TRIBUTES have been paid to two "much loved and valued colleagues" from a Scottish investment firm who were killed when they were struck by a lorry during a charity bike ride from Land's End to John O'Groats.

Father-of-two Andrew Menigall and his colleague Toby Wallace were less than three hours into their journey when the accident happened near Newquay at around 8.30am on Tuesday.

Both men, employees of the Edinburgh-based global equity team of Aberdeen Asset Management (AAM), were pronounced dead at the scene.

They had left the western tip of Cornwall at 6am and were making the 960-mile trip in a bid to raise funds in memory of a young colleague, Kirsten Scott, who died aged 25 in October 2011, just five weeks after being diagnosed with cancer.

Martin Gilbert, chief executive of AAM, said: "I knew both Andrew and Toby well. They were dedicated and popular members of our senior team.

"The fact they died in such tragic circumstances while trying to help others less fortunate tells you much about their selflessness and humanity.

"This is a terrible time for the company. More importantly, our thoughts are with the families of Andrew and Toby. We will be doing everything we can to support them."

Mr Menigall, 47, ran a $1 billion equity fund for the company. He leaves his wife, Anne, and two daughters, Jennifer, 15, and 12-year-old Lucy.

He joined AAM in 1997 and was a senior investment manager in the global equity team. A keen tri-athlete, Mr Menigall graduated as an Officer in the British Army from the Royal Military Academy, Sandhurst before completing an MBA at Edinburgh University.

Mr Wallace, who was married, was a senior relationship manager in AAM's Philadelphia office.

He joined the company in 2000 as a graduate trainee from Cambridge University, where he rowed against Oxford in the 1998 and 1999 Boat Races.

Last year, Mr Wallace used his rowing skills raise money for the Kirsten Scott Memorial Trust, as a member of an eight-man crew that rowed across the Atlantic.

The aim of the Trust, established by Ms Scott's family, is to provide grants to young people under the age of 26 to help them to fulfil ambitions, enhance their personal development and make a positive contribution, either at home or overseas.

The charity cycle had already raised more than £5500 for the Trust.

Ms Scott's father, Alistair Scott, said: "Both men worked alongside our daughter and were both amazing supporters of the trust.

"We are all devastated to learn of this dreadful accident. Our thoughts and prayers are with the families at this sad time."

The crash happened on the A30 eastbound at Summercourt, near Newquay. One of the men was thrown into a ditch on impact and the other was dragged some 100 yards along the road by the lorry.

An air ambulance was called but paramedics pronounced both men dead at the scene.

The lorry driver – a man in his 30s from Holsworthy, Devon – was arrested on suspicion of causing death by dangerous driving and later released on bail.

Anyone wishing to donate to the Kirsten Scott Trust can do so via http://uk.virginmoneygiving.com.