Scottish National Investment Bank having 'tangible' impact after £140m boost

The Scottish National Investment Bank said it was having a “tangible” impact on the economy after investing more than £140 million in a dozen businesses and projects.

Publishing its first set of annual accounts, the publicly-owned bank, which sparked controversy over the departure of its chief executive earlier this year, said it had made “clear progress” in its inaugural year.

Companies such as Highland Coast Hotels, Lothian Broadband Group and Aberdeen Harbour have all been backed by the bank, which was formally launched in November 2020.

As well as investing some £140m in 12 businesses and projects across Scotland, a further £327m of backing has been leveraged from other private and public sector investors. Net assets have increased from £31.4m to £165.4m at the year end.

Willie Watt is the investment industry veteran who chairs the Scottish National Investment Bank. Picture: Callum Bennetts/Maverick Photo Agency

Interim chief executive Sarah Roughead said: “The bank has demonstrated its ability to be a catalyst for private investment into businesses and projects aligned to its missions. In doing so the bank has established itself as a credible financial institution within Scotland’s finance community.”

Chairman and investment veteran Willie Watt said: “This has been a year in which investment activity has ramped up and tangible impacts are manifesting themselves with our portfolio.

“The bank is acting as a catalyst to encourage investment in businesses or projects in the private and third sector in which it may otherwise be challenging to obtain funding.

“I am excited about the future; we have a strong team in place and are well placed to continue to deliver impact investment which has a material impact on the Scottish economy.”