Symbiosis given £4.3m Scottish Enterprise grant towards expansion

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

1. A drug manufacturer is to create dozens of new jobs as part of a £26 million expansion.

Symbiosis, based in Stirling, is getting a £4.3 million grant from Scottish Enterprise as part of a three-year plan involving the building of a new sterile manufacturing plant.

The company offers its services to biotechnology and pharmaceutical industry customers that are developing vaccines and drugs. It expects to add 50 new jobs as the project develops.

Scottish Enterprise said it had delivered a bumper performance to help the economy in the 12 months to March this year.

The publicly funded agency said its work had secured or safeguarded 16,700 jobs and helped to unlock £1.9 billion of capital investment.

Adrian Gillespie, the Scottish Enterprise chief executive, hailed an “outstanding” year.

2. Fewer than half of Scottish chief executives believe their successor is already in their organisation, according to research.

Forty-seven per cent indicated that they felt anybody within their business was capable of leading a company in the future.

The survey, compiled by executive search specialist Livingston James and professional services firm EY UK, took responses from more than 120 people.

Alistair Shaw, director at Livingston James, suggested that concerns over talent levels within organisation meant that companies should be “investing in proactive, long-term succession planning”.

Respondents were also asked to identify key challenges, with the integration of artificial intelligence, cybersecurity, skill shortages and regulation among the most popular answers.

3. A Scottish digital agency has acquired a technical support specialist.

Hybrid Anchor, based in Coatbridge, North Lanarkshire, expects to create 40 jobs over the next three years after taking on Edinburgh-based Off Canvas for an undisclosed sum.

John Loudon, the Hybrid Anchor managing director, believes the deal will also expand the company’s capabilities in “software, mobile applications and website development”.

Hybrid Anchor’s customers include media giant DC Thomson, pharmaceutical supplier Teleta and interior design group BoConcept Scotland.

David Tuck is to take over the chief executive role at Waracle from Chris Martin

4. Technology firm Waracle has appointed a new chief executive.

David Tuck, who previously headed the European arm of digital consultancy Kin + Carta, will join the business next month.

He succeeds Chris Martin, who has led the firm since 2014 and will remain involved as well as retaining his shareholding.

Waracle, which employs more than 200 people and has its headquarters in Dundee, specialises in making mobile apps and other digital products with its customers including Lloyds Banking Group, Royal London, Roche and Imperial College London.

5. Tweed Wealth Management has expanded its presence in the west of Scotland. The company has taken over Capital Wealth Consultants, which is based in Glasgow and manages about £80 million of assets.

Chris Tweed, co-founder of Tweed, has known Capital Wealth’s founder Ross Penman since 2007.

Tweed said: “This acquisition represents a major step in our mission to expand our footprint and, with the addition of Ross’s extensive sector experience, will further enhance our already thriving speciality of providing bespoke relationship-led advice to sports professionals UK wide.”