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1 Scotland Ltd 206
2 2 Scotland Ltd 206
3 Contents Introduction from Andrew Howie 04 About Scotland Ltd Scotland s top 00 limited companies 08 Top 00 overview 0 Location of Scotland's top 00 companies 2 Food & Drink (including Leisure) 4 Analysis: The Scottish Food & Drink Federation 6 Property & Construction 8 Energy 20 Analysis: Bill Jamieson 22 Analysis: Start-up Grind 23 About Grant Thornton UK 24 Scotland Ltd 206 3
4 Introduction: Andrew Howie It s difficult to look back at 206 and not be overwhelmed by the rate of disruption and scale of political and economic shocks that rocked the world. For some time now, Grant Thornton has spoken about the need for businesses and political leaders to accept the era of disruption. Looking back, it s clear that we ve already arrived. From the election of Donald Trump to Brexit, economic analysts, pollsters and political experts have been left scratching their heads as the act of second-guessing and understanding what comes next becomes increasingly challenging. Scotland certainly hasn t been immune from the uncertainty witnessed globally. We re increasingly an exporting nation sending not just our products overseas, but also our highly skilled talent. The downside of our growing worldwide role is the impact that we can feel when events beyond our control take place elsewhere on the planet. In 204, when we first launched Scotland Ltd, we wanted to address the rising complexity of Scotland s political and business world and take a snapshot of the top 00 limited companies, to give us all a sense of where we are, what we should be celebrating and any challenges that lie ahead. It was the year of the Scottish independence referendum and the Commonwealth Games. The world was watching us with interest and intrigue. Now, two years later, the big news stories and events have moved elsewhere, but the need to understand the opportunities and challenges our business community faces is greater than ever before. Our Scotland Ltd 206 findings give reasons for us to be cautiously optimistic about the future. Once again, the country s Food and Drink sector dominates our rankings, taking a 24% share of the list. Scotland s number one business, for the second year in a row, is William Grant and Sons Holdings Limited, while fellow drinks producer, The Edrington Group Limited, takes the third spot. Property and Construction, a sector group we reported as being in fragile growth in our first report, continues to regain lost ground with 20 companies in our top 00, including our number 8 firm, Cala Group Limited, which has witnessed the largest percentage rise in turnover of any of our 4 Scotland Ltd 206
5 ranked businesses. The Property and Construction sector is a great example of the resilience and determination that has pulled Scotland s economy through our own domestic challenges. But, it s also a sector that faces some serious questions as Brexit looms. Will investment in major projects dry up? Will political upset damage globalisation, which has largely benefited construction? For many, 206 will be the year that taught business and political leaders to never take prosperity and growth for granted. We live in an increasingly complex world, with new challenges and threats that will test the most experienced and successful of businesses. Scotland Ltd 206 shows that we re in a strong position to meet those challenges and build a more vibrant economy, but we must be prepared and focused on continuing the drive for long term, sustainable growth. Andrew Howie Managing Partner, Scotland & Northern Ireland Grant Thornton UK Scotland Ltd 206 5
6 About Scotland Ltd 206 Scotland Ltd 206 is compiled using the most recent publicly available accounts (as of September 206) of Scotland s best performing private businesses based on a hybrid measure of data, which includes turnover and profits. The report excludes companies that are listed, owned by listed businesses, or the subsidiaries of companies from the rest of the UK or overseas. We have then analysed the aggregate financial data of these companies to gain an insight into the shape and performance of this important part of the Scottish economy, and one which is fundamental to generating prosperity and employment in the country. In our findings, we ve categorised companies by sector and location. Again, this is to provide us with insight into economic trends and to give us a more detailed understanding of how various industries are performing. Inevitably, there is a time delay between the availability of the data used and the presentation of this report. However, we ve worked hard to create parameters and measurement tools that produce as accurate a snapshot of Scotland s entrepreneurial, dynamic businesses as possible. 6 Scotland Ltd 206
7 Breakdown of fundamentals by sector Sector Count Turnover ( m) % of turnover Employees % of employees Food and Drink (inc. Leisure) 24 3,737, % 9, % Property and Construction 20 3,307, % 4,57 3.2% Retail and Wholesale 5 2,895, % 9, % Automotive and Motor Retail 0 6,40, % 7, % Manufacturing 0,049, % 6, % Energy 9,447,75 7.0% 6, % Business Support 6 87,07 3.9% 9, % Financial Services 3 383,953.8% % Facilities Management 2 525,64 2.5% 3,377 2.% Media 244,842.2% 2,48.9% Scotland Ltd 206 7
8 Scotland's top 00 limited companies William Grant and Sons Holdings Limited 2 Arnold Clark Automobiles Limited 3 The Edrington Group Limited 4 The Miller Homes Group (UK) Limited 5 The Edinburgh Woollen Mill (Group) Limited 6 Farmfoods Limited 7 Alexander Dennis Limited 8 Cala Group Limited 9 Park's of Hamilton (Holdings) Limited 0 GEG (Holdings) Limited D.C. Thomson and Company Limited 2 Walter Scott and Partners Limited 3 John Clark (Holdings) Limited 4 Turner and Co. (Glasgow) Limited 5 Robertson Group (Holdings) Limited 6 Eastern Holdings Limited 7 Craig Group Limited 8 Peter Vardy Holdings Limited 9 James Jones and Sons Limited 20 J.R. Dalziel Limited 2 City Refrigeration Holdings (UK) Limited 22 Balmoral Group Holdings Limited 23 BSW Timber Limited 24 GAP Holdings Limited 25 John Maclean And Sons Electrical (Dingwall) Limited 26 Murray Capital Group Limited 27 The Malcolm Group Limited 28 Walkers Shortbread Limited 29 Forth Holdings Limited 30 James Walker (Leith) Limited 3 ABA Eaglesham Limited 32 Bartlett International Holdings Limited 33 Hunter Boot Limited 34 C C G (Holdings) Limited 35 R.J. Mcleod (Contractors) Limited 36 Peoples Limited 37 Stewart Milne Group Limited 38 Dingbro Limited 39 Browns Food Group Limited 40 Lunar Fishing Company Limited 4 J.W. Galloway Limited 42 Advance Construction Group Limited 43 Burntisland Fabrications Limited 44 Cruden Holdings Limited 45 Kent Foods Limited (HMS (485) Limited) 46 Ogilvie Group Limited 47 Orion Engineering Services Limited 48 Gray and Adams Holdings Limited 49 Braid Group (Holdings) Limited 50 Castle View Ventures Limited 5 Mactaggart and Mickel Group Limited 52 G Group (Holdings) PLC 53 Arthur Mckay and Co Limited 54 Ian Macleod Distillers Limited 55 James Donaldson and Sons Limited 56 Ethigen Limited 8 Scotland Ltd 206
9 57 QTS Group Limited 58 Leiths (Scotland) Limited 59 Scot JCB (Holdings) Limited 60 Scott Group Investments Limited 6 The Mccurrach Group Limited 62 Macdonald Hotels Limited 63 Glenrath Farms Limited 64 Briggs Commercial Limited 65 Thomas Tunnock Limited 66 Barrhead Travel Limited 67 J and D Pierce (Contracts) Limited 68 Richard Austin Alloys Limited 69 Allied Holdings (UK) 204 Limited 70 Scottish Leather Group Limited 7 Spark Energy Limited 72 The Benriach Distillery Company Limited 73 Patersons Quarries Limited 74 Edinburgh Partners Limited 75 E.G. Thomson (Holdings) Limited 76 Apex Hotels Limited 77 John Lawrie (Aberdeen) Limited 78 The Harbro Group Limited 79 Bell Group UK Limited 80 Muir Group Public Limited Company 8 3 ED Holdings Limited 82 KHL Holding Limited 83 United Wholesale (Scotland) Limited 84 Community Wind Power (Holdings) Limited 85 Glenalmond Group Limited 86 Mactaggart Scott (Holdings) Limited 87 The Anderson Group Ltd (prev. S.A.H. Limited) 88 W.N. Lindsay Limited 89 Cameron Group (Perth) Limited 90 Saltire Energy Limited 9 John G. Russell (Transport) Limited 92 Dales Engineering Limited 93 Campbell's Prime Meat Holding Company Limited 94 Alexander Inglis & Son Limited 95 John R Adam and Sons (Holdings) Limited 96 Macphie of Glenbervie Limited 97 McAlpine and Company Limited 98 Caledonian Heritable Limited 99 Granfit Holdings Limited 00 Kettle Produce Limited Scotland Ltd 206 9
10 Top 00 overview 206 s top 00 limited companies reflect the challenging, yet resilient climate in Scotland today. Combined turnover remains impressively high at 20.8 billion, but is around.7 billion lower than our 205 report. Scotland s Food & Drink sector has been held up as an example of how an industry based on a wide mix of businesses and specialisms can work together and achieve record breaking growth. However, global economic and political uncertainty has taken its toll on even the most successful of industry groups. 24 Food and Drink businesses, including our number one and number three companies, make it to this year s top 00 up from 2 in 205. However, combined turnover is down from 4. billion in 205 to just over 3.7 billion. Scotland's Energy sector faced some of its biggest challenges in 206, but our research suggests there are signs of resilience, with nine businesses now represented in our rankings, up from seven last year. One industry group that deserves credit for its efforts to return to sustainable growth is Scotland s Property & Construction sector. There are now 20 businesses represented in our top 00 an increase of three from last year, while 4,57 are now employed by those firms, up from 2,639 in 205. TOP 00 BY SECTOR Energy 9 Manufacturing 0 0 Automotive and motor retail 6 Business support 3 Financial services 20 Property and construction TOP 5 COMPANIES BY TURNOVER 2 Arnold Clark Automobiles Limited William Grant and Sons Holdings Limited 3 Farmfoods Limited 4 5 The Miller Homes Group (UK) Limited John Clark (Holdings) Limited 0 Scotland Ltd 206
11 RANK BY TURNOVER GROWTH (HIGHEST TO LOWEST) Turnover growth (this year) Turnover (205) Turnover (206) CALA GROUP LIMITED 85% 235, ,622 2 BALMORAL GROUP HOLDINGS LIMITED 73% 79,06 36,534 3 DALES ENGINEERING LIMITED 66% 23,95 39,779 4 ADVANCE CONSTRUCTION GROUP LIMITED 55% 86,097 33, ED HOLDINGS LIMITED 53% 27,485 42,077 6 BURNTISLAND FABRICATIONS LIMITED 47% 4, ,094 7 SPARK ENERGY LIMITED 43% 83,007 8,590 8 C C G (HOLDINGS) LIMITED 42% 87,97 24,474 9 JAMES WALKER (LEITH) LIMITED 30%,84 44,943 0 JOHN CLARK (HOLDINGS) LIMITED 28% 470,86 604,4 BRIGGS COMMERCIAL LIMITED 23% 50,279 6,768 2 J AND D PIERCE (CONTRACTS) LIMITED 22% 37,448 45,802 3 GAP HOLDINGS LIMITED 2% 8,400 43,309 4 STEWART MILNE GROUP LIMITED 20% 209,73 252,69 5 GRANFIT HOLDINGS LIMITED 20% 29,970 36,04 Food and Drink 24 (including Leisure) Retail and 5 wholesale Facilities management 2 Media TOP 5 COMPANIES BY EBITDA TOP 5 COMPANIES BY EMPLOYMENT William Grant and Sons Holdings Limited City Refrigeration Holdings (UK) Limited 2 The Edrington Group Limited 2 The Edinburgh Woollen Mill Group Limited 3 Arnold Clark Automobiles Limited 3 Arnold Clark Automobiles Limited 4 The Edinburgh Woollen Mill (Group) Limited 4 Castle View Ventures Limited 5 Walter Scott and Partners Limited 5 Farmfoods Limited Scotland Ltd 206
12 Location of Scotland's top 00 companies 2 Scotland Ltd 206
13 Elgin Fraserburgh Keith Turriff 2 Inverness Aberlour Peterhead 2 Westhill 9 Aberdeen Stonehaven Dundee Perth Cupar Bridge of Weir Paisley Renfrew Glasgow 2 Beith 25 Stirling Larbert Coatbridge Bellshill Hamilton Airdrie Strathaven Dumfermline Falkirk Bathgate 2 Motherwell Glenrothes Inverkeithing Linlithgow 5 2 Broxburn Livingston Burntisland Edinburgh 2 2 Loanhead West Linton Tranent Earlston Sanquhar Langholm Scotland Ltd 206 3
14 Food & Drink (including Leisure) Scotland s Food & Drink sector has witnessed record breaking levels of growth in recent years, backed up by a concerted, co-ordinated strategy led by the Scottish Government, Scotland Food & Drink, The Scottish Food & Drink Federation, and business leaders. The result is an industry group which continues to dominate our top 00. This year, 24 businesses feature in our list, including William Grant and Sons Holdings Limited, which takes the top spot for the second year in a row. In 204, we reported an industry whose growth was partly the result of a strong push to increase Scotland s global reputation for food and drink, and increase our export market share. While that effort has undoubtedly been a success, growing political and economic uncertainty throughout the world appears to have had some impact. Reducing commodity prices have also had an impact as the price of food has fallen. At just over 3.7 billion, combined turnover is down from 4. billion last year. Meanwhile, there are 9,239 people working for Food & Drink firms in our top 00, up from 8,680 in the 205 report. TOTAL NUMBER OF COMPANIES 24 2 in 205 TOTAL EMPLOYEES 9,239 8,680 in Scotland Ltd 206
15 FOOD & DRINK (INC. LEISURE) COMPANIES IN TOP 00: William Grant and Sons Holdings Limited The Edrington Group Limited J.R. Dalziel Limited Walkers Shortbread Limited ABA Eaglesham Ltd Bartlett International Holdings Limited Browns Food Group Limited Lunar Fishing Company Limited J.W. Galloway Limited Kent Foods Limited (HMS (485) Limited) G Group (Holdings) PLC Ian Macleod Distillers Limited Macdonald Hotels Limited Glenrath Farms Limited Thomas Tunnock Limited Barrhead Travel Limited The Benriach Distillery Company Limited Apex Hotels Limited W.N. Lindsay Limited Campbell's Prime Meat Holding Company Limited Alexander Inglis And Son Limited Caledonian Heritable Limited Kettle Produce Limited st 3rd 20th 28th 3st 32nd 39th 40th 4st 45th 52nd 54th 62nd 63rd 65th 66th 72nd 76th 88th 93rd 94th 98th 00th James Chadwick, Head of Food and Drink in Scotland for Grant Thornton The Food & Drink sector in Scotland remains on course to exceed its 6.5 billion valuation target by the end of 207. The industry deserves the credit it is receiving worldwide. Hard work and serious collaboration has resulted in a complete turnaround in perceptions and revenues. However, there is no doubt that Brexit and other political uncertainties will have an impact. To an extent, we re holding our breath, waiting to see what might happen to exports and trading conditions. But, the hard work has already been done and the industry is in a strong, healthy position, ready to take on the challenges that lie ahead. TOTAL TURNOVER 3.7bn 4.bn in 205 Scotland Ltd 206 5
16 Food & Drink (including Leisure) Analysis: David Thomson, Scottish Food & Drink Federation Scotland s food and drink industry remains strong and vibrant - as this report demonstrates. With 24 out of the top 00 businesses working in the Food and Drink sector, our companies are of critical importance to Scotland s economic future. David Thomson CEO, Scottish Food & Drink Federation There are significant challenges on the horizon. It is essential that the Food and Drink sector is given assurance as we begin to negotiate our exit from the European Union. With currency fluctuation, import prices have risen, and the price of food is likely to go up early in 207. Food and Drink companies rely on EU workers, valued employees who bring important skills and expertise. Their future and Britain s future immigration policy must be clarified as soon as possible. Holyrood and Westminster should ensure that they prioritise such a critical industry in EU negotiations where there is a minefield of complex legislation. 206 was a year where much changed. 207 is the year where we will begin to see the impact of that change on the high street and in people s pockets. Our strong and vibrant food and drink industry is well placed to adapt to these changes and, with the right environment, to continue to thrive. 6 Scotland Ltd 206
17 "There are significant challenges on the horizon. It is essential that the Food and Drink sector is given assurance as we begin to negotiate our exit from the European Union." David Thomson CEO, Scottish Food & Drink Federation Scotland Ltd 206 7
18 Property and Construction In 2009, a global financial crisis marked the peak of a two-year period dubbed the Great Recession. The worldwide economy experienced challenges not witnessed since the Great Depression of the 930s and in Scotland, two sectors bore the brunt of the crash Financial Services and Property & Construction. Property & Construction businesses have slowly rebuilt and refocused, but the challenge has been significant, with limited access to finance and an increasing skills shortage leaving some firms unable to meet new demand following such a prolonged period of decline. In 206, we can report a sector which has relentlessly repositioned itself at the heart of the Scottish economy. Cautious but consistent recovery has helped to spark a new building boom in the country s towns and cities, backed by increased investment in major public infrastructure projects, including the M8/M74 extensions, Aberdeen s Western Periphery Route, the long-awaited dualling of the A9, and the new Queensferry Crossing. This year s Scotland Ltd report reflects this new found self-confidence. 20 Property and Construction companies make our top 00, up from 7 in 205. Meanwhile, the number of people directly employed by the Property & Construction firms within our top 00, now stands at 4,57 almost 2,000 more than last year. The rate at which the industry has recovered is highlighted by three businesses in our list. With a combined turnover of more than 394 million, Balmoral Group Holdings Limited, CCG (Holdings) Limited and Advance Construction Group Limited are our top 00 s biggest movers in the Property and Construction sector witnessing rapid revenue growth. Balmoral Group Holdings Limited alone witnessed a turnover growth of more than 72%. Despite the promising signs, the next year brings new risks. Many of the major projects helping to reinvigorate the sector depend on European funding and EU workers. A potential hard Brexit could have major consequences for an industry only starting to get back on its feet. 207 could be the year, Scotland s Property & Construction sector is tested more than ever before. TOTAL NUMBER OF COMPANIES 20 7 in 205 TOTAL EMPLOYEES 4,57 2,639 in Scotland Ltd 206
19 PROPERTY & CONSTRUCTION COMPANIES IN THE TOP 00 The Miller Homes Group (UK) Limited 4th Ogilvie Group Limited 46th Cala Group Limited 8th Mactaggart and Mickel Group Limited 5st Robertson Group (Holdings) Limited 5th Arthur Mckay and Co. Limited 53rd Balmoral Group Holdings Limited 22nd Leiths (Scotland) Limited 58th Forth Holdings Limited 29th Patersons Quarries Limited 73rd James Walker (Leith) Limited 30th E.G. Thomson (Holdings) Limited 75th C C G (Holdings) Limited 34th Muir Group Public Limited Company 80th R.J. Mcleod (Contractors) Limited 35th 3 ED Holdings Limited 8st Lorraine Macphail, Head of Property and Construction in Scotland for Grant Thornton The industry has worked tirelessly to rebuild itself after a period which almost devastated it. Thousands of jobs were lost and many projects mothballed, but we re now finally starting to see the shoots of sustained recovery. You just have to look at cities like Glasgow, Edinburgh, Dundee and, even Aberdeen, and it s hard to miss the sight of cranes and workmen. Stewart Milne Group Limited Advance Construction Group Limited Cruden Holdings Limited 37th 42nd 44th KHL Holding Limited 82nd Sadly, the fresh risk of withdrawal from the single market means many of the challenges of 2009 could return. The next few months will be crucial if Scotland s Property & Construction sector is to continue to grow and rebuild lost ground. Scotland Ltd 206 9
20 Energy If any industry could perfectly reflect the uncertain, challenging times in which we now live, it would be Energy. The continuing fluctuation of oil prices dominated the business news agenda with Aberdeen bearing much of the brunt. After so many years of relentless growth, the Granite city has faced a few cracks recently. Estimates suggest there are currently between around 350,000 and 375,000 people working as North Sea Oil and Gas employees. In 204, the figure was thought to be nearer 440,000. The statistics show how vital the success of the Energy sector is, not just to the north east, but all of Scotland. Our Scotland Ltd 206 data reflects the challenging conditions experienced by the industry over the last 2 months. However, there is some scope for optimism. The number of firms making this year s list is up two, from seven to nine. Turnover is also up, from almost.2billion in 205, to.4 billion in 206. Meanwhile, the number of people working for our Energy firms in the top 00 is also up slightly, from 6,649 to 6,990. While these figures may appear on the low side compared to the overall size of the sector in Scotland, many of the large well known businesses in Aberdeen have parent companies elsewhere in the UK and so fall outside of the Scotland Ltd list. TOTAL NUMBER OF COMPANIES TOTAL TURNOVER.4bn.2bn in in 205 TOTAL EMPLOYEES 6,990 6,649 in Scotland Ltd 206
21 Ian Knott, Aberdeen-based Advisory Director at Grant Thornton ENERGY COMPANIES IN THE TOP 00 GEG (Holdings) Limited 9th Craig Group Limited 7th Burntisland Fabrications Limited 43rd Orion Engineering Services Limited 47th Briggs Commercial Limited 64th Spark Energy Limited 7st Community Wind Power (Holdings) Limited 84th Saltire Energy Limited 90th Dales Engineering Limited 92nd For those who can remember the impact of the 980s oil glut on the Aberdeen economy there were some unsettling signs over the last two years that this latest downturn could be just as prolonged and damaging. But, despite the many issues facing the industry and the region right now, there are reasons to be optimistic. The industry has been here before and pulled through, reflecting the resilience of a sector that is built on innovation and overcoming significant challenges. The latest crisis has forced political and business leaders to focus on some of the chronic issues that have developed in recent years. The North Sea is a mature and complex environment that has experienced structural constraints together with rapid and unsustainable cost inflation at a level that would eventually impact the longer term viability of the basin. The oil price decline has forced the industry to reduce costs and increase efficiency, looking at everything from the potential to use innovative new technology to maximise financial returns to planning for better decommissioning. There has also been increased activity to identify opportunities internationally by leveraging the expertise developed in the North Sea. The shorter term prospects for Scotland s energy sector remain challenging but, in the longer term, with greater collaboration and a focus on maintaining a sustainable cost base it can continue to play a major role in the success of our national economy." Scotland Ltd 206 2
22 206: Further progress despite a slowing economy In a year of shocks and surprises, and a slowing economy north of the border, Scotland s Top 00 companies have fared remarkably well, with notable uplifts in turnover and profitability. The Top 00 continues to be dominated by companies in the Food and Drink (inc. Leisure) sector. Together, they number 24. But on turnover analysis, it is the Automotive and Motor Retail sector that leads, accounting for almost 3% of top 00 company sales, followed by Food and Drink (inc. Leisure) with 8%. Property and Construction businesses followed at almost 6%, pipping Retail and Wholesale (3.9%) to the number three slot. Given the performance of Scotland s economy overall, with the continuing downturn in the oil sector and the Fraser of Allander Institute estimating 206 GDP growth at just %, the Top 00 have fared well. Sentiment was helped towards the end of the year by trade data and business surveys showing that the economy was not as badly hit by the immediate repercussions of the Brexit vote as had been widely feared. Looking ahead, while there is understandable apprehension over the inflationary effects of sterling s fall and uncertainties over future trade relations with the EU, exporters should enjoy the devaluation benefit while the tourism and leisure sectors should gain through the effect of the lower pound in making the cost of holidaying in Scotland more competitive. Companies in the house building, construction and related services businesses should benefit from the continuing emphasis on infrastructure spending and transport investment. Bill Jamieson Business and Economics Commentator Bill Jamieson was Executive Editor of The Scotsman for years, regularly writing about finance, economics, politics and current affairs. He was also the Economics Columnist for sister title Scotland on Sunday and prior to that was Economics Editor of The Sunday Telegraph for seven years. He has been a regular contributor to the Spectator Business magazine and City AM and frequently commentates on business and economics affairs for BBC Scotland. 22 Scotland Ltd 206
23 Scotland's Year of Start-Ups 206 saw Scotland s start-up scene continue its upward trajectory in the key metrics that matter for start-ups, namely investment capital which is projected to be circa 500 million, up from 430 million in 205 and company exits, again which is projected to be more than the 2 tracked by Young Company Finance in 205. Most notable of the exists being the recent sale of Skyscanner to Ctrip for.4 billion. It has been a good year for the Scottish start-up ecosystem by all accounts. With Scotland s capital winning the British Entrepreneurial City of the Year, this further cemented why Edinburgh and indeed Scotland as whole are a fantastic place to start your company. The four criteria in which the awards were measured against say it all: quality of life that attracts smart, entrepreneurial people; access to capital and talent; startup ecosystems and entrepreneurial culture; and access to mentors and support networks. Whilst the above is certainly all positive, we need to ensure we maintain the balance of encouraging founders to start companies with taking their start-ups to hyper growth stage with the objective of achieving some form of exit, be it an IPO or trade sale. That balance of starting and exiting ensures we maintain a virtuous start-up ecosystem. Phin Mpofo Director of Scotland, Start-Up Grind Phin Mpofu is an entrepreneurship evangelist. With experience in both residential real estate and technology, Phin founded HOMESPLACE, a venture working on helping tenants become property owners by developing a financing product that has the security of a mortgage, but the flexibility of a tenancy. His passion for entrepreneurship, helping and connecting others is also represented through his role as Director for Scotland at Startup Grind, the largest independent entrepreneurial community with over 400,000 members, in 200 cities and counts Google for Entrepreneurs as a global partner. INVESTMENT CAPITAL UP 70m since 205 Scotland Ltd
24 About Grant Thornton Grant Thornton is one of the world s leading organisations of assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, forward looking advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients and help them to find solutions. At Grant Thornton our underlying purpose is to build a vibrant economy, based on trust and integrity in markets, dynamic businesses, and communities where businesses and people thrive. We work with banks, regulators and government to rebuild trust through corporate renewal reviews, advice on corporate governance, and remediation in financial services. We work with dynamic organisations to help them grow. And we work with the public sector to build a business environment that supports growth, including national and local public services. More than 38,500 Grant Thornton people, across over 20 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work. In the UK we provided services to over 40,000 privately held businesses, public interest entities and individuals. It is led by more than 85 partners and employs more than 4,200 of the profession s brightest minds. In Scotland, more than 200 of our people are based in our offices in the heart of Glasgow, Edinburgh and Aberdeen. 24 Scotland Ltd 206
25 Grant Thornton International Ltd One of the world s leading organisations of assurance, tax and advisory firms Combined turnover of $4.8 billion More than 47,000 people based in over 30 countries Grant Thornton UK LLP UK member firm of Grant Thornton International Ltd Turnover of 534 million More than 85 partners, with 4,200 people Operates from 27 offices Scotland Ltd
26 Notes 26 Scotland Ltd 206
27 Notes Scotland Ltd
28 207 Grant Thornton UK LLP. All rights reserved. Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another s acts or omissions. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication. grantthornton.co.uk V2620
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