THE Archangels investment syndicate has generated up to £1.4 billion for the Scottish economy from its investments in the life sciences and tech sectors, new research shows.

The analysis, conducted by the University of Glasgow’s Adam Smith Business School, found that the £161m invested by Edinburgh-based Archangels since 1992 has directly created 3,647 high-skilled jobs and indirectly created a further 1,500 jobs.

Since 1997, the jobs created through the syndicate’s investments have paid, on average, 39% more than the median Scottish salary.

Archangels, claimed to be the world’s longest continually running investment syndicate, aims "to deliver returns for its investors while harnessing their experience and networks to fuel the success of Scotland’s entrepreneurs and innovators in technology and life sciences".

The syndicate currently has around 120 members invested in a portfolio of 20 early-stage companies.

The research found that every £1 invested generated between £7.11 and £8.45 for the Scottish economy.

Archangels’ current portfolio is worth an estimated £211.29m and supports more than 755 jobs. Since 1992, the group has successfully exited 25 of its investee businesses including three that went to an IPO, 1 MBO and 21 trade sales.

During the year to date, Archangels has invested more than £12 million in some of Scotland’s most promising technology and life science companies including Integrated Graphene, Cytomos, Earth Blox, Administrate and BioCaptiva.

David Ovens, joint managing director of Archangels, said: “Over the past 30 years, Archangels has had an incredible impact on both the businesses we have invested in as well as the wider Scottish economy.

"During that time Scotland has undoubtedly established itself on the world stage as a leader in technology and life sciences. We’re home to some incredibly innovative companies and remarkable entrepreneurs and we are proud of our own track record over 30 years in supporting some of these to grow and scale.

“If Scotland is to realise its ambition of building a modern, successful and sustainable economy, then we need to continue supporting innovative businesses to enable them to achieve their full potential.

“The Archangels story has been one of significant contribution to some great successes over the last 30 years and we look forward to working with our portfolio and investors to make the next 30 even more successful.”

Demand for laser eye surgery boosts revenues and profits at Optical Express

OPTICAL Express, the eyecare company owned by Scots entrepreneur David Moulsdale, posted a hefty increase in revenues and profits last year amid high demand for laser eye surgery.

New accounts for Lorena Investments, parent company of Optical Express, show that the group’s 120 outlets generated a combined turnover of £157.4 million during the year to January 1, up from £99.1m previously.

New television studio opens in Glasgow

A NEW state-of-the-art television studio has opened in Glasgow’s Kelvin Hall in what has been hailed as a “new and exciting chapter” for the iconic building.

The BBC Studioworks facility, which launched today, will meet the growing demand for production in Scotland as well as supporting the growth and development of Scotland’s creative workforce.

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