News

Bude based design studio, YEO has secured a £30,000 loan from the Cornwall and Isles of Scilly Investment Fund (CIOSIF), to enable the company to further grow its high-end furniture brand.

Previously known as James Yeo Cabinet Makers, the business was founded in 2011 by fine furniture maker James Yeo. Life-long friend Adam Hodgson joined the company in 2017, bringing with him his knowledge gained in the construction industry. With its roots firmly in the South-West the team re-branded as YEO and are proud of their UK based operation where they design, manufacture and install high-end furniture, from single rooms to whole-house fit outs, managing the entire process for their clients.

The funding secured from CIOSIF will enable YEO to purchase new machinery to improve production capability and capacity. This will also create three fulltime machinist roles based out of the Cornish workshop, with the possibility of additional roles being created towards the end of 2021.

James Yeo, Founder and CEO of YEO commented: “Adam and I wanted our brand to not only be of a high quality, but to stand out from the crowd. We are committed to creating a space less ordinary, giving our clients interiors which are as unique as their experiences. The purchase of this equipment will allow us to meet demand and further expand the business, along with being able to hire the three new skilled machinists required to operate the equipment. We’d like to extend our thanks to our Business Manager, Mike, for helping us realise the next stage of development and for guiding us through the funding process.”

The deal was handled by SWIG Finance, who are working with appointed CIOSIF fund manager, The FSE Group, to deliver the small business loans part of the fund.

Mike Chapman, CIOSIF Business Manager at SWIG Finance, added: “It was great meeting James and Adam and to hear their story and business journey so far. These skilled craftsmen have carved out an excellent reputation with a strong network of industry contacts. They have developed and built up a strong brand to perfectly match their clients’ needs, be that a bespoke design for one room, or for a whole house fit-out. Benefitting from a solid sales pipeline we were delighted to provide this funding, which will help the team fulfil their orders and grow the business further. These are exciting times for the business and I am really looking forward to seeing what the future holds.”

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 The FSE Group.

Lloyd Brina, Senior Manager  at the British Business Bank, said: “The fund is continuing to invest in growth-minded local businesses and we are pleased to be able to support YEO’s further expansion with this loan. Despite the pandemic we continue to see demand for growth finance and the fund is here to support those ambitions.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “James and Adam have built a sound business focused on quality. I’m delighted that the fund has been able to help them move to the next level, including the creation of skilled jobs.”

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

Read more about YEO at https://yeodesign.co.uk/

Situated in Newbury, Orbit4 is the latest SME in the region to have secured an expansion loan from The Thames Valley Berkshire Funding Escalator to help them implement plans to grow their business. The funding will be used to create ten new positions within the company in line with its expansion plans to grow globally.

Daniel Jones who founded Orbit4, (the umbrella brand name for  FitnessCompared, FitnessFinance, WeServiceGymEquipment and WeBuyGymEquipment), is an entrepreneur with more than twenty years’ experience within the health and fitness sector. When gym and fitness facility owners trade in pre-used commercial gym equipment, he realised the values the owners received were often inconsistent. He wanted to ensure that the sellers and buyers received fair prices.

Orbit4 is the first digital ecosystem to manage and facilitate the entire commercial fitness life cycle of gym equipment.  The company aims to help the fitness industry become more streamlined in purchasing commercial products and more efficient in finding the best price and partners for extended service contracts and residual values.

It is free to register with Orbit4 who make the experience of buying and selling gym equipment faster and better for everyone involved, saving time, money and the planet.

Daniel Jones, CEO of Orbit4, said: “The inclusive nature of Orbit4, provides the perfect environment for all stakeholders to do business efficiently, effectively and with 100% transparency. The funding will be used to further develop and strengthen the hard-hit health & fitness industry with the creation of ten new positions within the business. It will allow us to expand our global presence and our product offering. Our thanks to Cheryl at The FSE Group for guiding us through the funding process.”

Cheryl Weeks, Head of Funds, South East for The FSE Group, commented: “Orbit4 has taken the health & fitness industry by storm, creating an easier way for gyms to purchase, manage and dispose of their fitness assets.  We were pleased to be able to support Daniel to implement his expansion activities that should deliver substantial growth, whilst at the same time, marketing the platform to increase brand awareness and driving more traffic to the website. We look forward to the next stage of their journey.”

TVB Expansion Loan Scheme is part of TVB Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP. The escalator, which also includes a Trade Finance Loan Scheme and a Growth Equity 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.

For more information about Orbit4 and to find out how they could help your business, please visit https://orbit4.org/ or email Daniel Jones daniel@orbit4.org

Alton based In-Space Missions, is the latest company to secure funding from the Enterprise M3 Expansion Loan Scheme. The £300,000 loan will help the business grow its innovative “Space as a Service” model.

In-Space Missions was established in 2015 by Tony Holt and Doug Liddle to provide a managed service that would enable customers to access space, reducing their costs and helping them overcome the barriers to entry when breaking into the space market. The company began operations at the BASE Innovation Centre in Bordon and recently expanded into new offices in Alton, Hampshire with dedicated manufacturing facilities.

In-Space Missions are world-class experts with a new space approach offering “Space as a Service” to commercial and government customers. This can involve the design, build, launch and operation of satellites and offers low-cost payload flight opportunities. The In-Space model allows for much quicker and easier access to space for customers who take a ‘slot’ on board rather than having to manage the entire mission themselves. Increasingly it is also becoming possible for a customer to upload their payload onto a satellite already on orbit.

This innovative solution at market disrupting prices, has led to significant demand for In-Space’s services, leading to rapid company growth. The funding will be used to finance the move to the new premises to accommodate additional staff and provide increased manufacturing capability, as well as part-funding the development of a higher performance satellite platform.

Tony Holt, CTO and Co-Owner of In-Space Missions, commented: “At In-Space Missions we are passionate about using our experience and innovative approach to democratise space, opening up the benefits of this sector to more businesses across the globe. This EM3 expansion loan will help us increase our capacity to deliver “Space as a Service” and achieve this goal. The FSE Group has recognised the potential of our business model and we are grateful to Derek and the team for their support in helping us secure the funding to drive our business forward.”

The global space economy is expected to grow by a third over the next five years, taking its value to almost $560billion. This is being fuelled in part by the “New Space” phenomenon: a series of technological and business model innovations that have led to a significant reduction in costs and resulted in the provision of new products and services that have broadened the existing customer base.

Derek Ellis, Investment Manager at The FSE Group, which manages the EM3 Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “The growth in this sector is leading to an increased market demand for affordable access to space. In-Space Missions’ highly experienced team have developed a much sought-after, low-cost satellite solution. With the space industry emerging as one of the most lucrative sectors globally, the team is on the precipice of exponential growth and we are thrilled to be helping them reach their potential.”

Rob Dunford, Director – Business Delivery, Enterprise M3 LEP, comments: “It’s fantastic to see In‐Space Missions expanding in Alton. This is yet another demonstration of how an important company in our Space Cluster is going from strength to strength. The space sector has been identified as a key high‐value sector in our Revive and Renew recovery Action Plan, so to see In‐Space Missions grow and develop this larger space, with increased clean room capacity is both exciting and encouraging.”

 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 In-Space Missions Limited, visit: https://in-space.co.uk/

Introduction

For over a decade, Woking based Jeremy Brassington has been supporting students who have hearing impairments or dyslexia, to ensure they have the same route to education as able-bodied individuals.

Hearing how it all began

What is now known as Note Taking Express, an easy-to-use application for recording lectures and meetings, originally started out as Conversor, an Assistive Listening Device (ALD).

Typically, students at colleges and universities attend lectures, seminars and tutorials taking pen to paper to make notes from lectures and then write up their rough notes, transforming them into papers, dissertations and theses.

Imagine doing this if you were deaf or dyslexic? You may be able to lip read but may not be able to have the best vantage point in the lecture hall to keep up, or you may have trouble getting the letters in the right order and not be able to make sense of your notes. This can be incredibly difficult and a barrier to demonstrating your understanding of the subject in order to meet the grade.

Listening to advice

Jeremy worked closely with education bodies and further developed Conversor, the Assistive Listening Devices (ALDs), into Note Taking Express – an intuitive, feature rich application and PC programme for recording lectures, meetings and tutorials.

This was made possible by, and coincided with, changes to the government’s Disabled Students’ Allowance scheme, which embraced the use of apps and lecture capture systems over digital voice recorders and in-class notetakers, opening up a whole new world to students. No more worrying about sitting in the right place to lip-read or taking down the letters in the right order, just sit back, listen and record.

Hearing loud and clear

Software and technology are improving rapidly and the Enterprise M3 Funding Escalator has been proud to support Jeremy on his journey to continue to develop his product, raise awareness and ensure it reaches out to more students, helping them to benefit and assist them to achieve their potential.

Jeremy Brassington, CEO of Note Taking Express: “Automatically generating lecture transcripts, summary notes and key concepts is incredibly valuable for these students. Note Taking Express synthesises information into a format which they feel comfortable using for further study or revision. This means that students have a useful stock of material after each lecture and are free to engage and participate in the lecture while recording it on their phone, tablet or laptop. The financial support, which we received with Derek’s help, has been invaluable and will enable us to assist more students who may otherwise have had a significant disadvantage.”

Derek Ellis, Fund Manager for The FSE Group: “This amazing product will give every student, regardless of ability, access to notes and a note writing platform which suits their individual needs. This could completely change the learning process for students who would otherwise have struggled to fulfil their academic potential. We look forward to seeing what the company can achieve in the next stage of its growth journey.”

Kathy Slack OBE, Enterprise M3 LEP CEO: “I’m delighted Enterprise M3 has been able to fund this innovative and exciting company at a time when students, particularly those with additional needs, are reliant on technology more than ever. Products like this are game changing for young people who need additional help and it’s wonderful that the Expansion Loan Scheme has made such a difference for Note Taking Express and all those whose academic lives will be made easier because of the product.”

For more information about Note Taking Express: Visit https://notetakingexpress.com/ or contact Jeremy Brassington at jeremy@notetakingexpress.com

Background

Horse racing is an ancient sport whose origins can be traced back to circa 4500 BC. It is currently the second most popular spectator sport in the UK, coming only behind football. According to industry surveys’ approximately six million people attend the races each year in Britain alone.

However, to the average racegoer, little is known about the behind-the-scenes preparation that goes on to deliver these events.

“Sticking” to tradition with The Clerk of the Course

Before any racing can commence, The Clerk of the Course, responsible for track management and race day preparation at a racecourse must undertake a course inspection. This means that he must make an informed assessment on the state of the ground and then declare whether that ground is deemed “fit or unfit” for the horses to race on. Official going descriptions are measured on a scale from Firm to Heavy (very soft) with four points in between.  If the ground is unfit, the race will be called off. If the ground is fit, race day is on. Owners and trainers receive this crucial information to determine whether the ground conditions are suitable for their particular horse or horses before deciding whether to race.

Q: So, what important apparatus is used to perform this crucial task?

A: A simple traditional stick.

As recently as the late 1990’s, this manual task was carried out solely by pushing a stick into the ground at various points around the course to ascertain the course conditions. The Clerk uses the stick to analyse the surface in order to determine what “the going” is. It is inserted into the ground and conclusions drawn on soil type, dirt, density and the amount of moisture in the ground, all of which can affect a horse’s performance. Once determined, this crucial ground information is passed to horsemen and bookmakers. These statistics, together with information on breeding and past performances, bookmakers can then decide on their odds to offer racegoers.

TurfTrax – Delivering an odds-on favourite product

In November 2000 British racing’s regulator, The British Horseracing Authority (BHA) approached Cambridgeshire based company TurfTrax, to create a technologically advanced measuring device (stick), for the systematic and objective assessment of track conditions on British racecourses.

TurfTrax is a world leading, technologically advanced company focussed on improving both standards and data to enhance sporting and leisure events. The BHA also recognised the company’s expertise in soil physics/sports turf management which is the critical information passed to owners and trainers to make their decisions and then onto bookmakers.

Mike Maher, Founder and CEO of TurfTrax explains: “The Industry, has always used traditional sticks to understand track conditions. There was a lot of nervousness, apprehension and uncertainty about moving to a more advanced measuring stick. I knew that much research and testing lay ahead, not only to produce the correct device, but after years of using traditional methods, the industry would have to build up that position of trust in this product which we had been commissioned to design. However, this type of project had never been undertaken before and we were unsure as to the R&D costs. Being a young SME, it proved challenging to secure funding to sustain the project, so I was sign-posted to Finance East (FE) based in Ipswich to see if we would be eligible. I am pleased to say that Francis Kenealy and the Finance East team agreed!"

TurfTrax worked extensively for many years with some of the UK's leading soil scientists and in collaboration with Cranfield University. After design and extensive testing in the controlled environment of Cranfield's unique soil laboratory facilities, live on-course trials started in late 2001. Testing of the device involved device calibration at all 59 UK racecourses. Over 100,000 unique measurements were taken covering all ground conditions and these were compared and analysed against the subjective assessments made by the Regulator's officials and experienced course representatives.

After over five years in development the advanced measuring device was produced, and later was to become mandatory at all UK turf courses.

And the winner is: “The GoingStick”

Together with his collaboration with Cranfield University they launched The GoingStick. Miles away from the traditional stick, The GoingStick accurately measures the required statistics to record “the going” of the ground. The GoingStick accurately measures the penetration (the amount of force required to push the tip into the ground) and the shear (the energy needed to pull back to an angle of 45 degrees from the ground). These two measures taken in combination represent a scientifically based proxy for the firmness of the ground and level of traction experienced by a horse during a race.

The information is automatically stored in the GoingStick memory and an average of all readings can be provided instantly. The information can be downloaded and printed out from a PC using TurfTrax software.

A furlong ahead and galloping into the future

From March 2007, all UK turf racecourses were required to issue a GoingStick reading with their official pre declaration and race day Going report. It is now mandatory at all UK, French, German, American, Hong Kong and Australian turf courses.

Mike’s company has gone from strength to strength. To complement the GoingStick his product range has expanded to include:

• GoingMaps – To accompany the GoingStick they provide owners and trainers with a detailed, accurate and up to date representation of the ground conditions
• TurfTrax Weather Systems - An easily accessible and accurate log of both historic and real time climate conditions enabling better informed turf management decisions
• TurfTrax Tracking - A world leading real time location system, accurately tracking and timing horses during their race. This works with leading bookmaker’s apps allowing racegoers to make informed decisions as to how their horse is doing in the race and whether they should “check-out” or not

All of TurfTrax’s technology is accredited by the BHA.

Used in conjunction, these products combine to produce unique and commercially valuable data sets for individual racecourses and specific race meetings.  Data is archived by TurfTrax creating a database of detailed historical information which can be used to assist in a variety of track management applications. 

A recent further development is WeatherTrax Live which made its debut at the iconic Royal Ascot fixture in 2020 and has since been rolled-out at Newmarket, the home of British Flat racing, Kempton Park, the Cheltenham Festival and at Aintree, host to the world’s most famous steeple chase, the Grand National.

Delivered via a dedicated webpage WeatherTrax Live streams accurate real-time weather data direct from the on-course weather station including rainfall, air temperatures, wind speed and direction and humidity alongside official going descriptions, GoingStick readings, Going Maps and rails positions.

Finance East (FE) were favourites to assist with TurfTrax’s growth plans

FE is The FSE Group’s regional funding organisation for the six counties of the East of England, providing an alternative source of term debt finance supporting high-growth businesses.

Francis Kenealy, Fund Manager at Finance East comments: “I first met Mike nearly 10 years ago and was really pleased to be able to help him secure debt funding for his business. Running a business is hard anyway but working within an industry that is quite traditional and somewhat untrusting of modern technology requires patience! Mike had the vision that the GoingStick was absolutely the right product for the job, in fairness as did the industry, it was just going to be a slow process to build the trust backed up with the results from trials. I was able to help Mike secure term debt finance so that TurfTrax could invest in the necessary development and trials to take the product forward and to prove its worth in the marketplace and to prove that the GoingStick really is the holy grail of data relied upon by owners, trainers and bookmakers. I am so pleased to see his range develop and to go from strength to strength.”

If you would like to find out more about The GoingStick, you can contact Email: Mike.Maher@turftrax.co.uk Tel:  01480 408970 or visit: https://www.turftrax.com/