July to September 2013
Engines of growth:
how Edinburgh’s colleges are driving the city economy
ALSO INSIDE ISSUE 45 » NEW WEST END BUSINESS DISTRICT » GREEN PROJECTS POWER UP » 10 QUESTIONS ON ASSET SERVICING » HOTEL DEVELOPMENT OPPORTUNITY » GOLFING IN EDINBURGH
In this issue the first word
04
H
10
17 04 snapshots
Edinburgh’s latest business news... from apps to biscuits, via green energy
07 NEW ARRIVALS
Promise fulfilled... Enercon on their first year in Edinburgh
08 10 QUESTIONS FOR...
Owen Kelly, Scottish Financial Enterprise, discusses asset servicing
10 (cover story)
Engines of growth
How Edinburgh’s colleges help drive the city economy
14 ROUND TABLE
The future role of Edinburgh’s colleges
16 MAKING IT HAPPEN
Edinburgh taps into new international markets
17 Added extras
Teeing up the city’s golfing credentials
18 the statistics
The latest key indicators for the Edinburgh economy
Subscribe to Invest Edinburgh For a free quarterly subscription to Invest Edinburgh, or to obtain additional copies, please contact editor@investedinburgh.com Follow Invest Edinburgh on Twitter. www.twitter.com/investedinburgh Follow Invest Edinburgh on Facebook. www.facebook.com/investedinburgh THIS MAGAZINE IS PRINTED ON ENVIRONMENTALLY RESPONSIBLE PAPER MANUFACTURED USING 100% RECYCLED WASTE.
Invest Edinburgh is created in a partnership between Marketing Edinburgh Ltd and the City of Edinburgh Council. It is published by Resolve Creative, Suite 104, 47 Timber Bush, Edinburgh EH6 6QH t. +44(0)131 555 7585 w. resolve-creative.co.uk
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ello and welcome to the latest issue of Invest Edinburgh. I’d like to begin by welcoming the early success of the new Connect at West Edinburgh initiative (www.westedinburgh.com), which was launched in March to promote the 42,000m2 of available office space in West Edinburgh. The initiative has seen increased interest from both occupiers and investors, with a number of major lease negotiations currently underway. Competitive rents, proximity to Edinburgh Airport and an impressive cluster of blue chip firms make West Edinburgh a thoroughly attractive proposition. Capital Focus looks at the development of a new gateway to Edinburgh city centre in the West End. The £200 million project, which will create a brand new business district, has secured interest from a number of occupiers. With the recent launch of the Atria Edinburgh office building and the refurbishment of Haymarket rail station nearing completion, these are exciting times for the West End. Multi-award winning Bright Red Publishing is this issue’s One to Watch, while we find out how wind turbine manufacturer Enercon is settling in to Edinburgh in New Arrivals. Meanwhile, an innovative new technique developed by the University of Edinburgh means that artificial bones are the latest product to be Made in Edinburgh. Described as a ‘hidden success’ for Scotland, the asset servicing sector plays a key role in the operation of the global economy. Owen Kelly, chief executive of Scottish Financial Enterprise, explains what the sector means for Edinburgh in this issue’s 10 Questions. A series of mergers last autumn have equipped Edinburgh with two new ‘super-colleges’ that are already hard at work driving the city’s economy. Our cover feature explores how Edinburgh’s colleges are supporting businesses. Making it Happen looks at how Edinburgh is building new linkages with key overseas markets, while Added Extras explores Edinburgh’s long relationship with the game of golf. Finally, I’d like to close by encouraging readers to back Edinburgh’s bid to host the National Performance Centre for Sport, a new world-class training facility for Scotland’s athletes. All support for our bid – which can be registered at www.goedinburgh2016.com – will be gratefully received. Thank you for reading, Councillor Frank Ross, Convenor of the Economy Committee The City of Edinburgh Council editor@investedinburgh.com
To find out more about how we can help you, please contact the Investor Support team at invest@edinburgh-inspiringcapital.com or on +44 (0)131 529 6600.
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An artist’s impression of the new development, looking east from Clifton Terrace.
New business district on way Work is beginning this summer on a £200 million project to create ‘The Haymarket,” a new gateway to Edinburgh city centre in the West End. The mixed-use development will deliver over 40,000m2 of high quality office space as well as shops, cafés, bars, restaurants and a hotel on the site of a former goods yard.
A joint venture between construction company Interserve and landowner Tiger Developments, The Haymarket has the potential to create 3,500 jobs, as well as regenerate one of Edinburgh’s last remaining gap sites. The impending launch of the city’s tram project, which includes a stop at Haymarket rail station, has helped attract this significant investment. Tenants already signed up include apart-hotel operator Staycity, as well as Tesco, Pret A Manger and Prezzo. “Edinburgh’s Haymarket site remains one of the best city centre development
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schemes to be found anywhere in the UK,” said Adrian Ringrose, chief executive of Interserve. “It will provide a strategic gateway for the city centre, linking seamlessly with one of Scotland’s busiest railway stations as well as being adjacent to the city’s new tram network.” Simon Fox, development director with Tiger, added: “So far we have received significant commercial interest in the site from a wide range of UK operators, on top of the existing tenants already signed up.” Cllr Ian Perry, planning leader at the City of Edinburgh Council, commented: “This is a real sign that the city’s economy is moving forward.” All change for station Meanwhile, Network Rail has stated that a major revamp of Haymarket station will be complete by the end of the year. The £25 million overhaul to Edinburgh’s second busiest station will triple the concourse floor space to 8,700m2, catering for a predicted 125% increase in passenger numbers over the next 15 years. The 170-year-old station will become a modern transport interchange, linking together the city’s train, tram and bus networks.
Atria launched Atria Edinburgh, the City of Edinburgh Council’s landmark 18,600m2 Grade A office development in the Exchange business district, was officially launched in April. The development is already one-third let, with two leading financial services organisations – fund manager Brewin Dolphin and the UK Green Investment Bank – taking a total of 6,000m2 of space. The launch of Atria Edinburgh was followed by the opening of a new events hall at the adjoining Edinburgh International Conference Centre. The Lennox Suite features the world’s first hall-wide moving floor, enabling the space to be rapidly recalibrated as an exhibition hall, tiered theatre or arena.
www.thehaymarketedinburgh.com www.atria-edinburgh.co.uk
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Navigate the Edinburgh Fringe With 2,871 shows performed by over 24,000 artists in 273 venues, a perennial problem for Fringe fans is getting between shows on time. Edinburghbased sensewhere has the answer: a free mobile application has its indoor positioning software embedded, especially tailored for Edinburgh and the Festival 2013. The app – called Snapp!Ed – is available for Android phones through Google Play. “It is location aware and will help people find their way from one venue to another, while sharing their experience on Facebook, Twitter and Foursquare from one interface,” explains Anna Majek, communications executive. A spin-out from the University of Edinburgh, sensewhere has become a leader in providing indoor positioning and location-based information without the use of GPS. “We have made ourselves
known globally and improve the positioning services offered by the world’s major handset manufacturers and network operators.” sensewhere has been active in the indoor location market since 2005 and recently opened an office in Silicon Valley. Their Edinburgh Festival app showcases the technology and also allows users to post messages about where they are in Edinburgh and what events they are attending. “We launched the app at last year’s Edinburgh Fringe and it was a great success, attracting thousands of users,” adds Anna. sensewhere’s core technology combines Wi-Fi signals and sensors to pinpoint location and can also be used to promote contextual advertising. > Find out more: www.sensewhere.com
An artist’s impression of the new 1.4 MW anaerobic digestion plant.
GREEN PROJECTS POWER UP IN EDINBURGH With the Edinburgh-based UK Green Investment Bank committing over £600 million to low carbon and renewable developments in its first five months of operation, Scotland’s capital is rapidly emerging as a European hub for green project finance. Reflecting this status, a number of flagship renewable energy projects have recently made the news in Edinburgh. The City of Edinburgh Council, in partnership with Midlothian Council, has contracted Alauna Renewable Energy to design and build a new 1.4 megawatt anaerobic digestion plant
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on the outskirts of Edinburgh. Planned to be operational from autumn 2015, the plant will be capable of treating 30,000 tonnes of local biodegradable food waste each year, converting it into enough electricity to power over 3,000 homes. The plant will also produce fertiliser for use on local farmland. Edinburgh College has unveiled Scotland’s first solar farm at its Dalkeith campus to the southeast of Edinburgh. The farm’s 2,560 photovoltaic panels are capable of generating a total of 560,000 kilowatt hours of energy each year. In addition to reducing the College’s carbon emissions by 300,000 kg annually, the solar farm will be used to provide hands-on training to engineering students.
Finally, the industrial and provident society Harlaw Hydro has begun a local share offering to finance the installation of a new 65 kilowatt hydroelectric turbine at Harlaw Reservoir in southwest Edinburgh. The £313,000 micro-renewables scheme could sell 265,000 kilowatt hours of electricity to the National Grid each year. Subject to funding, it is anticipated that construction could commence in spring 2014. With projects such as these, Edinburgh continues to make a real contribution to Scotland’s ambitious renewable energy targets.
Pan-Asian restaurant chain Cosmo is opening a 300 cover restaurant in the Omni Centre.
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Scotland on course for better connectivity Scotland is set to benefit from radically improved Internet connectivity with the establishment of a Scottish Internet exchange point (IXP) in Edinburgh. IXPs are used by Internet service providers, web hosts and other networks to exchange Internet traffic. At present, the majority of traffic exchanged by networks in Scotland is relayed via the London Internet Exchange (LINX). The creation of a dedicated Scottish IXP will hugely reduce the latency (delays) this 1,000 km round journey can cause. “This is very important to games players, where low latency is critical, as well as Skype and other voice services, and anything where there are
1 to watch
> Find out more: www.edix.org.uk
Bright Red Publishing
What does the company do? Bright Red Publishing is an independent educational publisher. In 2009, the firm was awarded a contract to publish past Scottish exam papers by the Scottish Qualifications Authority. It now publishes a range of past papers and study guides covering more than 30 subjects. With the launch of the Scottish Government’s new Curriculum for Excellence, Bright Red is currently preparing to publish study guides for the new National 5 qualification, which will replace Standard Grade and Intermediate qualifications from next year. Why is it worth watching? Since being founded in 2008, Bright Red has won a host of accolades. The firm has twice been named “Education Publisher of the Year” at the Independent Publishing Awards, and was shortlisted for ‘Independent Publisher of the Year’ at the Bookseller’s Industry Awards in 2011. This June, Bright Red was announced as the winner of the Edinburgh stage of Local Business Accelerators, a contest mounted by the regional press that seeks
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transactions such as banking services,” said John Souter, chief executive of LINX. The Edinburgh Internet Exchange, which will be located in the Pulsant data centre in South Gyle, is expected to be operational by the end of the summer. The announcement comes as Edinburgh received an eTown Award from Google in recognition of the level of Internet usage by businesses. The accolade was awarded based on research by Ipsos MORI looking at how effectively businesses in the UK made use of web tools such as social networking and e-commerce.
to identify the UK businesses with the highest growth potential. Recognising the ever-growing use of technology by students, Bright Red has partnered with the local Internet consultancy Escrivo to develop a free app to help with revision. B-READY was published on Google Play earlier this year. The firm is also working with Edinburgh Napier University on a project to integrate its print and digital resources. What will this mean for Bright Red Publishing? As the local winner of Local Business Accelerators, Bright Red has received £10,000 of free advertising with the Edinburgh Evening News. The publicity generated by the contest has seen pre-orders for the firm’s soon-to-be-released National 5 study guides double. The contest finals will take place in October, with the winner receiving additional free advertising, £10,000 cash and mentoring from Dragon’s Den investor Deborah Meaden. Find out more: www.brightredpublishing.co.uk
Entrepreneur James Mitchell is raising £2 million of capital to reopen the disused Barton Quarry nuclear bunker as a museum and tourist attraction. It is believed that the Cold War relic could attract as many as 400,000 visitors annually. Edinburgh-based DEM Solutions, a leading supplier of software for the mining industry, has been named one of Europe top 100 technology companies by Red Herring. The company has also received an Entrepreneurial Company of the Year Award from Frost & Sullivan. A new medical device for safely intubating anaesthetised patients has won first prize in this year’s Edinburgh BioQuarter Innovation Competition. A new NASA-affiliated UK Centre for Astrobiology has been established at the University of Edinburgh to investigate life in extreme environments. The Centre’s specialist research facilities include a laboratory capable of simulating conditions on Mars. Olympic gold medal-winning cyclist Sir Chris Hoy has welcomed plans for a new £1.2 million velodrome in Edinburgh. Georgian Antiques in Leith Links has been voted the UK’s best antique shop by readers of Homes & Antiques magazine. The National Museum of Scotland has been voted the UK’s best museum in the TripAdvisor Travellers’ Choice Awards. The Scottish Government has introduced a new £15 million Scottish Innovative Foundation Technologies Fund to support the prototyping of new foundations for deep-water offshore wind turbines. Edinburgh has been ranked the world’s 33rd most popular host city for international conferences by the International Congress and Convention Association. Three of Edinburgh’s companies – specialist software suppliers HotDocs and Petroleum Experts and craft brewer Innis & Gunn – have received Queen’s Awards for Enterprise for their prowess in international trade.
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HOTEL developer needed
Heriot-Watt’s campus in West Edinburgh.
A new hotel is required at HeriotWatt University’s campus in West Edinburgh. The hotel would receive custom from users of the Edinburgh Conference Centre located on the Heriot-Watt campus, as well as the wider visitor market. Heriot-Watt University is one of three bidders short-listed to host Scotland’s first National Performance Centre for Sport. The Scottish Government has allocated £25 million towards the creation of a world-class sports complex with high performance sports facilities and support services that will open in early 2016. If successful, the bid would create substantial year-round demand for accommodation from major sporting associations using the Centre.
This is an exceptional investment opportunity at a unique location on the outskirts of Edinburgh. The city is the most popular tourist destination in the UK after London, attracting over 3.5 million visitors annually. The HeriotWatt campus is superbly located close to trunk roads, Edinburgh Airport and offices in West Edinburgh.
Andrew Renouf, GVA t: +44 (0)131 469 6026 e: andrew.renouf@gva.co.uk Laura Gordon, GVA t: +44 (0)131 469 6031 e: laura.gordon@gva.co.uk
MADE in EDINBURGH
Bone breakthrough offers relief The University of Edinburgh and the University of Southampton have jointly developed a novel method of growing new bone. The technique involves attaching artificial implants made from a blend of three polymers to broken bone sites. The implants are porous, allowing blood to flow through them. This enables stem cells from the patients’ bone marrow to bond to the implants and differentiate into bone cells. As the new bone grows, the implants gradually degrade until they are completely replaced. A critical consideration was the selection of the materials for the implants, which needed to be strong, light, nontoxic, biodegradable and capable of supporting bone growth. The research team evaluated hundreds of combinations of natural and synthetic polymers to find the optimal mix. The technique could be used to replace bones weakened by
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osteoporosis or pulverised by trauma. The universities are now seeking regulatory approval for clinical trials on humans. “We are confident that this material could soon be helping to improve the quality of life for patients with severe bone injuries,” said Professor Mark Bradley of the University of Edinburgh. Meanwhile, researchers working at the Scottish Centre for Regenerative Medicine (SCRM) in the Edinburgh BioQuarter have been awarded a license to create synthetic blood using stem cells. The University of Edinburgh, the Scottish National Blood Transfusion Service and biotech firm Roslin Cells will now collaborate to produce blood suitable for use in clinical trials at the SCRM’s Cellular Therapy Manufacturing Facility. A reliable technique for manufacturing blood would reduce shortages and avoid infection risks associated with blood donations. > Find out more: www.ed.ac.uk
Footwear retailers Vans and Clarks are each opening new stores on Princes Street
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NewArrivals – One Year on WhY ENERCON came to Edinburgh Who WAS ON THE MOVE? Aurich, Germany-based wind turbine manufacturer Enercon established an office in Edinburgh in June 2012, its first office in Scotland and a hub from day one for its UK sales, engineering and consultancy functions. Office head Jann Braselmann reflects on the past year. WhY DID YOU CHOOSE EDINBURGH? Edinburgh was ideal because of its proximity to our main markets. We had a lot of business ongoing in Scotland already, and the city has excellent travel links to Germany and throughout the UK. It was good logistically. HOW HAS THE YEAR GONE COMMERCIALLY? The existing value of business we had in Scotland meant the office was necessary. However, we’ve seen a significant uplift in the number of projects since opening, which wouldn’t have been feasible to handle without a local office. Worldwide,
it’s been a record year for Enercon with 3.5GW of installed capacity. In the UK we now have 513MW installed. WHAT DOES THE IMMEDIATE FUTURE HOLD IN STORE? We’re committed to all sizes of projects, so we’re very busy. Berryburn (near Inverness) is currently our biggest project in Scotland, with 29 turbines; each 2.3MW. Since opening with three staff we have grown to 22 in Edinburgh and we’re likely to recruit again before the year end. How easy has it been to recruit the right calibre of new staff? There are relevant engineering courses at Heriot-Watt University, Edinburgh Napier University and the University of Edinburgh, and the city’s quality of life appeals to people outwith the city. We’ve had no problems recruiting here in any roles. > Find out more: www.enercon.de/en-en/
investment bites for biscuits
Image courtesy of Burton’s Biscuit Company.
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In a major fillip for the city’s food manufacturing sector, the Burton’s Biscuit Company – the UK’s second-largest biscuit maker – has announced a multi-million pound investment in its factory in Edinburgh. Burton’s, whose product line includes Jammie Dodgers, Maryland Biscuits, Wagon Wheels and Cadbury biscuits, is investing a total of £13.5 million in improvements to factories in Edinburgh, Blackpool and Llantarnam. The upgrades will unlock additional production capacity and reduce time to market, as well as introducing sophisticated new control room technology.
CHICK LIST FOR ENDANGERED SPECIES Genetically modified chickens will lay eggs that hatch into ducks, songbirds, hawks or even eagles. The groundbreaking development by scientists at The Roslin Institute at the University of Edinburgh was originally designed for agricultural purposes, where common chicken species would produce eggs that hatch into more valuable types of hen. But Mike McGrew, who is overseeing the project, realised it could be used to create ‘designer chickens’ which could produce any bird species. It is hoped the chickens could be used to repopulate endangered species of bird which are threatened in the wild. The research focuses on primordial germ cells, which produce sperm and eggs and pass on DNA. Mike and his team found these cells can be extracted from embryonic birds of almost any species and injected into a chicken embryo’s reproductive organs. When this chicken matures it can produce sperm for whatever species it was injected with. This could include eagles, ducks or songbirds. The Roslin Institute researchers have used normal chickens so far but now plan to use genetically modified birds designed to host the sperm of other species. The chickens will be based at the National Avian Research Facility, being built near Edinburgh. Professor David Hume, director of The Roslin Institute said: “Our research positions Scotland at the forefront of animal science research across the globe. By this ongoing investment in our research and development capacity, we are helping sustain and improve Scotland’s livestock industry while leading efforts to relieve poverty in developing countries.” >F ind out more: www.roslin.ed.ac.uk
> Find out more: www.burtonsbiscuits.com
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Owen Kelly
Chief Executive, Scottish Financial Enterprise While the fortunes of banks may command the headlines, the asset servicing sector is no less crucial to the global economy. We ask Owen Kelly of Scottish Financial Enterprise what this fiercely competitive sector means for Edinburgh.
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IE> The asset servicing industry has been described as a â&#x20AC;&#x2122;hidden successâ&#x20AC;&#x2122; for Scotland. Can you explain what services are provided in Edinburgh? OK> Asset servicers are experts in a range of management and administration functions which oversee financial investment transactions. It is a complex range of functions serving a diverse investment industry including insurance companies, pension funds and investment managers. It is one of the most
The Benchmark Group is establishing a vaccine bio-manufacturing facility at the BioCampus to the south of Edinburgh
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IE> What makes Edinburgh a good location for asset service providers? OK> A mixture of good fortune, a very competitive environment and expertise. Being in the same time zone as the biggest financial centre in Europe, London, and in between the American and Asian time zones makes the UK and, indeed, Edinburgh, well placed to handle roundthe-clock-transactions. The UK is arguably the most competitive European Union economy in terms of tax and regulation, which is important for internationally mobile businesses. And, last but definitely not least, skilled staff in an established financial centre close to an internationally recognised fund management community are hugely influential factors. IE> There are well over £500 million of assets under administration in Edinburgh. What is the relationship between the city’s asset servicers and the fund management community? OK> The asset servicers are now very much part of the established financial services community in Edinburgh and many of the skills held by those working in the sector are transferable across the industry. Being based alongside a highly regarded fund management community is hugely beneficial but, on the whole, the majority of the work being carried out is international.
internationalised arms of the financial services industry and much of the work taking place in Edinburgh is providing a service to overseas clients. IE> What is the extent of the customer base serviced from Edinburgh? OK> Edinburgh is one of the leading centres in Europe for asset servicing alongside Dublin and Luxembourg. Companies from all over the world have bases here and they are providing services to clients globally.
“The asset servicers are now very much part of the established financial services community in Edinburgh and many of the skills held by those working in the sector are transferable across the industry.”
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IE> How has the city’s financial services sector changed since 2008? OK> The industry has changed throughout the world since 2008. Lessons have been learned and we are still going through a phase of implementing change. However in Edinburgh, while we have seen jobs go in some areas, we have also seen jobs being created in others and the diversity of the sector here and the wealth of skills on offer has helped the city weather the challenges of the last few years well. IE> What factors are driving the growth of asset servicing in the city? OK> The benefits outlined above are key factors but in recent years we have also benefitted from a clustering effect – the bigger the sector becomes, the greater the number of companies that want to come and more opportunities open up. IE> How easy is it for operators to recruit key skills? OK> Very. Employers find the pool of talent in Edinburgh matches the skills they are looking for very well, not least because we have a critical mass of companies that
allow skilled people to build a long-term career in Scotland. IE> Who are some of the main players in the sector and what is the extent of their operations in Edinburgh? OK> The number of companies operating here is growing and many are growing their operating base. We are also seeing some diversification even within the sector with homegrown companies providing high-end, specialist functions like Multrees, to the big international players like Citi, BlackRock, JP Morgan, State Street, HSBC and BNY Mellon. IE> What skill-sets are in demand? OK> The areas which always have high demand are in fund accounting and administration, risk and compliance and the pricing and management of derivatives. IE> What do you think are the future prospects for asset servicing in Edinburgh? OK> Things are going well but we can’t be complacent. These are highly international and highly mobile jobs and we are always mindful of the competition from other locations. It is essential we stay ahead of the game, providing the skills and environment that are attractive to asset servicers. The UK government’s recent announcement of further improvements to the tax regime, coupled with a reinvigoration of work to promote the sector internationally, are very welcome.
ASSET SERVICING Asset servicing is a key growth area in Scotland’s financial services industry and Scotland is now a leading European centre for asset servicing offering a comprehensive range of services, including; custody, securities servicing, investment accounting, performance measurement, trustee administration, shareholder services, compliance, client management and retail fund administration. Scottish Financial Enterprise is the representative body for Scotland’s financial services industry. Its members account for over 80% of individuals employed within the Scottish financial services industry.
www.sfe.org.uk
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Based on the University of Edinburgh’s science campus at King’s Buildings, SRUC is at the heart of the city’s life sciences sector. Below: Professor Bob Webb, Principal of SRUC.
Engines of grow
Edinburgh’s colleges driv the city economy Future economic growth depends upon a workforce with transferable skills, supported by opportunities for lifelong learning. Reflecting this need, seven colleges in the Edinburgh area merged last October to form two new ‘super colleges’ – Edinburgh College and Scotland’s Rural College – that are each now using their skills and expertise to drive the city economy.
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The plant, vehicle and cabin hire firm Jarvie Plant has acquired a new depot on Bankhead Crossway North
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Lifelong learning The quality of the local skills base is at the heart of the competitiveness of any city. School leavers are increasingly going on to do further study before entering the workforce, while a combination of demographic change and shifting patterns of labour demand means that ageing workers are increasingly returning to education to top-up their skills. The successful cities of the future will need citizens able to maintain the necessary skills throughout their working lives. In the UK, vocational training has traditionally been the preserve of colleges. They have offered both education for school leavers and opportunities for career development throughout working life.
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Edinburgh’s colleges have amassed an outstanding reputation, built upon decades of close liaison with industry bodies and local employers. Now they are responding to the needs of tomorrow’s workforce. Edinburgh College was formed in October 2012 by a merger of three local colleges: Jewel & Esk, Stevenson and Telford.“We inherited a strong legacy in terms of staff, infrastructure and reputation,” explains Mandy Exley, principal of Edinburgh College.“Our corporate plan is closely aligned with the economic development strategies of the region.” Scientific research is one area that exemplifies the College’s mission: ‘to enable the widest possible range of people to access learning, which leads to employability and economically active communities’. “We are working with the University of Edinburgh, and research centres across the city region, to develop our courses for laboratory technicians; ensuring they have access to a local talent pool of qualified and experienced support staff,” explains Mandy. Colleges offer courses that mix theory with practical skills and experience, and students can gain a wide range of qualifications; typically ranging from access courses to a Higher National Certificate or Diploma (SRUC also offers degrees). Higher National
Diplomas also qualify students for direct entry into the third year of relevant degree courses.“Many students do go on to complete degrees while working,” adds Mandy. This route is one exemplified by the principal of Scotland’s Rural College (SRUC), Professor Bob Webb.“My own first qualification was a vocational one at college, and I went on to do my degree and postgraduate studies.” Lifelong learning is a popular pathway and “the possibilities, for those who want it, are limited only by the individual’s aspirations,” believes Professor Webb. Business linkages Headquartered on the University of Edinburgh’s science campus at King’s Buildings, SRUC is at the heart of the city’s agriculture and animal bioscience sectors. Formed in October 2012 through the merger of four respected partner institutions – Barony, Elmwood and Oatridge Colleges and the Scottish Agricultural College – it is founded on world-class research, education and consultancy for land-based industries. Every £1 spent on research by the SRUC is calculated to increase Scottish agricultural output by £1.35, representing a 35% return on investment.“We exist to deliver comprehensive skills, education and business
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Edinburgh College Mandy Exley, principal of Edinburgh College in the new solar meadow – funded through a six-figure investment in 2012 by energy company SSE. The meadow is used to help train technicians and the College enjoys free access to the energy generated to meet its energy needs on campus (see page 4). In 2012, Edinburgh College hosted its first festival designed to showcase student talent and success. More than 1,000 students took part and more than 4,000 people attended.
support for Scotland’s land-based sector,” explains Professor Webb.“The integration of these three complementary ‘knowledge exchange’ services is of significant value to all with an interest in land-based activities – be they learners, businesses, communities or policy-makers.” SRUC’s research partners include The James Hutton Institute, in crop research, and The Roslin Institute, where the College has more than 100 animal and veterinary science researchers based permanently in a shared building. “They carry out SRUC research and are involved in some joint areas of research with The Roslin Institute,” says Prof Webb. “We also have a consultancy office and a veterinary disease surveillance centre, based at Easter Bush.” Though based in Edinburgh, SRUC operates nationally from six campuses stretching from Aberdeen in the north-east to Dumfries. In addition, working from 27 consultancy offices and eight veterinary disease surveillance centres, more than 375 consultants, veterinarians, technicians and support staff offer advice and assistance on a wide range of issues. “The future for land-based industries will be extremely challenging with competing demands and new opportunities to be addressed,” says Professor Webb.“The next generation of business leadersand policymakers will need to be highly skilled and knowledgeable to navigate their way through a complex operating environment. To achieve this, we draw on an accomplished history of more than a century of success in supporting land-based communities and industries.” Close links with local industry sectors is one of the traditional strengths of Scotland’s colleges.“Our core objective is to address
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skills gaps and shortages in the regional and national economy,” explains Mandy Exley.“We consult widely on our aims, which include ensuring every student progresses to a positive destination at the end of their study.” Edinburgh College has four campuses in Edinburgh and its outskirts, with a student body of over 27,000. The emphasis on lifelong learning is reflected by the fact that 40% of students are aged 25 or older. Recruiting the right people with the right skills and experience is a key issue for businesses everywhere. When planning their curriculums, both of Edinburgh’s colleges consult other education providers, employers, funding bodies and relevant support agencies to ensure the supply of suitably skilled and qualified people is aligned with employer demand and industry needs. Edinburgh College has connections with more than 8,000 businesses, while its newly-appointed Vice principal for Corporate Development, Simon Earp, has a remit to build additional business linkages. For SRUC, its 375 consultants deliver more than 12,000 consultations with businesses each year. “We already enjoy what I call ‘deep engagement’ with many sector leaders, such as SSE, in energy, and MacTaggart Scott, in engineering,” says Mandy. “Our relationship with MacTaggart Scott stretches back nearly 50 years and they have trained more than 500 apprentices at the College. Over the last two years we have worked closely with them to address a need they have for skills development in hydraulics. They have now invested in
“Our core objective is to address skills gaps and shortages in the regional and national economy. We consult widely on our aims, which include ensuring every student progresses to a positive destination at the end of their study.”
Sleeperz Hotels has opened a 72-bedroom budget hotel on Shandwick Place.
<feature <Feature a new hydraulics, pneumatics and PLC laboratory at the College, providing the necessary kit in our teaching facilities, and we have developed a course as required.” In oil and gas, Edinburgh College has worked with industry body OPITO to develop a specialist HND course in electrical instrument measurement and control; again helping address an industry need. 98% of students graduating from the course in 2012 found employment in the industry. Global ambitions Edinburgh’s workforce is already one of the most highly qualified in the UK, with 56% of the working age population completing post-secondary education: a strong skills base that helps to attract continued flows of inward investment. Labour productivity is the highest of any UK city besides London, with average gross value added per employee of £58,000 (£10,000 above the UK average). Scotland’s education system has long enjoyed an international reputation and both SRUC and Edinburgh College are examples of the best becoming better. “SRUC is Scotland’s only agriculturallyfocused higher education institution and we are working towards becoming a university college with taught degree and research degree-awarding powers. This will further increase our capacity to provide the highest quality and most relevant learning opportunities, underpinned by our world-class research and leading consultancy expertise,” says Professor Webb. “Our aim at Edinburgh College is to create the right balance between growth and efficiency and to ensure good public value, driven by innovation and changing the way we do things,” adds Mandy Exley. “For example, as well as offering courses through 32 community venues across the Lothians, we’re also discussing how we can provide quality assessment for an engineering college in Saudi Arabia, and talking with Jordan to address their need for skilled technicians through local training. They want the Scottish model of a two-year vocational approach linking directly into further study for a degree.” As with Scotland’s previous diaspora, it seems the country is set once again to export its skills. But thanks to the strategic partnerships already in place between colleges and local industry innovators, Edinburgh’s vibrant economy should see no limits in the future to the opportunities hatching locally.
www.investedinburgh.com
CREATIVE SUPPORT FOR BUDDING BUSINESSES
WEED WORKS WONDERS IN CUBA
An important objective for Edinburgh’s colleges is to nurture and encourage self-employment and entrepreneurship among students. “We are committed to promoting and supporting an enterprising mindset among our students,” says Mandy Exley. “To this end we have developed a range of services that offer extensive support and practical advice. “Our business incubators work closely with other agencies to act as a stepping stone for young entrepreneurs as they develop their aspirations, as well as their business strategies. “We encourage them on the path to long-term commercial success and offer all of the office facilities needed by start-ups – including business and IT support, meeting room spaces and networking opportunities. “The Creative Exchange is a new business incubator catering to creative and digital enterprises. The incubator, in Leith, has capacity for up to 80 small businesses. Leith is already home to a large number of creative businesses, and it is hoped the incubator will bring together a cluster of like-minded businesses.” Edinburgh College will provide staffing and facilities at the Creative Exchange.
SAC Consulting, a division of SRUC, has played a key role in a groundbreaking agreement between the Cuban Government and Guernsey-based company Havana Energy that will supply Cubans with more affordable electricity, increase the nation’s food production and potentially create hundreds of jobs. In 2012, Havana Energy signed a joint agreement with Zerus, a subsidiary of Cuba’s Ministry of Sugar, to build the first of five planned biomass-fired power plants at sugar mills across Cuba. These plants will be fuelled partly by bagasse (a by-product from the refining of sugarcane) and partly by marabú, an invasive woody weed that covers large tracts of the island. The marabú is where SAC Consulting comes in. Working in collaboration with Edinburgh Napier University, Heriot-Watt University and Strathclyde University, SAC Consulting’s Julian Bell has spent the last two years developing an economically-viable method of harvesting and processing the weed for use as a biofuel, both within Cuba and, potentially, Europe. The Scottish input has been critical in bringing the agreement – the biggest of its kind in 50 years – to fruition. “Since the fall of the Soviet Union, demand for Cuban sugar has collapsed, leading to the abandonment of millions of hectares of prime arable land and the loss of vital export earnings and jobs,” explains Julian.“Efforts to restore land to productive uses have been hampered by a number of problems, including the spread of marabú. This project will provide affordable electricity, tackle the problem of so much prime land lying unused, help boost food production and create much needed jobs.”
iyke.ikegwuonu@edinburgh.gov.uk www.creativeexchangeleith.com
www.havana-energy.com www.sruc.ac.uk/info/20005/sac_consulting
| july TO september 2013 | INVEST EDINBURGH 13
Round table: Edinburgh’s strong tertiary education sector is an integral part of the city economy, and close proximity has allowed the building of strong strategic alliances with employers. We ask “What future role do you see for Edinburgh’s Colleges in driving the city’s economy?”
Laurence Howells, Interim Chief Executive, Scottish Funding Council We see thriving colleges as vital to creating and sustaining a modern city region economy. That’s why we’ve supported and funded the re-shaping of the college sector across Scotland and why we’re so excited about the potential of the new Edinburgh College and Scotland’s Rural College (SRUC). Edinburgh College is now the largest in Scotland. For Edinburgh, this means more effective and streamlined ways of responding to changing economic needs. For business in the city region, it brings all the opportunities of working with one of Scotland’s largest training providers. For learners, it opens the way for new skills and jobs in growing industries like renewables and green technology. Businesses in the Lothians are particularly fortunate in having four SRUC campuses on their doorstep and access to rural and land-based skills at all levels. SRUC also plays a vital role in supporting rural businesses through its land-based
Both Edinburgh College and SRUC are now extremely well positioned to meet the aspiration of Edinburgh to become one of Europe’s most inspiring places to live, study and do business.
14 INVEST EDINBURGH | july TO september 2013 |
research and consultancy services; something we’re keen to support as we look to invest in the impact colleges and universities have on economies. Both Edinburgh College and SRUC are now extremely well positioned to meet the aspiration of Edinburgh to become one of Europe’s most inspiring places to live, study and do business. Karen Prophet, Senior Education Manager, the City of Edinburgh Council The creation of Edinburgh College provides greater coherence for young people leaving school and moving into further education. Edinburgh College has reviewed its curriculum to ensure that it meets the needs of the labour market. There is a strong partnership between the new College and the City of Edinburgh Council and new courses have been introduced in areas where there are recruitment shortages. The recently launched Healthcare Academy provides opportunities for young people in fourth year of high school to study at the College while still at school, benefiting from work experience as an integral part of the course. We are also delighted to be involved with both Edinburgh College and Queen Margaret University, Edinburgh in four sector-based academies, which provide young people in years five and six at Senior school the chance to study at college and university while still at school. These courses exemplify greater coherence between school, further education and higher education.
IT recruitment firm DP Connect has opened a branch on Princes Street
Nigel Miller, President, NFU Scotland There are a few bright spots in our present economy, several of which are firmly centred on farming, land management and the production of food and drink. Farming is at the core of our successful and growing food and drink industry. Combined domestic and overseas sales of Scottish food and drink are expected to hit £12.5 billion this year and export sales from this country, currently valued at just over £5 billion, are projected to exceed £7 billion in the next five years. Those looking after the land are also crucial to Scotland’s booming renewables sector and meeting Scotland’s target of producing 100% of our electricity requirement from renewable sources by 2020. Education will play a vital role in ensuring that the next generation builds on the momentum. That requires colleges such as SRUC to continue to adapt and ensure courses capture all the skills and knowledge likely to be required. These need to cover all the bases, from the basic care of land, crops and livestock to the investment opportunities offered by renewable energy and the production, marketing and promotion of Scotland’s iconic food and drink products. There has been a sea change in the numbers of students applying to land-based and food industry-related courses. They see their future in our industries and there is a real opportunity for our college system to capture that enthusiasm and create a generation to drive the Scottish farming, food and renewable energy sectors forward.
Shirt-maker Hawes & Curtis has opened a new store on George Street
<insights
Calum Wilson, Director, SSE One of the key resources required to drive the growth of the city’s economy is a suitably skilled workforce. The role of Edinburgh College in understanding business requirements and providing appropriate training and development is important in the delivery of this growth. The continued engagement of the College and the business community is vital if this is to be delivered. Gordon Henderson Senior Development Manager, Federation of Small Business Edinburgh’s colleges do a fantastic job of supplying the small businesses of the future and when you consider that over 90% of businesses in Edinburgh are small, their role in driving the city’s economy is clear.
Edinburgh College understands their local economy and projects such as the new Creative Exchange business incubator in Leith and their engineering campus in Midlothian, complete with solar meadow (see page 4), are exciting developments that will help drive the city region economy. Hugh Rutherford, Chair, Edinburgh Business Forum I see the role of Edinburgh’s colleges as working closely in partnership with business to ensure better matching of skills to business needs. To be fair, the college sector have been more proactive on this front, but it does require the business sector to play its part and to realise the need to engage earlier with the education sector to avoid skills shortages. Assessing the numbers of graduates needed in the different sectors has never been a particularly exact science; and with technology and new skills sets increasing the requirements within our knowledge based economy, it will also be incumbent on the colleges to make employers aware of new skill sets which they may not yet
Edinburgh College understands their local economy and projects such as the new Creative Exchange business incubator in Leith and their engineering campus in Dalkeith, complete with solar meadow, (see page 4) are exciting developments that will help drive the city region economy. However, Federation of Small Businesses (FSB) research has shown that there is still work to be done to connect with small businesses. Although half of the members we surveyed had invested in training in the past year, 58% of these did so with private providers. Only 3% of members had taken on a modern apprentice in the last year. As the post-16 educational reform programme gathers pace, there is an opportunity to improve the relationship between the college and local businesses – with only 10% of members reporting that they had been contacted by a college in the last year – to hardwire work readiness and labour market responsiveness into the vocational training system.
www.investedinburgh.com
realise that they will require going forward. Edinburgh has been identified by various independent commentators as a key UK city in driving forward national growth. This reflects the diverse nature of its economy, the high skill levels of its working population, and the knowledge based sectors. In its key sectors of business and financial services, life sciences, medical research, the creative industries, renewables, software, technology and tourism, Edinburgh is recognised as having a global reach and capacity. To sustain Edinburgh’s growing working population and to encourage new investment into the city region, it is absolutely critical that businesses
increasingly enter into dialogue with the providers of these skill sets, in order that demand can be forecast two, three and even four years hence. It should also be recognised that Edinburgh College and SRUC are significant employers in their own right, and have an impact on the local economy through their student numbers. Edinburgh’s success in recent years in attracting inward investors and expanding and nurturing growing local businesses has in no small part been driven by both the college and university sectors. Edinburgh’s strong tertiary education sector is an integral part of the Edinburgh economy, and close proximity should allow the building of further strategic alliances with employers. Ian Hay, Training and Development Manager MacTaggart Scott MacTaggart Scott have a long shared history with engineering training in Midlothian and see the creation of Edinburgh College as an opportunity to collaborate and enhance the provision of engineering and technical training in Lothian & Borders. The strategic view taken by the college makes it clear that they intend to grow engineering training at the Midlothian campus and joint ventures such as the new MacTaggart Scott Hydraulic Lab and shared use of facilities make using the College an attractive option for MacTaggart Scott. As a Midlothian employer, we are encouraged by the increased investment in technical facilities and equipment which allows our apprentices to be trained locally whenever possible, retaining and building on the heritage while acknowledging the constant innovation taking place in the field of engineering. The College has an increasing role to play in expanding engineering and technical training in the area and we welcome its willingness to explore partnerships and collaborations which further |enhance its ability to cater for future generations of engineering apprentices and trainees.
| july TO september 2013 | INVEST EDINBURGH 15
<Makingithappen
New business, cultural and academic links are flourishing between Edinburgh and markets in major overseas markets
EDINBURGH TAPS INTO KEY MARKETS Fabless semiconductor company Wolfson Microelectronics has signed a multi-year supplier agreement with the South Korean manufacturer Samsung Electronics. The agreement – hailed as a “significant milestone” by Wolfson chief executive Mike Hickey – will see the University of Edinburgh spinout provide components for Samsung’s GALAXY smartphone and tablet product lines. Elsewhere, the Institute for Integrated Cell-Material Sciences (iCeMS) of Japan’s Kyoto University is opening a new office for open innovation at the Edinburgh BioQuarter this summer. The move builds on existing medical research collaborations between Edinburgh and Kyoto, with iCeMS director Professor Nakatsuji describing the BioQuarter as “an ideal environment for advancing regenerative medicine and drug discovery.” The new academic linkage comes as Princess Mako of Akishino – the granddaughter of the Emperor of Japan – completed a year of studies at the University of Edinburgh. The royal described her time studying History of Art in the capital as “very fruitful”. The University of Edinburgh has concluded a landmark agreement with the Chinese Veterinary Medical Association that will see the University provide training to Chinese veterinarians. “We hope to develop
16 INVEST EDINBURGH | july TO september 2013 |
dynamic educational expertise to enhance veterinary education,” said the University’s Professor Natalie Waran. Meanwhile, the Duck Genome Consortium – made up of researchers from the University of Edinburgh, China Agricultural University and the Beijing Genomics Institute – has made new discoveries relating to avian influenza infection. Martin Currie has significantly expanded its presence in the Asia-Pacific with the opening of a new hub in Singapore to carry out equity trading and research on Asian markets. The Edinburgh-based fund manager has £5.4 billion of funds under management, around half of which is invested in Asia.
“[Edinburgh is] an ideal environment for advancing regenerative medicine and drug discovery.” Also expanding in Singapore is Skyscanner, the supplier of web-based travel comparison tools. Skyscanner is to recruit a further 25 staff in Singapore in response to its fast growing customer base in the Asia-Pacific. The move builds upon a strategic partnership between Skyscanner and the Chinese search engine Baidu
made in 2012. Meanwhile, Edinburgh Napier University has announced plans to increase the range of degree programmes it offers in Singapore. i4 Product Design was one of nine highgrowth UK businesses to visit New York in March on a trade mission supported by the Santander Breakthrough programme. The Edinburgh Technopole-based firm met with key bodies such as the United States Department of Commerce to learn more about selling across the Atlantic. Also visiting New York this spring was a troupe of dance students from Edinburgh College, who performed in Central Park as part of Tartan Week celebrations. Air Canada has begun operating three-times-weekly direct flights between Edinburgh and Toronto. The attendants on the flights have received special training in customer service at the Disney Institute, the professional training arm of Walt Disney. Finally, the University of Edinburgh has established an Edinburgh India Institute (EII) to “act as a bridge between Scotland and India [and] establish new commercial, academic, educational, cultural and sporting links”, according to director Professor Roger Jeffery. The EII will promote research collaborations; support staff and student exchanges; and provide classes on Indian languages. The work of the EII aims to build stronger Indo-Scottish relations.
Thomas Cook, Virgin Holidays and the Minoan Group are each opening new travel agencies in Edinburgh
<AdDedExtras
Golf and the city “Golf not only enjoys a rich history in Edinburgh, the game still thrives in the city with tens of thousands of home-based players and visitors tackling its wide variety of courses every year.”
There are few finer places to play golf than in Edinburgh – the two simply go together. With two major events on the horizon – this summer’s Open Championship at Muirfield and next year’s Ryder Cup at Gleneagles – it is an ideal time to celebrate Edinburgh’s pivotal role in one of the world’s most popular games.
GOLF CALENDAR 2013 Open Championship 18-21 July 2013 Muirfield Golf Links
2014 Ryder Cup 26-28 September 2014 PGA Centenary Course, Gleneagles
www.investedinburgh.com
It’s perhaps little known that the course at Muirfield is home to the Honourable Company of Edinburgh Golfers, one of the few clubs in the world that can trace its roots back to the beginnings of the organised game. It was formed in 1744 when the Gentlemen Golfers of Edinburgh drafted the first 13 rules of golf to compete for a silver golf club at Leith Links. The Gentlemen Golfers also built the world’s first purpose-built clubhouse at Leith in 1768 before moving to Musselburgh in 1836. In 1872, they contributed to the creation of the famous Claret Jug that’s now presented to the winners of the Open Championship. By 1891, the club was on the move again, this time to Muirfield and a course designed by golf’s founding father, ‘Old Tom’ Morris. Despite this lengthy history, it’s another Edinburgh club, The Royal Burgess Golfing Society (founded 1735), that’s widely recognised as the world’s oldest. One of only 10 ‘Royal’ golf clubs in Scotland, members initially played over Bruntsfield Links in the shadow of Edinburgh Castle. These days, the club is at Barnton on the outskirts of the city. Thriving game Golf is big business for Scotland. A recent report by KPMG found that the game contributes £500 million to the Scottish economy each year, supporting over 20,000 jobs. The home of golf is a mecca
for amateurs and professionals alike. Golf not only enjoys a rich history in Edinburgh, the game still thrives in the city with tens of thousands of home-based players and visitors tackling its wide variety of courses every year. In Scotland, golf is a game for the whole of the population and Edinburgh has six well-maintained public courses which anyone can play. These range from the beginner-friendly nine-hole course at Portobello to the challenging and historic Braid Hills, which enjoys spectacular views across the city. In total, there are upwards of 30 other courses in and around Edinburgh, the majority of them open to visiting players. Muirfield is not the only outstanding course to be found in the areas surrounding the city. In East Lothian there are renowned venues such as Gullane and North Berwick, as well as Musselburgh Links, the world’s oldest golf course (dating back to 1672). West Lothian is home to Bathgate and Deer Park, while Midlothian has the championship-standard Dalmahoy and Kings Acre. With this selection of world-class links and parkland courses, whatever your strengths, you will find a true test of your golfing skills in and around Edinburgh.
golf.visitscotland.com
| july TO september 2013 | INVEST EDINBURGH 17
ANNUAL STATISTICAL OVERVIEW Jobs in Edinburgh by sector (2011)
Population of Edinburgh by age band (2011)
Manufacturing (7,300) Primary industries (3,300)
Construction (9,000)
85+
3
Female
75–84
10
Age (years)
65–74
Information and communication (12,400)
19
25
45–54
Other service and household activities (15,500)
26
31
35–44
Transport and storage (10,200)
Male
15
16
55–64
25–34
7
33
35
35
49
50
20–24
22
24
16–19
12
Hospitality (26,800)
12
38
0–15
Public administration, education, health (93,200)
36
50 40 30 20 10 0 10 20 30 40 50
Financial services (34,600)
Population (‘000s)
Wholesale and retail (36,400)
Business services (53,400)
Source: Office for National Statistics
Source: General Register Office for Scotland
Working age population of Edinburgh by highest qualification (2012)
Businesses in Edinburgh by employee size band (2012) 50–99 (170)
100–249 (115)
No qualifications (19,100) Other qualifications (18,600)
20–49 (490)
250+ (105)
10–19 (1,085)
Standard Grade (42,600)
5–9 (2,060) Degree or above (154,600)
Higher/ Advanced Higher (71,600)
0–4 (10,875)
Higher National Certificate/ Diploma (40,400)
Source: Office for National Statistics
Source: Office for National Statistics
Foreign languages spoken fluently by residents of Edinburgh (2012)
jobs in edinburgh by occupation (2012) Elementary (7%)
5% ) i( 2.
Sales and customer service (8%)
rd
6% )
% ) (1 .8 an
0 Language Source: The City of Edinburgh Council
18 INVEST EDINBURGH | july TO september 2013 |
Professional (30%)
Skilled trades (8%)
Ar
ab
ic
(0 .
2% )
3% )
4% )
(0 .
(0 .
e es
on
r in
da
nt Ca
an M
Pa
nj
ab
i( 0.
an
is h
6% )
(1 .0
(1 .2 n Sp
lia It a
1
Caring, leisure and other services (8%)
% )
% )
rm Ge
2
Managers, directors and senior officials (8%)
Process, plant and machine operatives (3%)
i- U
(2 .
ab
h
nj
nc
Pu
3
Fr e
Percentage (%)
4
Polish (4.8%)
5
Administrative/ secretarial (11%)
Associate professional and technical (16%)
Source: Office for National Statistics
Legal firms Aberdein Considine and Plexus Law and intellectual property consultancy Ellis IP have expanded into Edinburgh
<THESTATISTICS
KEY DATA
Indicator
Standard Life PLC Number Date Source
Population
476,600
2011 Scotland’s Census
Households
223.100
2011 Scotland’s Census
Working age population
340,400
2011 Scotland’s Census
Average annual wage of workers
£24,700
2012 Office for National Statistics
Average annual disposable income
£24,600
2012 Office for National Statistics
Annual output per worker
£57,600
2011 Office for National Statistics
Average annual office rent
£290 per m
Average residential property selling price Annual airport passengers Annual rail passengers
2
£217,000
2012 Ryden 2012 Registers of Scotland
9.2 million
2012 Civil Aviation Authority
26.6 million
2012 Office of Rail Regulation
Annual tourist visits
3.7 million
2011 VisitScotland
Annual tourist expenditure
£1.2 billion
2011 VisitScotland
The insurance, pensions and investments group Standard Life reported in April that its total assets under administration had reached a record £233.1 billion. The group’s quarterly sales of long-term savings products rose 24% on the prior year to £6.3 billion. In February, Standard Life acquired the private wealth division of fund manager Newton, which had £3.6 billion under management. Find out more: www.standardlife.com
John Menzies PLC Edinburgh’s top companies by pre-tax profits (2011)
*
Pre-tax profits (£million)
Company
Sector
Scottish Widows Group Limited
Insurance and pensions
£684.0
Diageo Scotland Limited
Distilling
£627.0
Standard Life PLC
Insurance and pensions
£595.0
Heineken UK Limited
Brewing
£350.9
Tesco Personal Finance PLC
Banking
£159.6
Lloyds TSB Scotland PLC
Banking
£134.0
Walter Scott & Partners Limited
Fund management
£94.1
Wood Mackenzie Limited
Consultancy
£66.1
Marine Harvest (Scotland) Limited
Seafood
£57.2
AEGON UK PLC
Insurance and pensions
£49.9
John Menzies PLC
Logistics
£48.5
Concept Systems Holdings Limited
Software development
£48.1
First State Investment Management (UK) Limited
Fund management
£45.9
Sainsbury’s Bank PLC
Banking
£39.7
Scottish Water Business Stream Limited
Water and sewage
£32.8
Edinburgh Partners Limited
Fund management
£25.9
Artemis Asset Management Limited
Fund management
£24.4
Edinburgh Airport Limited
Airport operation
£22.7
Hunter Boot Ltd
Footwear
£22.1
Petroleum Experts Limited
Software development
£18.2
Forth Ports Limited
Port operation
£15.6
Macfarlan Smith Limited
Pharmaceuticals
£14.8
BlackRock International Limited
Fund management
£14.4
The Glenmorangie Company Limited
Distilling
£10.8
The Scottish Salmon Company Limited
Seafood
£10.8
* Excludes trusts
The logistics company John Menzies has announced a number of new client wins by its air cargo handling division, Menzies Aviation, including Air Malta at Gatwick Airport and Cargolux at Dallas/Fort Worth International Airport. Meanwhile, the company’s fulfilment division, Menzies Distribution, has received an award from the Association of Circulation Executives for continuing to make urgent deliveries on time throughout the 2012 London Olympics. Find out more: www.johnmenzies.com
The Scottish Salmon Company Limited The salmon producer The Scottish Salmon Company has received the prestigious Label Rouge certification from the Government of France. The Label Rouge accreditation is awarded only to the highest quality food and agriculture products (taking into account taste, safety and animal welfare). The Scottish Salmon Company produces 20,000 tonnes of salmon annually, around a third of which is exported. Find out more: www.scottishsalmon.com
| july TO september 2013 | INVEST EDINBURGH 19
Edinburgh-based renewables company Aquamarine Power is to install up to 50 of its 800 kilowatt ‘Oyster’ wave energy converters along the coast of northwest Scotland, creating the world’s largest marine energy farm.
All rights reserved. Material contained in this publication may not be reproduced, in whole or in part, without prior permission of the City of Edinburgh Council (OR OTHER COPYRIGHT OWNERS). Whilst every effort is made to ensure that the information given herein is accurate, no legal responsibility is accepted for any errors, omissions or misleading statements.