News

A London based communications agency has successfully secured a £250,000 loan from the Greater London Investment Fund (GLIF), backed by the Recovery Loan Scheme.

The loan forms part of a £500,000 funding round that will see the business expedite its growth following the impact of Covid-19. The GLIF loan will be used to support marketing activity and recruit nine new staff as part of a drive to create a total 28 new roles over the next three years.

Boldspace brings together advertising, marketing and PR through a pioneering approach that fuses advanced analytics with the creative process to develop cutting edge communications campaigns and build better brands. Its proprietary analytics platform, BoldLens, tracks and overlays paid media, owned media and social data, integrating all communications into one place.

Reporting in real time via a simple user interface, BoldLens’s insight enables the company’s creative team to develop highly targeted, dynamic and transparent campaigns. Nominated as 2021 Startup of the Year by Campaign Tech Awards, Boldspace has been recognised for its innovation and high-quality delivery, winning over 10 industry awards since its launch in February 2020. It has already gained more than 30 clients, with a mix of challenger and high-profile brands on board including the Post Office, Silverstone and West Ham United.

Boldspace Co-founder and Managing Director Mike Robb said: “We established Boldspace three weeks before the first UK lockdown so faced significant commercial challenges with trading severely limited and our public launch delayed. With a market-leading product now in place, together with strong early traction and a first-mover advantage, we are looking to get back on track to our initial projections. This GLIF loan will allow us to side-step further covid-induced delays and take on the substantial growth opportunity currently available.”

PR and Communications in the UK is a £15bn, growing industry. Many professionals feel that technology will drive considerable change and that measuring business impact is currently the top challenge facing the industry. There is also an expectation for marketing budgets to be cut as companies feel the squeeze of general cost rises.

Paul Shadbolt, Investment Manager at The FSE Group, which manages GLIF Debt Fund on behalf of Funding London, commented: “With its market disrupting technology, Boldspace is well placed to benefit from these market trends. Furthermore, as a small, agile team they can maintain competitive costs where larger agencies may not. Its experienced management team has built an impressive pipeline of both project work and contracted retainers and is positioning itself well, building capacity and developing its product, ready to take on further market opportunities.”

Maggie Rodriguez-Piza, Chief Executive at Funding London, added: “Despite challenging circumstances, Mike and his team have created a market leading product with outstanding track record in just two years. We are delighted to provide the capital needed to expand Boldspace’s team and support their long-term growth ambitions.”   

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme.

A Henley-in-Arden based business specialising in providing bespoke managed IT and analytic solutions, has secured a £400,000 loan which will enable the creation 16 jobs within the next three years.

Ensign Communications secured the funding from The Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund, and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

The funding will also allow the business to deliver its continued growth plan, retaining its current staff level to facilitate the delivery of new contracts and service existing ones as the UK comes out of lockdown.

Ensign Communications provides bespoke managed IT and analytic solutions, helping businesses to use technology more effectively by integrating a wide range of technology into the clients IT network, helping them to optimise performance and improve productivity.  

Simon Payne, CEO of Ensign Communications, said: “COVID-19 has highlighted the need for businesses to have secure and robust networks for their staff to work on at any time and from any location. Ensign Communications is in an excellent position to take advantage of this opportunity.

“Not only will this funding enable us to maintain our current workforce to service existing clients, but it will also allow us to expand our team and increase capacity to strengthen the delivery of future contracts, which will in turn help them to optimise their own business environments.”

Kerry Haughton, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “Simon and his Ensign Communications team have a strong sales pipeline and a loyal client base whose brands are well-known and come from a wide range of sectors. The growing complexity of technology means more and more businesses are outsourcing their IT requirements and digital strategies to companies like Ensign Communications.

“With over 35 years’ experience in managing these complex networking solutions, the business is well positioned to win more business and achieve its growth plans. We look forward to seeing these plans evolve.”

Ryan Cartwright, Senior Manager, UK Network at the British Business Bank, said: “This MEIF loan, backed by CBILS, will support Ensign’s current operations and expand its team. I would recommend any businesses in the Coventry and Warwickshire area looking to facilitate growth, to consider the MEIF funding options available to them.”

Sean Farnell, board director at Coventry and Warwickshire Local Enterprise Partnership (CWLEP), said: “Supporting innovative small and medium-sized businesses is the cornerstone of CWLEP’s Strategic Reset Framework as we help to lay the foundations to boost the economy post-Covid. Ensign Communications is a perfect example of a business that is making the most of opportunities which have come its way and it is fantastic news that the firm will be recruiting more staff in the near future.”

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 2014-2020 and the European Investment Bank.

The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.

The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.

Cornish company Logan Electronics has secured a £250,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a larger £500,000 funding round.

The deal was led by the FSE Group, the appointed fund manager for CIOSIF, with the investment enabling Logan Electronics to continue its recent impressive growth (sales almost doubled in the first six months of the company’s current financial year), and help fund a move to new premises in Redruth in February 2022 from its current base in Ponsanooth.

Logan Electronics is an independent sub-contractor specialising in the manufacture of electronic and electrical cable and wiring sub-assemblies.  A mixture of BREXIT and Covid-19 has led UK businesses to look more closely at the supply chain and Logan is starting to benefit from increased demand from businesses that previously may have used overseas competitors.

Logan was established in 1980 and supplies a range of Blue Chip customers in a wide range of sectors including aircraft antennas, industrial pumps, water monitoring equipment, vending machines, property security and control and monitoring equipment.

The business is ISO9001:2015 certified and participates in the UK’s SC21 programme aimed at creating world class supply chains for a range of demanding market sectors. The workforce is highly skilled and IPC trained and led by a management team who have between them over thirty years’ experience in the sub-contract electronics industry.

Chas Holt, Logan Electronics CEO, said: “We have an excellent team here in Cornwall and the new purpose built facility on a 4,000 sq m site in Scorrier, Redruth, will enable growth to continue. I am thrilled to be leading the business through this exciting time when supply chain management will be key to economic prosperity in the UK.”

Clive Davis, majority shareholder in Logan Electronics commented: “This funding is a key component of the first stage of Logan Electronics’ expansion plans which also involve a move to new premises early this year. The appointment of Chas Holt as CEO last year has already led to a significant increase in sales with increased orders from existing businesses and a number of new customers.”

Ralph Singleton, Head of Funds, Cornwall at The FSE Group, added: “We have been tracking the progress at Logan Electronics for some time, and with some like-minded co-investors who also see the longer-term trend in ‘onshoring’ sub-contract manufacture, we are pleased to be providing funding. The business now has all the tools in place to take advantage of the opportunities that lie ahead.”

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).

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “We are pleased to support a manufacturing business growing in Cornwall. The move to new premises in Redruth is also being supported by the BIG Productivity programme, a £3.15 million investment fund, financed by the European Regional Development Fund (ERDF) and delivered by Cornwall Development Company. It is pleasing to see two local growth programmes working together for the benefit of Cornwall.”

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

Advisers on the transaction were: Field Seymour Parkes (FSE legals) and Stephens Scown (Logan Electronics legals).

Read more about Logan Electronics at https://loganelectronics.co.uk/

The FSE Group is pleased to announce the appointment of Simon Elliott as Investment Manager joining its team in the East of England region.

Simon has enjoyed 17 years with Barclays in East Anglia where he has served the business community for most of his career. During that time, he has built an extensive network of contacts across the area and gained wide-ranging expertise in commercial lending.

In his role at FSE, Simon will help the existing team in deploying growth and trade finance to SMEs via the East of England Regional Growth Loan Scheme and the East of England Regional Trade and Contract Finance Loan Scheme. Both schemes can offer eligible businesses funding between £50,000 and £500,000.

Simon said: “To date I have demonstrated a strong commitment to the local economy, a good understanding of doing business in this geographic area and have helped develop an excellent eco-system in the central Norwich area. I am now looking forward to taking on a new challenge where I can utilise my knowledge and collaborative approach to extend this eco-system across the greater East of England region, identifying and supporting the area’s ambitious businesses to reach their full potential.”

Allen Hall, Head of Funds, East, at The FSE Group added: “We are excited to welcome Simon to FSE and our team delivering growth funding in the East. He brings a wealth of finance experience and personal attributes that will place him in a great position to hit the ground running. Enabling the growth of the region’s SMEs to support job creation and economic growth has been at our core since our Ipswich office opened in 2009; we are delighted that Simon is now on board and helping to continue this.”

A £6.5million initiative established in 2009, the East of England Regional Loan Scheme is an evergreen fund generating continuous economic impact with the initial funds recycled to provide funding totalling over £21million to the region’s SMEs. Managed by FSE on behalf of the region’s LEPs, the scheme can provide loans for growth as well as to service short to medium-term trade and contract finance requirements.

The FSE Group is delighted to welcome Paul Wainwright as its new Head of Funds, Yorkshire. The appointment follows the announcement in December that FSE has been appointed to manage Finance Yorkshire’s two new Business Loan funds.

Paul joins FSE following a period supporting businesses across the UK as a Director of the government’s Bounce Back Loan Scheme at the British Business Bank.

Prior to this Paul enjoyed a 24-year career with Yorkshire Bank, which saw him in a number of positions across a variety of operations before becoming Head of Customer Banking for the Sheffield City Region.

In this newly established role at The FSE Group, Paul will be responsible for managing the delivery of business loans between £25,000 and £250,000 and micro-loans between £5,000 and £25,000 to SMEs across Yorkshire and the Humber.

Paul commented: “The FSE Group has been supporting ambitious, high-growth SMEs for almost 20 years and I am thrilled to be heading up their expansion into the north of England. As a community interest company, FSEs really puts its customers at the heart of what it does and I look forward to adding my own 30 years of experience to this fantastic team.”

Julie Silvester, Head of Commercial at The FSE Group, added: “With his extensive knowledge of the region and long career encompassing small business finance, Paul is a great addition to the FSE team. We look forward to working with him to provide alternative finance options to high growth SMEs that have ambitions to expand, create jobs and improve productivity across Yorkshire and the Humber.”

Alex McWhirter, Chief Executive at Finance Yorkshire said: “Paul Wainwright being selected to lead the FY Loan Funds is a great appointment. I look forward to working with Paul to successfully deliver FY’s new Loan Funds across the region.”

The micro and business loans form part of a wider, sustainable fund from Finance Yorkshire that also offers Seedcorn and Growth Fund investments. The fund is expected to invest more than £50m over the next five years. For enquiries about the Business Loan Funds, please visit and fill out the attached enquire form: https://www.thefsegroup.com/enquire/