Scottish independent gains £5.6m funding

Scottish independent chain Duncan & Todd plans to expand its north east presence and explore acquisitions across Scotland and the rest of the UK as a result of a £5.6m investment from the Business Growth Fund (BGF).

Under this week’s funding deal BGF, an independent company established to help Britain’s growing businesses with turnover between £5m and £100m, has taken a minority stake. Bob Brannan, a former group managing director of Whyte & Mackay, will join the Duncan & Todd board as chairman, while BGF senior investment manager Patrick Graham has been appointed to the board.

The group, established in 1973, is one of Scotland’s largest independent chains with a turnover of over £10m and 182 staff. It was the subject of a management buyout in 2007 by current managing director Frances Duncan (pictured), a dispensing optician who has been with the business for almost 30 years.