo, who always looked so unkempt and threatening. We’re not sure if the strapline: ‘By Your Side for 300 Years’ is one of Susan’s gags but let’s leave that aside. Watching Susan on her various travel show exploits, she comes over as warm, interesting and a real sport, especially when playing large brick Jenga on a posh Arctic cruise. While these early ‘We Scots Do Things Differently’ ads for Bank of Scotland were toe-curlingly corny, her travel experiences have had a mellowing impact. It’s too early to say she’s a National Treasure but those banking ads don’t seem to rankle quite as much when she appears.

A soupçon of sensibility

But really, why can’t we return to those olden black and white TV days when the celebrities told us like it is. Those of a certain age will remember when Baxters of Fochabers used the mellifluous and booming tones of James Robertson Justice, the actor and broadcaster who died way back in July 1975. He was the first voice on Scottish Television and served as Rector of Edinburgh University. Fresh from national celebrity in the Doctor in the House comedy films, he appeared on some memorable television adverts, filmed at his home in Spinningdale, on the Dornoch Firth. The Scots Know How to Keep Out the Cold – we eat our Royal Game soup, said the ads. That’s something to seriously consider if the tomato shortage means we can’t enjoy our favourite Cream of Tomato Soup. l

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