Penryn-headquartered Inyanga Marine Projects has completed a £2m capital raise comprising a minority £0.8m equity investment backed by the Cornwall and Isles of Scilly Investment Fund (CIOSIF) and £1.25m debt facilities.

The equity investment round was led by The FSE Group (the appointed fund manager of CIOSIF) with investors including CIOSIF, French company SerEnMar’s Ship As A Service® (SAAS) and private investors.  Debt facilities are being provided by Cyan Finance and Lombard.

Formed in 2017 by Richard Parkinson, Inyanga Marine Projects provides expert operations services and engineering design within the offshore renewable energy sector (including tidal, offshore wind, wave and solar).

The sector is thriving as part of global moves towards a net zero carbon economy with Cornwall and the UK particularly active. Climate Change and creating a greener future is at the top of the agenda for this week’s G7 summit in Cornwall.

The investment is being used to fund the expansion of the business, including the purchase of DP2 Multi-Purpose Vessel, Inyanga Entsha, that will be based out of Falmouth.  Inyanga has a growing team of 15 professionals and is involved in some of the most ambitious offshore green energy projects including St Brieuc Offshore Windfarm, Minesto’s Holyhead & Faroe Islands installations and Sabella D10 tidal energy project.

Hervé Allaire of SAAS will be joining Inyanga’s company board as the two businesses embark on a closer partnership leveraging their complementary offerings. Martin Macey led the investment on behalf of FSE and will be joining Inyanga as Board Observer.

Richard Parkinson, CEO at Inyanga commented: “Martin and the team at FSE went above and beyond to help us plan and structure the capital raise.  Their commitment was evident throughout and we are delighted with the outcome.”

Martin Macey, Investment Manager at FSE Group commented “It is a privilege to work with Richard and the team at Inyanga which comprises some of the world experts in offshore renewables.  We look forward to helping scale this innovative business in such an important sector.”

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).

Ken Cooper, Managing Director at the British Business Bank, said: “Through the British Business Bank’s regional funds we are actively supporting businesses that are contributing to the UK’s low-carbon agenda. Inyanga Marine is a great example of that and we are delighted the fund has supported this deal.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Inyanga is part of a globally renowned offshore renewable energy supply chain in Cornwall. The region is on the cusp of significant developments in the floating offshore wind industry in the Celtic Sea, so this deal is very timely.”

Advisers on the transaction were: Field Seymour Parkes (FSE legals), Murrell Associates (Inyanga legals), Lang Bennetts (Inyanga tax) and Mylor Ventures (Inyanga corporate finance).

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

Warwickshire based manufacturer of energy storage solutions, Off Grid Energy, has secured a £1.25m investment to scale-up its operations, further developing its product offering whilst creating new jobs in the area.

Off Grid Energy secured the finance 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 has enabled Off Grid Energy, to relocate to their brand-new state of the art 30,000sq ft premises, which features 150Kw Solar PV and is based in Stepnell Park, Rugby.  The resources support a step-change in the business to become a full production operation that will create 30 new skilled positions within the business whilst launching new products that will be supported by an extensive PR and marketing campaign.  The business will further establish its presence overseas with these new products.

Off Grid is a respected and trusted voice on energy efficiency and clean energy solutions, who continues to work towards a smart, decarbonised, decentralised energy system.

Janene Dooler, Joint Managing Director of Off Grid Energy, commented: “Our recent exciting relocation means that now all our energy needs are met by renewable sources and combined with having a private network on the estate, gives us the ability to develop our technology to the max. Since 2011, we have pioneered and become experts in providing smart, efficient power solutions which save money and significantly reduce carbon footprint in the temporary power sector. Our technology saves costs and has huge sustainability impact displacing the use of diesel generators reducing carbon emissions and tackling air quality issues. In emerging sectors, such as energy storage and EV charging, for those struggling with grid power, or where there is no grid available, we work with you to find the most cost-effective solution, with the least environmental impact, delivered in the shortest possible time. Our focus is to offer zero or net carbon neutral energy solutions. The funding received from MEIF via Chirag at The FSE Group, will enable us to grow and expand as a business, enabling high quality job creation to permit us to develop our products to enable us to achieve this goal.”

Chirag Mistry, Investment Manager, at The FSE Group, which manages the MEIF Debt Finance Fund adds: “I am delighted to be supporting Off Grid Energy through The FSE Group & The Midlands Engine Investment Fund. Off Grid Energy is an exciting organisation supporting the transition to low emissions and is a leader in this specialist sector. They are an experienced team making a real difference with their products and applications, serving a wide range of sectors across the UK. Off Grid Energy offers a glimpse of what the future will look like and how we can embrace technology to improve the environment now, not in 2030. The funding will enable Off Grid to retain, grow and develop its workforce boosting the local economy.”

Grant Peggie, Director, at the British Business Bank also added: “The MEIF is committed to supporting businesses that are contributing to the UK’s low-carbon agenda, alongside meeting wider key fund objectives. This latest investment highlights the strength of the Midlands in developing clean technology solutions and we will continue to help green and sustainable businesses grow and create new skilled jobs in the Midlands.”

Sean Farnell, board director at the Coventry and Warwickshire Local Enterprise Partnership, said: “An important focus of the CWLEP’s Strategic Reset Framework is innovation and green technology and Off Grid Technology is a perfect example of this.”

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.

West Midlands based cremation service provider has secured a £200,000 growth loan to expand its operations, purchase new equipment and create jobs in the region.

Chapter Response secured the funding from The FSE Group, Debt Finance fund through the Midlands Engine Investment Fund (MEIF).

The support will allow the Tipton-based business to expand its service to more UK locations. Two new electric ambulances, equipped with medical tracking software, as well as three refrigeration units will be purchased using the funding, with eight new employees also set to be recruited and trained.

Chapter Response is committed to creating a cremation choice which reduces funeral poverty, which currently affects 1 in 8 families. Many of whom are unable to afford the average traditional cremation costs of c£4,000. Specialising in unattended private cremation services has allowed the business to increase its efficiencies and pass on these cost savings to families. The firm’s team of ambulances and responders oversee unattended private cremation services and return the urn to the family home – allowing family members more time for their own celebrations commemorating their loved one.

Donna Baker, Founder and CEO of Chapter Response, commented: “We are pleased to be able to expand our service to reach more areas in the UK. Having been in the industry for over 20 years, we recognise the individuality of each and every end-of-life celebration to reassure families that their loved one is in capable, responsible and respectful hands. It’s been a positive experience working with Kerry, helping us to secure the funding required for the next stage of the business’s journey.”

Kerry Haughton, Fund Manager, at The FSE Group, which manages the MEIF Debt Finance Fund adds: “We are proud to have supported Chapter Response with its service expansion plans across the UK.Donna’s understanding of the funeral business demonstrated to us the strength of Chapter Response and helped to secure the investment. Through the Midlands Engine Investment Fund, The FSE Group is committed to providing finance to Midlands’ businesses with the potential to grow. We look forward to accompanying Donna and her team for the next phase of their development.”

Paul Brown, Black Country LEP Board Member, said: “We are delighted to see the MEIF supporting businesses across the Black Country, particularly when this increased capacity will support expansion across the UK. The MEIF aims to support businesses in scaling up, with a focus on companies like Chapter Response which have real potential for growth.”

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.

To support their growth ambitions, London based SME Weeding Technologies has secured £450,000 in loan funding from The FSE Group, via The Greater London Investment Fund (GLIF). This includes £250,000 in conjunction with the government backed Coronavirus Business Interruption Loan Scheme (CBILS). The funding will allow the company to recruit for 4 new positions with a focus on marketing activity, increasing their logistics and new product development.

Keeping our local communities weed free can be a complex and expensive task, particularly given recent restrictions around the use of traditional chemical herbicides. All kinds of municipal organisations – ranging from local authorities, to parks, to schools, to water companies – need to find new ways to weed our public places.

Established in 2011, Weeding Technologies (Weedingtech), primary objective was to provide a sustainable solution for both gardeners and communities to manage their outside spaces, whilst also protecting their residents and the environment around them. Their aim was to develop the best alternative solution possible for those wanting to move away from traditional chemical herbicides such as glyphosate.

Weedingtech developed a herbicide free technology for the control of weeds, moss and algae providing a greener, cleaner and safer way to maintain both gardens and outside spaces. Their “Foamstream” product offers a herbicide-free approach to controlling unwanted vegetation, as well as sanitisation against COVID-19 and cleaning solutions. Products are safe for use around people, animals and delicate eco-systems including waterways, parks and all public places. Accredited for organic use in the UK, Weedingtech products are approved by DEFRA and The Environment Agency and are also available in Europe and the USA.

Leo de Montaignac, CEO and Co-Founder of Weeding Technologies commented: “We are extremely proud that we have developed and can offer safe, non-toxic solutions for controlling unwanted vegetation on all surfaces, in all weather, all year round. Accreditation bodies worldwide have also cleared our products as safe, organic and non-toxic. With the loans received from GLIF via Paul at The FSE Group, we will be able to retain staff to enable the day-to-day operations to continue to run smoothly during these difficult times and look to create jobs and expand our team as the business continues to grow. Our thanks to Paul for helping us with the funding process.”

Paul Shadbolt, Investment Manager for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “Leo and his team at Weedingtech have industry-leading, award-winning products offering a highly effective alternative to traditional toxic germ killers. The products use hot water insulated with its specially formulated biodegradable and organic foam, delivered by their patented machinery. GLIF is keen to support innovative high growth businesses in Greater London, and with job creation for the local economy included in their plans we were pleased to be able to offer Weddingtech the loan funding they need to execute their expansion plans. We wish them well for the future.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “‘We believe that it is more important than ever to support the growth of innovative, green technologies that successfully replace highly polluting alternatives. We are extremely excited to provide the extra capital Leo and the team at Weedingtech need to continue and expand their operations.”

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.

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/

To support their growth ambitions, London based Taylor & Hart has secured a total of £500,000 in loan funding from the Greater London Investment Fund (GLIF) this includes £250,000 in conjunction with the government backed Coronavirus Business Interruption Loan Scheme (CBILS).

Established in 2011 by friends Nikolay and Shane, Taylor & Hart began when a close friend approached them to design a custom-made engagement ring for his girlfriend. He was looking for something as remarkable and personal as his love. After careful sourcing, sketching, and plenty of secret meetings, Taylor & Hart’s first bespoke ring was created, beautifully unique and one of a kind. From there a dream shared by two friends took shape - to put the magic back into bespoke jewellery.

It is estimated that in the UK sales of diamond jewellery are circa £3bn, £600m of which is believed to relate to bridal jewellery, driven by 250,000 annual weddings. Over the years, Taylor & Hart has expanded across the world into a lively and devoted team of creative thinkers. But even though their business has grown into a widespread and diverse community, they have never let go of their commitment to meaningfully designed jewellery inspired by human connection.

Nikolay Piriankov, CEO and Co-Founder of Taylor & Hart commented: “Our commitment is to always offer a heartfelt and hands-on approach to bespoke engagement ring design. Shane and I have always strongly felt that jewellery is and always has been an expression of human stories. This loan from GLIF will enable us to provide cover for existing salaries and marketing costs to offset the reduction in sales growth arising from COVID-19 and to maintain our market position. In addition, we will also be able to recruit new employees to join our team and dedicate some of the money to increase our marketing strategy."

Kala Desai, Head of Funds for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “GLIF supports innovative high growth businesses in Greater London. We were impressed by Taylor & Hart and their premium bespoke range of jewellery which fills a growing gap in the market. They have demonstrated commercial traction even in these unprecedented times, which is one of the key attributes for commercial success. We are pleased to be supporting them and look forward to the next stage in their journey."

Maggie Rodriguez-Piza, CEO at Funding London, adds: “We could see a clear strategy from Nikolay and Shane, to transform their premium jewellery business. However, it was apparent, the team needed additional capital to facilitate this transformation. With the investment from GLIF and the continued support from Kala and her team, Taylor & Hart, will soon be able to accelerate sales growth, recruit new team members and expand market strategy. We wish Nikolay, Shane and the team, the best of luck over the coming months."