Study to shine spotlight on Archangels network

INVESTMENT group Archangels has commissioned the Hunter Centre for Entrepreneurship to carry out a study into the economic impact it has had during 23 years of investing in early stage and start-up businesses.

Archangel Investments chief executive John Waddell. Picture: Julie Bull

The research will examine how the investment, mentoring and management support activities of the angel investing group have affected the Scottish economy.

Niall MacKenzie and Margaret Coughtrie of the Hunter Centre at Strathclyde University’s business school will oversee the study, with the findings expected to be published in the summer.

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Specific areas of examination will include job creation, revenue generation, profitability and overall gross value added.

MacKenzie said: “Early stage investment is of fundamental importance to helping companies grow and realise their potential. To this end Archangels have played a critical role in developing some of Scotland’s brightest companies and entrepreneurial culture and the Hunter Centre are delighted to engage with them on such an important subject.”

Archangels was established by entrepreneurs Mike Rutterford and Barry Sealey in 1992 following their successful investment in what was to become Optos plc upon its flotation in 2006. The retinal imaging specialist recently agreed to a £259 million takeover by Nikon.

Edinburgh-based Archangels now has more than 70 investor members and leads investment of about £10m per year.

Chief operating officer David Ovens said: “We know how much has been invested over the last 23 years and how much has been returned to investors, but that’s only part of the story.

“To truly understand the impact that Archangels has had, we need to dig deeper.”