Scotland won a record number of inward investment projects last year, with its rise in contrast to a decline in the UK as a whole, a key survey has revealed.
A record 126 inward investment projects were secured by Scotland in 2022, up from 122 in 2021, maintaining the nation’s position as the top UK location for foreign direct investment (FDI) outside London, according to accountancy firm EY’s latest survey.
The 3.3% increase in the number of projects secured by Scotland was in contrast to a 6.4% decline in the UK as a whole. UK-wide, the number of FDI projects won fell from 993 to 929, EY’s Scotland attractiveness survey shows.
Scotland also set a new record for its share of the inward investment projects won in the UK, at 13.6% in 2022. This was up from 12.3% in 2021 and 11% in 2020.
Among investors, Scotland polls as the most attractive place in the UK to invest after London.
Nearly 40 jobs go as Glasgow construction supplier collapses
A Glasgow-based supplier of specialist access equipment to the construction industry has fallen into liquidation with the loss of nearly 40 jobs.
Blair Nimmo and Alistair McAlinden from Interpath Advisory were appointed joint administrators of Adastra Access Limited on June 20 after it succumbed to the effects of labour shortages, rising costs and project delays.
Adastra Access provided mast climbing work platforms and suspended cradles to blue chip construction contractors operating across commercial and residential construction, maintenance and refurbishment of existing buildings and the construction of maritime transport.
Aldi becomes Scotland's third-largest food retailer
German-owned discounter Aldi has overtaken Morrisons and Sainsbury's for the first time to become Scotland's third-largest grocer by volume as the cost-of-living crisis grinds on.
Aldi currently has 104 stores across Scotland employing approximately 3,500 people, having opened three new outlets last year. It is spending £20 million in 2023 to open a further three stores north of the border.
According to research group Kantar, Aldi had an 11% volume share of the grocery market in Scotland during the 12 weeks to May 14, ahead of Sainsbury's on 7.6% and Morrisons on 8.8%. It trailed market leader Tesco on 24% and Asda at 13.8%.
Coca-Cola company acquires Finlandia vodka for $220m
One of the world’s biggest bottlers, producers, and distributors of drinks owned by The Coca-Cola Company has strengthened its spirits portfolio with a deal to buy Finlandia, a premium vodka brand.
Coca-Cola HBC AG, which is 23%-owned by The Coca-Cola Company and is listed on the London stock market, has acquired Finlandia from a subsidiary of Jack Daniel's owner Brown-Forman in a deal worth $220 million.
The acquisition builds on the long-standing distribution deal Coca-Cola HB has with Finlandia, with the soft drinks giant having distributed the leading spirit brand in several markets for 17 years.
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