According to a report by Michael Settle in The Herald earlier this week, private talks are taking place with Gibraltar to keep parts of the UK in the European Union despite Brexit. Fabian Picardo, Gibraltar’s chief minister was quoted as saying: “I can imagine a situation where some parts of what is today the member state United Kingdom are stripped out and others remain.”

If nothing else, the business sector is pragmatic. Since we woke up in shock last Friday, we have been through two of the five stages of grief: denial and anger. Now we are in the third stage: bargaining.

In dealing with personal grief, this is the stage where we look for comfort in return for a reformed lifestyle. In business, we are looking for ways in which an accommodation can be reached that will mitigate the impact of the Brexit decision on the Scottish economy. But is there a way in which, rather than just dilute any negative impact, we can improve our prospects?

I voted No in the independence referendum and Remain in the EU referendum. Nationalism as a political force has seemed at odds with my perspective as a committed European and internationalist.

Is it viable for Scotland to remain in the EU with greater access to the single market than the rest of the UK? I am no constitutional lawyer but, given the EU’s ability to write the rulebook as it goes along, let’s assume that it would be possible.

While I would still find it hard to bring myself to vote to break up the UK, I would not find it difficult to support moves by Scotland to remain in the EU even if other parts of the UK chose to do something else. Call it cowardice or hypocrisy but my guess is that, given the results of the 2014 and 2016 referenda, most Scots would do the same thing.

Such an outcome could put Scotland in an emphatically strong place. If, as a result of the City of London being denied full access to the single market financial services companies were no longer able to “passport” their services to the rest of the EU from the City, where would they head?

The usual assumption is probably Frankfurt. But wouldn’t an Anglophone destination with an infrastructure effectively identical to London’s be more attractive? Ironically, after years of gradual leakage of financial services activity from Scotland to the City, Edinburgh and Glasgow could see a renaissance as centres of the financial services sector. They have the expertise, the heritage and capacity to do so, and from a cost base that is a fraction of the norm in the Golden Mile.

This may sound like wishful thinking but I don’t think it’s necessarily fantasy-league politics. For this idea to get off the ground, it needs to gain traction promptly, otherwise we will lose the moment.

Scottish business needs to show serious commitment to this approach. Brussels, which appears well disposed to Scotland and its pro-EU sentiment, has given an early hint that it would support it.

The standing ovation given to MSP Alyn Smith in the European Parliament was emotional and emotive. The respect shown to the First Minister by a number of leading European politicians over the last few days seems to reflect a willingness to engage.

If the momentum built up, surely a structure could be created to make it work? This is not a time to wallow in our Brexit grief or meekly accept the repercussions of our being ostracised by the EU. We owe it to Scotland’s business, legal, commercial, cultural communities and to our children and their children to explore every avenue, boulevard and calle out of this mess. UK and Scottish business ministers need to engage (as the UK business minister has already done in London) and listen to our concerns and reflect on the strategies available.

Nicola Sturgeon has said this is not an SNP problem but a problem not of Scotland’s making. No partisan satnav will find a way out of the present mess. We need a broad church of people prepared to put political ideologies aside and willing to explore every eventuality to have Scotland active in a new alliance with Europe.

If we can then, who knows, perhaps last Thursday’s horror movie will have a happy ending after all.

Philip Rodney is chairman of Burness Paull law firm.