A company which builds products to increase the success of app marketing has secured £170,000 from Greater London Investment Fund (GLIF), backed by the government’s Recovery Loan Scheme (RLS).

The funding will be used to scale up their staff team by creating six new positions in their London head office and will enable the company to focus on their marketing activity throughout 2022.

Machine Advertising started life as a tech solution to help brands optimise their return on advertising spend. The technology was built inhouse and additional tools were added, including a fraud detection tool. The fraud detection aspect of the software has been hugely successful. When they ran one of their larger global client’s campaigns through their fraud tool, 92% of app installs were found to be fraudulent. At this point they pivoted their business towards further developing the fraud tool.

Clients run their campaigns through Machine Advertising’s platform which checks 25 billion data points every month. These checks are designed to detect whether marketing is reaching the intended audience or whether fraudsters are using bots, or domain spoofing, to siphon off money from advertising transactions.

Gary Danks, CEO at Machine Advertising said: “Growing our team is an exciting step for us, as it will enable us to increase our marketing reach and welcome new clients to the Machine Advertising portfolio. Our existing clients are from a breadth of sectors, from travel to advertising. But for all their differences each of them need transparency when it comes to successfully spending their marketing budget. Our products facilitate this by protecting ad campaigns from fraudulent attacks. We’re very much looking forward to building our team so that we can work with the next round of clients, our thanks to Paul at The FSE Group for facilitating the funding that will enable this.”

Paul Shadbolt, Investment Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, added: “Machine Advertising is a perfect example of a company who has successfully amended their focus to take on board their strengths, rather than missing exciting opportunities. This foresight and drive impressed us, along with winning the Business of Apps Top Ad Fraud Prevention Tool in 2020 and being named the Most Effective Anti Fraud Solution at the Effective Mobile Marketing Awards. We wish Gary and his team all the very best for the future.”

Maggie Rodriguez-Piza, CEO at Funding London, added, “Gary and his team have built an innovative product which delivers great value to its users. Pivoting the business has helped them go from strength to strength. We are delighted that GLIF’s capital will underpin Machine Advertising’s team expansion and support their 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.

A Birmingham-based developer of digitisation solutions for businesses has secured a growth finance loan from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund, and backed by the Recovery Loan Scheme (RLS).

The investment, which accompanies an additional equity raise, will fund staffing and overheads whilst facilitating the creation of six new sales roles.

Opinsta’s Operations Management Platform is an all-in-one mobile-first solution designed to eliminate manual processes, discover actionable data and enhance the ROI of existing systems within large enterprise organisations.

The platform can be quickly deployed in organisations and customised to meet the exact needs of clients. It can integrate with existing software enabling a seamless data flow between complex legacy systems (including SAP, Maximo and ServiceNow) and front-line operations.

It has been pivotal in helping organisations optimise operational efficiency, saving costs and time, enhance the ROI of existing software platforms and increase customer and employee satisfaction levels.

Rajesh Verma, Opinsta founder and CEO, said: “Since our launch in 2014, Opinsta has delivered B2B software for industry-leading businesses across multiple sectors, helping to deliver millions in operational savings for our clients. Although Covid-19 delayed our planned growth across other sectors and geographies, we are now facing extensive opportunities in these areas. This MEIF funding will allow us to forestall any further Covid impact and focus our efforts fully on escalating the delivery of our market-leading platform.”

With increasing numbers of businesses seeking effective and efficient digital solutions for their work processes, the market opportunity is substantial. Opinsta is looking to expand across multiple industries including manufacturing, logistics, sports stadiums, car manufacturers and infrastructure companies, both in the UK and internationally.

Kerry Haughton, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, added: “Raj has spent considerable time assembling a strong core team to hone the platform and lay the groundwork for expedited growth. Despite Covid related setbacks, the team continued to add a significant number of new clients throughout 2021 and they are now ready to capitalise on this traction. As an agile and client-focused SME with a first-to-market advantage, Opinsta is in a great position to scale quickly and achieve its growth ambitions.”

Ryan Cartwright, Senior Manager, UK Network at the British Business Bank added: “MEIF funding has a range of uses for businesses, such as building team, expanding premises and purchasing new equipment. This latest package, backed by the Recovery Loans Scheme, will support Opinsta with the creation of six new job roles. Other businesses in the Midlands region looking to mitigate the impact of Covid or move into the next stage of development should consider MEIF funding.”

Ian Tandy, Board Director at Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) commented: “Across our region, we have a thriving community of digital technology businesses and innovators like Raj and his team at Opinsta. With digitisation a growing trend due to the pandemic, B2B digital platforms are in demand more than ever. This latest round of investment therefore is not only supporting Opinsta’s growth ambitions but SMEs looking to improve the efficiency of their operations. This is critical to delivering GBSLEP’s mission to drive inclusive growth through enabling and supporting our businesses to unlock their potential.”  

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

A Surrey based performance cycling wheel brand is the latest company to receive finance through the Enterprise M3 Funding Escalator. The £100,000 expansion loan will fund further product development, marketing and growth of the team.

From its Puttenham workshop Parcours designs and retails its range of wheels with cutting-edge aerodynamic technology. Since its launch in 2016, the company has built a solid reputation for a premium product at an affordable price point, with a number of top cyclists and triathletes winning races and championships riding on Parcours wheelsets.

As a small business among a myriad of large competitors, ongoing research and development is key to Parcours remaining at the forefront of technical improvements to maintain its reputation and underpin its future growth. A research partnership with Nottingham Trent University Sports Engineering dept has already resulted in the launch of a unique rim technology following Parcours’ #thinkwider project and design philosophy. This involved fitting bikes with ultrasonic sensors that were used to run tests in real-world wind conditions over a 12-month period. Data was collected via smartphones and used to inform and drive product development.

Its innovative approach to research and development has allowed Parcours to deliver a product with performance and technical credentials beyond its price bracket and, having seen sales increase by 70% in the last year, the business now faces an opportunity to expand in a number of international markets.

Parcours founder and CEO Dov Tate commented: “As a small and agile business we have been able to react quickly to the growth in cycling that has taken place during the pandemic. Unlike many of our larger competitors, we haven’t been so significantly impacted by significant supply chain issues and are still delivering to our direct sales consumers as well as our retailers and distributors. We are now looking to expand our presence in Europe, North America and Asia and this Enterprise M3 loan means we can get ahead of the competition in taking advantage of the wider market opportunities.”

Enterprise M3 Funding Escalator is managed by The FSE Group on behalf of Enterprise M3 Local Enterprise Partnership. Cheryl Weeks, The FSE Group’s Head of Funds, South East added: “Over the past five years Dov has developed a range of technology driven, high-quality products which, alongside a pricing model that is difficult for larger competitors to match without disrupting their distribution model, has helped him to establish a robust, niche business with strong relationships across the sector. With the pandemic led cycling boom showing no signs of slowing, the market opportunity is considerable and we look forward to working with Dov and his team as they drive the growth of the business.”

Kathy Slack, Director, Enterprise M3 LEP, comments: "It’s encouraging to see a small, local company expanding into global markets and I look forward to seeing their continued success. Innovative research and product development between Parcours Velo and Nottingham Trent University shows how small companies can grow in a competitive market and I’m delighted that our Funding Escalator has been able to support their expansion.”

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 £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

A London based direct-to-consumer online plant retailer has secured a £1million loan from the Greater London Investment Fund (GLIF) to support business expansion.

The loan, which is backed by the Government’s Recovery Loan Scheme, will support the company’s growth ambition through sales and marketing activity, the creation of new jobs in London and allow for an investment in product development.

Established in 2015, Patch initially concentrated on the London market before a nationwide roll out in March 2020, thus benefitting from an increase in the ecommerce plant market during the Covid-19 pandemic. As a direct-to-consumer supplier of indoor and outdoor plants and accessories they were the first to offer a broad range of quality plants delivered direct to the home, as well as a unique system of professional aftercare in the form of YouTube tutorials from plant experts.

Patch will look to broaden their product offer to capitalise on the growing trend towards urbanisation and the demand for wellbeing products. This will be achieved through expanding the product range to include a more material range of outdoor plants as well as through retail partnerships.

Freddie Blackett, CEO and Founder of Patch, commented: “Thanks to this GLIF loan, we will be able to adjust to the increased transport and recruitment costs that the pandemic and other external factors have forced upon us. The loan comes at a crucial moment, allowing us to invest in both a strong workforce as well as increased marketing to really push forward with our growth plans.”

Currently valued at £4billion, the UK plants and accessories market is still growing. As the acceleration in ecommerce brought about by Covid-19 continues, online penetration of the plant market is rapidly increasing, with Patch’s market-leading position driven by its first-mover advantage.

David Booth, Investment Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, added: “We were impressed by the business momentum which Freddie has built since 2015 and the growth opportunity.  We are delighted to be supporting Patch on the next stage of their journey and look forward to working with the team as they continue to execute their plans for expansion”.

Maggie Rodriguez-Piza, CEO at Funding London, adds: “As a pioneer of the ‘urban jungle’ movement, Patch continues to drive the rise of this trend which has improved the lives of many city dwellers. We are extremely excited to continue supporting them as they launch in their next stage of growth.”

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 £1.5m, 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 company supplying fresh produce to the hospitality industry has received a £150,000 expansion loan from Thames Valley Berkshire (TVB) Funding Escalator. The money will be used to fund capital expenditure, site improvements and additional staff, allowing the business to increase capacity and meet growing demand.

Set up in July 2020, Maidenhead based Crop to Kitchen sources and grows premium fresh produce for high-end hospitality, including several Michelin star restaurants. Its specialist products include less common ingredients such as micro cress, sea beet and edible flowers, and they work closely with head chefs to deliver the ingredients desired for their restaurant tables.

Following a recent move to a new site with its own farmland, the business is already growing its own produce which will account for a significant portion of future sales, with the remainder to be sourced directly from the grower wherever possible. This will help keep food miles to a minimum, contributing to the company’s sustainability goals along with other initiatives such as a large on-site composting facility enabling a zero food waste environment, utilising an in-situ borehole for crop irrigation, and installing a wind turbine to power the site’s electrical needs. Crop to Kitchen is also training two horses to plough the field.

Peter Codling, Crop to Kitchen Founder and Director, said: “Launching a business at the height of covid-19 brought its challenges but we were able to lay all the groundwork necessary for a full-speed launch when the hospitality industry was ready. Without this TVB loan, we would be unable to follow up on the huge amount of interest we are now seeing for our niche offering. After only a year of trading, we did not have the track record required by many lenders, but The FSE Group was prepared to look at the potential of our business. We are delighted to have successfully secured the funding needed to boost the growth of our business.”  

With the help of Richard Steele at BizBritain, Peter was able to prepare the robust financial forecasts needed to demonstrate that potential. Richard added: “Having supported Peter with identifying and securing the initial start-up funding back in 2020, BizBritain has continued to work closely with him throughout the last 12 months via ongoing, open communication to get the business investment ready. We look forward to working with FSE in relation to the growth of Crop to Kitchen, and on other opportunities where FSE’s funding can support our clients’ next stages of growth.”

Philip Greenwood, Investment Manager at The FSE Group, which manages the TVB Expansion Loan Scheme, commented: “Over Peter’s 20+ years of experience in the fresh produce industry, he has built an impressive reputation and extensive network of connections to both potential clients and high-quality suppliers. In the short life of the business so far, the Crop to Kitchen team has shown an ability to adapt to changing and challenging circumstances and continue to move forward, even when hospitality was closed by the pandemic. Since the industry reopened, they have successfully onboarded new customers month on month, and we are pleased to be supporting this impressive team to take on the growth opportunity now open to them.”

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.

Penryn based marine manufacturing company, Workfloat (also trading as Scaffloat), has secured a £140,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) as part of a £200,000 funding round led by appointed CIOSIF fund manager, The FSE Group.

The CIOSIF investment, along with match-funding from private investors, will be used to support the overall growth of the business, enabling further product development, increased marketing activity and expansion into overseas markets as well as the creation of new jobs within the company.

Workfloat has two fully-certified, key offerings using its patented float technology: self-propelled bespoke pontoons designed to integrate with scaffolding structures, and easily transportable workboats for versatile use within commercial marine engineering.

The marine platform market is currently dominated by a choice between heavy-duty, non-mobile products, or those offering mobility but that are less robust with limited capabilities. Workfloat serves this identified market-gap by providing a solution that is both mobile, resilient and fully functional. The company also provides marine management services to ensure its clients get the most out of its products.

Demand for Workfloat’s innovative solutions is strong with the company recently supporting prestigious projects including maintenance for Queen Elizabeth-class  aircraft carriers, Network Rail bridges, Highways England assets and the Environment Agency.

Toby Budd, CEO and Founder of Workfloat, commented: “Over the past three years we have worked hard to create a cost-effective, transportable work platform to overcome the issues with the current market offering. Our products are gaining traction across the UK and overseas and this funding will allow us to maximise the opportunities available to us, continuing to grow our business globally whilst maintaining our roots firmly in the South West. Having CIOSIF on board as an investor, with the added benefit of the FSE team’s corporate finance and governance experience, will be extremely beneficial in scaling and professionalising our operation.”

Ralph Singleton, Head of Funds, Cornwall at The FSE Group, said: “Workfloat has a credible management team led by Toby whose experience in the marine sector, as well as in successfully building and exiting a portfolio of small businesses, places the business in a strong position for growth. The business is well-supported by credible private investors who understand the commercial marine space and the team continues to develop innovative, award-winning products to address a known gap in a niche market. CIOSIF and FSE are keen to invest in this important Cornish sector and we look forward to working with Workfloat as it continues to grow.”

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 Investment Manager from the British Business Bank, said: “This is the fund’s latest investment in Cornwall’s marine sector and will result in direct job creation within the business and benefit Workfloat’s manufacturing supply chain which is mostly based in Cornwall. We’re delighted that CIOSIF has helped attract additional outside investment and wish Toby and his team all the best.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Workfloat have developed a versatile and innovative product with a wide range of applications, from construction to commercial diving, surveying, aquaculture and even film work. That diversity is a real strength of the business and we look forward to its continued growth.”

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

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.