A provider of digitally enabled pharmacy solutions to care homes across the UK has received further funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.

Following significant scaling up of the business since its first MEIF loan in 2021, Remedi Solutions has secured an additional £800,000 in MEIF investment to help boost further growth. The latest funding will be used for IT infrastructure development, premises refurbishment and equipment purchase.

Remedi is transforming care home medicine management by offering a service that dispenses and supplies repeat prescription medicines from an automated hub. Its electronic barcoding solution gives full traceability of prescriptions of medicines from the pharmacy through to the end-user      care home resident, removing the workload and error potential of the prevailing paper-based system.

Kenny Black, Remedi Solutions CEO, said: “This support from the MEIF is enabling us to fast-track our growth and continue to roll out our game-changing solutions to more care homes across the UK, resulting in better quality of care. FSE is continuing to invest in our potential, despite being an early-stage business with limited track-record and we are delighted to be working with them as we continue to grow.”

There are over 500,000 care home residents in the UK and an ageing population means this figure is set to grow substantially over the next decade. Remedi’s simple and efficient one size fits all platform will be invaluable across this largely unintegrated sector.     

Harriet Saunders, Investment Manager at The FSE Group, added: “Remedi first came to us having developed an innovative solution that was ready to launch. Over the last two years, the team has already onboarded 200 care homes servicing over 8,000 residents. We are thrilled to see this progress since we provided the first MEIF loan and look forward to supporting the team further as they seek to modernise processes across the care and pharmacy sectors.”

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The MEIF supports sustainable and innovative SMEs in the Midlands – this follow-on funding for Remedi Solutions will continue to drive growth for the company to increase its capacity through new equipment and investment into infrastructure. We look forward to seeing how the funding will boost Remedi Solutions in its growth plans as it reaches the next stage of expansion.”

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 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance.

A specialist bathroom installer for people with limited mobility has secured a £150,000 investment from Finance Yorkshire.

The Walk in Bath Company was established in 2018 by husband-and-wife Jules and Kirsty Allen. Jules has 18 years’ experience in the mobility industry.

The Shipley-based business provides UK-manufactured walk-in showers and bathrooms for customers with disabilities or limited mobility. Design features include a low threshold to make it easier to get in and out of the bath, secure locking and safety grab rails.

The investment, from Finance Yorkshire’s Business Loans Fund, will enable The Walk in Bath Company to recruit new field and service team members, while adding more firepower to its marketing.

Since the investment, the company has seen its sales increase by 20% on the first quarter of 2023. The number of installations it has carried out is up 50% on last year.

Jules Allen, managing director, said: “I set up the business after hearing too many horror stories about people selling products with little care for customer service. There was a gap in the market for someone who puts care and attention to detail first.

“It is not just about selling people a bath or shower. We get to know customers and advise them throughout the process, finding the right option for their mobility and home.

“This investment from Finance Yorkshire will support the next stage of our growth with a mobile-friendly website, brand new TV campaign and the addition of fully employed installers.”

Alex McWhirter, chief executive of Finance Yorkshire, said: “Within a few years, Jules and Kirsty have established themselves as one of the UK’s fastest growing suppliers of walk-in baths and showers. Their commitment to customer service is well received by customers and we look forward to seeing the business scale-up further.”

Read the article on the Finance Yorkshire website.

One of the UK’s leading high-end holiday rental providers, luxurycottages.com, has received financial backing worth £500,000 to support the continued growth of the business.

Founded in 2019, the Birmingham-headquartered company has had an impressive journey so far and will now get a funding boost from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.

The agency which prides itself on offering the finest cottages across the nation’s most sought-after locations, offers a bespoke service to handpick getaways that suit all kinds of discerning travellers, The funds will be used to build an increased presence across the UK with luxury experts in each major tourist area, creating 24 jobs over the next three years as the holiday market goes through resurgence, with experts predicting 35.1 million visits to the UK in 2023 -18% higher than in 2022.

This latest investment from FSE follows more than £1 million in equity funding previously raised from Midven, a venture capital firm based in the heart of Birmingham, also through the MEIF.

Alistair Malins, Luxury Cottages CEO, said: “Over the last three years of challenging market conditions, we’ve built a strong brand position and a reputation for excellent customer service. Off the back of this we expect to more than double in size this year.

“With our focus on the premium end of the market we anticipate continued high demand for holidays and are delighted to have received further backing from the MEIF, which will allow us to expand our team and make the most of buoyant market conditions.”

The UK holiday market continues to go from strength to strength and, with a forecast spend of £25.9 million in 2023, figures have now risen above levels last seen pre-pandemic.

Ryan Cartwright, Investment Manager at The FSE Group, commented: “This is a truly exciting time for Luxury Cottages as the rise in popularity of “staycations'' continues to boost the sector. The current team has a proven track record of success and the forthcoming new hires will bolster the company's dynamic and determined ethos. We’re delighted to be working with Alistair and his team and very much look forward to joining them on their growth journey.”

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The MEIF supports ambitious SMEs with growth plans to scale up, and following a successful first funding round this new investment from the MEIF will allow Luxury Cottages to expand its team with new hires while tapping into the growing holiday market following the impact of the pandemic.”

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 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region.

Shipley-based Yorkshire Sole is expanding into new premises with investment from Finance Yorkshire.

The business specialises in the repair and restoration of footwear. Owner Dean Westmoreland – who appears on the BBC’s The Repair Shop – is opening a second shop which will see him start to make his own bespoke shoes.

A £25,000 investment from Finance Yorkshire’s micro loan fund is enabling Dean to fit out his new space at Sunny Bank Mills, Farsley, and equip it with stitching, pressing and finishing equipment used in the repair of shoes and boots.

Dean, 38, launched his business in 2017 after spending 15 years working in the cobbler trade. He plans to keep his Shipley store open to serve the local community while his new 500 sq ft unit will be known as Yorkshire Sole Shoemakers and Restorers.

Dean said: “Cobbling is the original recycling and it’s really important that the trade is protected. It is a craft and I’m still learning all the time.

“I needed more space to do repairs and move into making shoes under my own name. The investment from Finance Yorkshire is huge – it’s the first time I’ve had new machinery. It has changed my life and the life of the business and where I can positively take it.”

Yorkshire Sole is an authorised repairer for the brand Redwing. Dean plans to sell its shoes and those of the Loake brand at Sunny Bank Mills. “I want it to be a destination which promotes the shoemaking and repair trade and where people can experience the craft of cobbling,” said Dean.

Alex McWhirter, chief executive of Finance Yorkshire, said: “Dean is passionate about his craft and its heritage. He has already demonstrated his expertise to a wide audience, and he now has the opportunity to showcase the skills involved at his new premises.

“Finance Yorkshire’s financial investments support companies across Yorkshire and the Humber to grow and realise their ambitions. We are pleased to support Dean and his business as he expands and continues to promote the art of cobbling.”

Finance Yorkshire’s micro loan fund is part of its wider regional business fund which is expected to provide more than £50m to SMEs over the next five years. Investment is also available from its business loan, growth and seedcorn funds.

A company using cutting edge technology to help people make choices that reduce air pollution and improve health & wellbeing has received further funding via The FSE Group.

Surrey-based BetterPoints has secured £150,000 from the Enterprise M3 Funding Escalator to support the launch of its Carbon Crush product. The loan will help fund marketing, product development and the creation of a number of new jobs within the business.

BetterPoints is currently working with a range of organisations, including local authorities, large corporates, NHS trusts and higher education providers, to operate web portal and smartphone facilitated bespoke schemes that drive positive behaviour change within their communities. Its achievements to date include:

• 12million kg co2 emissions avoided
• 15million walking, running and cycling activities logged
• 26million sustainable journeys
• 2.8million public transport journeys
• 2.6billion calories burned

BetterPoints technology uses sophisticated gamification techniques and AI to engage and motivate users to make sustainable changes to their behaviour. With its rollout across large organisations proving so successful, BetterPoints is now developing Carbon Crush, a one-size-fits-all offering that will help smaller companies drive this positive behaviour change within their business.

Richard Kirk, BetterPoints CEO, said: “With Carbon Crush we can support the many small companies that want to drive positive behavioural change within their business. While we are investing so much in our research and development activity, BetterPoints doesn’t fit the lending criteria for traditional banks so we are thankful that FSE is prepared to continue to invest in us during this next phase of growth.”

Brett Chowns, Investment Manager at The FSE Group, which manages the Enterprise M3 Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “Since its first investment via FSE in 2018, BetterPoints has grown significantly and now has 85 commercial partners and over 170,000 registered users. Carbon Crush will help Richard and the team achieve maximum environmental and social impact and we are delighted to be supporting this innovative business that has climate change and social responsibility at its core.”

Sue Littlemore, Joint Managing Director at the Enterprise M3 LEP said: “We are delighted to see the EM3 Funding Escalator doing exactly what it was set up to do and filling a gap left by other lenders to provide funding for innovative companies such as BetterPoints. By promoting active and sustainable transport and reducing single occupancy car journeys, Carbon Crush is perfectly aligned to EM3’s Low Carbon, High Growth strategic vision for our economy.”

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 £500,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

Find out more information about the Enterprise M3 Funding Escalator or contact Brett Chowns: Brett.Chowns@thefsegroup.com

A fast-growing electrical contractor has received a £100,000 investment from Finance Yorkshire to power its growth.

Birstall-based Owen Electrical Contractors was formed in 2015 and manages installations for customers including property developers, schools and supermarkets.

The investment, from Finance Yorkshire’s Business Loan Fund, will support the recruitment of additional staff, equipment and an expansion in office space.

Owen Electrical’s current projects include a development in Middleton, Leeds, that includes 116 new houses and a 60-bedroom care home. The company is also on-site at a new school in Rochdale and was recently awarded a contract for a 228-apartment development in Sheffield.

Martin Owen, who runs the company with long-standing business partner Lee Murphy, said: “The business started out with me and three others carrying out rewires and upgrades for council buildings. From there, we have formed trusted relationships with contractors and engineers that has enabled us to secure larger, private sector contracts.

“We have grown very quickly. 2022 was a massive year for us. This investment will help us to bring in new people and expand our space while looking into new areas such as electrical maintenance.”

The company recently achieved accreditation with the National Inspection Council for Electrical Installation Contracting and became a gold member of Constructionline, the UK’s largest network of construction buyers.

Alex McWhirter, chief executive of Finance Yorkshire, said: “Owen Electrical’s client portfolio of well-known residential and commercial construction companies is testament to the excellent service it provides.

“With a reputation for quality and value for money, it is no surprise that its services are in high demand. We look forward to supporting Owen Electrical to further realise its business growth potential.”

Finance Yorkshire’s Business Loan Fund is part of a wider regional business fund which is expected to provide more than £50m to SMEs over five years. Investment is also available from its Growth and Seedcorn Funds.

A London based Dim Sum brand has secured a six-figure sum to scale staff and expand its range. The funding was secured from the Greater London Investment Fund (GLIF) as part of a fundraising campaign advised by Accelve.

Ding Dong Dim Sum launched in 2021 and have since sold seventy thousand Dim Sum boxes directly from their ecommerce website. 

Noting how quickly Dim Sum degrades as a takeaway and the lack of availability in retail and restaurant outlets nationwide, the founders created a freshly frozen Dim Sum range that is delivered and steamed at home using an innovative biodegradable cardboard steamer. As well as the steamer, each box contains a feast of dumplings, gyoza, siu mai, bao buns, sticky rice, salad and dips.

Founders, Thomas Greenwood-Mears and Maya Rodricks of Ding Dong Dim Sum commented: “We wanted to find a way of bringing authentic Chinese cuisine to every household in an affordable and sustainable fashion. We have been overwhelmed by the initial response from the public and are excited by the imminent launch of an everyday range which will make our offering more widely accessible.”

Leo Brooks, Investment Manager for The FSE Group, which manages the £55 million GLIF fund, commented: “We were extremely impressed by the innovation shown by Ding Dong Dim Sum and the determination of the founders to grow rapidly.”

Anup Agrawal of Accelve, fundraising advisor to the founders commented: “We are delighted to have helped Tom and Maya secure funds from GLIF as the business seeks to build its multichannel presence.”

Ding Dong Dim Sum are now looking to add retail expertise to their board whilst continuing to secure follow-on equity investment to further accelerate their growth over the next 18 to 36 months.

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.

Software business Intelligent AI has secured a £500,000 equity investment by the Cornwall & Isles of Scilly Investment Fund (CIOSIF) from appointed fund manager The FSE Group as part of a £2 million funding round.

The CIOSIF investment, along with match-funding from SuperSeed, the FSE Angel Investor Network and private investors, will be used to set up an operational base in Cornwall, creating 27 new jobs over the next three years.

Established in 2020 by Anthony Peake, Intelligent AI provides a risk underwriting platform for the commercial property insurance sector, incorporating artificial intelligence to aid the decision-making process for insurers. 

Intelligent AI says the commercial property insurance market currently suffers significant losses in risk management caused by inefficiencies in recording and analysing data sets. Underwriters spend 80% of their time gathering fragmented data, usually a manual process, and less than 20% of their time underwriting policies. 

Intelligent AI offers a platform using advanced predictive algorithms, risk data and visualisations to empower their clients to achieve more intelligent outcomes and act on what matters most.
Drawing on data from satellite image analysis, real time smart meters, open data and proprietary algorithms, the platform is able to automatically deliver over 300 datasets for each commercial building or asset (e.g. factories, warehouses, ports, mines etc). Datasets might include flood and weather risk, local crime rates and emergency response times. The customer benefits from mitigated health and safety risks, accurate insurance premiums and greater business continuity.

Anthony Peake, CEO at Intelligent AI, commented: “It is great to be working alongside the CIOSIF team with an investment that has come at an exciting time. In the UK alone, some £50 billion of commercial property underwriting took place from 2016 to 2021 and resulted in losses of £4.7 billion. Globally, approximately £270 billion of commercial property has been underwritten over the last five years, with losses in excess of £27 billion. Thanks to this investment, we will be able to accelerate our growth plans and expand our team to respond to global commercial opportunities, including in the US.” 

Anna Staevska, Investment Manager at The FSE Group, added: “Intelligent AI is an exciting young business with global potential. We were impressed with Intelligent AI’s management team, who have deep domain expertise and significant experience in the insurance sector. Furthermore, the company has an exciting suite of products which provide solutions to sector wide problems experienced around the world. We are delighted to be able to invest in the business and look forward to working with Anthony and the team to ensure they reach their goals for growth.”

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 was 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: “Intelligent AI are using artificial intelligence and real time data analytics to help insurers, brokers and corporates predict, manage and mitigate commercial property risks. It’s a global market with significant opportunities for growth.”

Paul Jones, Senior Manager at the British Business Bank, said: “This is a great example of a business that has harnessed technology to drive a smarter approach in a traditional sector. We’re delighted to be supporting Intelligent AI’s growth in Cornwall, including the creation of quality jobs.”

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 

A specialist food producer has secured £500,000 from the East of England Regional Loan Scheme to support the growth of the business. 

Hemel Hempstead based Keeto Life, which produces food under its Seriously Low Carb brand, has created a range of award-winning keto and diabetes friendly food that includes bread rolls and loaves, pizza, flour and bread mixes, with pasta currently in development. 

The company’s 170,000+ customers seek low carb foods for a variety of reasons that include helping to manage health issues such as diabetes, metabolic syndrome, drug resistant epilepsy and GLUT1 deficiency.  

The funding will be used for product development, sales and marketing and to recruit new staff, which will enable the business to expand into the retail and food service sectors and re-establish itself in Europe in the post-Brexit environment. 

Keeto Life founder and CEO, Andy Welch, said: “We’ve created a range of innovative foods that have disrupted the low-carb market, attracted a substantial loyal customer base and delivered thousands of five-star reviews. Pre-Brexit we were selling into 15 EU countries but logistical issues halted this. With recent developments in courier services making the EU accessible once more, we are now in a position to re-target this market as well as take up a number of other opportunities, including with supermarkets, the NHS and in education settings, and the regional growth loan will help us accelerate this and capitalise on our first-to-market position.” 

Not only do keto and low carb remain some of the most internet searched diet and health related terms, health services are now also recommending these diets for certain conditions. However, despite the NHS endorsing keto and low carb diets, clinicians have confirmed it can be difficult for patients due to the lack of satisfying keto and diabetes friendly food on the market. Keeto Life’s Seriously Low Carb products are recommended by NHS ketogenic clinicians and are being made available in some NHS settings. 

Simon Elliott, Investment Manager at The FSE Group, which manages the loan scheme, added: “Andy and his team have looked beyond the snack market to fill a gap for real low carb foods and their 80% repeat purchase rate speaks for itself. Despite being a new company, Keeto Life has achieved significant traction and brand recognition with a pipeline of opportunities within the food service and retail sector, as well as across new international territories, that place it on a high-growth trajectory. We are delighted to be supporting them and look forward to working with the team as the company expands.”   

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

Cornish Software business Tappter has secured a £200,000 equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF) as part of a £400,000 funding round.

The CIOSIF investment, along with match-funding from existing and private investors, has been used to set up a base in Falmouth, and will create high value jobs to benefit the regional economy.

Established in 2016, Tappter’s app is a multi-channel messenger with ID verification and e-sign features. The business is currently targeting the residential sales and lettings market, allowing businesses and customers to communicate with multiple parties involved in the housing process.

An estate agent can use the software to communicate with a buyer, while also using it to speak with solicitors and conveyancers.  Broader expansion of services and markets is expected in the near future.

The all-in-one platform includes an innovative digital ID service enabling users to verify their ID within the app, which can then be used to confirm their identity with multiple businesses removing the need for repeat checks.

The brainchild of Keith Banwaitt (CEO) and Demetrio Filocamo (CTO), Tappter released an early beta version of the product which was used in a pilot project with the Entrepreneurial Spark programme within NatWest.

Keith Banwaitt, CEO at Tappter, commented: “Messaging apps are the primary method for communication between individuals. It makes sense that businesses should see the value in this trend and seek to duplicate its ease and ingenuity. We’ve mimicked the simplicity of popular messaging apps to make sure business and individual users have a seamless and simple experience, but the back end is anything but simple.

“Every communication need is met, from verifying IDs and document management to recording chat histories and providing the software as either a mobile or web app. The potential of Tappter is exciting and plain to see. With that in mind we are using the CIOSIF funds to open a new operational base to facilitate our growth and expand our team.”

Anna Staevska, Investment Manager at The FSE Group, added: “Tappter is an exciting young business with a compelling proposition with national and international potential. The business has a strong management team and the founders have attracted an impressive number of investors with strong experience in similar projects. We look forward to watching the team improve communication in the real estate industry and eventually expand to other industries.”

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: “Tappter is an innovative business that has evolved the traditional messenger app into a business-focused platform that provides a simple yet secure messaging interface for customers. The fund’s investment paves the way for future growth and new markets.” 

Paul Jones, Senior Investment Manager from the British Business Bank said: “This investment from CIOSIF comes at an important time in Tappter’s development and will allow the business to grow its presence in Cornwall, create quality jobs and impact positively on the local economy. The fund has once again leveraged significant match funding from private investors as part of the deal.”

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