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Natural nut butter producer Pip & Nut is set to continue its journey from challenger start-up to market-leading brand with a £1million investment from the Greater London Investment Fund (GLIF), via appointed fund manager The FSE Group.

Pip & Nut started life in 2013 as a DIY post-race refuel snack by keen marathoner and company founder Pip Murray. Following a successful stint selling her homemade wares at a London market, Pip won a competition for a would-be entrepreneur to spend three months living rent-free to work on their business proposition. This was the catalyst Pip needed to take her nut butters from the kitchen table to a commercial operation.

Following an intense 2014 securing crowdfunding, sourcing production partners and developing the brand, the first Pip & Nut products launched in Selfridges in 2015, swiftly followed by a nationwide Sainsbury’s presence that same year. At the same time, Pip was creating the foundations of a business that would put being “better” at its core, as she explained:

“When I started making my own nut butters it was because I was looking for something that contained natural and sustainable ingredients and this was a key driver in how I wanted to shape the business. We became a certified BCorp in 2019, which means we have to demonstrate in real terms how we are using business as a force for good, providing a measure of our impact on people and the planet and ensuring we reach the highest environmental and social standards.”

As a Community Interest Company (C.I.C.), The FSE Group looks for strong ESG – environmental, social & governance – credentials in the businesses it works with. This is reflected in the core aims of the GLIF, which seeks to support high-growth businesses that demonstrate these same characteristics and have often already secured equity funding to fund earlier growth.

Having funded prior growth activity through VC and angel investment, Pip & Nut was now seeking a debt finance solution to expand the team and enable further product development.

David Booth, Pip & Nut’s Investment Manager at FSE, commented: “A balance sheet showing heavy reinvestment of profits often leaves traditional bank funding inaccessible to growing businesses but with an increasing product range and strong gross revenues growth from a zero starting point just 8 years ago, Pip & Nut’s journey towards profitability is clear. This diverse team, with its BCorp status and ESG focus, is a great fit for FSE and GLIF and we are delighted to be supporting them as they continue to grow.”

Pip Murray added: “Engaging a funding partner who is prepared to look beyond the figures to understand where you are in your growth cycle as a business and support you to reach your potential can be challenging but in FSE and GLIF we have found that. We are delighted to have secured this funding and look forward to working with David as we implement our growth strategy.”

MyPeople, a HRTech business specialising in measuring the environmental, behavioural and psychological factors that affect team performance has raised £800,000 in their latest funding round. The funding includes a £300,000 equity investment from the Enterprise M3 Growth Fund, and investment from existing and new private investors which will be used to grow the team to increase the business’s client portfolio.

Based in Guildford, Surrey, the company’s applications generate insight into candidate suitability for a role and team in under 8 minutes. The candidate takes a psychometric on their work style and team preferences, which is then compared to the existing team’s responses to a similar psychometric. The reports generated from these questionnaires can help filter out and shortlist candidates, as well as guide the interview focus.

MyPeople’s expertise herald from CEO Christian Hughes unrivaled background in team formation and culture which he gained whilst working with a number of high-profile sport teams, including GB Cycling - Team Sky, England Rugby - British and Irish Lions, Saracens Rugby and Crystal Palace FC.

Christian Hughes, Founder and CEO at MyPeople, said, “MyPeople enables recruiters and talent acquisition managers to move away from a binary choice of ‘suitable or unsuitable’ candidates by providing them with the tools for more meaningful metrics to assess which candidates to put forward. The sector’s current focus is on whether a candidate currently has the skills required, usually shown via a CV with little thought given to how a candidate will perform in the environment in which they will work; their new team! We are honoured to help people find jobs that provide them with meaning and purpose. Thank you to Paul and everyone at The FSE Group for understanding our ethos and supporting us through this funding round.”

Paul Lyristis, Senior Fund Manager at The FSE Group, which manages the Enterprise M3 Growth Fund on behalf of the LEP adds: “Whilst the recruitment sector as a whole is doing well, individual consultancies are finding it difficult to stand out from the 40,000 other recruitment companies currently operating. Most of these general businesses do not have a USP and desperately need to upskill and offer deeper insights into both job roles and candidates. We were impressed by the ease at which the MyPeople applications offer these insights, and we are very happy to support such a high achieving and innovative company.”

Stephen Martin, Managing Director at Enterprise M3 LEP said: “MyPeople’s software will go a long way in helping employers to match the right candidates to roles, improving hiring success by ensuring new recruits are the right fit for an organisation’s culture. This will ultimately result in saving time and recruitments costs, improving retention and boosting productivity. This is a great example of the type of innovative, high-tech business our Enterprise M3 Growth Fund seeks to support. We wish Christian Hughes and his team at MyPeople continued growth and success.”

The Enterprise M3 Funding Escalator is £10million initiative funded by Enterprise M3 LEP. 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 £500,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

A Hertfordshire based brand that specialises in bringing the latest in sustainable innovative technology to the market is the latest business to be supported by the East of England Regional Growth Loan Scheme.

Bitmore supplies carbon neutral & sustainable consumer technology, gadgets and accessories to the travel retail market. Products are manufactured using recycled plastics and plant-based alternatives. The company currently supplies 30 of the world’s biggest airlines including British Airways, Virgin and Emirates, and was certified as a B-Corp earlier this year.

The £500,000 growth funding will be used to boost the sales and marketing functions, with a new website currently in development. Additionally, the Bitmore team is continuing to grow, with recruitment planned across the e-commerce, marketing and admin departments.

Hoj Parmar, CEO at Bitmore, said: “Having a sustainable focus is at the heart of what we do, all our products are designed to make a positive impact on our environment. We are passionate about looking after the planet and are championing the use of sustainable and eco-friendly materials across all sections of our business. Our most recent product launch was our carbon neutral neck pillow, the ‘Snoooza’, which has fibre made from reclaimed plastic bottles and we have had some great early feedback from our customers. The funding comes at an exciting time for the business, as we launch new product lines globally as well as increasing our brand awareness through our e-commerce channel.”

Simon Elliott, Investment Manager at The FSE Group, which manages the loan scheme, added: “Hoj and his team are experts in consumer electronics, and it is great to see them take a stand in reducing the amount of single use plastic being used in the tech sector. There has been a massive shift globally in consumer awareness towards sustainability and Bitmore are already well placed in the market to continue their growth trajectory. With new opportunities and global partnerships coming thick and fast, we wish them all the best for the future. We would also like to thank Chris Ellis from Innovate UK Edge for introducing us to Hoj.”

The Regional Growth Loan Scheme (RGLS) is managed by The FSE Group on behalf of Local Enterprise Partnerships in the East of England. Loans between £50,000 and £500,000 are available to established incorporated businesses based within the East of England that have a minimum annual turnover of £100,000. The funding can be used for a range of growth activities as well as to service short to medium-term trade and contract finance requirements. The scheme aims to stimulate job creation and economic prosperity and supports SMEs that have the potential to deliver high-growth and employment opportunities across the East of England region.

Growing national law firm, Foot Anstey has advised FSE Group in connection with the closing of two investment funds, which will form part of the South West Investment Fund (SWIF).

The firm advised on the closing of SWIF - Equity Area A LP, a £46M fund and SWIF - Debt Area A LP, a £23M fund.

The £200m South West Investment Fund (SWIF) 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 will increase the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

The FSE Group was one of four fund managers appointed by the British Business Bank in connection with the management of the SWIF, being appointed to manage both debt and equity for the South of the region.

Karl Bradford, Legal Director at Foot Anstey, commented:  "The FSE Group has a fantastic track record of managing and deploying funds to support the growth of small and medium sized businesses.

"Being FSE's chosen legal partner in helping it close the two funds was an honour. We are proud to say that we assisted FSE with its appointment under the SWIF to unlock vital investment for businesses across the South West."

The SWIF is the first in a series of six new Funds being launched by the British Business Bank, the government-owned business development bank.

Dale Huxford, Chief Financial Officer at the FSE Group, commented: “Foot Anstey's legal advice was crucial in enabling us to close the equity and debt funds with Nations and Regions Investments Limited. We’d like to thank Karl and the Foot Anstey team for their support and guidance throughout the process and look forward to working with them again in the future.”

The Foot Anstey team was led-by Legal Director Karl Bradford, with support from colleagues in the firm's Funds team.

For more information about the South West Investment Fund visit: www.southwestinvestmentfund.co.uk

To find out more about Foot Anstey and its services please visit: https://www.footanstey.com/

Article written by Foot Anstey.

A design and manufacturing company producing sustainable furniture for work, education and social spaces has received a £200,000 loan from the Cornwall and Isles of Scilly Investment Fund, managed by The FSE Group.

Hart Miller Design will use the funds to support the growth of its MARK (Made and Realised in Kernow) Product brand – furniture ranges designed for informal work settings and learning environments that are manufactured in keeping with the company’s sustainability driven ethos.

This Cornish company is well known in the contract furniture industry, with MARK furniture being used in the offices of multinational corporates including the BBC, EY, Fujitsu and Arsenal FC. A key selling point is Hart Miller’s industry-leading, independently assessed “Do Net Good” strategy that they spent three years developing and refining into the robust manufacturing and operating model that defines the business today. The company is also working towards B Corp certification in 2023.

Demand for MARK products is also being driven by changes to workspaces as they evolve to fit the post-covid hybrid model where working from home tends to be for concentration and focus, whilst working from the office is often about collaborative spaces that build brand culture.

Anna Hart, Co-founder of Hart Miller Design, said: “As more large companies seek ethical and sustainable transparency from their suppliers, we are seeing increased demand for our high-quality designs. Our new Otto laptop table received significant pre-orders so building capacity to ensure delivery is central to our growth strategy. It can be difficult to obtain funding based on future sales so we are delighted to have secured this CIOSIF loan, which allows us to increase resources and provides working capital to support new contract wins.”

Tim Williams, Investment Manager at The FSE Group, added: “This is a resilient business that has overcome the considerable challenges posed by covid, built a track record for quality and reliability and developed a pipeline of innovative products to meet changing market demand. It is now in a strong position to take advantage of a recovering sector that is increasingly seeking high-calibre products with genuine sustainability credentials.”

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).

Paul Jones, Senior Investment Manager  from the British Business Bank said: “Sustainable growth is part of our core mission and Hart Miller Design is an exemplar business which has embraced the concept of a circular economy and put it into practice. I’m delighted that this CIOSIF loan will further those objectives.”

John Acornley, Chair of the CIOSIF advisory board and former LEP non-executive director, said: “With this CIOSIF investment Hart Miller Design has the team, space, suppliers and experience that puts the company on a trajectory to fulfil its potential as a leading UK provider of contract furniture.”

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