Natural assets add £40bn to Scots economy: five need-to-know business stories

Hello and welcome to our daily digest of business, financial and economic news from around Scotland.

1. Scotland’s natural assets are worth more than £40 billion to the economy, according to a government report.

Researchers looked at industries that rely on nature such as agriculture, aquaculture, fishing, forestry, renewable electricity, drinks and water.

The study found they contributed £40.1 billion of annual economic output, equivalent to 14.4 per cent of the Scottish total, and supported 261,600 jobs.

Oil and gas were excluded from the data as the report only looked at renewable resources including soil, air, water, plants and animals.

Mairi Gougeon, rural affairs secretary, said: “This research reinforces the vital role of our natural capital in supporting many of our vital industries, a connection that is often under-represented when we look at economic performance.”

2. A home improvement specialist has undergone a management buy-out.

Bon Accord Glass, founded in 1974 and based in Aberdeen, is being taken on by its senior team as directors Colin Kinghorn and Martin Allan step aside.

The new owners, Michelle Kinghorn, Danielle McAnespie, Ian McDonald and Neil Wilson, have a combined 75 years of experience in the business.

Colin Kinghorn said he was proud that his daughter Michelle taking a stake would mean a family interest in the company was retained.

3. Pizza oven maker Ooni has been named the fastest-growing retail business in Scotland.

The West Lothian company, which had revenue of more than £157 million last year, came 14th in the UK in the retail index list supported by Interpath.

Other Scottish firms that made the top 100 included Baynes, the baker, and Chisholm Hunter, the jeweller.

Castore, the sportswear brand that makes Rangers football kits, was at the top of the rankings.

4. A Scottish technology firm has been acquired by a Canadian software specialist.

Traveltek, based in Glasgow, provides booking software and other tools to travel agents around the world.

The financial terms of the sale to Juniper Group, a subsidiary of the Toronto Stock Exchange listed Constellation Software, were not disclosed.

YFM Equity Partners and Fullbrook Thorpe confirmed they had exited from Traveltek as part of the deal.

Jonathan Marlow, portfolio director at YFM, said: “Traveltek’s success is a testament to Scotland’s vibrant tech ecosystem.”

5. Ashtead Technology has hired a chief strategy and marketing officer.

Colin Ross joins the Aberdeen subsea technology business, which is listed in London’s Aim exchange, in the newly created role.

Ross was most recently with John Wood Group, where he was vice-president of marketing and communications.

Allan Pirie, Ashtead chief executive, confirmed that Ross that would join the company’s executive committee with responsibility for areas including corporate strategy, marketing and communications.