News

Since establishment in 2002, The FSE Group has been operating at the heart of the SME community helping them to realise their growth ambitions.

This challenge has never fallen into greater focus than in these current exceptional times.

It may be that your business has had to pause temporarily due to COVID-19 and you may now be thinking about gradually returning to work, re-introducing employees back to the workplace, re-establishing supplier relationships and re-commencing contracts whilst adjusting to business as (un)usual.

In the “here and now” cashflow and financial concerns could seem more prevalent than before and it might be that your business could benefit from a short-term cash injection, but you may not be sure of all the options available to you.

One of the products within The FSE Group’s portfolio, offered in the South East for which your SME could be eligible is the Trade Finance Loan Scheme.

South East – Short Term Trade Finance Loan Scheme

The term trade finance loan is available to eligible SMEs who are established as a limited company and have a material part of its operations located within the Enterprise M3 or Thames Valley Berkshire area. 

Loan amounts range from £50,000 - £300,000 and are repayable over 3 – 12 months.

You could be eligible for this scheme if you have a short-term trade funding requirement that may include the following criteria:

• Working capital for specific new contracts or orders, which would enable your business to fulfil orders or contracts
• Short term irregular invoicing patterns from specific contracts/projects
• Up-front tooling requirements for identifiable medium-term contracts or export activity
• Cash-backing for performance bonds/guarantees: temporary credit enhancement to enable banks to support SMEs in the tendering and delivery of significant/strategic contracts

Surrey business Symvolli, has secured £200,000 from the Enterprise M3 (EM3) Expansion Loan Scheme, to fund various activities including business expansion, product development and the creation of new positions within the rapidly growing business.

Symvolli, established in 2004 by George Petri, who has over 35 years’ experience in software development, spotted a problem in the market.  Many professional and technical services sector SMEs Symvolli was working with also experienced this problem, namely the inability to access an affordable, multi-functional operations cloud-based system incorporating Customer Relationship Management (CRM) and Enterprise Resource Management (ERP) systems in one place.

Historically, the varied and sometimes manual processes involved in running a business, were both dis-jointed and reliant on unconnected systems combined with process driven tasks, such as complex spreadsheets which could result in the duplication of data entry distorting the SMEs reporting.  As businesses look to scale-up to reach their next growth level, it is paramount that they feel confident that the source data used for reporting purposes is accurate and can be accessed easily and efficiently.

The company’s innovative, leading edge and cost-effective web-based solution focusses on providing SMEs with the processes and tools needed to manage their businesses better. Symvolli is different in three key respects: it offers total business support, product and services life-cycle management and business intelligence. It amalgamates all the core data in the cloud, negating the need for SMEs to use multiple applications within a business.

George Petri, Director of Symvolli Ltd commented: “Refining every process in a business will make it far more efficient for SMEs to identify possible obstacles to their progress and re-focus their strategy. Symvolli’s reports will provide the ability to convert data accurately and instantly into knowledge. Having the processes and tools which they need, from one source, will help SMEs make informed decisions to grow their business. I would like to thank James for his help in securing this investment and for enabling us to further develop the solution to include Environment and Health and Safety, Governance, Risk and Compliance, as well as industry specific applications. The investment will also permit us to bring on new team members to help us develop the product, in turn, Symvolli can then support other SMEs with their own growth and expansion plans”

James Edwards, Senior Fund Manager at The FSE Group, which manages the EM3 Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), comments: “It was a pleasure to work with George and his Surrey based team to help them secure the investment needed to help Symvolli reach the next level of their own growth. Recently the business has been working on a mobile friendly app so that SMEs can have access whilst on the go which is an excellent addition to the company’s current offering. I wish the team every success with the next stage and look forward to seeing their progress.”

Kathy Slack, Director, Enterprise M3 LEP, comments: “I am really pleased that our Expansion Loan Scheme is helping Symvolli. Many SMEs are trying to adapt to this new post-Covid environment and innovative, cloud-based solutions which provide a tangible benefit to their workforce are vital to that. I look forward to seeing their continued success.”

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 Symvolli Ltd, visit: www.symvolli.com

Truro based software company Colateral has successfully completed its latest funding round including further investment of £200,000 from both the Cornwall and Isles of Scilly Investment Fund (CIOSIF) and existing corporate investor, SMP Group PLC. The Future Fund, which supports innovative UK companies with growth potential, has also committed £400,000.

Previously known as Swoop Applications, the company has recently rebranded as Colateral in order to improve market relevance. Their market leading Software-as-a-Service (SaaS) platform seamlessly manages instore marketing campaigns for retailers, cutting waste, improving communication with stores and helping to drive increased sales with better display compliance. They work with some of the UK’s leading retailers including Paddy Power, The Works and WH Smith.

During the coronavirus pandemic retailers have used Colateral to optimise and streamline instore marketing processes and minimise the production of unused print materials. Latest product developments include the ability to send personalised visual instructions to store teams and to track and analyse display compliance with new campaigns.

Robert Salvoni, Colateral Chairman, said: “When we first set out to develop our platform, it quickly became clear that instore marketing was one of the most common retail challenges without a good solution. Colateral is an end-to-end solution, capturing the needs of individual stores and tailoring campaigns to match. As the business continues to grow and expand, even in these unprecedented market conditions, we are delighted to have received additional funding from CIOSIF and our private investors, allowing us to continue with our recruitment drive, further developing our already strong and robust team. Recently our product development has focused on the implementation speed of the platform and we look to forward to strengthening this with this recent round of investment.”

Ralph Singleton, Head of Fund at The FSE Group, said: “We are pleased to be continuing to support an innovative Cornish company that is starting to gain traction with some of the largest retailers in the UK. Against the backdrop of the weak high street, Colateral offers its customers the ability to save costs, become more efficient, reduce waste and meet exacting governance requirements.  Further product development and new customer wins will be key to future success. We were delighted to be able to provide a second funding round to further support Colateral on their journey.”

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.

Sarah Newbould, Senior Manager at the British Business Bank, said: “Investment from both CIOSIF and the Future Fund illustrates the support available to businesses in the region looking for equity investment, with this latest funding round helping Colateral with its ambitions to build and scale the business, as they continue to deliver value to customers in a sector that has been hard-hit by the pandemic.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Cornwall has a growing reputation for nurturing tech companies and Colateral is a great example of that. The fund’s latest investment follows a £600,000 equity stake last year and it’s vital that we continue to invest in growing businesses that create quality jobs and showcase UK innovation in global markets.”

CIOSIF is supported 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

Playwaze Ltd, a SaaS business providing a digital platform for managing and participating in sport and physical activity, has successfully completed a £400,000 funding round with a £200,000 investment from the Enterprise M3 Growth Fund, managed by The FSE Group.

Physical activity, leisure, and sport commands a significant market, with over 1 billion participants globally, and the Sport Tech sector is rapidly gathering momentum. Rupert Jenner, the founder of Playwaze, 6 years ago had a vision of how a digital platform could dramatically increase operational efficiencies around the delivery of sport and physical activity, while creating a more seamless connection between people that organise and people that play.

Having spent 20 years working as a freelance software engineer, Rupert turned his focus to creating Playwaze. The Playwaze platform now supports over 100 different sports and activity types delivering value to their 230K current active users. Playwaze is designed to provide value at all levels of delivery and the company already boasts an impressively diverse client portfolio including National Governing Bodies, leading universities, Active Partnerships, fitness instructors, regional associations, clubs, and social activity groups.

Playwaze provides an extensive online toolkit of easy-to-use features for the operational and engagement needs of sports organisers and activity providers. The platform’s functional feature set is extensive, including a full suite of competition formats with the addition of Competitions Plus for running regulated competition networks at scale. Activity management provides for all sorts of sessions, courses, and volunteering opportunities. Payments, memberships, and reporting are fully integrated into the platform giving organisers greater control and insight on activity. Participants benefit from quick and easy access to all their activities through the mobile app – a single place where they can manage all their bookings, entries, results, memberships, payments, and communications.

With the current climate still having an impact on in-person sport and activity, Playwaze has leveraged its modular technology to deliver a full suite of virtual activity opportunities, including live streaming and on demand video sessions. They will also be releasing an innovative solution for Virtual Competitions in September, allowing providers to continue delivering contactless competitions and activity schedules.

Rupert Jenner CEO of Playwaze, commented, “I’m immensely proud of what the Playwaze team has achieved to date. We’re committed to delivering innovative technology that turns inactivity into activity and believe that, with our help, the sports and activity sector will continue to see significant growth over the forthcoming years. It’s great to now have the backing of Paul and the FSE Group which will help us expand our team and strengthen operational infrastructure. We’re excited about the future and continuing to leverage our technology - getting more people active globally while delivering highly scalable returns to our investors.”

Paul Lyristis, Senior Fund Manager, at The FSE Group, which manages the Enterprise M3 Growth Fund on behalf of the LEP adds: “Rupert and his team at Playwaze are proving that technology can deliver real value to the sports sector. I was particularly impressed with the reach and diversity of their SaaS solution with the business being able to demonstrate traction across such a broad spectrum of clients and users. The business clearly has significant opportunity to expand its reach further across the sector and become a truly global technology leader.”

Kathy Slack OBE, Enterprise M3 LEP CEO said: “I’m delighted the Enterprise M3 Growth Fund has been able to provide funding for Playwaze, particularly in this time of economic uncertainty. The team at Playwaze have developed a fantastic piece of software to help keep us all fit by making sport easier to organise and have shown a capacity for rapid innovation through the Covid-19 pandemic by ‘going virtual’. Innovation is the cornerstone to recovery and success in our region and I am really pleased to see another local business continuing to grow and thrive.”

Penryn based independent publishing company, Red Planet Publishing Limited, has received an £80,000 loan from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).

Red Planet Publishing, established in 2013 by founder Mark Neeter, who brings to the table a wealth of experience gained from BBC local radio as well as national stations including Radio Caroline and behind the scenes at Capital Radio, before turning his love of music to journalism.

The result is an eclectic mix of informative music books encompassing a broad collection ranging from Ska, Mod and Punk through to Bob Dylan, The Smiths and Queen. Offering readers a range of books from the comprehensive Dead Straight Music Guides, to the more succinct Pocket Guides.

Mark comments: “Red Planet specialises in books about music. We operate in a competitive market and sell through stores across the UK, Europe and the USA. Part of the funds are to allow us to develop direct sales with our audience through a new website supported by social media. We aim to grow as an independent business and provide employment in Cornwall and support the local economy. In turn, as a business, more sales earn higher margins online, allowing us to maximise our potential and bring out more exciting new books. Thanks to the support of CIOSIF we can further develop, grow brand awareness and cover the printing costs for expanding our range of exciting new books.”

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. Mike Chapman, CIOSIF Business Manager at SWIG Finance, added: “Mark has a really interesting range of books, good branding and a great business model. It is always a pleasure to be able to support local businesses and to help them achieve their growth plans. I wish Mark every success on the next stage of his journey.”

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: “Red Planet is looking to grow the market for its specialist titles with direct to consumer digital marketing and this deal is a good example of how CIOSIF loan funding can help small businesses reach the next stage in their development.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Mark has established a successful niche publishing business with an impressive catalogue of titles and export sales. We’re delighted that CIOSIF is able to support his growth ambitions.”

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