Carruthers US partnership sparks exchange revival talk

Tomas Carruther

Tomas Carruthers led stock exchange project (pic: Terry Murden)

Tomas Carruthers, who was behind the failed Scottish Stock Exchange initiative, has teamed up with a California-based social entrepreneur amid speculation that he is trying to revive the project.

Mr Carruthers has enlisted Robert Fishkin whose LinkedIn account describes him as chief systematic change officer for Project Heather, the name of the steering group that led the stock exchange project.

It collapsed before Christmas under a mountain of debt and Mr Carruthers is now facing a series of industrial tribunal hearings as a number of former employees pursue him for unpaid salaries, pension payments and expenses.

Mr Fishkin joined Project Heather last month and says on his LinkedIn account: “Project Heather is an inspirational initiative to change financial processes to allow for social enterprise capitalization, impact fund capitalization, and the development of new financial products for social impact.”

He is endorsed on the social network by Mr Carruthers who has made little or no contact with former employees who briefly occupied offices in George Street, Edinburgh.

The Scottish Stock Exchange project, which was backed by trading platform Euronext, collapsed after failing to secure further funding.

Mr Carruthers had expected support from high net worth individuals and later from institutional investors, but neither materialised. 

All staff left at the end of last year and the Crown Estate issued an eviction order on the George Street offices.

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