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Tel: 01276 608513
Email: tom.clarke@thefsegroup.com

Investment fund backs Cornish boat building business

Cornish start-up, Henderson Fletcher Yachts, has received a £39,500 loan from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) to support its boat building business.

The Gweek-based firm will manufacture high end, sail powered yachts and motor cruisers to be sold to clients worldwide via an international brokering network.

A 44ft hull, deck and basic superstructure has already been purchased for the first project, ‘Yacht Sofia’, with primary engineering taking place over the coming months. The funding received will primarily be used to create new jobs, enabling the business to begin its growth journey.

Henderson Fletcher Yachts’ owner, Samuel Foster, a qualified shipwright with over twenty years’ boat construction experience working for major yards in Bristol and Cornwall, said: “Once the initial build is complete the sales process can start, allowing the full fit-out to then be more bespoke. This means however, that the business will have a pre-income period of heavy investment. Getting funding for this type of project is obviously not easy and we are excited to have secured a CIOSIF loan to help us through this stage.”

The deal was handled by SWIG Finance who are working with fund managers The FSE Group to deliver the small business loans part of the fund. SWIG’s Business Manager Mike Wall commented: “Sam is committed to growing a viable business based on premium build quality at fair pricing, given his relatively low overheads. With future expansion funded from retained capital, this is an opportunity to provide ongoing economic value in the area, along with quality training for sustainable, high-quality employment.”

John Acornley, non-executive director of the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP), who chairs the CIOSIF Advisory Board, added: “The fund exists to help small businesses in Cornwall and Scilly overcome barriers to accessing the finance they need to grow and create jobs. This is a great example of how this alternative finance can help a new business get off the ground and I would urge any business with growth ambitions to look into how the fund might help.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the LEP and is operated by appointed fund managers FSE Group.

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly Local LEP and HM Government.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2.

Mayor of London to invest more than £100m in small businesses

Sadiq launches largest ever fund for small and medium enterprises 

Fund includes £14m to support transition to circular economy

Small businesses are set to benefit from more than £100 million in investment from the Mayor of London, Sadiq Khan, as he launches the largest fund of its kind ever created by City Hall.

The Greater London Investment Fund has been developed specifically to target businesses which have had difficulties in securing crucial investment. As well as investing in 170 companies, the fund will secure at least another £103 million in private sector investment and create 3,500 new jobs in the capital.

While London has a world-leading financial ecosystem, some small and medium-sized enterprises (SMEs) struggle to access the funding they need to grow as lenders often tend to focus on larger companies with a more established credit history, for example.

The bulk of the money for the new fund comes from European Union sources, which the Government is yet to give any assurances about replacing post-Brexit: £35 million from the European Regional Development Fund (ERDF) programme, overseen by City Hall and the London Economic Action Partnership (LEAP); and £50 million is from the European Investment Bank (EIB).

The fund will also focus on industries identified as important for the capital’s economy by the Mayor in his Economic Development Strategy. These include cultural and creative industries, financial and business services, life sciences, low carbon and environmental goods and services, tech and digital, and tourism.

One of the Mayor’s environmental priorities is helping London make the transition to the circular economy, in which Londoners and businesses keep resources in use for longer. As such, £14 million of the total fund has been ring-fenced for businesses which support this goal, of which £7 million has been invested by the London Waste and Recycling Board (LWARB), the partnership between the Mayor of London and London’s councils.

Small businesses can now apply by contacting either of the independent fund managers – MMC Ventures and The FSE Group – directly.

The Mayor of London, Sadiq Khan, said: “Small businesses are the lifeblood of our economy – they account for more than 99 per cent of all businesses in the capital and support more than half of all jobs.

“London is the best place in the world to start and grow a business – but even in such a dynamic economy as ours, some small entrepreneurs can’t access crucial funding.

“I promised to be the most pro-business Mayor that London has ever had and that’s why we’re allocating a record amount to SMEs who can create jobs and play a crucial role in our economy.

“I’m also committed to ensuring all Londoners can thrive, which is why we have policies in place to ensure this fund supports women-led businesses and entrepreneurs from black, Asian and minority ethnic backgrounds.”

CEO of Funding London, Maggie Rodriguez-Piza, said: “The launch of our pioneering GLIF is a brilliant example of how the public and private sector can work together to support London’s economy.

“The fund aims to lead the way in supporting London’s SMEs and maintaining the capital’s position as the ultimate place to build and grow companies. We look forward to working with our fund managers, MMC Ventures and FSE Fund Managers, to achieve this vision.”

Chair of the London Waste and Recycling Board, Dr Liz Goodwin OBE, said: “Targeted finance like this can play a vital role in helping overcome barriers to growing a circular economy in London, which could bring net benefits of at least £7 billion every year to the capital.

“Our contribution to this innovative fund is the final piece of the investment jigsaw for LWARB, as we support startups, SMEs and mature businesses all wanting to make the very best use of increasingly limited materials and resources.”

ENDS

Notes

 

  • The funding will come from a number of sources:

 

    • £35 million of European Regional Development Fund;
    • £50 million from the European Investment Bank;
    • £7 million from the London Waste and Recycling Board (LWARB); and
    • £11 million in returns from previous investments made through Funding London (on behalf of the Mayor).

 

  • The fund will be administered by fund managers MMC Ventures and The FSE Group and allocated through three sub-funds:

 

    • Venture Fund: £45 million (investment from £100,000 to £2 million) (MMC Ventures)
    • Small loans: £27.5 million (£100,000 to £500,000) (The FSE Group)
    • Large loans: £27.5 million (£500,000 to £1 million) (The FSE Group)
    • To apply to the fund, SMEs should contact the fund managers directly:

Funding London

Funding London was established in 2004 to provide venture capital and loans to SMEs which has previously found it difficult to secure such funding, on behalf of the Mayor. So far, the organisation has invested more than £51 million invested into 607 SMEs, secured £286 million in outside investment for small businesses, and created or safeguarded more than 4,300 jobs.

European Regional Development Fund

The GLIF will receive up to £35 million from the England European Regional Development Fund (EDRF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. In London, Greater London Authority is the Intermediate Body responsible for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regeneration.

European Investment Bank

The European Investment Bank (EIB) is the lending arm of the European Union and the world’s largest multilateral lender. The GLIF will receive £35 million from the EIB.

£55k loan helps Spotless Cleaning grow

A rapidly growing Truro cleaning business is the latest company to receive funding from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).

Spotless Cleaning Cornwall will receive a £55,000 loan made up of £48,125 from CIOSIF and £6,875 from SWIG Finance, who work with The FSE Group, the appointed CIOSIF Fund Manager, on delivering smaller business loans. The investment will help owner, Ilona Ziarko, take on new staff and expand her services to other holiday lets businesses across the area.

Spotless Cleaning Cornwall operates mostly in the holiday let sector and has grown significantly since being established a little over three years ago, with turnover increasing from around £50,000 in 2017 to an expected £100,000+ this year. By offering B2B customers high-end housekeeping with added-value services, Ilona has grown the business to full capacity and is now taking steps to ensure future demand can be met.

She said: “We reached the point where we could not take on any more business so the decision was made to find a way to grow the company rather than keep turning away work. The CIOSIF loan means we can move to new premises and purchase the necessary commercial equipment to do our laundry in-house, which will allow us to take on more staff and manage more cleaning contracts. We are really excited about the opportunities that lay ahead and look forward to expanding our offering to new and existing customers.”

The Spotless deal was handled on behalf of The FSE Group by SWIG Finance Business Manager, Aaron Hamshire, who said: “Ilona has carved a niche for Spotless with her determination to provide a service that exceeds the expectations of her clients. With the holiday let sector continuing to expand, the company has a growing pipeline of potential custom that we are delighted to help develop.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “I’m delighted to see the investment fund unlock the growth potential of another Cornish business. Without this loan Spotless was being held back – now they have the support to grow with confidence.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It aims to make a further 195 investments over the next five years. The fund has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP), and is operated by appointed fund manager, The FSE Group.

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2.

EDITORS NOTES:

About the Cornwall and Isles of Scilly Investment Fund (CIOSIF):

  • The Cornwall and Isles of Scilly Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
  • The Cornwall and Isles of Scilly Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity,
  • The Cornwall and Isles of Scilly Investment Fund is supported by the European Regional Development Fund, the CIOS Local Enterprise Partnership and HMG grant funding.
  • The project is receiving up to £32m of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
  • The funds in which Cornwall and Isles of Scilly Investment Fund invests are open to businesses with material operations, or planning to open material operations, in Cornwall and the Isles of Scilly only.

About the British Business Bank:

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank is currently supporting more than £5.9bn of finance to over 82,000 smaller businesses (as at end of September 2018).

As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:

 

  • The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at www.thebusinessfinanceguide.co.uk/bbb.
  • The new British Business Bank Finance Hub provides independent and impartial information to high-growth businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.

As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.

British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website. The British Business Bank is Headquartered at Steel City House, West Street, Sheffield, S1 2GQ

Cornwall and Isles of Scilly Investment Fund invests £600,000 into Swoop Applications

Swoop Applications, a Redruth based software company, has raised a £1.45 million Series A round of investment, including £600,000 equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF). The deal will create 34 jobs over the next three years.

The package includes funding from existing corporate investor, SMP Group PLC, and £250,000 via The FSE Group Investor Network. The FSE Group is the appointed CIOSIF fund manager.

Swoop has created a market-leading Software-as-a-Service (SaaS) platform called Colateral, enabling retailers and brands to manage their In Store marketing campaigns, cutting waste and driving increased sales. Colateral, hailed as ‘something the industry has been trying to build for 20 years’, already has an impressive client list boasting some of the UK’s leading retailers including Tesco, Waitrose, Mothercare, Paddy Power and WH Smith.

Robert Salvoni, Swoop Chairman, said: “Managing in-store marketing is a massive headache for central marketing teams and somewhere between 20% and 50% of assets and resources are simply wasted. Colateral enables reduction in cost and time, whilst massively improves targeting and therefore sales and return on marketing spend.

“Our software offers an end-to-end solution, supporting and streamlining every stage, from building the initial campaign, managing the operation, through to post-event analysis. We are delighted to have received this funding from CIOSIF and our private investors, which will enable us to grow the team to support expansion in the UK and overseas, and to further develop the product.”

Ralph Singleton, Senior Fund Manager at The FSE Group, said: “Having produced a unique solution that fills a market gap so well, Swoop has positioned itself to take advantage of a global opportunity worth an estimated £120bn per annum. We are thrilled to be supporting this innovative company at such an exciting time in its development.”

Ken Cooper, MD at British Business Bank, said: “CIOSIF was launched to support innovative, fast growing companies across Cornwall. It is good to see that investment in Swoop will support the creation of new jobs in Cornwall over the next three years.

Cornwall & Isles of Scilly LEP non-executive directorJohn Acornley, added: “Swoop is an example of Cornish tech business operating in a global market. This investment will extend their use of algorithms and machine learning and see the integration of artificial intelligence into their product. The use of AI and data is a cornerstone of the Government’s Industrial Strategy and it’s vital that we invest in the industries of the future.”

CIOSIF is a £40m fund providing debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2

Farnborough Chauffeur Service Driving Growth with EM3 Expansion Loan

A Hampshire company operating in the premium transport market has secured £125,000 from the Enterprise M3 (EM3) Expansion Loan Scheme to fund activity that will promote further growth of the business.

AV8 provides a bespoke chauffeur service out of Farnborough airport, the only airport close to London that is dedicated to business aviation. Since 2003 Tag Aviation has been positioning Farnborough as a world-leading business airport and the number of flights it operates continues to increase year on year.

AV8 was started 12 years ago by Adam Poulton when he noticed the lack of a luxury transport service that would adequately meet the expectations of customers using the airport. Since then the company has established a reputation for providing high standards of quality and service and benefits from many loyal customers. Business is now booming and investment is required to meet growing demand, as Adam explains:

“As the only chauffeur company operating from within the airport terminal building, we have focused on offering a level of service which matches that provided by the airport as a whole. As a result, we experience high levels of repeat business and word of mouth referrals which, along with ongoing airport expansion, has led to demand outstripping the drivers we can supply. This loan will allow us to build our team to meet current and future demand.”

Derek Ellis, fund manager at The FSE Group, which manages the EM3 Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), comments: “Adam has developed an excellent relationship with Tag Farnborough and has worked hard to grow the business in line with wider airport growth over the last decade. We are delighted to support AV8 in continuing this growth as the airport expands further.”

Kathy Slack, Director, Enterprise M3 LEP, comments: “Farnborough airport is a globally-significant site which is home to major aerospace and defence companies. The Airshow, held there every two years, is a world-leading launch platform for aviation techology and new aircraft.

“Within this internationally-focused context, we are delighted to support a locally-based company whose incredible standards of quality and service have enabled it to expand in tandem with the airport’s activities. We wish AV8 much success in its advancing business journey.”

The EM3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, £10million initiative funded by Enterprise M3 LEP. The escalator, which also includes a short-term trade loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

For more information about the Enterprise M3 Expansion Loan Scheme please visit http://www.thefsegroup.com/enterprise-m3-expansion-loan-scheme or contact Derek Ellis at derek.ellis@thefsegroup.com tel: 01276 607302.

For more information about AV8, visit www.av8cars.com.

GoKart Accelerates to New Funding Round

A Technology platform that specialises in linking wholesale food suppliers with restaurants has successfully completed a funding round. The investment comes from the Thames Valley Berkshire Growth Fund, managed by The FSE Group and includes further investment from high profile private angel investors.

GoKart based in Reading, Berkshire, have developed an app that allows restaurants to order high quality ingredients from vetted suppliers in a quick and easy way. The company offers restaurants a saving of up to 20% on their ingredients by combining their buying power within the app. This gives independent restaurants and small and medium sized chains the same prices and discounts that are offered to larger chains.

Anx Patel, CEO & Founder, GoKart comments, “In my previous role in the food industry I became increasingly frustrated at the advantage enjoyed by chain restaurants. They can order produce in huge quantities, thereby accessing discounts and quick delivery that the independents have no hope of enjoying. With the cost of produce constantly rising and the effects of Brexit heavily affecting the food and beverage sector, we understand the pressures that food businesses face on a day to day basis. It is our aim for GoKart to be the go-to point in helping restaurants prosper by saving them time and money when ordering ingredients at the best prices.”

Simon Labahn, Fund Manager at The FSE Group, who manage the Thames Valley Berkshire Growth Fund on behalf of the Thames Valley Berkshire Local Enterprise Partnership, says, “GoKart received phenomenal support early on in 2016 from Just Eat’s Food Tech Accelerator Programme. The programme allowed Anx and his team to benefit from advice, insights and funding from industry experts.”

“Since then, the company has continued to grow and work tirelessly to perfect their platform. We were immediately impressed by the company’s highly experienced management team and their ability to analyse a high volume of data. Access to such valuable data and a team with the skills to analyse it means GoKart is able to learn, adapt and lead the way in identifying the latest trends. We are excited for the future of GoKart and wish Anx and his team every success.”

TVB Growth Fund is part of Thames Valley Berkshire Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP to support job creation and economic prosperity in Berkshire. The escalator, which also includes four separate loan schemes, provides eligible companies – from start-up to established – with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities.

For more information about the Thames Valley Berkshire Funding Escalator, please visit www.thefsegroup.com/thames-valley-berkshire-funding-escalator or contact Simon Labahn simon.labahn@thefsegroup.com tel: 01276 608533.

Luxury Cabinet Makers Secures £25k Loan

A Liskeard- based furniture manufacturer is the latest company to be supported by the Cornwall and Isles of Scilly Investment Fund (CIOSIF). Peadidit, set up in 2018, have successfully secured £25,000 in funding, which will allow the company to increase production capabilities with the purchase of new equipment and will also enable them to scale-up their team, in order to meet the growing demand for their products.

The company has clients across Cornwall and Devon, focusing on made to measure outdoor and indoor furniture, fitted furniture, and free-standing furniture pieces.

John Peters, Managing Director at SWIG Finance, Jonathan Peabody, Managing Director at Peadidit & John Acornley Cornwall and Isles of Scilly LEP Board Member.

Peadidit owner Jonathan Peabody, said: “We strive to build furniture that defines our customers’ style and meets their requirements. As a new and growing business obtaining finance for growth is crucial for us to succeed and achieve our goals. We are thrilled to be able to secure this CIOSIF loan, which has already enabled us to invest in the construction of a spray booth for in-house finishing of products.”

Grant Peggie, Director at the British Business Bank, said, “For any new business without a trading record it can be hard to secure the finance they need to grow. CIOSIF can make a real difference in helping to support small growing businesses across Cornwall to access funding they need which might not be available from traditional sources. The British Business Bank is pleased to be delivering £40m of funding through the Fund and providing finance from £25,000 up to £2m.”

The Peadidit deal was handled by SWIG who are working with The FSE Group to deliver on the small business loans part of the fund. SWIG’s Finance Business Manager Mike Wall said: “We are delighted to add Peadidit to the portfolio of companies supported by the Cornwall and Isles of Scilly Investment Fund. Jonathan is a highly skilled individual who has over 25 years industry experience. We look forward to working with him and his newly recruited team on this new venture and wish them all the success for the future.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “This latest deal shows how the investment fund can widen choice and remove barriers to growth. I would urge other growth-minded businesses to consider whether it could be right for them.”

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2

About the Cornwall and Isles of Scilly Investment Fund (CIOSIF)

  • The Cornwall and Isles of Scilly Investment Fund, supported by the European Regional Development Fund, is providing debt and equity finance, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
  • The Cornwall and Isles of Scilly Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity,
  • The Cornwall and Isles of Scilly Investment Fund is supported by the European Regional Development Fund, the CIOS Local Enterprise Partnership and HMG grant funding.
  • The project is receiving funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding
  • The Government has guaranteed all funding allocated through EU programmes until the end of 2020. https://www.gov.uk/government/news/funding-from-eu-programmes-guaranteed-until-the-end-of-2020
  • The funds in which Cornwall and Isles of Scilly Investment Fund invests are open to businesses with material operations, or planning to open material operations, in Cornwall and the Isles of Scilly only.
  • The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb

About the British Business Bank:

* The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Our remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

* British Business Bank plc is a limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.

* The British Business Bank is currently supporting more than £5.5bn of finance to over 78,000 smaller businesses (as at end of June 2018).

* As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. It has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). This guide impartially sets out the range finance options available to businesses – from start-ups to SMEs and growing mid-sized companies. Take the interactive journey at www.thebusinessfinanceguide.co.uk/bbb or download/print a copy.

* British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

 

Local Treasures Secures Expansion Loan

Local Treasures, an award winning, socially responsible company based in Petersfield, has received a growth loan from the Enterprise M3 Expansion Loan Scheme. The company matches busy working families with experienced, older tradespeople who can help with odd jobs about the home and workplace.

There are over 23 million people in the UK over the age of 50. This age group currently makes up one third of the countries workforce, however this doesn’t translate into employability. More and more older people are becoming jobless than are finding work. This is despite the fact that two thirds of 50-64-year olds want to continue working. Local Treasures has found a way to enable this experienced and reliable age group to carry on working.  By matching busy families, or those who lack a particular skillset, with able and willing over 50’s (Treasures) the company is solving two problems at once; where can people find experienced and trustworthy tradespeople and how can the older generation find work that suits their abilities and fits around other commitments.

Their business model is simple and effective; Local Treasures select a town, recruit skilled people who are over 50, advertise locally for customers, then matches customers to Treasures. This technique has proved so effective that they now work in 7 towns across the South East of England providing skills as diverse as decorating, pet sitting, accounting and companionship. They have over 600 Treasures on their books, many of whom are booked for repeat work.

Founder, Sarah Heyworth, explains how the company naturally came about. “When we moved to a new house, we relocated to an unfamiliar area and had to start from scratch. We didn’t know the local plumber that everyone used or anyone who we could trust to fix our fence. Through trial and error, we eventually figured out who we should be using but we were frustrated that there wasn’t any easier way to go about it. This dilemma gave rise to Local Treasures and we are very fortunate to have many of the original Treasures with us to this day. The funding will allow us to scale-up the business and support the launch of the business into new towns across the South East. Most recently we were thrilled to announce that we are one of 17 social ventures to become a Transform Ageing social venture this November. We successfully responded to an innovation challenge from communities in the south-west and will receive funding and support to deliver lasting social impact in the region.”

Derek Ellis, Fund Manager at The FSE Group which manages the Expansion Loan Scheme on behalf of the Enterprise M3 Local Enterprise Partnership comments: “Local Treasures is the one stop shop for all sorts of jobs in and around the homes and businesses of local communities. We were introduced to Sarah and her team at Local Treasures by the EM3 Growth Hub.  The company have created a successful business platform, that as we have already seen is scalable in a very short space of time. We look forward to supporting the business during these exciting times and wish them all the success for the future.”

Kathy Slack, Director, Enterprise M3 LEP, comments: “We are delighted to support Local Treasures as it continues to extend its reach within local communities. Addressing the challenges and opportunities of an ageing society is one of the Government’s Grand Challenges and high on the Enterprise M3 LEP agenda too. Not only does this incredible project help our region rise to the pressing challenge of creating jobs in an ageing society, it forges links between people within close proximity who might otherwise never have met. Initiatives like this help foster dynamic communities and move us towards a society of prosperity for everyone who lives and/or works here.”

The Enterprise M3 Funding Escalator II is £10million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

For more information about the Enterprise M3 Expansion Loan Scheme please visit http://www.thefsegroup.com/enterprise-m3-expansion-loan-scheme or contact James Edwards at derek.ellis@thefsegroup.com tel: 01276 607302.

For more information about Local Treasures visit: www.localtreasures.me

Advanced Ophthalmic Systems Eyes Growth with New Funding Round

Advanced Ophthalmic Systems (AOS), a MedTech company specialising in pioneering and advanced software for the ophthalmic industry is the latest company to be supported by the Coast to Capital Growth Equity Fund. The Croydon based venture successfully completed the funding round which includes angel monies facilitated by The FSE Investor Network.

AOS has spent 3 years developing over 200+ algorithms and in the back end of last year they released their first digital analytics software product, AOS Anterior. The AOS Anterior automatically assesses multiple eye pathologies with Gold Standard accuracy & repeatability. The software has been developed to be visually informative and striking, allowing opticians to increase customer engagement and understanding during examinations, whilst decreasing the amount of time patients need to sit in the chair. All results are provided instantly, with simplified reporting to assist with future follow up visits and the in-built reporting function generates a fully customisable report for each patient.

The funding will enable AOS to expand its already impressive team in both the business development and product development departments. This will give the company the manpower it needs to cement itself as one of the leaders in the eye health sector.

Dr Eduardo Mangieri, CEO at Advanced Ophthalmic Systems, explains, “Our target is to provide innovative solutions in the ophthalmic market for the early detection and monitoring of various pathologies.  Our technology provides automatic ophthalmic diagnosis by delivering objective, digital imaging analytics during optical appointments. This increases patient understanding and more importantly reduces appointment times, leading to a far more punctual service.”

Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, “We are delighted to be supporting AOS in this funding round. The company have developed a state-of-the-art product that will have such a positive impact for current and future ophthalmic patients. We are excited to see what the future holds for Eduardo and his team and look forward to working with them to achieve their goals.”

The Coast to Capital Growth Equity Fund is part of the Coast to Capital Funding Escalator, a £5million initiative funded by Coast to Capital Local Enterprise Partnership. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £500,000 for activities that will deliver high-growth and employment opportunities across the Coast to Capital region.

For more information about the Coast to Capital Funding Escalator please visit http://www.thefsegroup.com/coast-capital-funding-escalator or contact Avent Bezuidenhoudt at avent.bezuidenhoudt@thefsegroup.com tel: 01276 608526.

 

First CIOSIF investment with £750k equity investment in wireless internet provider

The Cornwall & Isles of Scilly Investment Fund (CIOSIF) has completed its first equity investment with a £750,000 equity stake in wireless internet service provider Wildanet, based at Goonhilly Earth Station, through appointed fund managers The FSE Group.

The investment is being match-funded by the FSE Angel network, private investors and Crowdcube as part of a £1.5m package. It will support Wildanet’s continued expansion across Cornwall and into Devon, targetting 12,000 new customers and creating an estimated 39 jobs over the next three years.

Wildanet uses state of the art wireless radio technology to provide superfast broadband in hard to reach rural areas, with a guaranteed minimum speed of 30Mb/s, up to lightning-fast 1Gb/s.

Jake Berry MP, Minister for Local Growth, said: “Access to superfast broadband is vital to economic growth in our rural areas and this project will open the door to digital services for thousands of people across Cornwall. Harnessing the innovation of British business to grow prosperous communities is at the heart of this investment, and the Government’s modern Industrial Strategy.”

Ian Calvert, CEO and founder of Wildanet, which was set up in January 2017, said: “There is a real opportunity for us to radically improve connection speeds for homes and businesses across Cornwall currently experiencing low bandwidths. The funding from CIOSIF and our match funders will allow us to expedite our growth strategy and bring reliable superfast broadband to hard to reach areas.”

Ken Cooper, Managing Director, at the British Business Bank, said: “We are delighted that the fund’s first investment will not only create jobs but will also bring improved connectivity for homes and businesses, which is good news for productivity and growth. This deal is a great example of how the CIOSIF can leverage other investment to help growth-minded businesses realise their potential.”

 

Ian Calvert, Wildanet CEO; John Acornley, Cornwall and Isles of Scilly LEP board member and Stuart Nicol, Head of Funds Cornwall, FSE Group.

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Wildanet is a young tech start-up with ambitious growth plans and has developed its own technology to plug a clear gap in the market. CIOSIF was set up to encourage entrepreneurship and tackle a shortfall in start-up, early stage and development capital in the region, so we’re delighted with this first investment and wish Wildanet every success.”

Ralph Singleton, Senior Fund Manager, FSE Group, added: “Wildanet is helping to close the digital divide in rural areas by offering households and businesses across the county access to the same digital services as other parts of the UK. With a depth of industry experience gained with major players in the telecom sector, the management team are well-positioned to exploit this opportunity while helping to drive forward the regional economy in the process.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region.

It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP), and is operated by appointed fund managers FSE Group.

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk of follow the fund on Twitter at @CIOSIFBBB2

About the Cornwall and Isles of Scilly Investment Fund (CIOSIF)

  • The Cornwall and Isles of Scilly Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
  • The Cornwall and Isles of Scilly Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity,
  • The Cornwall and Isles of Scilly Investment Fund is supported by the European Regional Development Fund, the CIOS Local Enterprise Partnership and HMG grant funding.
  • The project is receiving up to £32m of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit gov.uk/european-growth-funding.
  • The Government has guaranteed all funding allocated through EU programmes until the end of 2020.  https://www.gov.uk/government/news/funding-from-eu-programmes-guaranteed-until-the-end-of-2020
  • The funds in which Cornwall and Isles of Scilly Investment Fund invests are open to businesses with material operations, or planning to open material operations, in Cornwall and the Isles of Scilly only.
  • The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which  impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb

About the British Business Bank

  • The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Our remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
  • The British Business Bank is currently supporting more than £5.5bn of finance to over 78,000 smaller businesses (as at end of June 2018).
  • As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. It has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). This guide impartially sets out the range finance options available to businesses – from start-ups to SMEs and growing mid-sized companies. Take the interactive journey at thebusinessfinanceguide.co.uk/bbb or download/print a copy.
  • British Business Bank plc is a limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.
  • British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

About Wildanet

Wildanet Limited is a Cornish based wireless internet service provider (WISP) and is building a fixed wireless network across the hard to reach areas of Cornwall to provide superfast broadband internet services to those communities still disadvantaged by slow broadband. Its public space wifi technology is also the ideal solution for providing services to areas of high footfall. www.wildanet.com