Scotland business

Investors back Edinburgh translation agency Lingo24

Translation agency Lingo24 is to press ahead with expansion plans after signing a deal with a consortium of investors for a minority stake in the business.

The Edinburgh-based company said the stake involved a seven-figure sum.

The consortium is led by the chairman and former chief executive of energy analysts Wood Mackenzie, Paul Gregory.

Mr Gregory will take on the role of chairman at Lingo24, which reported strong growth last year.

Revenue for the agency climbed by 12% to £7.5m in 2013.

The business was founded by chief executive Christian Arno in 2001, and now has more than 200 staff based in the UK, Germany, Romania, Panama, the Philippines and New Zealand.

Its client list includes Orange, Adidas, American Express and Save the Children.

Mr Arno said: "I'm delighted to welcome Paul Gregory on board.

"He is an exceptional business leader and we share a vision for developing the company. This will help us invest more in people and technology, and take Lingo24 to the next level.

"Our priorities will include strengthening our sales and marketing teams.

"We'll be looking to hire more people in our London and Edinburgh offices. We'll also be developing our technology portfolio and website, making it easier for customers to manage their translation requirements."

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