• All key UK markets see sustained cost pressures as a result of labour shortages, Brexit and war in Ukraine.
• Cost escalation set to reach double digits in Leeds, with inflation in London, Birmingham and Manchester close behind.
• US dominates league table of most expensive cities for construction amid labour shortages, supply chain disruption and net zero demands.
• Major data-led study of construction costs in 88 global markets by Turner & Townsend.
Turner & Townsend has warned that real estate developers in the UK should brace for further increases in construction costs that will impact viability of planned projects, as labour shortages, Brexit red tape and war in Ukraine maintain pressure on prices.
London is ranked the most expensive UK city in which to build and tenth globally, down from third in 2019, though costs remain high at $3,910 (£2,973) per sqm*.
Edinburgh (25th at $3,016; £2,293 per sqm), Manchester (28th at $2,956; £2,247) and Birmingham (30th at $2,889; £2,197), with Bristol, Glasgow, Leeds and Newcastle also ranking close behind in the top 40, contribute to the UK’s high average cost as a market.
The survey points to growing inflationary pressure in regional cities that could hinder government ambition to level-up the country through public and private investment.
Cost escalation in Leeds is forecast to reach double-digit inflation (10 percent) this year, up from 5 percent in 2021. Key contributors to this dramatic growth are the significant investment being made in build-to-rent developments and the growth in student accommodation.
Inflation in other major markets slightly trail Leeds, with London expected to reach 9.5 percent, Manchester 9.0 percent and Birmingham 9.0 percent in 2022. Edinburgh and Glasgow are forecast to have the lowest cost escalation of the UK’s major cities, however both still face a significant 7.5 percent rate of inflation this year.
Labour shortages continue to pose challenges for the UK, with 1.3 million vacancies recorded in March to May 2022 according to the Office for National Statistics (ONS) – an almost 70 percent increase on the 765,000 recorded a year earlier. Turner & Townsend data shows average labour costs in the UK have reached $44.19 (£33.60) per hour*, while in London this average rises considerably to $52.28 (£39.75).
High demand for ‘green collar’ workers as government and businesses seek to achieve net zero targets is resulting in particularly costly labour for the installation of solar power, heat pumps and insulation schemes. In London, the cost for these workers reaches $68.39 (£52.00) per hour.
The impact of the war in Ukraine and the ongoing complexity in managing cross-border trade with the EU continues to compound supply chain challenges seen in the immediate aftermath of the pandemic. In Manchester, for example, the average cost of brick has increased by 11.3 percent in the past year to $789 (£600) per 1,000 units, while in Leeds the price of structural steel has soared by 43.3 percent to $3,946 (£3,000) per tonne.
Martin Sudweeks, UK Managing Director, Cost Management at Turner & Townsend, said: “The data still shows London topping the league table of UK cities on construction costs. This reflects the convergence of strong demand for new private and public sector development following the pandemic with ongoing supply chain pressures compounded by Brexit and the impact of the war in Ukraine.
“However, regional cities also continue to see substantial cost increases. This is most notable in Leeds, as a result of the unlocking of build-to-rent developments and the growth of investment in student accommodation. With inflation expected to increase across all major UK markets this year, businesses will need to focus on careful planning, ensuring contracts are pragmatically developed to take into account potential price rises and, where necessary, to share risk in a balanced way. In-depth analysis of the supply chain and strong relationships with trusted suppliers will be critical to mitigating the impact of inflation.”
Turner & Townsend’s report highlights similar challenges across global markets, most notably in the United States, which dominates the league table of most expensive places to build. San Francisco has placed at the top of the rankings ($4,729; £3,596 per sqm), followed by Tokyo ($4,665; £3,547), Osaka ($4,559; £3,466) and New York ($4,517; £3,434), with the US contributing nine of the top twenty most expensive markets.
Neil Bullen, Global Managing Director, Real Estate Turner & Townsend said: “We face headwinds on multiple fronts across the global construction sector and the wider international economy. The continued interconnectivity of markets is clearer now than ever, as we see near universal inflationary trends founded on construction labour shortages, demand exceeding supply, and disruption in supply chains hitting costs and programs.
“Companies need to adopt a wider, global view of their construction supply chains to manage the uncertainty as we brace for further challenging months.”
“Alongside this, clients must manage other key priorities such as the push to net zero as we look ahead to the likely tightening of expectations and requirements for green skills and sustainably sourced materials. Such moves risk exacerbating pressures if not planned for and carefully managed. Success in tackling all these global challenges will come down to enhancing performance – companies finding ways to innovate in the procurement, delivery and management of their projects.”
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LS Productions has made the inaugural Growth 100 Watch List, recognising and ranking the UK’s fastest growing private businesses with founders still actively involved.
LS Productions have been on a journey, and since writing about the challenges of the pandemic for the creative industries in the UK, the team have held on tight as they skyrocketed into 2022.
The Growth 100 Watch List is run by FEBE in a bid to celebrate true entrepreneurship, champion some of the UK’s most impressive founders and inspire the next generation of business leaders amidst a backdrop of cliché corporate awards.
LS Productions’ CEO and Founder Marie Owen’s common sense approach of learning always, coupled with always being shit hot, has led the charge to making this list.
‘NO STUDIO SPACE IN THE UK? LET’S ACQUIRE TWO OF OUR OWN IN MANCHESTER.
HOW DO WE EXCEL IN NEW SECTORS, SUCH AS FILM & TV? WE HIRE THE PEOPLE THAT KNOW BEST.
OUR CULTURE IS WHAT MAKES US DIFFERENT, SO HOW DO WE SHOW THAT? LET OUR STAFF COME UP WITH THE LS PRODUCTIONS VALUES AND MANTRAS.’
In the last year alone, the company has seen record growth in both headcount across their UK offices and the targets on their balance sheet – both of which have more than doubled since their 2021 figures.
In March, the company launched their original content arm, LS Films, headed up by BAFTA-winning MD/EP, Sarah Drummond and BIFA-winning Director, Paul Sng. LS Films has a jam-packed slate of documentaries and dramas in the works.
At the request of their clients, they started producing globally, including at Warner Bros. Studios in LA as well as in Boston, Tenerife, Beijing, and Istanbul.
The team have worked multiple times with the world’s biggest brands from Adidas and Burberry to Vogue and Bentley. LS Productions have looked after household names, including multiple projects for Harry Styles, Zendaya, Cristiano Ronaldo, Tilda Swinton, Marcus Rashford MBE, Jürgen Klopp and David Beckham.
The LS Productions unofficial motto is that they go ‘Beyond.’ Watch them closely, as they are going to keep pushing past what they have achieved this year. With massive ambitions they are only getting started.
The creation of a £1.3bn well-connected, sustainable new coastal town at Granton Waterfront in Edinburgh has reached its next major milestone.
Following a competitive procurement process, the City of Edinburgh Council has announced the Cruden Group as the preferred bidder to take forward the first phase of the Council’s ambitious outline business case to regenerate the area. It is hoped the contract will be signed by both parties in the coming weeks.
In the next couple of years, the Council will work in partnership with Cruden to take forward pre-development works including detailed designs for around 750 net zero homes for sale and rent, commercial space, new and enhanced sustainable transport infrastructure and public realm which will connect the surrounding neighbourhoods with the Waterfront. The first phase of the project will also see the delivery of a new school and medical centre.
In addition, the Council will also work with its new development partner to bring forward a low carbon energy solution for the first and future phases of the project contributing to its target to reach net zero emissions by 2030.
The Cruden Group is set to bring on board local award-winning architects Smith Scott Mullen. Leading Scandinavian architects C. F. Moller also earmarked to work on the project with Cruden bringing their extensive international experience in delivering large scale coastal regeneration. They will set extremely high standards using exemplary design to help to develop a blueprint for the Capital’s 20 minute neighbourhood model, making sure those who live in the area have all the facilities they need including workspace, retail and cultural opportunities close to home.
Council Leader, Cammy Day, said:
It’s fantastic news that we can now look to pushing forward on the first phase of our major regeneration at Granton Waterfront with our development partner to transform the north of the city for people living there now and for future generations to come.
This is the largest regeneration project of its kind in Scotland and it’s giving us a once-in-a-lifetime opportunity to transition towards a greener economy in our Capital city while building many of the affordable homes Edinburgh needs within 20 minute communities with shops, healthcare, cultural and leisure and education facilities all nearby.
As Granton Waterfront is one of the seven strategic sites within the Edinburgh and South East Scotland City Region Deal it will build on Scotland’s vision for achieving net zero, placemaking and people-led growth.
The area will be well connected to the rest of Edinburgh and beyond with new sustainable travel links and active travel routes running through the site following the principles of sustainable travel in our City Mobility Plan.
We’ve been consulting with local people at every stage of this project. I’ll make sure this continues when the development partner comes on board with jobs for local people and wider community benefits as well as providing new high quality net zero affordable homes with integrated facilities and public space that communities want and need nearby.
Fraser Lynes, Director for the Cruden Group said:
We are excited to reimagine Granton Waterfront and create a brand new coastal quarter that champions sustainable waterfront living with net zero carbon homes, just three miles from the city centre.
This new approach to urban development is transformational and will provide a blueprint for the future as we reconnect the Capital to the Firth of Forth and create a new coastal neighbourhood which will become one of Europe’s largest coastal amenities.
Great progress is already being made with early action projects at Granton Waterfront with over 500 net zero affordable homes currently under construction at Western Villages off Marine Drive and a further 75 being built behind the former Granton Station building. There are also three commercial units fronting onto Waterfront Avenue under construction as well. These projects will all bring new and enhanced active travel routes as well as new quality public space.
A further 142 additional homes planned for Silverlea are currently waiting to be considered by planning.
There has also been positive progress in growing a cultural and arts cluster in Granton Waterfront. Last year we announced the start of works to refurbish the former Granton Station building into a creative work space with a lease being given to leading Scottish arts Charity Wasps, and arts charity Edinburgh Palette has been granted a lease in our vacant industrial unit on West Shore Road.
The iconic Granton Gasholder is now also illuminated every night for the remainder of this year, a beacon of light for the project following a joint initiative with Edinburgh College. It is currently lit up to show solidarity with Ukraine in the colours of the country’s flag. Refurbishment of the gas holder and creation of public amenity space, part-funded through the UK Government’s Levelling Up Funding, is due to start on site at the end of this year to be completed mid-2024. This project will bring space for learning, events and play, bringing this iconic structure back to life.
Further information
Just three miles north of Edinburgh’s City Centre, Granton Waterfront has a rich industrial history and maritime heritage. With outstanding views across the Firth of Forth, Granton Waterfront sits in a ‘necklace’ of coastal communities from Cramond in the West to Portobello in the East. Granton is one of Scotland’s largest brownfield sites and one of its most dramatic urban coastal green spaces. It presents an opportunity to spearhead the city’s response to the climate emergency, with an ambitious vision that can truly change the way people go about their daily lives.
Scotland’s ambitions to tackle climate change and transition to a net-zero-carbon economy are fundamental to the Granton Waterfront vision. With six public sector partners including two major national institutions, it is a unique collaborative venture. All are committed to maximising every opportunity to ensure the economic benefits of the development are shared fairly throughout the community.
Together, our aim is to ensure the local economy grows in an inclusive, resilient and considerate way – one which has people’s health, happiness, and wellbeing at its core. Granton Waterfront will be the blueprint project for Scotland in urban development and regeneration.
Becoming carbon neutral and looking to increase investment in renewable technologies are two of the improvements Edinburgh Airport has made as it publishes its annual report.
The airport’s sustainability report for 2021 comes a year after the launch of its Greater Good strategy and measures progress made against the four pillars contained within. The past year has seen the airport:
• Becoming carbon neutral for Scope 1 and Scope 2 emissions
• Beginning the process of switching airside vehicles fuel from diesel to hydrotreated vegetable oil
• Continuing to buy 100% of our electricity from renewable sources
• Progressing an 11-acre solar farm on the airfield
• Re-launching its community fund for 2022 with £100,000 available to local groups
• Achieving Level 3 status with the Airport Carbon Accreditation scheme, meaning analysis and reporting of all emissions data has been externally verified
• Launching a supplier’s sustainability pledge
The report also shows that the airport’s overall carbon footprint reduced by 48% but that was due to the Covid-19 pandemic resulting in a significant reduction in air traffic movements at the airport.
Gordon Dewar, Chief Executive of Edinburgh Airport said:
“Sustainability is a key focus of the business as we need to ensure that the airport is future proofed by making our operations cleaner while continuing to make a positive contribution to the local and national economy, as well as our neighbouring communities.
“Our Greater Good strategy takes all of those things into account and this report demonstrates the improvements we’ve made and will continue to make in the years ahead thanks to decisions we are taking now. There’s still a lot of work to do but the challenge to meet our targets and play our part in wider targets is one we welcome.”
The airport introduced a new pledge to strengthen the whole campus approach to sustainability, including decarbonisation. Created to enable partnership working with the whole supply chain, it focuses on a range of sustainability related criteria, including decarbonisation, with Sasse the first signatory.
Sasse are the current provider of soft facilities services and are supporting the Greater Good strategy through things like the implementation of low energy equipment, the use of eco-friendly cleaning products, and the introduction of bio-degradable shrink wrap made from sugar cane.
Gordon Robertson, Director of Communications and Sustainability said:
“Our Greater Good strategy is about how we make the airport sustainable and a social and economic asset that delivers now and for the future, and a key strand in that is ensuring we work in tandem with all of the businesses and partners as we must all be working towards the same goal.
“The pledge invites partners to share their own sustainability approaches with us so we can factor in the great work going on all over the campus and really deliver at all levels. Sasse are the first partners to join us and we hope others will join and work with us for the Greater Good of Scotland.”
Benny Wunderlich, Managing Director at Sasse:
“As a facilities services provider, we make a significant contribution to ensuring that our customers facilities are maintained for as long as possible. As a business we have committed to the 10 principles of the UN Global Compact & the Sustainable Development Goals (SDGs). These standards are closely related to the vision, mission, values and strategy of Sasse Group. Ultimately, it is people who act responsibly – for each other in the company, for our customers and partners, for everyone who is affected by our work and its results. To join Edinburgh Airport and sign up to the Pledge was therefore not a question but our duty.”
Local social housing provider, Clydebank Housing Association (CHA), officially opened its new Linnvale Development, at Dalton Avenue/Attlee Avenue, on 17 June.
Cruden Building, part of the Cruden Group, delivered the £4.6m affordable housing development on schedule at the site of the former St. Cuthbert’s Church.
The multi-million-pound social housing development was funded by Allia Charitable Donation funding, CAF Bank private loan finance and Scottish Government housing grant.
Local Ward Councillors, Councillor Craig Edward and Councillor Sophie Traynor were invited to perform the official opening ceremony before tenants started moving into the properties on 20 June.
Lynette Lees, Chief Executive of CHA, said, “We are delighted these twenty-four new properties are now available for our tenants to move into. These homes will help to address the ever-increasing demand for social housing in the area and also assist us in achieving our objective of ‘providing quality, affordable housing that meets the changing needs of our customers’.
“We appreciate the continued support of the Scottish Government, CAF Bank and West Dunbartonshire Council and thank our contractors and consultants for delivering these fantastic new modern homes in the heart of the Linnvale community. We also extend our thanks to Councillors Edward and Traynor for officially opening the development. It was a wonderful celebration and feedback from both the guests and tenants was extremely positive.”
Gordon Lee, Partnering and Procurement Director of Cruden Building, said, “We are pleased to continue our strong working relationship with Clydebank Housing Association to deliver these high-quality homes with community WiFi, communal gardens, and parking. The many energy-efficient features included in the homes means they will be warmer and cheaper to run.
“Throughout this build, we have worked closely with the local community and the Association to provide a number of employment and training initiatives including apprenticeships, employment opportunities and work placements for people within the Clydebank area, together with supporting local groups.”
Sinéad Farrell, Customer & Corporate Services Manager, praised Cruden’s contribution to the local area, stating, “Community benefits played an important part of the development, not only in terms of many employment and training initiatives but Cruden also contributed £5,000 to the local community including over £3,000 towards the recent Linnvale Gala Day.”
Hub South West Scotland and Cruden Building, part of the Cruden Group, have started work on a third affordable housing development in Avon Road in Larkhall on behalf of South Lanarkshire Council. This is the third new housing development in a series of new developments that Cruden, as hub South West Scotland’s construction partner, is building in South Lanarkshire to support the local housing strategy.
The latest £6.5m project, designed by MAST Architects, will see 38 new homes developed at the former site of Craigbank Primary School on the edge of Morgan Glen.
This modern housing development will consist of several house types, ranging from one bedroom cottage flats to four-bedroom semi-detached properties. All of the homes are equipped with a number of energy-efficient features including photovoltaic (solar) panels.
Work on this latest development comes as hub South West Scotland and Cruden have successfully completed two new housing developments for South Lanarkshire Council, supported by grant funding from the Scottish Government – Auldkirk, a £7.4m 48-unit development in Cambuslang, and Glengonnar, a £3.48m 20-unit housing development in Larkhall.
Councillor David McLachlan, Chair of Housing and Technical Resources at South Lanarkshire Council, said: “I’m delighted that the Council is continuing its commitment to increase the supply of affordable housing across South Lanarkshire. By working with a range of partners, the council aims to ensure the needs of tenants continue to be met and the quality and type of available housing is improved.”
Michael Ross, Chief Executive of hub South West Scotland, added: “We are excited that construction is underway on the Avon Road housing development in Larkhall. This is our fifth social housing project as development partner of South Lanarkshire Council and our third social housing project with Cruden Building as our construction partner. With all these projects, we have been able to see the valuable impact of enhancing the local housing strategy along with the benefits to the local community and economy in using the hub South West partnership model.
Gordon Lee, Partnering and Procurement Director of Cruden Building said: “This is an important milestone as we start work building this third modern and sustainable housing development for hub South West Scotland and South Lanarkshire Council. Not only will this trio of housing developments make a huge difference to the lives of residents, but the wide range of benefits to the local community will leave a lasting legacy for years to come.”
Bank of Scotland’s Business Barometer for June 2022 shows:
• Business confidence in Scotland fell by 15 points in June to 27%
• Scottish businesses identify top growth opportunities as investing in their team (36%), evolving their offering (34%) and entering new markets (27%)
• Overall UK business confidence dropped 10 points during the last month to 28%, with every nation and region except the East of England recording a lower reading than May
Business confidence in Scotland fell 15 points to 27% in June, according to the latest Business Barometer from Bank of Scotland Commercial Banking.
Companies in Scotland reported higher confidence in their own business prospects month-on-month, up 18 points at 49%. When taken alongside their optimism in the economy, down 47 points at 5% this gives a headline confidence reading of 27%.
Scottish businesses flagged a range of growth opportunities for the next six months, including investing in their team (36%), evolving their offering (34%) and entering new markets (27%).
The Business Barometer, which questions 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
A net balance of 16% of businesses across the country expect to increase staffing levels over the next year, down 23 points on last month.
Across the UK, business confidence fell 10 points during June to 28%. Firms’ optimism in the economy dropped 12 points to 21%, while their outlook on future trading prospects was down eight points, at 34%. The net balance of businesses planning to create new jobs also decreased, by nine points, to 28%.
Every UK region and nation reported positive confidence readings in June. However, all except the East of England (up 17 points to 31%) recorded a lower reading than last month. London (down 28 points to 35%), the West Midlands (down 23 points to 30%) and Scotland (down 15 points to 27%) reported the largest decreases month-on-month, with the North West (down two points to 42%) now the most optimistic region overall.
Fraser Sime, regional director for Scotland at Bank of Scotland Commercial Banking, said: “With inflation continuing to drive up prices, and many firms struggling with supply chain disruption and recruitment challenges, confidence in the Scottish economy has dipped.
“However, confidence figures remain positive overall and it’s great to see businesses planning to invest in their teams and market positions despite this exceptionally challenging economic climate. It’s more important than ever for firms to ensure their working capital is in good health to help mitigate any disruption and we’ll remain by the side of Scottish businesses to support them through this period so they can capitalise on growth opportunities in the future.”
Confidence among businesses in the manufacturing and construction sectors fell, bringing them close to the UK all-sector average, at 32% and 30% respectively, reflecting lower optimism in the economy. Service sector confidence declined to its lowest in a year, at 25%, showing weaknesses in hospitality, though offset by stronger confidence in business services. Confidence in retail businesses edged up this month four points from 27% to 31%.
John Sinclair, founder and owner of Craigie’s Farm, said: “The past quarter has been challenging for our business. Rising commodity prices and soaring energy costs seem to be getting out of control and we’re having to work hard to manage these inflationary pressures. On top of this, recruitment has also been a challenge and while we’re keen to expand our team, its proving tricky to find the right staff.
“Despite this, we’ve built a strong customer base through the years and we hope this will enable us to have a bumper summer. We’ve also invested considerably in a new shop and café fit which will be taking place in the next two months. We know our existing customers will love the new look and we also hope that it will help us to attract new customers from across Scotland.
“While we continue to operate in a challenging climate, we’re optimistic that we’ll be able to weather these headwinds and continue to grow on the other side.”
Riccardo Gallo, director at Gallo & Gallo Developments, said: “The past few months have not been without their challenges for our business. As a luxury property developer in Edinburgh, supply chain disruptions have been a substantial headwind for us. Ongoing delays at ports and increased container and import prices are proving increasingly troublesome and these changes are already impacting our pricing models.
“Inflationary pressures are also taking their toll and the prices of materials is skyrocketing, along with overheads including energy prices. Recruitment also remains challenging and we continue to be impacted by a shortage of skilled labour.
“While this is undoubtedly a difficult spell, we are facing 2022 and beyond with optimism as we know there will be further opportunities for growth on the horizon. The key to this will be planning for future success by supporting trusted contractors and staff, developing our strategy and addressing challenges as a team.
“We are about to kick off the second phase of our Juniper Views development, with a reservation already secured for the final unit, and we are also looking forward to developing our site in Gullane, East Lothian, with planning submitted for a boutique development of family homes with south facing terraces and views across Gullane’s golf courses.”
Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Commercial Banking, said: “This is a challenging time for businesses and we know that there is caution about what lies ahead in the coming months.
“With concerns about a potential economic slowdown, it is important that businesses continue to keep a tight rein on input costs where they can and a close watch on profit margins.
“Seeking advice at a time like this, sooner rather than later, can make all the difference and I would encourage business owners to be proactive and use their support networks, including their bank, to plan ahead. At Lloyds we remain by the side of businesses to help them navigate the challenges they face.”
Hann-Ju Ho, Senior Economist Lloyds Bank Commercial Banking, said: “Business confidence declined this month, suggesting that the momentum for growth is moderating. Firms remain broadly positive but face several challenges ahead, including concerns around higher costs and slowing demand. If these trends continue, businesses may have less scope to pass on higher costs to support their margins.”
As preparations for the spectacular return of The Royal Edinburgh Military Tattoo continue, organisers have pledged to ensure the cultural attraction can be enjoyed by all and announced half-price Preview Night tickets will go on sale from 10am today (Thursday, 30th June).
Following the challenges presented over the past two years, the Tattoo has recognised that the summer of 2022 marks a welcome opportunity for everyone to get back to enjoying live events, and the half-price tickets are a unique chance for both locals and travelling visitors to witness the sights and sounds of the talented performers from across the world before anyone else.
The 50% Preview Night tickets have been a regular feature in recent years, but this year it’s just one of the ways in which Tattoo fans can enjoy this year’s performance at a discount.
The Tattoo is committed to giving back to those who have shown their support to the event in the last few years. Last weekend, both veteran and serving military personnel were able to take advantage of a 25% reduction in price, while there are also plans in place to celebrate NHS heroes and Social Services with activity on 5 July, which will mark 74 years of the NHS.
This year’s Show “Voices” will be a celebration of expression, giving a stage to performers and acts to share their voice. Voices draws inspiration from people across the globe who, despite physical separation, continue to connect and share their voices creatively through spoken word, song, music, and dance – languages common to all.
Buster Howes, Chief Executive of The Royal Edinburgh Military Tattoo, said: “The Tattoo is a cultural celebration for everyone to enjoy and savour. Our half-price Preview Night tickets are a great way of giving back to everybody who has supported us over the last two years, along with other initiatives in the coming weeks.
“We’re all set to return with a bang this year and we’re committed to ensuring that everyone has the chance to see the spectacular Voices Show live. 2022 marks a new era for the Tattoo and I’m proud that we can offer people a first glance of the talented acts that feature in the Show.
“We are showcasing an exciting new creative direction for our Show, which expertly blends modern performances with the traditional, military elements that we’re known and loved for. I can’t wait to welcome crowds once again and I’d urge people to be quick to snap up these Preview Show tickets as demand will be high.”
900 performers from across the globe will take part in in this year’s Tattoo, bringing with them extraordinary music, dance, and performance talents. There will be vivid and exciting acts from Mexico, The United States, Switzerland, Germany, Canada, Australia, and New Zealand, along with homegrown talent from the UK. Military personnel will continue to play a central role in the performance, with the Army as the lead Service this year. Audiences can expect to hear the skirl of the Massed Pipes and Drums that will echo around the Esplanade as part of Voices, supported by Tattoo Pipes and Drums, Tattoo Dance Company, Tattoo Fiddlers, and musicians from UK Military Regiments.
Preview performance tickets can be purchased at edintattoo.co.uk/tickets or on the phone on 0131 225 1188 from 10am on Thursday 30th June. Prices for Preview Night tickets start at £15 plus booking fee.
Lawyers at Lindsays have been involved in almost twice as many employee ownership deals across the country so far this year than they were in the whole of 2021.
Speaking as part of Employee Ownership Day 2022 (which took place on Friday 24 June), Douglas Roberts, a Partner in the firm’s Corporate team, says there are no signs of that trend slowing with the Scottish Government pushing for 500 Employee-Owned Businesses (EOBs) to be based in the country by 2030. And he believes the rise will add another layer of resilience to the nation’s economy as businesses face up to challenges including rising costs.
Lindsays, which has offices in Edinburgh, Glasgow and Dundee, advised on five deals which saw companies become employed during 2021 – following on from 15 others in the previous four years.
The firm has completed nine Employee Ownership Trust (EOT) deals already this year, many of them breaking ground in new sectors.
Douglas said: “We are seeing huge demand from companies interested in, then becoming, employee-owned. As well as the transitions we have completed so far this year, a number of other deals are in the pipeline. It’s really encouraging for the Scottish economy.
“Increasing numbers of businesses are realising that employee ownership can work for them. It’s clear from the companies we are involved with that this is a model that can work for any size of company.
“This is a model which brings benefits for everyone.
“For staff who become employee owners, they secure a controlling stake in their future. For those looking to sell their business, it allows them to secure the future of their company while also managing their departure in a way that works for them.”
Recent figures from Co-operative Development Scotland (CDS) revealed there are currently 195 EOBs operating in Scotland – 146 of them Scottish registered and 49 non-Scottish registered.
Deals in which Lindsays has been involved with so far this year include that which saw Edinburgh-based Kidzcare become what’s thought to be the first business in the Scottish childcare sector to transition to employee ownership. Others include those which have seen Inverness-headquartered chain Carlton Bingo and Glasgow-founded music industry giant guitarguitar become owned by EOTs.
Organised by the Employee Ownership Association, EO Day highlights the economic and social benefits that can be achieved when employees have a stake and a say in where they work. The theme this year was #GrowEO.
Research after the 2008 credit crunch found that employee-owned companies outperformed non-EO companies – a factor which could prove important in the current financial climate.
Douglas added: “The knowledge that staff in EO businesses have that their destiny is in their own hands can be a powerful factor in motivating them to ensure their business is successful and sustainable. They benefit directly from that success.
“As a result, they often stick together and work harder for each other. This encourages innovation, as well as improving performance and productivity. As the number of employee-owned companies grows, that will add an increasingly important layer of resilience to the Scottish economy.”
Employee ownership: Key facts
● A business is defined as being employee-owned if there is an employee stake of at least 25 % of the firm with no majority shareholder.
● There are different levels of EO, from share options to selected members of staff to the employees or a trust owning 100% of the company.
● Due to legislation introduced in 2014, most EO deals involve the process of more than 50% of a company’s shares being transferred to the staff of that company. This is typically done by entrepreneurs or family-owned businesses as part of their succession plans. They also attract strong tax benefits.
● When a company transitions to employee ownership, subject to meeting certain requirements, the shareholders who sell pay no Capital Gains Tax. Due to Business Assets Disposal Relief (formerly Entrepreneurs’ Relief), most shareholders pay CGT at 10% on the first £1million of a sale which means that someone selling a company for £1 million, for example, walks away with an additional £100,000.
