The most prestigious event in Edinburgh’s business calendar is back onstage in February – and one of the city’s most renowned global institutions will be sharing the spotlight.

With a theme of “Celebrating Edinburgh”, the Edinburgh Chamber of Commerce Annual Business Awards will be showcasing and recognising all that is great about Edinburgh, its businesses, leaders and communities. This will include a focus on the power – economic, cultural and social – of the city’s world-famous Edinburgh Festival Fringe.

Recent research has indicated that the Edinburgh Fringe, the largest arts festival in the world, generates around £1 billion of economic benefit to Scotland. In addition, it supports thousands of jobs directly and through its supply chain, and it contributes to Edinburgh’s global reputation as a world-leading centre for culture and the arts.

By shining a spotlight on this work during the Annual Business Awards, the Edinburgh Chamber will champion the vital contribution of the arts to business life in our city, as well as the societal impact through its outreach work.

Liz McAreavey, Chief Executive of Edinburgh Chamber, said: “We have chosen this theme to illustrate just how much we have to be proud of.

“As we continue to recover from the impact of the pandemic and the challenges posed by Brexit, we need to ensure Edinburgh remains an internationally successful city. Our festivals play an essential role in keeping our Capital city on the global stage, recognised as an attractive destination for talent, investment and visitors. They also have a pivotal role in providing a rich and accessible culture for our citizens to enjoy and be immensely proud of.

“At our 2022 Business Awards, we will once again bring together our business community to celebrate all that is great about Edinburgh but also recognise the inter-connectedness across key sectors of the city. Our economy relies on this collaboration between business, culture and of course our universities.

“After a difficult few years it’s time to come together to support the continuation of our beloved festivals and by doing so demonstrate the power of a strong and connected eco-system and our collective contributions to the city’s recovery and future success.”

Shona McCarthy, Chief Executive, Edinburgh Festival Fringe Society said: “We’re delighted to be working with the Edinburgh Chamber of Commerce on this event. The Fringe is such an important part of Edinburgh’s ecosystem: an unparalleled celebration of creativity and a cultural beacon which contributes immensely to the economy.

“The last two years have been absolutely devastating for the Fringe, and we know that so many local businesses have suffered as a result of the Fringe not going ahead as it usually would. The Fringe Society is now in the process of rebuilding, and we have an ambitious fundraising goal to aid the wider festival’s recovery. We’re grateful to the Chamber for their support in this, and as we go into our 75th anniversary year, we’re looking forward to a Fringe renaissance with Edinburgh at its heart.”

For more information on the Awards, due to be held at the EICC on February 24th, please visit: https://www.edinburghchamber.co.uk/ecc-business-awards/

• Nearly three quarters (72%) of SMEs in Scotland are currently waiting on money which is tied up in unpaid invoices, according to research from Barclays¹
• More than half of adults in the UK (58%) said they would boycott a business if they knew they were a late payment offender²
• Barclays and the Small Business Commissioner call to unite the small business community in tackling this issue and raise the social conscience of larger businesses who don’t pay on time

Nearly three quarters (72 per cent) of small or medium enterprises (SMEs) across Scotland are currently waiting on late payments from customers, according to new research from Barclays surveying 500 UK small business owners. This is significantly higher than the UK average of 58 per cent.

For medium sized enterprises with 50 to 249 staff, those waiting on late payments rises to more than nine in ten (94 per cent).

Late payments negatively impact a business’s income, which can result in cash flow instability. For some businesses, this owed money might prevent new hiring opportunities or investment back into the business. In worst case scenarios, the business might be forced to close.

Whilst customers and clients paying invoices late is no new challenge for businesses, two in five (40 per cent) SMEs say that they’re more likely to experience late payments as a result of the pandemic.

For those that have been on the receiving end of poor payment practice, the majority (80 per cent) said they would refuse a job with a potential customer if they were known for paying late.

Barclays research has shown that paying late is not only putting off suppliers, but may also deter prospective customers from spending with known offenders. More than half of consumers surveyed (58 per cent) said they would boycott a business – big or small – if they knew they regularly paid their suppliers late. 

For some business owners, the stress of waiting on late payments has more than just an impact on their finances. Two fifths (39 per cent) of SME owners say their mental wellbeing has suffered as a result of late payments, with over a third (34 per cent) having had sleepless nights.

A quarter (25 per cent) of business owners say they haven’t been able to go on holiday over the past couple of years because of money owed to their business, and a higher proportion (27 per cent) say their personal relationships with partners, family and friends worsen if they’re paid late.

Hannah Bernard, Head of Business Banking at Barclays, said: “Late payments is the single biggest cause of business failure. We want to unite the small business community in tackling this issue and raise the social conscience of larger businesses who don’t pay on time. Any business worried about the impact of late payments should contact their bank to talk about their options, whether that be for guidance on how to report a business for paying late, or to explore invoice finance and insurance options. 

“Having a constant cycle of late payments will hamper the future growth of the economy, and fuel a never-ending cycle of uncertainty for hard working entrepreneurs. Business owners across Scotland and the UK have a lot of challenges to juggle right now, and the stress of chasing late payments shouldn’t be one of them.”

Small Business Commissioner, Liz Barclay, said: “We welcome the bank’s commitment to make bigger firms face up to the consequences of paying their small suppliers late. The consequences for wellbeing and mental health can be catastrophic. But late payments are just part of the problem. Repeated delays and excuses, and extended payment terms of 90/120 and even 360 days are common. Uncertainty kills small and micro businesses as well as freelancers and sole traders. As well as customers and would-be employees we need to see potential investors refusing to invest in firms that don’t treat small suppliers well. We also need this to be top of the Board governance agendas. A change in payment culture is decades overdue”.

Through the Prompt Payment Code (PPC), businesses are able to claim late payment interest and compensation to businesses signed up to the code if they miss a payment deadline. However, whilst almost two thirds of businesses (64 per cent) surveyed say they’re aware that they can take action, less than a quarter (23 per cent) had done so, out of fear that this would result in not getting another job with the customer.

Those waiting on late payments said that with the cash they could expand their product or service offering (24 per cent), invest in research and development (19 per cent), or even hire more staff (18 per cent).

Over the last few years, Barclays has announced a number of strategic partnerships in their push to give businesses alternative methods of finance and protection for their enterprises, including MarketFinance and Nimbla, which provide invoice financing and invoice insurance respectively.

To find out more about Barclays support for businesses visit: www.barclays.co.uk/business-banking/

To find out more about the Prompt Payment Code, visit: www.smallbusinesscommissioner.gov.uk/ppc/

The British Chambers of Commerce is today setting out its manifesto to recruit legions of new UK exporters as its research continues to show poor overseas trade growth:

• In Q4 of 2021, just over a quarter of exporting firms (29%) saw their overseas sales increase
• Almost half (47%) saw no change, and a quarter (24%) reported a decrease
• This is despite substantially more firms reporting improved domestic conditions, with 45% confirming increased UK sales in Q4 

BCC research also shows that exporters are uniquely facing a wide range of issues, from unprecedented inflationary pressures and global supply chain crises to a raft of new requirements flowing from the EU trade deal.

The Manifesto sets out a comprehensive list of steps to get more UK businesses, currently just 10%, involved in international trade. This compares to more than 60% of companies which are members of an Accredited Chamber of Commerce.

To do this the BCC is working with the whole of its Global Business Network, both within the UK and in 76 markets across the world, to help encourage the shift.

It is making the move after 23% of firms surveyed said finding a business partner or distributor overseas would encourage them to either start exporting or export more.

A further 16% of firms also said support with trade documentation would encourage them to start exporting or increase the amount of business they do overseas.

Shevaun Haviland, Director General of the BCC, said:

“The UK is bursting with amazing businesses offering goods and services that are high quality, sustainable and well designed. There are hundreds of overseas markets which are crying out for what we can offer.

“Yet only 10% of UK businesses are currently involved in exporting when all our research shows that firms trading overseas are more productive, innovative and resilient.

“So, it’s vital we now recruit a new generation of exporters to help take our overseas trade to the next level. We are standing at a moment where we can seize the opportunity to be in the vanguard of a world-wide revolution in new technology, digital services and Net Zero innovations.

“Accredited Chambers of Commerce have all the tools necessary to equip these new recruits and allow them to trade with confidence. Our ChamberCustoms service can also provide training, advice and brokerage to help goods clear UK borders with as little fuss as possible.

“Our research shows that overseas trade fell off a cliff in early 2020; just 8% of UK exporters saw any increase in the second quarter of that year. Almost two years later and the figures are still way below where they need to be, with only around a quarter reporting improvement.

“We are using our entire Global Business Network and will do everything we can to help firms explore the amazing possibilities that are out there. But more also needs to be done by government to support UK companies that have had to battle with rocketing costs, disrupted supplies and reams of new paperwork in Europe.

“If we all work together to take action then we can revitalise our exports growth and help power the UK’s economic recovery.”

The manifesto sets out a number of steps that the UK government could take to help firms trade with the EU and to make sure that any new trade agreements put the interests of business at their heart.

In Europe these include:

• Streamlining customs and trade processes to reduce paperwork and delays
• Developing more business-friendly rules on cross-border VAT
• Bringing back, and boosting, the Brexit SME Support Fund to help firms adapt

More widely they include:

• Creating a Business and Trade Growth Office at the Dept for International Trade to help smaller businesses get involved in exporting
• Providing better access for UK professional services and mutual recognition of qualifications
• Setting rules on trade that support the future exports of environmental goods and services
• Securing real benefits for importers and manufacturers in the UK on tariff reductions and rules of origin
• Providing manufacturers with better options on sourcing materials and components

Ms Haviland added: “We want to work with the UK Government and other trading bodies to build a proper coalition of support for a strong UK trade and investment strategy.

“If we want more firms to get involved in exporting then we need to see more end-to-end support to help them make the leap.

“But businesses also have the knowledge and practical know how to help the UK Government negotiate trade treaties that can open up new growth opportunities.

“We have always been champions of international trade and there is no doubt in our minds that businesses that embrace exporting to overseas markets will be better off for it, as will our economy. All it takes is a willingness to try.”

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• Become a more inclusive employer?
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The IntoWork Autism Works training course will next be delivered (to up to 15 participants) via Zoom, in 3 parts on:

• Tues 25 Jan, 10.30-12.15
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The course fee (subsidised by Scottish Government funding) is £95 for the 3x sessions, covering:

• What is autism?
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The course is delivered by 3 talented autistic trainers, who have substantial professional experience in different sectors.

To book a place, please go to: tinyurl.com/5x593za8

The First Minister today gave a further announcement on Covid-19 restrictions, saying that Scotland had “turned the corner on the Omicron wave”.

In welcome news for the hospitality and events sectors, the most recent set of restrictions will now be lifted from Monday 24^th January. This includes restrictions on numbers at events and the requirement for table service and social distancing in hospitality.

Key points from today’s announcement are:

• From Monday 24^th January, the limit on the number of attendees at indoor events will be lifted
• The requirement for 1 metre physical distancing between different groups in indoor public places, and the requirement for table service in hospitality premises will also be lifted from 24^th January
• Nightclubs can reopen from the same date
• The guidance to limit indoor socialising to 3 households will also be lifted from the 24^th January
• The First Minister also cautioned that we should all continue to keep gatherings as small as our circumstances allow for now, at least until the end of this month
• The guidance remains that we should all continue to take regular Lateral Flow Tests, particularly before socialising with other households
• The guidance to work from home wherever possible also remains in place, but the First Minister did state that the Government will now be engaging with businesses on a return to a more hybrid approach from the start of February.
• The baseline mitigation measures that were in place before Omicron will be retained at this stage to help keep Covid contained. This includes the requirement for face masks and Track and Trace

On the Covid-19 certification scheme:

• Organisers of events with more than 1,000 attendees are now required to check at least 50% of attendees, or 1,000 people, whichever is higher
• The scheme is not being extended to other settings at this time, given the decrease in cases. However this will be reconsidered if cases begin to rise.

You can find the full statement from the First Minister here.

Commenting on the First Minister’s announcement on the easing of Covid restrictions, Edinburgh Chamber of Commerce Chief Executive Liz McAreavey said:

“ Edinburgh Chamber of Commerce welcomes the announcement today by the Scottish Government that the restrictions imposed to tackle the Omicron variant are to be lifted so significantly.

“This is very good news for businesses across the city, and will be particularly welcomed by some of our hardest hit sectors – most notably live events, hospitality and tourism. These are core to our city’s economy and directly and indirectly support many thousands of local jobs. However, for many, immediate survival is still very much a priority.

“If we are to enjoy the economic recovery we seek, then businesses will need support to adapt to the continuing challenges – not least in areas like labour, supply chain disruption and the high levels of debt incurred during the restrictions imposed on them over the past 20 months. We would urge both the UK, Scottish and local governments to continue to work with the business community to address the rising costs of running a business, the ease of doing business and how we continue to invest in growth, productivity, skills and sustainability. There are clear policy levers that government can use to create the right environment that will help drive recovery, create jobs and ensure a fair and inclusive economic transition.”

Scientists at the University of Edinburgh have launched a spinout company that aims to democratise genetic data access and cut from days to minutes the time it takes to analyse millions of genetic records.

Omecu Ltd promises wide-ranging benefits in drug discovery and personalised medicine, while improving patient data security.

The company draws on three years of research led by Dr Oriol Canela-Xandri at the MRC Human Genetics Unit, within the University of Edinburgh’s Institute of Genetics and Cancer, and Dr Konrad Rawlik at the University’s Roslin Institute. It has been launched with the support of Edinburgh Innovations, the University’s commercialisation service.

It is estimated that global human genomic data is doubling in size every seven months and may soon exceed other big data generators such as astronomy and the internet. Although this data has the potential to revolutionise medicine and lead to new therapeutics and diagnostics, these benefits rely on the ability to unlock clinically actionable knowledge from the data. The obstacles to accessing such data can prevent valuable information being extracted, by making the process very costly and time-consuming.

The Omecu team has developed a computation engine and web platform that will transform how genomic data is securely accessed and efficiently analysed.

Doctors Canela-Xandri and Rawlik have been supported by Edinburgh Innovations since 2019. They participated in the SETSquared ICURe programme in 2020, and received funding from Medical Research Council grants and the University’s Data-Driven Entrepreneurship Seed Fund and Fast Track Mentor initiatives, supported by the Scottish Funding Council. They have recently been awarded £288,000 from Innovate UK, which will allow Omecu to refine its prototype and progress commercial engagement.

Omecu is co-founded by Dr Canela-Xandri and Dr Rawlik alongside CEO Les Gaw, an experienced entrepreneur, investor and adviser to early-stage technology companies, who was introduced to the research team by Edinburgh Innovations.

Dr Canela-Xandri, who is a Chancellor’s Fellow at the University, said: “Our ambition is to create a paradigm shift where disease experts without a computer science background are able to easily query fragmented data sets, while cutting costs and without requiring the data-holding organisation to expose the data itself.

“Our recent funding awards mean we can now accelerate the development of our prototype and move towards a commercial product.”

Dr George Baxter, CEO of Edinburgh Innovations, said: “Genomic data holds great promise for humanity, and the Omecu team have found a way to make it far easier for clinicians to make use of that data. We’re extremely proud to help researchers to launch a company with such potential.”

Professor Wendy Bickmore, Director of the MRC Human Genetics Unit at the University of Edinburgh, said: “Having a rapid way to extract useful knowledge from large genomic datasets will accelerate new discoveries and new treatments for human disease.”

By Donald Yellowley

While demand for all manner of land in Scotland has rarely been more urgent, the farm sales market remains stubbornly quiet, and shortage of supply continues to act as a drag anchor as sellers sit tight.

Their reluctance is hardly a surprise. We have seen it before, particularly in the aftermath of the banking crash in 2008, when the air was thick with fear and uncertainty. The last few years in Scotland have also had their share of geopolitical upheavals, generating similar levels of anxiety.

But while it is a natural instinct for farmers to wait out a crisis – land, after all, does not go off – it does create something of a conundrum for them, since those who do take their properties to market are achieving quite stellar prices from a jostle of competing willing buyers.

In fact, it could be argued that now is the time – indeed, there has hardly been a better time – for land management professionals to realise assets, with the proviso that they should be guided in their enterprise by experts such as Baird Lumsden, the rural department of DM Hall Chartered Surveyors.

The disposal of properties with which we have been entrusted over the past 12 months has been singularly successful, with almost all attracting intense interest, going to a closing date and achieving prices well in excess of what the sellers had anticipated.

Despite what might be assumed from a superficial glance at the agricultural sector in Scotland, farming is actually in quite a good state at the moment. Certainly, inputs such as fertiliser and fuel prices are up, but so are returns on cereals, lamb and beef. Potato prices are slightly down, but they had a good run last year.

The subsidy regime, delivery of which has transferred from the EU into the hands of the UK Government, is functioning as it should and is likely to do so for the foreseeable future, though it will begin to taper off in the next few years. The focus moving forward is on sustainability and modern farming methods that balance social and economic needs.

Subsidies are also likely to be associated much more closely with the current environmental agenda, with incentives to plant trees and protect hedgerows, rather than as a simple financial prop for unproductive businesses.

Income from traditional farming activities remains an important factor, but gross revenues now tend to include woodland planting, carbon capture and in many cases, substantial commercial and leisure activities.

And while the great majority of farm sales are to neighbouring businesses which are keen to expand, events of the past few years have generated a new mix of competition for rural assets, from lifestyle buyers to foreign investors in land suitable for forestry.

The attraction for this latter class is the ability of woodland to capture and store carbon dioxide, meaning it can help combat climate change. This opens up a potential new income stream through trading carbon credits under the Woodland Carbon Guarantee scheme which came into force in 2019.

Buyers from around the world are seeking to buy not just forests, but Scotland’s ubiquitous peat bogs, in order to offset carbon emissions created elsewhere. It is one of the few places where green resources can be acquired on a meaningful scale.

For those farmers who do decide to test the market, the rewards will be high as demand for land continues to soar internationally.

It is also of vital importance to keep up to date records – including cropping and yield records, soil analysis, improvement records and conservation achievements – and have the paperwork on hand for the inspection of prospective buyers.

As ever, professional advice is paramount. A good agent will not only have a ready-made pool of potential buyers, but an intimate knowledge of market timing as well as access to all the most modern marketing tools, including a dedicated media team to reach an international audience.

It is a seller’s market. If farmers are looking for a successful and rewarding exit, now is the time.

The firm appoints Amy Cornelius as Director and Gregor Hayworth as Senior Associate in its Dispute Resolution team based in Edinburgh 

Burges Salmon is pleased to announce the appointment of Amy Cornelius as Director and Gregor Hayworth as Senior Associate in the firm’s Dispute Resolution team based in Edinburgh.

Further demonstrating the firm’s commitment to a strong presence in Scotland and to delivering exceptional client service across the UK, Amy and Gregor’s appointments will enhance Burges Salmon’s already 100+ strong UK-wide Dispute Resolution team that has deep expertise in multiple sectors, including: transport, energy, real estate, financial services, construction and the public sector.

Both Amy and Gregor have a wealth of recent experience that includes leading on substantial and complex claims across a range of sectors.

Prior to joining Burges Salmon, Amy has held a range of senior roles, including Senior Associate, Commercial Dispute Resolution at Dentons UK and Senior Solicitor at Brodies LLP. Gregor Hayworth comes from Shepherd and Wedderburn LLP where he was Associate, Property and Infrastructure Disputes and was previously Associate, Infrastructure, Construction and Energy Disputes at CMS Cameron McKenna Nabarro Olswang LLP.

The appointment of Amy and Gregor follows the arrival of heavyweight dispute resolution practitioner Ewan McIntyre to Burges Salmon’s Edinburgh team as well as Burges Salmon’s recent appointment of Penny Shannon to Senior Associate in the firm’s Real Estate disputes team in Edinburgh.  In May 2021, the firm also celebrated the second anniversary of the launch of its Edinburgh office, signalling continued growth and investment in its Scotland practice.

Amy Cornelius says: “I’m really proud to be joining a firm with an exceptional reputation in its Dispute Resolution team and genuine commitment to its clients – one that also recognises its responsibility to help the wider community flourish with its responsible business aims.”

Gregor Hayworth says: “I am thoroughly pleased to be joining Burges Salmon at such an exciting time in its growth to help shape the firm’s dispute resolution offering in Scotland. The broad sector expertise of Burges Salmon’s Dispute Resolution team has been clear to me from the outset.”

Ann Metherall, Head of Dispute Resolution at Burges Salmon, comments: “These appointments are a positive step in the growth and development of Burges Salmon’s Dispute Resolution team and we are delighted to have Amy and Gregor on board.”

Edinburgh Chamber of Commerce today called on the UK Government to help ease a recruitment crisis which provides a major obstacle to the economic recovery – including issuing temporary visas to foreign workers in the most impacted sectors.

The problem has been caused by a lack of overseas staff following Brexit, along with the continued impact on staffing of the Covid 19 pandemic.

While more training and investment for home-grown talent remains a priority both for the Government and businesses, this will not solve the immediate problems facing companies unable to meet demands because they lack people with the skills they need to thrive.

According to the latest figures released by the British Chambers of Commerce, in some sectors – notably hospitality which supports tens of thousands of jobs in Edinburgh – 83% of companies are facing difficulty in filling vacancies.

Liz McAreavey, Chief Executive of Edinburgh Chamber, said: “The record level of firms struggling to fill job vacancies last quarter will have impacted on their ability to meet demand for goods and services – adding to existing supply chain pressures.

“And as the Omicron variant continues to cause staff absences, many firms could see any progress they have made slip back.

“More business investment in home grown talent – and creating a more inclusive and diverse workforce – is key to solving pervasive skills shortages, but this won’t happen overnight. Burdened with high levels of debt, escalating wage and input costs, damaged cashflow and an uncertain economic environment, employers need help to get back on their feet.

“The government must do all it can to ensure people can access rapid retraining opportunities for in-demand jobs, issue temporary visas for lower skilled jobs – where there is clear evidence of a national shortage – and ensure there are no further upfront costs on business for the remainder of this parliament.”

New figures released today by the British Chambers of Commerce saw the proportion of firms struggling to recruit staff reach new record levels. The data for the leading business group’s Quarterly Recruitment Outlook survey for Q4 2021 was drawn from a survey of over 5,400 businesses.

Key points include:

• 4 out of 5 (79%) firms that attempted to recruit facing difficulties in finding staff

• Hospitality and construction firms most likely to report difficulties (each 83%) but all sectors have significant issues

• Firms cite major issues arising from lack of foreign nationals to recruit as well as disruption due to Covid

Attempted recruitment in Q4 was up on previous quarters with 64% overall attempting to recruit staff (61% in Q3). However, the proportion of firms reporting difficulties filling roles reached a historical high at 79%, up from 77% in the previous quarter.