|Jim McColl OBE|
|Born||James Allan McColl
December 22, 1951
|Known for||Entrepreneur, Engineering
|Net worth|| £1 billion,
(US$1.4 billion) or more
James Allan "Jim" McColl OBE (b. 22 December 1951) is a Scottish businessman and entrepreneur. He is responsible for the development of Clyde Blowers plc. In 2007, he was placed tenth on the Sunday Times Rich List in Scotland. The Daily Record reported in November 2008 that McColl had overtaken Tom Hunter as "Scotland's richest man" with an estimated fortune of £800million.
McColl left school at 16 to take up an engineering apprenticeship with Weir Pumps of Cathcart, Glasgow. After gaining City & Guilds certificates at lower and higher level, he gained a BSc Degree in Technology and Business Studies at Strathclyde University. He returned to Weir Pumps in 1978, studying for the next three years for an MBA.
McColl joined Diamond Power Speciality Ltd in 1981, an engineering company supplying equipment to the power industry worldwide; during his tenure he studied part time for a Masters Degree in International Accounting and Finance. Head hunted by Coopers & Lybrand, in 1985 he became a consultant, working with companies in financial difficulties that needed guidance. In 1986 he left Coopers to become a self-employed "company doctor", during which he made money through two successful turnarounds.
In 1992 McColl bought 29.9% of the family-owned engineering company Clyde Blowers plc for £1million, which was then losing money on a turnover of £4million, but had a full listing on the London Stock Exchange. After taking it private and increasing his holding to 70% in 2001, over the following five years Clyde Blowers bought six of eight major competitors, and now have a 55% global market share of their original core business. In May 2007, Clyde Blowers bought Weir Pumps from the Weir Group plc, the same company McColl started his career at. In September 2008, McColl led a team which enabled Clyde Blowers to acquire the entire Fluid & Power Division of Fortune 500 multi-industry company Textron, in a deal worth over $1 billion. Clyde Blowers presently consists of 85 companies in 27 different countries, employing 5,000 people around the world, with an annual turnover in excess of £1.35 billion.
McColl was appointed Officer of the Order of the British Empire (OBE) in the 2001 Queen's Birthday Honours. McColl won an "Alumnus of the Year" award from Strathclyde University in 1998, was awarded an honorary doctorate by Napier University in 2003, and an honorary doctorate by Glasgow University in 2007. McColl won the Entrepreneurial Exchange ‘Entrepreneur of the Year Award’ for 1999/2000, and the Ernst & Young "Master Entrepreneur of the Year Award" for 2001. In July 2005, McColl was awarded The Prince Philip Medal 2005 ‘Certificate of Achievement’ for an outstanding contribution to the engineering industry. In May 2006, McColl was presented with a Scottish International Business Achievement award from The Princess Royal. In 2006 he was awarded the Elite Insider of the Year Award and the Entrepreneurial Exchange Philanthropy Award. In 2007 Jim received an Honorary Doctor of Letters Degree by Glasgow Caledonian University. Also in 2007 he was honoured with The Standard Life Elite Insider Readers Award. In 2008 he won the Scottish Engineering Award, the Lord Provost's Award for Business and also an Honorary Doctorate of the University of Glasgow. In 2009 he became the Institute of Directors 'Director of the Year', he won the Insider Dealmaker Award for 'Deal of the Year' and 'Investment of the Year', the Great Scot Business Award and the Elite 'Leader of the Year'. He received two more Doctorates in 2010, one from Strathclyde University and one from Stirling University
McColl and his wife Shona whom he has been with since before 1987 are now tax exiles in Monaco. They also have a home outside Glasgow, and McColl is a keen car enthusiast for both modern and classic cars.
McColl is a supporter of the Scottish Government's policy of independence for Scotland and a member of the Scottish Government's Scottish Council of Economic Advisers, and spends much of his spare time working on a Glasgow based welfare-to-work programme.
Possible Rangers takeover
On 28 March 2010, it was reported in the Sunday Herald that, after discussions with the Rangers Supporters Trust about a takeover designed to make the football club a supporter-owned entity, McColl was believed to be backing their bid for Rangers F.C. McColl later told BBC Scotland that he had no interest in any personal financial involvement but was providing finance advice to the Rangers Supporters' Trust.
However, on 14 June 2012, it was confirmed that McColl was part of a consortium, led by former Rangers manager Walter Smith, to buy the remaining parts of Rangers from liquidators BDO for £6million.
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- Alumnus of the Year
- "Entrepreneurs to be awarded Honorary Degrees". University of Glasgow. 2008-03-27. Retrieved 2009-01-04.[dead link]
- Penman, John (2008-11-09). "Clyde Blowers chief pumps up the volume". London: The Times. Retrieved 2009-01-04.
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- Darrell King (14 June 2012). "Walter Smith fronts new bid to buy Rangers". Sunday Herald. Retrieved 14 June 2012.