News

A Worcestershire based e-commerce gym wear brand, has secured a £650,000 investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.  

Silverback Gym Wear focuses on the strongman, strongwoman and strength sports markets. Their existing range is popular with professional athletes and avid gym goers alike, who prioritize quality and innovation over aesthetics when choosing their performance clothing. 

The development of their latest product range Fortis will see them branch out into other areas such as professional rugby and MMA. This standalone range has been co-developed with Britain’s Strongest Man, Adam Bishop. 

Silverback Gym Wear boasts 30,000 returning customers and is expanding its reach in the lucrative US market. To help them achieve this, alongside the development of new products, the MEIF funding will be used to create 12 new positions, fund the move to new larger premises and to boost the sales and marketing functions of the business.  

Richard Gardener, Founder of Silverback Gymwear, said: “The next stage in the development of our range is an incredibly exciting one as we branch out into more sports and interests at all levels of  competition. We’ll be releasing new products that are industry leading, accredited and used in top competitions, all utilising designs that are much more user friendly than current alternatives. The new staff hires that we’ll be able to bring on board thanks to this funding will continue this work and help us to expand further and faster as we disrupt the strength based sports sector, bringing more options to the sector.”   

Ryan Cartwright, Investment Manager at The FSE Group, commented: “Founders Richard and Pete are fantastically passionate about their brand. They are brimming with ideas and sector knowledge and in addition their enthusiasm for the sector as a whole is evident. The company’s new products and expansion plans are very encouraging and it has been wonderful working with the whole team to help them secure this funding. We look forward to seeing how the business progresses and spotting their clothing at more and more competitions and matches.” 

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said:  The Midlands Engine Investment Fund continues to back smaller businesses across the region, so it’s great to see another business taking the opportunity for continued growth thanks to the MEIF. As we move towards the launch of MEIF II, we continue to remain committed to this objective.”  

The current MEIF investment phase has now completed with the British Business Bank launching the Midlands Engine Investment Fund II on February 29th. 2024. 

The Midlands Engine Investment Fund project 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 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance. 

A Tremough-based company that has developed disinfectant technology using water and electricity has received funding from the Cornwall & Isles of Scilly Investment Fund (COISIF), managed by The FSE Group, as part of a £1million funding round.

The £250,000 CIOSIF investment in Oxi-Tech is accompanied by investment from existing shareholders and Henley Business Angels and is being used to support business growth.

Oxi-Tech’s patented clean-in-place technology uses activated oxygen, removing the need for aggressive chemical-based disinfection solutions, such as chlorine, and eliminating the high recurring costs and safety risks of traditional chemical disinfectant processes.

Oxi-Tech’s technology creates an oxidation process in-situ from tap water, that is safe to use for humans and animals and can be applied across a variety of sectors including agriculture, utilities, the built environment and water supply.

The company is in the initial stages of focusing its efforts on the agricultural sector where equipment such as dairy milking machines and animal feeding water lines are potential breeding grounds for bacteria and other pathogens.

The carbon-heavy supply chain of traditional large-scale disinfecting carries a significant environmental burden. Oxi-Tech’s solution reduces CO2 output and removes the use of harsh and dangerous chemicals from the process, as well as providing an estimated £20,000+ in savings per year to farmers implementing the system over traditional, chemical solutions.

Following successful trials in the UK and the Middle East, Oxi-Tech is now ready to commercialise its technology with a team that has an excellent track record in developing sustainable, innovative, high-growth businesses.

Paul Morris, CEO of Oxi-Tech said: “The FSE Group has been a strong supporter of our technology and business proposition over the past five years and we are thrilled to receive this CIOSIF investment, which has provided a foundation for the funding round. We are now looking forward to focusing on the full commercialisation and roll-out of our ground-breaking solutions as we move into the next phase of growth.”

Ralph Singleton, Head of Equity, South West, at The FSE Group commented: “This innovative team has developed market disrupting technology with robust environmental credentials. With a number of cross-sector opportunities across the UK and international markets, we are delighted to be supporting Oxi-tech to roll-out its game-changing solution.”

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).

Funding through CIOSIF comes to an end in December this year but wider funding is now available through the British Business Bank’s £200m South West Investment Fund providing loans from £25k to £2m and equity investment up to £5m.

Keira Shepperson, Director, Regional Funds from the British Business Bank said: “Oxi-Tech have developed a process that uses tap water and low level electricity to create a powerful, chemical-free disinfectant. It is already showing results in the agricultural industry, lowering both costs and environmental impact, and we are pleased the fund is supporting further growth.”

John Acornley, Chair of the CIOSIF advisory board and former LEP non-executive director, said: “Oxi-tech is another example of a Cornwall-based tech start-up with an environmental focus. Its proven technology also saves on the of costs of transport, storage and disposal compared to chemical-based disinfection and has applications across many sectors.”

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.

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

Nusara is a multi-award winning boutique Thai restaurant brand, based in Dorset. It is the brainchild of hospitality entrepreneur Andy Lennox, who rejoined forces with husband and wife chef duo Thammanoon Thurasan and Nusara Padungwang as well as Acorn-Award Winning operations director Sophie Cox.

The business recently received a £250,000 investment from the South West Investment Fund via fund managers The FSE Group, to support the opening of their new site in Westbourne, Bournemouth. The area has been a high target for the brand, following its Ambassador Choice status and being granted Thai Select signature status by the Royal Thai Government. The plan is to open in early Spring 2024.

This will be their fourth site in three years, as the brand continues its localised roll out in Dorset. The group has plans to add several more restaurants in Dorset, before a potential nationwide rollout.

Andy Lennox said: “We’ve managed to create something special out of such a tough time. As a passion project, to open four sites in just under three years is remarkable and a testament to the team we have here.

“For me, being backed by the South West Investment Fund through The FSE Group is a key marker in the sand for the brand. This not only helps us fund the opening of our new restaurant in Bournemouth but the fact we’ve managed to secure more traditional debt financing for the first time, will allow for the potential of an accelerated roll out once we are bedded in.”

A learning and development business in Fleet has secured a £300,000 loan from the Enterprise M3 (EM3) Funding Escalator, managed by The FSE Group (FSE) on behalf of EM3 Local Enterprise Partnership, to support its expansion.

SEEDL, which recently won new business of the year at the Hampshire Business Awards, provides professional, accredited training via its online platform. It offers over 200 modules and courses delivered live by expert tutors covering areas such as Health & Safety, Compliance, Microsoft Office Suite, Sales, Mental Wellness, Customer Excellence, Leadership, and Communications.

SEEDL's live and interactive approach separates it from other online learning providers, encouraging greater attendance and engagement. The company has been growing steadily over the last three years with customers that include corporates, local authorities and charities. Its platform is currently accessed by thousands of users in 70 countries.

The company is now ready to capitalise on its recent success and will use the funding to support marketing activity and create a number of new roles in the business.

Anthony Price, SEEDL Founder and CEO, said: “As a relatively new business, our lack of financial history and profitability can make it difficult to secure growth funding from traditional lenders. With the support and resources provided by FSE, SEEDL is poised for even greater success in the future and we look forward to working with our FSE Investment Manager as we continue to grow.”

FSE Investment Manager, Paul Smith, added: “SEEDL has developed an innovative offering and gained early traction, leaving it well-positioned to become a major player in its field. Its experienced management team and supportive investor base have been instrumental in driving growth to date and we are delighted to be joining them to help the business reach its full potential.” 

The global online learning platforms market continues to grow and is expected to reach $325 billion by 2025. Learning technologies incorporating interactions, group work, and community building are shown to lead to more efficient learning, whilst COVID-19 accelerated the adoption of, and increased demand for online learning. SEEDL’s solution addresses the market need for remote and flexible learning options that also offer more personalised experiences.

Stephen Martin, Managing Director at Enterprise M3 LEP said: “SEEDL is clearly an impressive digital learning technology company delivering virtual training courses for businesses in 70 countries around the world. We are so pleased that through the EM3 Funding Escalator Fund we’re able to help support its ambitious expansion plans.

“While wishing Anthony and his team continued success, I’d also like to heartily congratulate SEEDL for winning its well-deserved New Business of the Year accolade, at the recent Hampshire Business Awards, which bodes well for this Hampshire business.”

The Enterprise M3 Funding Escalator is a £10million initiative funded by Enterprise M3 LEP. The escalator includes an expansion loan scheme, a short-term trade loan scheme and an equity growth fund and 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 EM3 area.

The British Business Bank’s £200 million South West Investment Fund has announced its first major equity deal with a £500,000 equity investment in tech-led commercial waste and recycling business Binit.

The deal is part of a £750,000 funding round led by the South West Investment Fund appointed fund manager The FSE Group and includes co-funding of £250,000 from private equity investor Yeo Valley Associates.

The South West Investment Fund was launched in July this year by the government-backed British Business Bank to boost the supply of early-stage finance to small and medium-sized businesses across the entire the South West region.

Exeter-based Binit is a data-driven circular economy business that aims to transform the way businesses use waste and recycling services across the UK.

Based on Exeter Science Park, Binit was co-founded in 2016 by CEO Philippa Roberts, together with co-founder and former Non-executive Director Claire Harrold, who specialises in sustainability.

Binit has grown from its Exeter base to serve customers across the UK, including Specsavers and Pizza Express. It is a Living Wage employer and is working towards B Corp certification.

This is the company’s third investment round as it scales to go nationwide. It aims to double turnover and staff numbers to 15 in a year, while investing in new ‘bintech’ hardware, data systems and enhanced customer interfaces.

Philippa, who is a Chartered Waste Manager with more than 20 years’ experience in the industry, was inspired by her time working with a leatherback turtle project in Costa Rica during a student gap year, where she saw first-hand the impacts of plastic ocean waste.

She said: 'The way businesses manage their waste is changing and that’s being driven by a corporate commitment to net zero, which is being pushed right down the supply chain. We are a next-generation, tech-led waste and recycling super-broker and that means we can help businesses deal with their waste in the most eco-friendly way, wherever they are in the UK.

Female founder teams still struggle to raise equity investment, so we are delighted to have secured this package. It’s great to have the regional focus of the South West Investment Fund, together with Yeo Valley Associates as impact investors, so this deal has been perfect for us as we scale up across the country.'

Ken Cooper, Managing Director, Venture Solutions, at the British Business Bank, said: “Philippa and Claire are determined to disrupt the market and vastly improve the way that businesses access and interact with waste and recycling services. Their ‘waste nothing’ mantra makes sound commercial and environmental sense and I’m delighted that the South West Investment Fund has been able to support their growth ambitions with the fund’s first equity investment in the region.”

Ralph Singleton, The FSE Group’s Head of Equity, South West, said: “It has been wonderful working with a company who so passionately puts the needs of the planet at the forefront of everything they do. Binit’s ability to improve many of the issues faced by the waste disposal sector is key in supporting their customers as they work towards their own Net Zero ambitions. We are delighted to be supporting Philippa and the Binit team as they change their industry for the better.”

Amy Crown, Head of Investments at Yeo Valley Associates, said: “We are delighted to invest in Binit, a disrupter to the waste market and a leader in developing a circular economy. We’re excited to support Binit as they expand their smart, responsive commercial waste and recycling service across the country and unlock waste reductions through accurate data.”

Advisers on the deal were Field Seymour Parkes for FSE. Clarke Willmott for Yeo Valley Associates and Michelmores for Binit.

The South West Investment Fund covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West.

The South West Investment Fund was the first in a series of six new Nations and Regions Investment Funds to be launched by the British Business Bank, the government-owned business development bank. A total of £1.6 billion has been committed to the new regional funds to drive sustainable economic growth.

Applications for funding are made directly to the relevant fund managers who can be contacted via the South West Investment Fund website southwestinvestmentfund.co.uk.