Jim McColl

James Allan McColl
Born	James Allan McColl (1951-12-22) December 22, 1951 Carmunnock, Scotland
Occupation(s)	Entrepreneur, businessman
Known for	Chairman and CEO of Clyde Blowers; involvement in Scottish Council of Economic Advisors

James Allan McColl OBE (born 22 December 1951) is a prominent Scottish entrepreneur, currently serving as chairman and CEO of Clyde Blowers. He has also contributed to the Council of Economic Advisors.

In 2007, McColl was ranked tenth among Scotland’s wealthiest individuals by the Sunday Times Rich List. By November 2008, the Daily Record reported that he had overtaken Tom Hunter to become "Scotland's richest man," with an estimated net worth of £800 million. As of 2021, his fortune was assessed at £1 billion by The Sunday Times Rich List.

Biography

Originating from Carmunnock, Scotland, McColl is the son of a butcher and attended Rutherglen Academy. He left formal education at age 16 to begin an engineering apprenticeship with Weir Pumps in Glasgow. After obtaining City & Guilds qualifications, he earned a BSc in Technology and Business Studies from Strathclyde University. Returning to Weir Pumps in 1978, he undertook an MBA over a three-year period.

McColl joined Diamond Power Speciality Ltd in 1981, a company supplying engineering products worldwide to the power sector. During this time, he pursued a part-time master’s degree in International Accounting and Finance. In 1985, he was recruited by Coopers & Lybrand as a consultant advising financially distressed firms. Departing Coopers in 1986, McColl became an independent turnaround expert, successfully restructuring two companies.

Clyde Blowers

In 1992, McColl purchased a 29.9% stake in family-owned engineering business Clyde Blowers plc for £1 million; at that time, the company operated at a loss with £4 million in revenue but was publicly traded on the London Stock Exchange. After taking the company private and increasing his ownership to 70% by 2001, McColl spearheaded acquisitions of six out of eight principal competitors within five years. By August 2019, Clyde Blowers commanded a 55% share of the global blower manufacturing market. In May 2007, the company acquired Weir Pumps from Weir Group plc—the very firm where McColl began his career. In September 2008, he orchestrated a $1 billion purchase of Textron’s Fluid & Power Division. Presently, Clyde Blowers encompasses 85 businesses across 27 countries, employing approximately 5,000 staff and generating annual revenues exceeding £1.35 billion. In 2018, Clyde Blowers divested portfolio company Cone Drive through a multi-million dollar transaction with The Timken Company.

Ferguson Marine

Following Ferguson Marine Engineering Limited’s liquidation in 2014, McColl intervened to preserve the last remaining shipyard on the Lower Clyde. In 2015, his yard was controversially awarded a contract to construct two new ferries for Caledonian MacBrayne. However, disputes over design and management challenges led to cost escalations and delays, culminating in the yard’s nationalisation in 2019. The ongoing Ferry Fiasco represents a major political and operational controversy within Scotland.

Recognition

In recognition of his contributions to engineering, McColl was appointed an Officer of the Order of the British Empire (OBE) in the 2001 Birthday Honours. He was named "Alumnus of the Year" by Strathclyde University in 1998 and received honorary doctorates from Napier University (2003) and Glasgow University (2007). His accolades include Entrepreneurial Exchange's 'Entrepreneur of the Year' (1999/2000), Ernst & Young's "Master Entrepreneur of the Year" (2001), The Prince Philip Medal 'Certificate of Achievement' (2005), and a Scottish International Business Achievement award presented by The Princess Royal in 2006.

Personal life

McColl and his spouse Shona live primarily in Monaco while also owning a residence close to Glasgow. He has a passion for both vintage and contemporary automobiles.

Originally, McColl supported the Scottish Government's push for independence, but following the 2014 referendum, he accepted the outcome and shifted his focus toward advocating increased tax powers for Scotland. He has contributed to the Scottish Government's Scottish Council of Economic Advisers and is actively involved in a Glasgow-centered initiative aimed at transitioning individuals from welfare into employment.

In the 2017 edition of the Sunday Times Rich List, his net worth was estimated at £1.07 billion.

2010 rumoured Rangers takeover bid

On 28 March 2010, it was reported that McColl was supporting the Rangers Supporters Trust's effort to transform Rangers into a fan-owned club. He subsequently clarified that he did not have any direct financial stake but provided advisory support to the Trust. McColl also became part of a consortium led by former Rangers manager Walter Smith, which made an attempt to acquire Rangers from liquidators BDO with a bid of £6 million.

External links

• Bio at Clyde Blowers