Monday, 25 March 2019 09:02

Funding boost for new Scottish stock exchange

Anderson Anderson & Brown LLP (AAB), one of the UK’s leading firms of Chartered Accountants & Business Advisors, has secured a significant seven figure equity investment for Project Heather to support the re-launch of the Scottish Stock Exchange after almost fifty years.

Project Heather, headed by financial services entrepreneur Tomás Carruthers, will be headquartered in Edinburgh with offices planned throughout Scotland.

In late 2018, Project Heather agreed a partnership with one of the world’s largest stock exchange platforms, Euronext, to run the exchange on its Optiq trading platform. The team is engaged in discussions with the Financial Conduct Authority ahead of an impending application. Following FCA approval, Project Heather plans to launch before the end of 2019 having already received significant national and international interest from businesses considering a listing on the exchange.

Brian McMurray and Stuart Cooper of AAB worked with Tomas and the Project Heather team in delivering fundraising advice, sourcing investors and ultimately securing the desired investment. A further institutional investment round is expected to kick off in the coming months and interested parties should contact the team at AAB for more information.

Douglas Martin, Head of Corporate Finance commented, “We are delighted to have secured the investment for Project Heather which will help to re-establish the Scottish Stock Exchange after almost fifty years. Brian and Stuart have worked closely with Tomás and his team during this process and we look forward to continuing the relationship and supporting the launch of Project Heather later this year.”

Tomás Carruthers, founder and chief executive of Project Heather, said: “Working closely with Anderson Anderson and Brown, 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. We believe a stock exchange, built on the principles of raising capital to have a positive impact on society and the environment, will be a major contributor to sustainable economic growth both in Scotland and the UK as well as provide a destination for impact investors and issuers globally."

Pictured: AAB's Douglas Martin, Tomas Carruthers and Edwin Hamilton of Project Heather and Stuart Cooper of AAB

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