THE FRUITMARKET GALLERY

🌳Matureactive

SC087888 · private-limited-guarant-nsc-limited-exemption · incorporated 1984-05-04

Investment thesis

Looks cheap but ownership + security both unclear — probable value trap.

Why interesting: Headline metrics may be attractive.

Why risky: No PSC visibility combined with multiple live charges; transacting likely slow and expensive.

🔒Estimated value

—

Upgrade to see

Turnover

—

not disclosed

Net worth

—

book net assets

Opportunity

74/100

Strong

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What this business does

Primary activity: Operation of arts facilities

Sector: Arts, entertainment & recreation

Investor take

Pursue

Active trading company with a 73-year-old founder — textbook succession opportunity.

Opportunity 74/100 (strong), bankability 67/100. Strong seller-intent signal (65/100, director aged 73). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 3 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

5 live charges · 3 lenders · oldest 36.4y

35/100

too messy

Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.

· Oldest live charge is 36.4 years old — likely at or near maturity.
· 3 lenders named — inter-creditor friction likely.
· Legal-friction score 38/100 — workable, but lender will want more DD.

Data confidence

Overall: low (47/100)

Sparse data coverage. Treat AI-generated outputs as preliminary. Manual diligence essential.

Company profile

address, 1 SIC codes, incorporation date

100

Financials

No iXBRL financials extracted

Lenders & charges

5 charges (5/5 with lender, 5/5 with type)

Directors & officers

63 officers (9 active, 63 linked, 58 with DOB)

Ownership & PSC

No PSCs filed (unusual — worth investigating)

Director network

Network not yet resolved

Filing history

243 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

74/100Strong

PassWatchWorth a lookStrongExceptional

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality

Active, clean filings, stable charge profile.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Some moderate concerns — review flags.

Signal strength

100

Good data coverage for analysis.

Recent activity

Last 30 days

filings

Last 90 days

filings

• 2 officers
• 1 confirmation-statement

Last 180 days

filings

• 5 officers
• 1 confirmation-statement
• 1 mortgage

Counts from Companies House filing history.

Corporate timeline (137 events)Click to expand

2026-03-25
📄
replacement-filing-of-director-appointment-with-name
officers · RP01AP01
2026-02-20
📄
appoint-person-director-company-with-name-date
officers · AP01
2026-01-27
📄
mortgage-satisfy-charge-full
mortgage · MR04
2026-01-27
🔓
Charge satisfied #4
2026-01-13
📄
second-filing-of-director-appointment-with-name
officers · RP04AP01
2025-12-22
➕
ARTHY, Elizabeth appointed
director
2025-12-22
📄
change-person-director-company-with-change-date
officers · CH01
2025-12-22
📄
change-person-director-company-with-change-date
officers · CH01
2025-09-24
📄
accounts-with-accounts-type-small
accounts · AA
2025-06-05
📄
change-corporate-secretary-company-with-change-date
officers · CH04
2025-05-16
📄
termination-director-company-with-name-termination-date
officers · TM01
2025-05-14
➖
REID, Melanie resigned
director
2025-04-29
➖
CASTLE, Adam James Cohn resigned
director
2025-04-29
📄
termination-director-company-with-name-termination-date
officers · TM01
2024-12-10
📄
appoint-person-director-company-with-name-date
officers · AP01
2024-12-09
➕
LEGG, Helen Marie appointed
director
2024-10-14
📄
accounts-with-accounts-type-small
accounts · AA
2024-03-05
📄
termination-director-company-with-name-termination-date
officers · TM01
2024-03-04
➖
ROSEN, Barry resigned
director
2023-12-04
➖
SPEED, Chris John, Professor resigned
director
2023-12-04
📄
termination-director-company-with-name-termination-date
officers · TM01
2023-11-13
📄
accounts-with-accounts-type-small
accounts · AA
2023-06-15
📄
change-person-director-company-with-change-date
officers · CH01
2023-06-06
➖
HOLDEN, Catherine Ann resigned
director
2023-06-06
📄
appoint-person-director-company-with-name-date
officers · AP01
2023-06-06
📄
termination-director-company-with-name-termination-date
officers · TM01
2023-06-05
➕
CASTLE, Adam James Cohn appointed
director
2022-12-14
📄
accounts-with-accounts-type-small
accounts · AA
2022-07-22
📄
appoint-person-director-company-with-name-date
officers · AP01
2022-07-22
📄
appoint-person-director-company-with-name-date
officers · AP01
2022-07-13
➕
AVIS, Kevin Marc appointed
director
2022-07-13
➕
CRUZ, Juan, Professor appointed
director
2021-12-21
➖
MORRIS, Frances Mary resigned
director
2021-12-03
➖
WIRTH HAUSER, Manuela resigned
director
2020-07-29
🔒
Charge registered #5
Lender: Creative Scotland
2020-07-28
🔒
Charge registered #4
Lender: The Architectural Heritage Fund
2020-03-13
🔓
Charge satisfied #3
2020-03-13
🔓
Charge satisfied #2
2019-10-21
🔓
Charge satisfied #1
2018-09-05
➖
ARNOTT, Robert Gibb Keltie resigned
director
2018-09-03
➕
DONACHIE, Jacqueline, Dr appointed
director
2018-01-16
➕
GARSTANG, Matthew David appointed
director
2018-01-16
➖
MUIRDEN, Catherine Mary resigned
director
2018-01-16
➖
WILSON, Nicola Jane resigned
director
2017-12-08
➖
INNES, Callum resigned
director
2017-12-08
➖
MCFADDEN, Iain James resigned
director
2017-12-07
➕
REID, Melanie appointed
director
2017-11-13
➕
SCOTHORNE, Richard Mark appointed
director
2017-11-08
➕
THOMAS, Nicholas appointed
director
2017-11-06
➕
SPEED, Chris John, Professor appointed
director

Showing most recent 50 of 137 events

Owner dependency

55/100

Moderate — manageable with handover

Some founder dependency, but not acute. A structured handover period should cover most risk.

FACTORS

-8 active directors: Broader management team in place — suggests transferable governance.
+Founder age: Director aged approximately 73 — succession pressure is live.

Succession & seller-readiness

60/100

Strong succession signal

Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.

SIGNALS

primaryFounder aged 70+: Senior director is approximately 73 years old. Natural succession window is now.

Red flags

2 med ·

2 director resignations in last 12 months

medium

Multiple recent departures can indicate governance disagreement, succession event, or preparation for sale/stress.

Evidence: CASTLE, Adam James Cohn resigned 2025-04-29; REID, Melanie resigned 2025-05-14

Charge satisfaction-then-recreation pattern

medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

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EDINBURGH CITY FC ACADEMY LTD→ SC877070 · est 2026 · no financials extracted	—	—	—	—	—	—	—
EDINBURGH CITY TRAVEL LIMITED→ SC823880 · est 2024 · no financials extracted	—	—	—	—	1y	—	—
EDINBURGH INTERNATIONAL CULTURE SUMMIT FOUNDATION→ SC474473 · est 2014 · no financials extracted	—	—	—	—	12y	—	—
EDINBURGH LEISURE→ SC179259 · est 1997 · no financials extracted	—	—	—	—	28y	—	—
EDINBURGH OPEN WORKSHOP LTD→ SC567658 · est 2017 · no financials extracted	—	—	—	—	8y	—	—
EDINBURGH SPANISH FILM FESTIVAL C.I.C.→ SC773811 · est 2023 · no financials extracted	—	—	—	—	2y	—	—
EDWARDS COACHING & VISUALS LTD→ SC830028 · est 2024 · no financials extracted	—	—	—	—	1y	—	—
EK FITNESS ACADEMY LTD→ SC800478 · est 2024 · no financials extracted	—	—	—	—	2y	—	—
ELEVATE98 LTD→ SC671426 · est 2020 · no financials extracted	—	—	—	—	5y	—	—
ELITE UNITED TRAVEL LTD→ SC564642 · est 2017 · no financials extracted	—	—	—	—	8y	—	—
ENDURO SPORTS ORGANISATION LIMITED→ SC437697 · est 2012 · no financials extracted	—	—	—	—	13y	—	—
ENERGIZE HEALTH AND FITNESS LIMITED→ SC831722 · est 2024 · no financials extracted	—	—	—	—	1y	—	—

Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

7 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →

🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

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Company details

Statusactive

Typeprivate-limited-guarant-nsc-limited-exemption

Incorporated1984-05-04

Jurisdictionscotland

Primary SIC90040 — Operation of arts facilities

Registered office

45 Market Street

Edinburgh

EH1 1DF

Filing status

Accounts

Next due: 2026-12-31

Last made up to: 2025-03-31

Confirmation statement

Next due: 2026-12-17

Last: 2025-12-03