News

Media Enquiries Please contact Tom Clarke
Tel: 01276 608513
Email: tom.clarke@thefsegroup.com

Coast to Capital Growth Equity Fund Client, Yocuda, Bought by OneMarket

Yocuda, creator of the world’s leading email receipt product for offline retailers, has been sold to OneMarket, part of the Westfield group of companies.

Since the company was formed in 2011, Yocuda, led by founder Andrew Carroll, has developed its offering to provide offline retailers with a sophisticated technology platform to engage with customers, based on their transaction data.

During this time the Coast to Capital Growth Equity Fund has participated in two funding rounds, which have enabled the business to accelerate growth and recruit new staff in the Coast to Capital area. Equity funding to aid Yocuda’s growth also came from investors from FSE’s angel network, who invested alongside Coast to Capital’s Growth Equity Fund and were delighted with their successful investment. Under the terms of the sale, all Yocuda staff will transfer to OneMarket.

Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, which manages the Coast to Capital Growth Equity Fund on behalf of Coast to Capital Local Enterprise Partnership (LEP), commented:

“Over the last three years The FSE Group has provided ongoing support, alongside our investments, to Andrew and the Yocuda team to help them reach their strategic goals. When you work closely with a young, ambitious company such as this, it is extremely rewarding to see it live up to its potential, the future of this innovative product now is in the hands of one of the globe’s most well-known and respected retail giants. We wish Andrew and his colleagues every success at OneMarket, where we are sure the product will further flourish.”

Andrew Carroll, now Director of Business and Corporate Development, Europe at OneMarket, said:

“Working with The FSE Group has been a pleasure; we have found Avent and the team highly supportive and knowledgeable with a desire to really understand our business. They understood our goals and those of our shareholders and were able to assist us in meeting these aspirations. The relationship has always been about more than just the money – it has been both a collaborative and transparent experience that has benefited Yocuda enormously.”

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. The FSE angel network typically invests between £50,000 and £400,000 in a company, alongside FSE’s managed equity funds.

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.

Behavioural Change Technology Helping Move towards a Healthier Future

A company that has developed software to support the health and environmental benefits associated with a more active lifestyle and making positive choices around travel has secured a £120,000 loan to fund further technology development as well as additional marketing and operational activities.

Reading based BetterPoints has created a technology platform including a web portal and smartphone app to help drive behaviour change in two key areas: public health and sustainable/smart travel. Unlike many other health and fitness apps monitoring physical activity, BetterPoints offers a rich reward mix including real-world incentives, such as shopping vouchers for high street stores, to effect a shift in the behaviour of its users. Using a reward points system, BetterPoints encourages increased walking, running and cycling activity as well as car sharing and public transport use.

By teaming up with public and private organisations targeting health and travel behaviour campaigns such as local authorities, NHS trusts, corporates and health insurers, BetterPoints can create tailor-made programmes with measurable results for wide-ranging goals. Using its innovative behavioural change technology, the company has successfully delivered programmes which engage users and drive a sustainable change in activity as Dan Gipple, Betterpoints Founder and CEO, explains:

“The Birmingham Parks programme, developed for Birmingham City Council, produced some fantastic results which we were able to report clearly and confidently to the client. They included a 200% increase in average activity amongst regular app users and 80% of those tracked moving from an inactive to active status, as defined by Sport England. Alongside this we provided evidence that 50% of users were from the top 30% of health and income deprivation bands. Combining the available data the client estimated that if expanded city wide, the programme would save the local authority £13 million over a ten year period.”

It is estimated that the costs incurred across Europe due to inactivity is equivalent to over 6% of all European health spending, with this figure set to rise. This could be avoidable if individuals were to participate in an average 150 minutes per week of simple, inexpensive activities such as walking or cycling. Benefits of BetterPoints programmes include lower employee absenteeism rates, reduced health insurance claims, a decrease in GP visits and a reduction in carbon emissions.

The company’s next move is to integrate Machine Learning into its software architecture. This will enable an even more sophisticated offering to the client, allowing fast analysis of complex data on a very large scale. Crucially it will also enhance the personal user experience by automatically customising the offer, messaging and rewards as the system ‘learns’ from past behaviours. The £120,000 from Thames Valley Berkshire Expansion Loan Scheme, funded by Thames Valley Berkshire Local Enterprise Partnership (LEP), will help fund this development alongside the creation of resources to support expansion.

Ian Baker, Senior Fund Manager at The FSE Group which manages the loan scheme on behalf of the LEP, says: “there is growing worldwide demand from private health care providers, corporates and insurers for digital solutions that can move service users towards improved wellbeing through self-care. BetterPoints has already demonstrated its pan-European capabilities with successful programmes in Bologna, Italy and Wroclaw, Poland and is now well-positioned to capitalise on the global opportunities as it moves behavioural change interventions away from resource-heavy engagements and qualitative measures towards a fast, scalable, customisable digital solution with the ability to deliver meaningful quantitative results.”

The Thames Valley Berkshire Funding Escalator is a £8.3m initiative funded by Thames Valley Berkshire LEP to support job creation and economic prosperity in Berkshire. The escalator, which includes four different loan schemes and a growth equity fund, provides eligible companies – from start-up to established – with loans and equity funding between £25,000 and £250,000 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 Ian Baker ian.baker@thefsegroup.com tel: 01276 608517.

Life Stream Healthcare Secures Expansion Loan

A New Forest medical communication solutions company has received funding from the Enterprise M3 Expansion Loan Scheme. The funds will assist the company in taking advantage of the increased opportunities it faces following the use of its products across a number of NHS facilities.

Life Stream Healthcare was introduced to The FSE Group by Rosemary Penn-Newman at FPN Ltd.  The company was established by John Cooper in 2007 who, whilst running a video conferencing business, was approached to develop a solution that could send live images from one hospital to another. Existing systems could not transmit in high enough definition for diagnostic purposes and were generally not fit for purpose.

John developed the Life Stream products to meet the specific and challenging needs of its target market.  Providing a unique medical communications system, comprising both hardware and software, Life Stream allows real time interaction between consultants and other healthcare professionals whilst live streaming high definition video of medical and surgical procedures directly from medical equipment.

Life Stream’s exceptionally powerful software allows the transfer of the huge quantities of data generated from procedures such as a complex coronary angioplasty or angiogram, capturing each frame with every pixel, to ensure a premium image quality is received at a remote location. There is no other system capable of this anywhere in the world and it makes the Life Stream solution ideal for remote consultation, diagnosis and discussion.

Several NHS sites are currently using the system within their cardiology departments, as John explains: “hospitals are increasingly operating across a number of sites or in partnership with other hospitals. Where Life stream is already being used in a cardiac environment, it means that multiple sites can interact, with discussion between cardiologists and cardiac surgeons at remote centres taking place whilst a procedure is relayed from the cardiology centre, allowing surgeons to view and even manipulate images whilst discussing them in real time.”

Life Stream is currently installed at 11 NHS facilities and these sites are already seeing the benefits to patient care and management; efficiency is enhanced, operational costs are reduced and patient diagnosis, referral and treatments times are improved.  As a result, the company has a growing reputation within the sector which it is keen to now optimise. This will be aided by the Enterprise M3 Expansion Loan which will be used to build new demonstration units, further invest in the technology and recruit additional staff to support sales and installation.

Dr Mike Short, CBE, Chairman of Enterprise M3 Local Enterprise Partnership (LEP), comment: “Our LEP area is a powerhouse for science and innovation and we are building on this sectoral strength by ensuring that innovative businesses like Life Stream get the infrastructure, business support and access to finance they need to scale up. We are pleased that Life Stream has secured funding from our Expansion Loan Scheme to innovate further, grow their business and contribute to the economic prosperity of our area.”

Derek Ellis, Fund Manager at The FSE Group which manages the Expansion Loan Scheme on behalf of the Enterprise M3 Local Enterprise Partnership comments: “Life Stream has succeeded in developing a truly unique solution, endorsed by senior surgeons and consultants and with proven benefits and cost savings that are able to be transferred across the healthcare sector and beyond. The system has global appeal, giving the team a fantastic market opportunity as first movers in this area. We are delighted to be supporting them at this early stage in their development and look forward to helping them achieve their growth plans.”

The Enterprise M3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, a £5.5million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which also includes a growth fund, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.

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

About Local Growth Fund:

Local Enterprise Partnerships are playing a vital role in driving forward economic growth across the country, helping to build a country that works for everyone.

That’s why by 2021 Government will have invested over £12bn through the Local Growth Fund, allowing LEPs to use their local knowledge to get all areas of the country firing on all cylinders.

Analysis has shown that every £1 of Local Growth Fund invested could generate £4.81 in benefits.

Further information:

If you would like some further facts about the Fund, or the wider regeneration work going on across the country, please contact DCLG press office by emailing NewsDesk@communities.gsi.gov.uk in the first instance to request any additional information you might need.

Some additional key facts

  • There are 38 LEPs covering the whole of England
  • The government has awarded £9.1bn in three rounds of Growth Deals to local areas to drive economic growth.
  • LEPs are investing in a wide range of projects informed by detailed analysis of the most pressing economic needs in each of their areas, including transport, skills, business support, broadband, innovation and flood defences.

 

News from our Social Impact Accelerator

Social enterprises are continuing to experience a gap in the funding available to enable them to achieve their goals. We are working with social enterprises across the UK, providing impact funding to support expansion that will deliver a step-change in their scale of impact and resilience.

Latest Deals: We have been busy working with a number of social enterprises over the last few months to secure funding that will help them grow. These include:

TheGivingMachine (TGM): The Social Impact Accelerator has provided TGM’s first injection of external capital to help it build its marketing effort and make key product enhancements. TGM is a shopping portal offering supporters of small charities and community organisations the opportunity to raise free funds for their chosen causes with every online purchase they make. We were attracted by the commitment of TGM’s senior team and their focus on helping small causes who find it difficult to raise the funds they need. Richard Morris, co-founder of TGM and author of Givenomics said: “I’m delighted that The FSE Group backed our plan and people to support the growth of TheGivingMachine. Together we will enable more people to create even more free donations for thousands of local causes across the UK”.

The Listen Campaign: We are really excited to be supporting the development of The Listen Campaign, a global programme using the power of creative artists, the media and creative industries to promote the needs and rights of the world’s most vulnerable and disadvantaged children. Listen is the brainchild of Tony Hollingsworth, a leader in the use of popular culture as a campaign tool for causes and producer of two landmark broadcast events for Nelson Mandela and The Wall Live in Berlin. The Listen Campaign will kick off in 2018 with a major media programme and music event featuring unique collaborations between international artists. You can watch the introductory video here.

Fair for You: Fair For You is providing an ambitious and exciting alternative to high cost weekly payment stores for low-income households needing to purchase essential products for the home. A long term loan from The FSE Group is part of a package building on the excellent early stage support given to the company by a number of charitable foundations. The funding will help Fair For You significantly increase the number of customers they can serve in the next two years throughout the UK.

Read our newsletter in full here: Social Impact Latest News

 

The FSE Group – Welcomes New CEO

The FSE Group, the Camberley based fund management company, is pleased to announce the appointment of Dean Mayer as their new Chief Executive. Commenting on his appointment Dean said:

“I am very excited to be joining the FSE Group which I see as a unique organisation providing innovative financing packages for ambitious growth orientated SME’s. I look forward to guiding the company into its next chapter – where we will continue to offer our support and knowledge to the start-up and SME community.”

Dean began his career in the Banking & Capital Markets Group at KPMG in London and is a qualified Chartered Accountant and Corporate Treasurer and holds the Diploma in Corporate Finance and Certificate in Investment Management from the Securities Institute. He has also previously held various senior investment roles at Dresdner Kleinwort Wasserstein, Royal Bank of Scotland and HSBC Private Equity.

Prior to joining the FSE Group, Dean co-founded Fidelitas Capital and has advised various listed and unlisted SMEs on raising debt facilities for companies such as Good Energy plc, Mr & Mrs Smith and Ecotricity.

Robert Spencer, Chairman of the FSE Group, said:

“Dean’s proven track record in financing SME’s for over 20 years, will help strengthen our position as a highly reputable alternative finance provider to the SME and Social Enterprise sectors. The board are looking forward to working with Dean, at what is an exciting time for the FSE Group’s development.”

About The FSE Group:

For 15 years the FSE Group has provided tailored funding solutions and support for ambitious and innovative small and medium enterprises (SMEs), to help them achieve their maximum potential. The FSE Group also provide a wide variety of fund management services, the management of business angel networks, mentoring and training for high growth SMEs. Most recently this has seen FSE provide funding and support to businesses and organisations in the social enterprise sector. For further information about the range of products and services offered by FSE, visit www.thefsegroup.com

Press Contact:

Tom Clarke – tom.clarke@thefsegroup.com

Pincodes Powered by Quikkly

Coast to Capital Growth Equity Fund portfolio client Quikkly have partnered with visual discovery, collection, and storage tool Pinterest to launch Pincodes.

With Quikkly technology embedded in Pinterest, users can scan Pincodes with the camera in the Pinterest app to link directly to a Board or user profile. Brands can generate Pincodes for use anywhere–in stores, on packaging, in magazines, ads, flyers and more.

Since The FSE Group’s initial investment, in 2016, Quikkly have further developed their scannable code solutions, which will now allow their technology to reach 210 million Pinterest users.

Read more here: Pincodes Powered by Quikkly

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.

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

Paper Projects Secures £100,000 Growth Loan

The Hertfordshire based designer and supplier of character stickers and accessories has successfully secured further funding from the East of England Regional Growth Loan Scheme.

Paper Projects is the UK’s leading supplier of sticker packs depicting many of the best loved children’s characters, covering the UK’s most popular brands including characters from the latest films, book titles and TV. The Company holds the licences for a multitude of children’s personalities including Peppa Pig, Mr Men & Little Miss, Shopkins and Despicable Me.

The company’s products are sold across a broad range of retailers. These include the country’s largest supermarket chains, a plethora of high street retailers and online only companies, Amazon and Ocado. The UK’s 3-12 year olds can easily spend their pocket money on stickers of the latest popular characters at independent retailers across the country too.

The funding will allow Paper Projects to continue their product development and complete the purchase of licensing for a series of new product ranges. The company will also be focusing on their marketing activity for 2018, aiming to increase visibility and rolling out their newly designed display stands to extend their offering to retailer customers.

Linda Dixon, Managing Director at Paper Projects comments, “Securing this funding will allow us to expand our operations and provide even more children’s character stickers and accessories to retailers across the country. We are incredibly grateful to Stuart and Finance East for their help and guidance. We look forward to implementing our designs on the latest popular characters and revamp some of our classics too.”

Stuart Ager, Senior Fund Manager at The FSE Group, “We are delighted to continue to provide support to Paper Projects. The company first came to us for funding back in 2010 and since then have grown significantly to become one of the market leaders in their sector. This is a great achievement and testament to all of the hard work of Linda and her team, especially as the retail sector is notoriously hard to crack for SMEs. We wish them all the best for the future and look forward to seeing their new designs hit the shelves.”

The RGLS is managed by Finance East, part of The FSE Group, on behalf of Local Enterprise Partnerships in the East of England and British Business Bank. The RGLS is available to established, incorporated businesses based within the East of England that have a minimum annual turnover of £100k, show strong growth potential and have a medium to long-term funding requirement to deliver that growth.

For more information about the Regional Growth Loan Scheme contact Stuart Ager on 07825 699407 or email stuart.ager@thefsegroup.com.

For more information about Paper Projects please visit: www.paperprojects.co.uk

£300,000 Investment for Specialist IT Security Business

A Farnborough based business operating in the security market is the latest to gain funding from the Enterprise M3 Growth Fund. The £150,000 investment has been privately matched to complete the £300,000 funding round.

TriCIS deals with secure IT equipment, TriCIS specialises in the assembly of TEMPEST equipment, which involves adapting standard communications and IT products to remove electromagnetic emissions, making them suitable for both military and other governmental use. The company also specialises in adapting equipment for extreme or ‘rugged’ environments e.g. military field operations.

Having spent a number of years working for big multinationals operating in the sector, TriCIS’ founders, Antony Summerfield, Rob Cook and Tim Luxford, spotted an opportunity to launch their own business earlier this year. Capitalising on their extensive contacts and highly specialised skill set, the trio has already succeeded in winning a number of significant government contracts, which has been helped by a timely change to government commissioning processes.

CEO, Antony Summerfield, explains: “the TEMPEST market is dominated by large corporates with overseas headquarters but recent changes to UK government procurement has led to an increase in the use of SME suppliers. Coupled with a move by the Ministry of Defence towards working with SME British businesses, this presented us with an opportunity to quickly establish ourselves as a preferred supplier in this niche market. As not only do we have one of the country’s few qualified TEMPEST engineers as a co-founder, but we are also the only wholly British company operating in the sector.”

The £300,000 investment will be used to employ additional engineers to service the considerable contracts already secured and to facilitate further growth.

Dr Mike Short, CBE, Chairman of Enterprise M3 Local Enterprise Partnership (LEP), comments: “Communication security is vital to the business environment we have today. So the need for start-ups like TriCIS, cannot be over-emphasised. The company has grown rapidly since it was established and we are pleased to offer support to drive their ambitious goals, generate employment and further economic growth in our LEP area.”

Ralph Singleton, Fund Manager at The FSE Group which manages the Enterprise M3 Growth Fund on behalf of the LEP, adds: “it’s unusual for a new company to achieve this level of traction so quickly but such know-how in the field along with a proactive approach has prompted fantastic results in just a few months. The TriCIS team is looking to expand its TEMPEST and rugged offering into the secure server market as well as exploit further opportunities by offering its professional services for training and consultancy. The company is well positioned to take advantage of the prospects available and we look forward to working with the team to help them reach their goals.”

The Enterprise M3 Growth Fund is part of the Enterprise M3 Funding Escalator, a £5.5million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.

For more information about the Enterprise M3 Growth Fund please visit http://www.thefsegroup.com/fund/enterprise-m3-growth-fund/ or contact Ralph Singleton at ralph.singleton@thefsegroup.com tel: 01276 607307.

Notes to Editor:

“Local Growth Fund”

Local Enterprise Partnerships are playing a vital role in driving forward economic growth across the country, helping to build a country that works for everyone.

That’s why by 2021 Government will have invested over £12bn through the Local Growth Fund, allowing LEPs to use their local knowledge to get all areas of the country firing on all cylinders.

Analysis has shown that every £1 of Local Growth Fund invested could generate £4.81 in benefits.

Further information:

If you would like some further facts about the Fund, or the wider regeneration work going on across the country, please contact DCLG press office by emailing NewsDesk@communities.gsi.gov.uk in the first instance to request any additional information you might need.

Some additional key facts:

  • There are 38 LEPs covering the whole of England
  • The government has awarded £9.1bn in three rounds of Growth Deals to local areas to drive economic growth.
  • LEPs are investing in a wide range of projects informed by detailed analysis of the most pressing economic needs in each of their areas, including transport, skills, business support, broadband, innovation and flood defences.

 

Alton Business Secures £200,000 to Fund Further Growth

The FSE Group, which manages a series of funds to support businesses during different stages of their growth, is now supporting Plantwork Systems with a £100,000 Enterprise M3 Expansion Loan, together with a further £100,000 South East Sustainability Loan (SESLF).

The SESLF provides funding to businesses operating in new and emerging ecologically driven market sectors or those contributing to a reduction in the region’s ecological footprint, either by delivering products or technologies that can help achieve this, or by delivering innovation in other business sectors that result in more resource efficient business practices.

Trading since 2010, Plantwork Systems based in Alton, Hampshire has a current portfolio of five products that are able to work in synergy to cater for the various stages of wastewater treatment. With the constant regulatory demands for increased water quality, the Company has invested heavily in R&D which has enabled the Company to offer innovative and propriety solutions. Each of their products offers numerous advantages, whether that is a smaller footprint, ease of use, being more environmentally sustainable or cost efficient. There are over 5,000 sewage treatment works serving populations of less than 200 in the UK and the majority of these are old and in need of replacement. The solutions offered by Plantwork Systems are an ideal fit for these locations.

John de Moraes, Executive Chairman at Plantwork Systems comments, “Our technology combines new wastewater treatment design with existing processes, to offer the industry an innovative solution to all wastewater treatment needs. The funding we have received from the FSE Group will have a two-fold impact on the company. It will allow us to research and develop new products and also significantly increase our employee numbers in order to meet demand.”

Derek Ellis, Fund Manager at the FSE Group which manages the Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), “John and the team at Plantwork Systems have an enormous amount of experience and are well positioned for significant growth. We are excited to be supporting them on this stage of their journey and look forward to seeing them build upon the foundations that have already been put in place.”

Dr Mike Short, CBE Chairman of Enterprise M3 Local Enterprise Partnership (LEP), comments: “It is interesting to see innovative technology being applied to a vital sector such as waste water treatment to help reduce environmental footprint and optimise cost. Plantwork Systems demonstrates that there is really no limit to how, or where innovation can apply and we are delighted that they have received the funding they need to break new grounds in scientific research and contribute to the economic growth of our LEP area.”

The Enterprise M3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, a £5.5million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which also includes an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.

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 Plantwork Systems please visit: www.plantworksystems.com

 

Export Growth Beckons with 3rd Regional Growth Loan

As a respected brand with many years of producing award winning stereo equipment, Cyrus Audio has been at the forefront of British manufacturing in the advanced hi-fi sector for over 30 years. Having first sought a Regional Growth Loan (RGL) from Finance East back in 2013, the company has continually looked to innovate, furthering its range of accessible, high quality products, whilst pursuing an ambitious growth strategy.

With two previous Regional Growth Loans being used primarily for product development, Cyrus will use this current £125,000 loan to focus its efforts on the export market. Until now, only 30% of business has come from overseas compared to around 80% as a sector average. Strategic changes have been essential in order to position the business for this expansion, as MD Simon Freethy explains:

“We are extremely proud of our British design and manufacture but in order to meet the capacity demands of an international customer base, we had to accept that changes would be necessary. First, we took the decision to appoint a number of Far East component suppliers. We have put a lot of effort into securing suppliers that can produce parts to our exact specifications, which will then be used in the UK, where product design, assembly and testing will remain for the majority of Cyrus products. Second, we have granted a licensing deal to a Chinese manufacturer for a sub $500 dollar product. Again, this will be made to the high Cyrus spec that our customers have come to expect but will be made, and distributed in China and the USA, by our new license partner.”

In addition the Cyrus team has also appointed a Chinese distributor for its plus $500 range, resulting in a significant increase in 2017 export sales, which are above expectations. The Regional Growth Loan will be used to create new roles to support the Europe and North America distributor channels as well as product development and sales support in China.

Stuart Ager, Senior Fund Manager at Finance East, says: “Cyrus boasts a history of product innovation supported by extensive technical expertise. Following an assessment of the global market opportunity, the management team has adapted its sales and distribution model accordingly and is now able to capitalise on the strong sales pipeline it has developed, placing the business on the road to significant growth and profitability.”

The Regional Growth Loan Scheme (RGLS) is managed by Finance East, part of The FSE Group, on behalf of Local Enterprise Partnerships in the East of England and British Business Bank. The RGLS is available to established, incorporated businesses based within the East of England that have a minimum annual turnover of £100k, show strong growth potential and have a medium to long-term funding requirement to deliver that growth.

For more information about the Regional Growth Loan Scheme contact Stuart Ager on 07825 699407 or email stuart.ager@thefsegroup.com.