Turning Glasgow’s heritage into investable PLCs could unlock millions for rebuilding — but only with bold tax incentives and strict safeguards, says Martin Roche.

The Herald recently reported that Glasgow City Council is considering compulsory purchase of the Union Corner building, the listed building on the corner of Union St and Gordon St that was destroyed by fire on March 8. The Scottish Government is making available a £10 million fund that will contribute to the regeneration of the area.

The public sector has a central role to play in enabling an economically viable and aesthetically appropriate new building to fill the space left by the fire. There is also an opportunity to attract capital from private sector financial institutions and from ordinary citizens.

One way that has the potential to be a model for the whole of the listed building estate in the city centre is to create new public limited companies (PLCs).

PLCs were previously known as joint stock companies. In the 18th and 19th centuries and well into the 20th century, joint stock companies were the favoured vehicles for businesses seeking to raise capital. In Scotland, famous joint stock companies in shipbuilding, ship owning, engineering, banking, insurance, retailing and food and drink manufacture powered Scotland’s economy, and created and spread wealth.

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