Innovation funding consultancy Leyton is to establish a base in Edinburgh after enjoying record growth in Scotland.
The tax credit specialist’s Scottish division, currently served by a base in Glasgow, is now the fastest-growing arm of the group’s global portfolio, with research and development (R&D) claims up by 59 per cent in the last financial year.
This compares to a 45 per cent uplift in the rest of the UK, with the group pointing to an enhanced awareness of HMRC innovation funding schemes as a key driver.
Leyton, which has 25 offices in 11 countries, will open an Edinburgh office in Lochrin Square as it looks to capitalise on the fintech boom in the capital.
The company relocated to a larger office in Glasgow in October, where the team has expanded to 70.
Leyton claims a 100 per cent success rate submitting claims to HMRC on behalf of clients, with more than 1,200 of its 2,880 clients in the UK based in Scotland. The group is targeting 6,000 UK clients in the next year.
Head of Scotland David Kent, who launched the firm’s Scottish operation, said businesses in Scotland are some of the “most innovative” in the world.
He added: “From oil and gas decommissioning in the North Sea, biotech companies tackling diseases in Aberdeen to Edinburgh’s growing fintech hub, innovative Scottish companies are expanding technical knowledge and creating new solutions to intractable problems.
“The trouble is that these companies have not been financially benefiting from government funding schemes to the same extent as other UK-based companies. The strategic decision to expand our office in Glasgow has paid off and although our experts work across the UK, having people with contacts on the ground and being closer to these businesses really helps.”
He added that he was “confident” of continued expansion.