Advisers secure funding boost

Scottish stock exchange receives equity investment

Tomas Carruthers

Tomas Carruthers addressing delegates at a briefing in Edinburgh (pic: Terry Murden)


Scotland’s new stock exchange has secured a seven-figure equity investment to support the project ahead of it going live this year.

Anderson Anderson & Brown (AAB), the accountancy and business advisory firm, has advised on raising a “significant” sum to underpin those behind Project Heather.

Those behind the plan, led by entrepreneur Tomas Carruthers, are working with Euronext which operates exchanges in several European capitals.

The team is engaged in discussions with the Financial Conduct Authority ahead of an impending application. Mr Carruthers told those attending a briefing earlier this month that it has drawn several expressions of interest from companies seeking to list their shares on it.

Brian McMurray and Stuart Cooper of AAB worked with Carruthers and the Project Heather team to deliver fundraising advice, sourcing investors and ultimately securing the investment. A further institutional investment round is expected to kick off in the coming months.

Douglas Martin, head of corporate finance at Aberdeen-headquartered AAB, said: “We are delighted to have secured the investment for Project Heather which will help to re-establish the Scottish Stock Exchange after almost 50 years.

“Brian and Stuart have worked closely with Tomas and his team during this process and we look forward to continuing the relationship and supporting the launch of Project Heather later this year.”

Mr Carruthers said: “Securing this initial round of investment funding is enabling us to work on bringing a Scottish Stock Exchange to full fruition and launch in the second half of this year.

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