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Dairy company that sells to Waitrose and Sainsbury's to create jobs after securing £750k
Finance 2025-12-18 16:27:53

Dairy company that sells to Waitrose and Sainsbury's to create jobs after securing £750k

A Somerset dairy business that sells to supermarkets including Waitrose and Sainsbury's is planning to boost production and create jobs after securing £750,000. Tom Parker Creamery has used the cash injection from the British Business Bank's South West Investment Fund to relocate to a larger facility. The funding will also provide additional working capital and support further product development, the company said. The Wincanton-based creamery, which was founded in 2018, produces free-range milk and cream from British grass-fed herds, including vitamin enriched whole milk and a flavoured milk range sold in glass bottles. It has won various awards including a Great Taste Award and Farm Shop & Deli Best Product accolade this year. Rob Yates, chief executive of Tom Parker Creamery, said: “With the current rise in awareness of ultra-processed foods, our range of award-winning products made with free-range British whole milk and natural ingredients mean we’re well positioned to satisfy consumer demands in this area. With this support, the investment enables us to deliver our ambitious plans and meet the rising demands from major retailers and consumers.” The deal with Tom Parker Creamery is the one hundredth in the region for the South West Investment Fund, which has invested £40m into new and growing businesses across the South West since its launch last year. The fund is part of the government-backed British Business Bank's £1.6bn suite of Nations and Regions Investment Funds (NRIF) which aim to boost the strength of the UK’s SME sector. NRIF offers a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5m. Jody Tableporter, director UK & Regional Funds at the British Business Bank, said: "We’re thrilled to see the South West Investment Fund make its 100th deal, delivering over £40m of investment since its launch last year. The volume of investments underscores the strength and ambition of growing businesses across the South West."

Average UK house price hit record high in October
Finance 2025-12-23 17:24:45

Average UK house price hit record high in October

The average UK house price hit a new high last month putting it just shy of £294,000, according to an index. House prices increased by 0.2% in October, the fourth monthly increase in a row, Halifax reported. The average house price was £293,999, surpassing a previous peak in June 2022. Property values increased by 3.9% annually, slowing from a 4.6% increase in September. Amanda Bryden, head of mortgages, Halifax, said: “Average UK house prices nudged up 0.2% in October, continuing the positive momentum of recent months. This brought the annual growth rate to 3.9%, slightly lower than in September. “The average property price has reached a record high of £293,999, surpassing the previous peak of £293,507 set in June 2022, towards the end of the pandemic-era ‘race for space’. That house prices have reached these heights again in the current economic climate may come as a surprise to many, but perhaps more noteworthy is that they didn’t fall very far in the first place. “Despite the headwind of higher interest rates, house prices have mostly levelled off over the past two and a half years, recording a 0.2% increase overall. That’s a significant slowdown compared to the 21% rise we saw in the equivalent period from January 2020 to the summer of 2022.” Ms Bryden continued: “Despite the affordability challenge, market activity has been improving. The number of new mortgages agreed recently reached its highest level in two years. This aligns with average mortgage rates dropping steadily since spring.” Borrowing constraints remain a challenge for many buyers, she said, adding: “New policies like higher stamp duty for second home buyers and a return to previous thresholds for first-time buyers might also affect demand. “While we expect house prices to keep growing, it will likely be at a modest pace for the rest of this year and into next. The potential for a slower pace of interest rate cuts won’t be the news homebuyers will want to hear, particularly as they must also contend with tax rises. Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners, an online investment service, said: “While the UK residential property market enjoyed a post-election resurgence over the summer as affordability concerns eased, the outlook from here is mixed.” She added: “Mortgage rates may not behave as people hope. Volatile swap rates in the wake of the Budget have been a cause for concern as they raise the risk of borrowing costs edging up.” Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “The housing market has been significantly buoyed by lower mortgage rates, leading to more interest from prospective buyers and increased activity. “Since UK gilt yields rose in the immediate aftermath of the Budget, this has had an effect on swap rates which underpin the pricing of mortgages, providing an indicator as to where interest rates will be. “With the exception of a few lenders who purchased swaps before the Budget, mortgage pricing has edged upwards.” Guy Gittins, chief executive of estate agent Foxtons, said of the house price index: “A fourth consecutive month of positive growth demonstrates the current strength of the UK property market and now that the dust has settled on last week’s autumn Budget, the outlook continues to be very positive.” East Midlands, £242,189, 4.4% Eastern England, £333,741, 3.1% London, £543,308, 3.5% North East, £172,730, 4.0% North West, £235,587, 5.9% Northern Ireland, £204,242, 10.2% Scotland, £206,480, 1.9% South East, £387,587, 3.2% South West, £303,362, 3.3% Wales, £225,543, 5.6% West Midlands, £257,287, 4.7%

Cornish boatbuilder Cockwells to create 38 jobs after securing £1.8m
Finance 2025-12-25 06:08:58

Cornish boatbuilder Cockwells to create 38 jobs after securing £1.8m

Cornish boatbuilder Cockwells is set to create 38 new jobs over the next three years after securing a £1.88m investment. The Mylor Bridge-headquartered company will use the cash injection to expand its South West shipyard operation at Ponsharden, between Falmouth and Penryn. The funding has come from the Cornwall and Isles of Scilly Good Growth Programme, which is managed by Cornwall Council. Cockwells specialises in high-end custom yachts, superyacht tenders and motor launches, including the Duchy and Hardy brands. It employs more than 140 people and has a global customer base. The investment will be used to modernise its two fit-out halls at Ponsharden and will enable the business to manufacture its new Duchy 45 motor yacht on the site from this year. In total, the expansion is expected to double Cockwells’ annual spend with local suppliers to £3m. The improvements include upgraded workspace with reception, stores and offices, a new joinery shop and large-scale paint booth. Cockwells is also creating a training academy in partnership with the Cornwall Marine Network to boost industry skills in Cornwall and Scilly, building on its boatbuilding apprenticeship scheme launched last year. Cockwells’ founder Dave Cockwell said: “Good Growth investment means we can build more boats simultaneously and with a faster delivery time, opening up new markets for our Duchy and Hardy brands both in the UK and globally. We will be cutting our carbon footprint significantly and creating a more attractive working environment for our fast-growing team, while continuing to invest in nurturing new skills, talent and suppliers in Cornwall.” Last month, Pendennis Shipyard acquired a majority stake in Cockwells, cementing a history of collaboration with Cockwells providing bespoke tenders for Pendennis' superyachts. Cllr Louis Gardner, Cornwall Council portfolio holder for economy, said: “This is the latest direct investment by the Good Growth programme in a high-quality Cornish business that will boost productivity and create skilled jobs in an important sector. It will also generate considerable additional spending in the local supply chain, returning our investment many times over and contributing significantly to the local economy."

Penzance Dry Dock secures £2m towards major refurbishment
Finance 2026-01-06 13:38:09

Penzance Dry Dock secures £2m towards major refurbishment

Penzance Dry Dock will undergo a major refurbishment after securing £2m. The oldest operational tidal dry dock in Europe was acquired in 2021 by Jamie Murphy, a former Royal Navy marine engineer, after facing closure. Mr Murphy, whose grandfather worked at the dock for 45 years, is hoping to transform the facility from a repair business to a shipbuilding company, training up apprentices in the trade. He secured the cash injection from the Cornwall and Isles of Scilly Good Growth Programme towards a £4m upgrade of the business. The revamp includes an overhaul of the dry dock gates, which is already completed, and a new pumping system that can empty the dock of 4,500 cubic metres of water in an hour instead of six. There will be seven new cranes, including five gantry cranes inside, plus a 10-tonne jib crane outside and a 50-tonne Goliath crane rising 20m over the dry dock, transforming its capabilities. The carpenter’s workshop is also being replaced with a new building with staff toilets and showers, and a ‘clean room’ for conducting engine and gearbox overhauls. There will be new concrete floors across the entire site, with 130 piles to improve ground conditions. The workshops will become fully enclosed to reduce noise and the machine shop will have new CNC profiling machines. The refurb also includes a large project office, CAD drawing office, apprenticeship suite and new heating, drainage and double glazing. Mr Murphy said: "The Good Growth funding has been vital in enabling major capital investment right across the site which is going to be transformational for Penzance Dry Dock. "The more diverse and agile the facility is, the more we can deliver in the markets we want to be in, and I think we could easily employ more than 100 people. We want to attract more employment to the area while protecting the future of our industry here in West Cornwall." The dock recently secured its first Ministry of Defence contract in 28 years. The business is also eyeing other opportunities including the marine engineering requirements of building and maintaining the floating offshore windfarms planned for the Celtic Sea. This month a new intake of apprentices will join the business, and in January the dry dock will welcome the Scillonian III passenger ferry for its annual refit. The Cornwall and Isles of Scilly Good Growth Programme is a £137m local investment fund managed by Cornwall Council and funded by the Government’s UK Shared Prosperity Fund.

Lush to end largest charitable giving scheme
Finance 2025-12-24 22:05:40

Lush to end largest charitable giving scheme

Cosmetics retailer Lush is planning to end its main charitable giving stream at the end of the month. The announcement comes four months after the Poole-headquartered retailer posted a pre-tax loss of nearly £30m, despite achieving a turnover of more than £700m. Lush launched Charity Pot in 2007 with a target of £1m for grassroots groups working in the areas of animal protection, human rights and the environment. Over the past 17 years, Lush has distributed 17,000 grants worth millions of pounds. Funding has gone to a range of organisations including groups defending the human rights of refugees and displaced people globally; the LGBTQI+ community counteracting prejudice; anti-fracking groups; and non-profits addressing racial discrimination. Lush said that campaigning and charity products would not be disappearing from its business. "Following Lush reaching the significant milestone of over £100 million in donations, the business feels that this is the right time to reflect on charitable giving as a whole and assess the funding needed to meet the current challenges the world faces at this critical time," the company said in a statement. Lush said its biannual prizes would continue and it would also continue to support good causes. It is planning to raise money through product sales instead. The retailer is currently selling 'watermelon slice' soap in shops and online, with 100% of the profits going to childhood mental health services in Palestine. The business is also planning to launch ‘keystone products’, inspired by species that act as ecosystem engineers, regenerating habitats for other species. "Each keystone product will raise money for a project in a priority landscape around the world", Lush added. Lush operates in 51 countries and has manufacturing sites in six, according to latest accounts on Companies House. It also has 857 permanent shops, the financial data states, down from 886. In January, Lush was victim to a ransomware attack that temporarily shut down some of its internal computer functions in the UK and Ireland. The company has since been working with external security specialists to investigate the incident.

Leeds' Utc Travel receives £275k investment to grow online offer and create jobs
Finance 2025-12-10 08:18:48

Leeds' Utc Travel receives £275k investment to grow online offer and create jobs

A subscription-based travel club that offers members discounted holidays has landed £275,000 investment from Finance Yorkshire to grow its online platform. Leeds-based Utc Travel, which launched in 2021, will use the funding to add a multiple destination tool to its online system - giving members the opportunity to build holiday itineraries on their site. The money will also go towards recruitment at the firm's customer service centre and be used to establish an AI chatbot that will field questions from customers. Utc's model is membership based, meaning users pay £9 per month to access what are described as trade prices for hotels, holiday packages, transfers, attractions and car hire. The firm, led by chairman Stephen Knight and CEO Brett Norton, says customers can save up to 40% on prices at other online operators. Its specialism is providing for businesses that to offer perks to employs via its club membership. So far it has set up partnerships with John Lewis, the British Chamber of Commerce and DHL, as well as with other membership organisations. Utc chairman Stephen Knight said: "Our subscription membership model enables customers to book everything in one place with more flexibility, greater discounts with full customer service.” He added: "We value Finance Yorkshire’s partnership approach in that the investment comes with advice and expertise from its fund management team." Alex McWhirter, CEO of Finance Yorkshire, said: “Stephen and Brett have brought together a team of seasoned travel professionals to deliver an attractive proposition to consumers particularly via the employee benefit market. Our investment will support utc.travel ’s growth ambitions at a time when today’s keen travellers are seeking the best deals."

Myenergi and Grimsby Town Foundation reveal £30k 'mygrimsby' fund to support local work
Finance 2026-01-02 02:20:33

Myenergi and Grimsby Town Foundation reveal £30k 'mygrimsby' fund to support local work

Eco-tech firm myenergi and Grimsby Town Foundation have launched a £30,000 fund to give financial support to social, environmental and economic initiatives in North East Lincolnshire. The fund, which is split into six pots of £5,000, is intended to support programmes that may promote or address the interests of those in need, that protect the environment or promote development. Its organisers say it celebrates the hard work of individuals, businesses and charities across the area. The charitable initiative is now in its third successive year, and timed for the 2024/25 English Football League Two season, with six beneficiaries to be chosen. A launch event will take place at Grimsby Town Football Club on January 13, from which point applications are open until February 10. Jordan Brompton, co-founder and CMO of myenergi, said: "Since first launching the mygrimsby fund in 2022, we’ve helped a number of important local charities expand their services and drive an even greater social impact. Providing financial support to underfunded initiatives has helped to build a sense of collaboration in the local area, bringing people together and helping to grow the community feel. "We’re proud to support the organisations that are doing something truly inspirational to give back to the local community.” Mike Thompson, community director of Grimsby Town Foundation, added: “We are honoured to continue our partnership with myenergi as we embark on the third year of the mygrimsby fund. The Grimsby Town Foundation has always been committed to bringing our community together, providing vital support to those who need it most and collaborating with myenergi to promote and distribute these funds to the charities and community groups that need it the most is unbelievably fulfilling.

Plymouth Argyle's Foulston Park community hub secures £2.2m
Finance 2025-12-22 21:49:49

Plymouth Argyle's Foulston Park community hub secures £2.2m

A community sports hub at Plymouth Argyle's Foulston Park has secured a £2.24m grant. The Brickfields site in Devonport is being redeveloped into a sporting centre of excellence and asset for the city. The new state-of-the-art facility will include a gym, fitness rooms, café, soft play area, esports and youth zones, along with health and support services. A 3G pitch - measuring 112m x 68m - will accommodate football and rugby activities, beside a new athletics track. The Argyle Community Trusthas procured the funding from the Premier League, The FA, and the Government’s Football Foundation, marking it as one of the charity's most substantial investments across the South West. The investment is earmarked for the construction of the new hub as well as broader enhancements to Foulston Park. Other developments funded as part of the package include a Football Foundation PlayZone and upgraded changing facilities. Additionally, the site will host Plymouth Argyle Youth Academy and Plymouth Argyle Women, with the construction process already in progress. Mark Lovell, chief executive at Plymouth Argyle Community Trust, said: "The Hub at Foulston Park represents a transformative opportunity to deliver a facility in the heart of Devonport that can reduce health inequalities and become a beacon for community provision. "It would not be possible to achieve our ambitious plans without the generosity of funders like the Football Foundation. We are looking forward to our continued partnership as we work towards opening The Hub in early 2025." This new facility is a collaboration between Plymouth Argyle, the Argyle Community Trust, Plymouth City Council, Plymouth Albion RFC, and Devonport Community Leisure Limited (DCLL) and will be under the management of the Argyle Community Trust, reports Plymouth Live. Football Foundation chief executive Robert Sullivan confirmed the Foundation's commitment. He said: "The Football Foundation is working closely with our partners – the Premier League, The FA and Government – to transform the quality of grassroots facilities in England by delivering projects like this across the country." He also expressed delight regarding the community benefits anticipated from Foulston Park, including a new Football Foundation PlayZone: "We're delighted that the local community in Devonport and Plymouth will now be able to enjoy all these benefits thanks to the new facilities at Foulston Park, including the new Football Foundation PlayZone." Sullivan highlighted the bespoke nature of the PlayZones, indicating the involvement of the local community in their design: "As with all PlayZones, the new small-sided pitch will be designed by the local community who'll be able to step out onto the pitch and get active in a way that suits them."

New bank NW Mutual plans 60 branches as it wins key council backing: full list of proposed locations
Finance 2025-12-13 19:04:40

New bank NW Mutual plans 60 branches as it wins key council backing: full list of proposed locations

A new mutual bank for the North West of England says it wants to open a network of 60 branches across the region. Co-operative society NW Mutual was launched in response to waves of bank closures across the region and aims to provide a customer-owned alternative to high street banks. The bank says it will operate with a “bricks, clicks and flicks” business model including a branch network and mobile and online banking, offering products and services to SME customers. It’s chaired by David Milner, who was chairman of Dudley Building Society and Nottingham Imperial Building Society, while its non-executive director James Moore has more than 25 years of boardroom experience in sectors including financial services in theUK and overseas,, and also founded the Community Savings Bank Association. Some £1m from directors has already been invested to build up NW mutual behind the scenes, including building its systems and preparing its banking licence application. Now the Local Democracy Reporting Service (LDRS) has confirmed that Preston City Council has agreed to purchase £250,000 worth of shares in the bank. The council has had £1m earmarked to invest in the launch for the past six years, with this being the first time is has formally committed cash. Senior financial services executive Dave Burke, originally from Bolton, was recently appointed as chief executive. The bank’s headquarters, set for Preston, will open later this year. The bank ultimately hopes to have more than 20 branches in Greater Manchester, 17 in Lancashire, 12 in Merseyside, 10 in Cheshire and six in Cumbria. NW Mutual says its potential target business market is huge, with 494,395 small and medium-sized businesses (SMEs) in the region employing more than 1.65m people and generating turnover of more than £239bn in 2024. Mr Burke said: “When our plans are finalised, NW Mutual will open approximately 60 branches across the north west, with the first branch and head office also in the region. “Our aim is to provide access to as many people and businesses in the north west as possible, with 95 per cent of residents and small and medium-sized businesses within a 30-minute drive to a branch. “Whilst we have specific locations in mind to achieve this, we also want to listen to the people and businesses of the region and welcome thoughts and suggestions on branch locations." NW Mutual’s backers say the venture is needed because traditional banks are abandoning the high street. Recent analysis from consumer group Which? Showed banks and building societies had closed a total of 6,266 UK branches since January 2015, equivalent to about 53 closures per month. He said: “Our market research, supported by a large body of public research and information, shows a proven need and demand for a bank that’s trustworthy, democratic, ethical, deeply rooted in the north west and that enough people and businesses in the region would use to make it a great success. “The North West is more than capable and large enough to create and sustain a prosperous bank. When we achieve our goals, our mutual bank will recycle more than £900m of money from the north west back into the region. “This is serious money… we want to stop it leaking out and heading south, north or east.” Mr Burke is now preparing a banking licence application to submit to the Bank of England in late 2025. If NW Mutual secures the licence, it hopes to open its first full branch in the third quarter of 2026. NW Mutual says “the potential and yet to be confirmed locations for branches” are: Lancashire Preston (head office), Accrington, Blackburn, Blackpool, Burnley, Clitheroe, Chorley, Lancaster, Leyland, Lytham St Annes, Morecambe, Nelson, Rawtenstall, Fleetwood, Garstang, Skelmersdale. Greater Manchester Altrincham, Ashton-under-Lyne, Bolton, Bury, Droylsden, Eccles, Hyde, Harpurhey, Hyde, Leigh, Longsight, Manchester, Manchester Victoria, Oldham, Rochdale, Sale, Salford, Stockport, Stretford, Urmston, Wigan, Wythenshawe. Liverpool and Merseyside Bebington, Birkenhead, Bootle, Crosby, Formby, Huyton, Kirkby, Knowsley, Liverpool, Prescot, Speke, St Helens. Cheshire Chester, Crewe, Ellesmere Port, Knutsford, Macclesfield, Northwich, Runcorn, Warrington, Widnes, Winsford. Cumbria Barrow-in-Furness, Carlisle, Kendal, Keswick, Penrith, Whitehaven.

New crypto platform Bitpanda to launch in the UK after winning FCA approval
Finance 2025-12-17 12:45:58

New crypto platform Bitpanda to launch in the UK after winning FCA approval

European cryptocurrency platform Bitpanda is gearing up to broaden its reach within the UK market, having secured the green light from the City watchdog. The Financial Conduct Authority (FCA) has given Bitpanda the thumbs-up to introduce its extensive range of 500 cryptocurrencies to British investors, as reported by City AM. Bitpanda's foray into the UK intensifies the heat on traditional banks, which are already grappling with the innovative prowess of fintechs and challenger banks. Speaking to City AM, Deputy CEO Lukas Enzersdorfer-Konrad laid out the stark options for UK banks: "The choice for UK banks is clear – either they develop a solution to offer trading to their users, or those users will look for an alternative." He continued: "People want their money to do more, they want more choice in what they can invest in and when and how they can invest." "They want convenience but not at the cost of security." Enzersdorfer-Konrad pointed out that it was precisely this consumer demand that gave rise to fintechs and challenger banks, urging traditional banks to leverage platforms like Bitpanda to "deploy a world class solution in a few months, rather than an in-house version that might take years." "On the broker side we think there is a huge opportunity to deliver secure crypto trading to millions of investors." "The demand is there, people want simple access to the market with a company they can trust," he elaborated to City AM. The Vienna-headquartered firm is set to make a "bold statement" as it brings its staking, savings plans, and crypto indices to the UK clientele.

Newcells Biotech secures £1.2m follow-on investment to build customer base
Finance 2025-12-11 02:33:05

Newcells Biotech secures £1.2m follow-on investment to build customer base

Newcastle life sciences firm Newcells Biotech has raised £1.2m from existing investors Mercia Ventures, Northstar Ventures and North East Finance. The university spin out which specialises in providing in vitro tools for testing how drugs interact with tissues says it will use the funds to build its customer base and develop partnerships with other companies with complementary products to its own. As part of the move, experienced pharma industry leader Mark Carnegie-Brown has been appointed as the company's chair. Newcells' 3D models mimic tissues within the body and are used to test drugs under development, reducing the reliance on animal testing. With the company's tools, scientists can decide which drugs to progress to human trials - ultimately enabling them to bring drugs to the market more quickly and a lower cost. The firm, which was founded nine years ago by Dr Mike Nicholds and professor Lyle Armstrong, currently offers models of the retina, kidney and lung and can also carry out testing for customers. Use of 3D models is said to have attracted interest after the US Food and Drug Administration (FDA) changed its rules two years ago, scrapping the requirement for new drugs to be tested on animals. Mike Nicholds, CEO of Newcells, said: “We believe that providing better laboratory models enables a faster, more effective drug development process which in turn accelerates the delivery of new therapies to patients. Newcells’ models have proven to predict how drugs interact with tissues and organs. "We have seen an upturn in demand since the FDA removed the requirement for animal testing and expect the trend to continue as more companies rethink and adapt their processes. This latest funding demonstrates the continued confidence of our investors and will enable us to exploit the growing demand.” The investment comes from Mercia Ventures’ Northern Venture Capital Trusts and three regional funds: the North East Venture Fund, managed by Mercia; the North East Innovation Fund managed by Northstar Ventures and the Finance for Business North East Fund managed by North East Finance – all supported by the European Regional Development Fund. Victoria Wiesener of Mercia Ventures added: “Newcells has a great product and a strong team, and has the potential to become a leader in its field. The past year has been tough for the pharmaceutical industry as economic uncertainty has affected investment, resulting in fewer drugs under development. Newcells has navigated the changing markets effectively, while also improving efficiency and strengthening its commercial team. It is now well positioned for growth as activity levels recover and more companies make the decision to move away from animal testing.”

Bristol fintech Moneyhub appoints new chief executive
Finance 2026-01-09 01:41:19

Bristol fintech Moneyhub appoints new chief executive

Bristol fintech firm Moneyhub has appointed a new chief executive. Alastair McGill will take the helm of the Redcliffe-based open banking platform with immediate effect, the company has announced. The firm's previous chief, Samantha Seaton, confirmed in December she was stepping down from the top job after eight years in the role. Mr McGill, who has more than 30 years' experience in the technology sector, joins Moneyhub from financial technology business Broadridge. In his previous role as general manager, he was responsible for strategy, execution and leadership across a multi-disciplinary team serving hundreds of financial services firms and corporate treasury operations. His career also includes a stint at Cashfac as global managing director, where he assisted the company expanding into Europe and Australia. He also previously served on the management board of SmartStream Technologies. "We are excited to welcome Alastair to Moneyhub," said Anne De Kerckhove, chair of Moneyhub's board. "His exemplary track record and passion for growing businesses, building long-term client partnerships and fostering innovation makes him the perfect leader for Moneyhub's next chapter." Founded in 2014, Moneyhub provides a range of savings, investment, pensions and banking engagement solutions, and works with big brands including Lloyds, Nationwide, Aon, Vodafone and Standard Life.

North East business leaders gather to promote investment into female-founded high growth companies
Finance 2025-12-14 07:37:57

North East business leaders gather to promote investment into female-founded high growth companies

A scheme that wants to drive more investment to female-led business in the North East has established a board of notable regional business leaders. The Lifted Project intends to steer capital towards female-founded, high growth businesses and is a five-year project that is aligned with the Government's Investing in Women Code - a national effort to support female entrepreneurship. It is described as a data-driven approach, which uses regional insights to uncover latent high growth businesses. Now, a Newcastle-based board has been created to steer the projects involvement in the region, alongside four other cities in Scotland and the North including Edinburgh, Birmingham, Leeds and Liverpool . The board - led by chair, Debra Leeves and vice chair, Fozia Saleem - includes six sub-groups that will focus on finance, marketing and sign-posting, events for female entrepreneurs, role models, policy and angel investors. Forming the group are Gill Hunter, managing partner of Square One Law; Emma Gaudern, CEO of EMG Solicitors Ltd; Rebecca MacDermid, investment manager at Maven Capital; Michelle Jones, founder of Kind Currency, and angel investor Shkun Chadda. They are joined by Nina Walton, co-founder of Transforming Brands; Jenny Halford, sector development manager of fintech and digital at Business Durham; Chris Black, divisional director at Brewin Dolphin, and Jo Clough, director of regional development at Lloyds Banking Group. Also on the board is Wenyan Sharp, UK marketing director at SolaX Power; Shaun Fooy, senior manager UK network - North East England and Tees Valley at the British Business Bank; Dr Anupama Sethi, director of business development at Sterling Pharma Solutions, and Naomi Allen Seales, investment manager at Northstar Ventures. The group is completed by Hannah Wade, managing director of CPI Enterprises; Marie Labus, CEO of AMLo Biosciences; Joanne Lant, CEO of Lant Medical; Marie Whitehouse, chief operating officer at NunaBio and Estelle Blanks, director of business development and enterprise at Newcastle University. Jordan Dargue, an early stage investment connector who co-founded Lifted Ventures, said: "We are on a mission to establish the North East as the premier investment capital for women and ensure the region becomes a thriving hub for women's success. Newcastle and the wider North East region have a wealth of smart and talented women starting their own businesses or leading scale-up businesses, but when it comes to securing the funding they need, it’s evident that they do not receive as much as their male counterparts. "This is an inequity that needs fixing for the benefit of the region and the economic growth of the UK. The Newcastle regional board is passionate about making change happen but know that successful businesses are not built on passion alone. More support is needed and that’s exactly what The Lifted Project is looking to address.”

Lifted Project instals new Birmingham board
Finance 2025-12-29 18:35:45

Lifted Project instals new Birmingham board

A new initiative launched with the aim of making high-growth entrepreneurship more accessible to women outside of London and the South East has unveiled its new regional board. The Lifted Project was established as a result of a recommendation from a new government taskforce established to boost private investment in women-led businesses across the UK. A board has been installed to cover Birmingham and the West Midlands to spearhead the five-year programme. It is jointly chaired by Tara Attfield-Tomes, who founded Birmingham PR Agency East Village, and Hephzi Pemberton who runs London-based data firm Honordex. Joining them are Wolverhampton native Maxine Laceby, founder of beauty brand Absolute Collagen and Melissa Snover, founder of Digbeth-based health supplement firm Rem3dy Health. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Completing the line up of female founders is Oyinkansola Adebayo, angel investor and founder of AI beauty salon Niyo Hair & Beauty, also based in Digbeth. Also on the board are figures representing the funding sector, namely Alexander McLeod from Minerva Business Angels, Julian Dennard from Mercia and Rupert Lyle from Midven. The board also welcomes angel Investor Samantha Tubb, Ashreen Seethal from government innovation agency Innovate UK, Charlotte Bowden from Business Growth West Midlands, Anna Macrae from HSBC, Hannah Ellis from Lloyds Bank and Roxanne Goodman, founder of Female Founder Finance. Research suggests the West Midlands has a higher proportion of female-led businesses, at 17.1 per cent, compared with other regions in England but there is still a significant funding disparity. The Lifted Project in Birmingham aims to change that by attracting new investment funds into the region, increasing the percentage of capital invested in female-led companies and better equipping founders with the resources and networks they need. Similar initiatives have been set up in four other UK locations. The Lifted Project is supported by Lloyds Bank and led by Lifted Ventures which works to increase the flow of early-stage capital to female founders and promote the business benefits of backing women. Co-founder Jordan Dargue said: "The West Midlands has a vibrant female founder ecosystem but there's room for significant growth. "With The Lifted Project, we're determined to bridge the funding gap and empower the next generation of women entrepreneurs. This board represents the best of the West Midlands business community. "Together, we're confident in creating a supportive environment for female-led businesses, allowing them to scale their businesses and achieve their full potential with the funding and support needed.

Ethnic minority representation on boards stalls despite government review
Finance 2025-12-16 04:59:29

Ethnic minority representation on boards stalls despite government review

Progress on increasing ethnic diversity in company boardrooms stalled last year, according to new research. The number of new directors from self-declared ethnic minority backgrounds dropped for the first time since records began in 2019, according to analysis by Spencer Stuart headhunters of the UK’s biggest 150 publicly listed firms. Experts cautioned that the lack of progress could be linked to a “one and done” attitude after government-backed targets were introduced. A review by Sir John Parker into the issue led to a target that all FTSE 100 companies should have at least one director from an ethnic minority background by December 2021. Currently, 96 FTSE 100 firms meet that benchmark for directors. The latest data from Spencer Stuart shows however that only 4% – or seven individuals – of the 196 new directors appointed in the year to April were from a self-declared ethnic minority background. This represents a significant slump from the 15% of new directors from the previous financial year. Currently, a total of 12.5% of all directors are from an ethnic minority. Shami Iqbal, UK managing partner at Spencer Stuart, said: “It is disappointing to see a further slowdown in progress on minority ethnic representation on UK boards. “Diversity means having talent around the boardroom table representing a wide range of views and backgrounds, seeing this as a strength and leveraging this talent to the company’s advantage. While the Parker Review results show concerted action, boards must be careful not to adopt a ‘one and done’ mentality.” The latest analysis however pointed to a record high in female representation in senior director roles. The recent FTSE women leaders review led to a target that firms should have at least one woman within the four most senior board and leader roles – chair, chief executive, chief financial officer and senior independent director (SID) – by next year. Around 71% of boards reported having at least one woman across these roles, up from 60% in 2023 on the back of an increase in new female appointees. However, there is still a way to go to reach this target as 43 boards still have men occupying all four roles. Chris Gaunt, head of Spencer Stuart’s UK board practice, said: “It is encouraging to see companies answer the call to action on increasing female representation in senior positions, but the low number of female CEOs and chairs still leaves a lot to be desired. “While seen by many as the path of least resistance in meeting the FTSE women leaders targets, the surge in female SID appointments hopefully points to an increase in female chairs in the years to come – although term limits make it a less likely direct promotion path for existing boards.”

Stanlow refinery owner EET Fuels seals $650m funding deals – as reports suggest Hynet cluster could get billions of pounds in Government backing
Finance 2025-12-22 00:33:43

Stanlow refinery owner EET Fuels seals $650m funding deals – as reports suggest Hynet cluster could get billions of pounds in Government backing

Energy giant and Stanlow refinery owner EET Fuels has agreed $650m in funding to support its decarbonisation strategy – as reports suggest the Government could today pledge billions to a green industry plan of which Stanlow is a key link. Essar Energy Transition (EET) Fuels, whose Cheshire refinery supplies 16% of all road transport fuels in the UK, says the three receivable financing and trade credit financing facilities it has agreed show the market is confident in its plans to slash emissions from Stanlow as it continues its push towards hydrogen. Meanwhile the Financial Times is reporting that on Friday the Government will pledge £22bn to support two carbon capture and storage schemes, including the HyNet project that links a cluster of industrial sites in the North West and North Wales. EET Fuels has secured a new receivable facility with ABN AMRO Bank for $150m, has extended and upsized its facility with banks HCOB and UMTB to $200m, and has secured a trade credit financing for $300m with “an international oil company”. The group says its Stanlow decarbonisation plan “is central to these new relationships”. The group is aiming to reduce emissions at Stanlow by 95% by the end of the decade by combining carbon capture technology with the use of “blue hydrogen” from natural gas. Stanlow is also at the heart of the HyNet low-carbon cluster, which aims to grow the low-carbon economy in the North West and North Wales. Satish Vasooja, chief financial officer at EET Fuels, said: “This is an excellent outcome for EET Fuels. Knowing our decarbonisation strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence.” Tarun Naruka, head of corporate and structured finance at EET Fuels, said: “These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrate that major financing partners are aligned to our core strategy, including cost optimisation and continued performance improvement.” The FT says the Government is planning to commit to carbon capture tech in the UK by supporting the HyNet cluster and the East Coast Cluster. Both projects will see emissions from industrial sites captured and stored under the seabed. Under Hynet, emissions from Stanlow and other industrial sites would be storied in depleted gas reservoirs below the Irish Sea. Other partners include Italian energy group ENI, which would operate the CO2 transportation and storage system.

WealthTek boss John Dance charged with £64m fraud and money laundering
Finance 2025-12-30 16:19:53

WealthTek boss John Dance charged with £64m fraud and money laundering

The former head of North East wealth management firm WealthTek has been charged with a string of offences that regulators say helped fund a “lavish lifestyle” including racehorses and a Newcastle nightclub. The Financial Conduct Authority (FCA) has charged John Dance with nine criminal offences, including fraud and money laundering, in what it has called one of the most serious and largest frauds it has investigated. More than 18 months after Tyneside-based WealthTek was ordered to be closed, the financial watchdog has alleged the 50 year-old stockbroker fraudlently abused his position of trust at WealthTek and Vertus Asset Management LLP for his own personal gain. Between 2014 and 2023 Mr Dance is said to have transferred more than £64m from client accounts to those he controlled. The FCA says he laundered the funds through his personal and business bank accounts including £723,000 to buy six racehorses, including the high profile Cheltenham Gold Cup runner-up Bravemansgame in 2019. He is also said to have transferred £806,500 in 2014 and £3.9m in 2020 to buy residential and commercial property. Mr Dance also charged with three further offences of dishonestly making false representations about WealthTek’s regulatory permissions to continue his alleged fraud. The WealthTek founder has been released on bail and is due to appear at North Tyneside Magistrates Court on January 3. Meanwhile the special administration of WealthTek is still underway with some of the company’s former clients now starting to receive assets and money back. Since the sudden closure of the firm in April last year, clients - many of whom are pension savers - have been left in limbo, unable to access their funds. Earlier this year a High Court judge recognised the “mental, emotional and financial hardship” caused to former WealthTek clients caused by the shortfall between what they should have been received and what is now proposed to be returned under a distribution plan. The court said it had received letters from some clients conveying a sense of injustice that the costs of returning their assets and money - a proposed £2,300 per person - are to come out of money provided by the Financial Services Compensation Scheme (FSCS) which can make up to £85,000 per client available. The FSCS funds would otherwise be available to meet shortfalls, of which administrators have found £81.4m missing from WealthTek in a lengthy process which has involved trawling through the firm’s inaccurate books. Late last year, a worldwide freezing order on around £40m of assets belonging to Mr Dance was upgraded to a Restraint Order under the Proceeds of Crime Act 2002, preserving them for possible future confiscation should there be a criminal conviction

Venture capital investment in South West firms soars 82%
Finance 2025-12-30 10:16:10

Venture capital investment in South West firms soars 82%

Companies in the South West raised more than £104m of venture capital (VC) funding in the last three months of 2024 - up a staggering 82% on the previous quarter. The region ranked fourth in the UK overall for VC investments, trailing only London (£2.9bn), the South East (£637.8m) and the East of England (£480.5m), which encompass Oxford and Cambridge. According to KPMG’s latest Venture Pulse report, 28 transactions were completed across the West Country, up from 21 in the previous quarter, with the highest proportion of deals taking place in Bristol, where seven VC investments took place. A huge £47.4m was raised by Bristol-based fulfilment services firm Huboo Technologies alone over the period - over half of the total figure raised. Investment in Huboo Technologies drove an overall strong quarter for both business-to-business and business-to-consumer product and service providers in the South West, with £73.9m invested in a total of 13 companies, spanning logistics, aerospace, environmental services and automotive. IT was also a robust sector in terms of VC investment, with more than £14.7m invested across 11 regional companies. David Williams, office senior partner for the South West at KPMG UK, said: “It’s great to see such a steep increase in VC investment in the South West during Q4, positioning it as the fourth largest UK region for the quarter, which is testament to the region’s thriving private business ecosystem. “Looking ahead to 2025, we’re excited to see the continued growth of the South West’s most promising firms, which span a huge range of sectors, especially those that make the most of VC funding to pursue expansion.” The UK attracted the highest level of VC investment in Europe in 2024, following a strong end to the year, KPMG said. Britain raised a total of £15.5bn VC investment after funding in Q4 jumped by more than a third from £3.1bn to £4.4bn. This was driven largely by $1.3bn raised by Greenscale, a London-based AI data centre firm. A total of 569 businesses made up the £4.4bn investment, including £409m raised by Insider and £303m raised by Lighthouse.

The Budget: 'Raising tax on businesses could hinder UK growth'
Finance 2025-12-26 00:54:27

The Budget: 'Raising tax on businesses could hinder UK growth'

The chancellor's plans to fill Britain's fiscal black hole by hiking tax on businesses could hinder UK growth, the boss of a South West chamber of commerce has warned. Phil Smith, managing director of Business West, said although "hard decisions" had to be made by government, he was "really concerned" by Rachel Reeves' Budget announcement on Wednesday. Under the plans, taxes will rise by £40bn - a large share of which will come from employers' national insurance contributions (NIC). From April next year, the amount companies pay on staff NIC will increase from 13.8% to 15%. "The tax burden on the business community could hinder the government’s much sought after growth and undermine investment decisions," said Mr Smith. "Employer NIC increases will leave companies with less money to invest in their staff and business’s success." The West Country chamber welcome measures for small businesses, including changes to the employment allowances and business rate relief for the retail, hospitality and leisure sectors. But it warned that "such fine margins" for industries where employment costs form a large share of the cost base would be "disproportionately impacted" by the extra employee contributions. "Our region has a strong economy that plays a key role in the UK’s overall economic success," Mr Smith added. "We regret that the South West seems to have been missed out from the Autumn Statement plans. Hence now more than ever it will be important for our devolved local and regional leaders to make the case for the government and private sector to invest in our region and its economic growth." The head of Devon's chamber of commerce echoed the concerns. He said the rise in NIC for employers would "undoubtedly have an impact" on the "already struggling" hospitality sector. “The government’s planned reductions in business rates for retail, hospitality, and leisure businesses from 2026-27, alongside the 40% interim relief, provide a promising foundation for economic stability," said Stuart Elford, the chamber's chief executive. “This relief will support local businesses across Devon as they continue to navigate high operational costs, and it points towards a sustainable future for our high streets and leisure spaces.” But Mr Elford called on the government to consider a targeted VAT reduction for hospitality, saying it could provide a "critical buffer" for the sector. Richard Marsh, deputy chief executive of Devon Chamber and chief executive of Exeter Chamber, added: “The hospitality industry is a cornerstone of our regional economy and needs tailored support to manage rising costs.

£300m investment vehicle for science and tech spinouts launches
Finance 2025-12-12 07:01:26

£300m investment vehicle for science and tech spinouts launches

A £300m investment vehicle to help university spinout companies in the South of England and Wales has been launched. SETsquared - a partnership between the universities of Bath, Bristol, Cardiff, Exeter, Southampton, and Surrey - and regional investment firm QantX are behind the initiative. The aim is to catalyse the creation and growth of science and technology firms addressing global challenges. Sir Richard Olver, chair of QantX, announced the details of the investment vehicle at Bristol City Hall on Friday (October 11) at the Regional Investment and Health & Life Sciences Summit. Science minister Lord Patrick Vallance, who was in attendance, said: “The UK is home to brilliant innovators, and this investment vehicle that brings together six universities with a private sector investment firm QantX will help turn great ideas into thriving companies that create high skilled jobs and exciting new products." SETsquared is widely recognised as one of the UK’s most successful innovation partnerships. Since 2002, its members have secured more than £5bn in investment and created over 15,000 jobs. Marty Reid, executive director of SETsquared, said: “Creating this new investment vehicle could be a vital step forward in addressing funding gaps we see today, and through a deep connection with our support ecosystem, could inspire a new generation of talent who will get technologies out of the lab and shape the industries of tomorrow." Richard Haycock, co-founder and chief executive of QantX, added: “We're witnessing a surge in university spin-outs led by brilliant founder entrepreneurs. By connecting these visionaries with risk capital and expertise in transformative fields like life sciences, sustainability, and deep tech, we're cultivating a thriving innovation ecosystem." The announcement comes just days before senior execs from some of the world's biggest firms prepare to gather in London for the government's Investment Summit. Ex-Google boss Eric Schmidt and Goldman Sachs chief executive David Solomon are among business leaders slated to attend. West of England's Labour metro mayor, who attended Sir Keir Starmer's first council of regions and nations in Scotland on Friday, will also be in attendance.

Alliance Pharma reports 'strong' performance after turbulent few months
Finance 2026-01-04 10:28:32

Alliance Pharma reports 'strong' performance after turbulent few months

Wiltshire healthcare firm Alliance Pharma has posted a rise in profits two months after making its chief operating officer redundant. The Chippenham-headquartered business reported underlying revenue of £84m for the six months ending June 30, 2024 - up from £81.4m over the same period in 2023. Profit before tax rose from £10.3m to £12.7m from the year before. The firm, which sells prescription and over-the-counter medicines, said demand for its scar treatment brand Kelo-Cote drove group revenues over the period. The company’s performance was assessed using so-called ‘alternative performance measures’ which are not defined under International Financial Reporting Standards (IFRS). The method is used by management to monitor ongoing business performance against shorter-term budgets and forecasts, and longer-term plans. Nick Sedgwick, chief executive of Alliance, said: "I am pleased by the performance we delivered in H1 24 as we continue to see the benefits of our investment in both marketing and innovation. Our free cash flow is expected to build strongly throughout the remainder of 2024, which we anticipate will enable us to reduce further our net debt and leverage by the end of the year.” Mr Sedgwick added: “I have also implemented a number of senior management changes to accelerate decision making and to bring the consumer closer to the heart of the business, and I see further opportunity to deliver efficiency gains and capability improvements over time.” News of the results follow tough few months for the company, which replaced its chief executive in May and delayed its results several times after problems with its audit. The business first delayed its results on April 5, on April 22 and then again on May 8. It said at the time its chief executive's departure was not linked to the issues with the audit.

Somerset Council warns over bankruptcy without steep council tax rise
Finance 2025-12-27 10:57:00

Somerset Council warns over bankruptcy without steep council tax rise

Somerset Council could be forced to declare bankruptcy this spring unless it implements steep council tax hikes or receives "exceptional" support from the central government. The local authority sounded the alarm on its financial crisis in November 2023 and managed to establish a balanced budget for February 2024 only by endorsing substantial savings, workforce reductions, and the disposal of commercial investments along with surplus land and property. To achieve a balanced budget for the 2025/26 fiscal year, the council is depending heavily on reducing its staff numbers, with redundancies contributing £34m to the planned £47m in savings. However, escalating costs and increased demand for services, especially in children's services and adult social care, have resulted in an anticipated budget shortfall of £66m despite these measures. Council leader Bill Revans is petitioning the government for "exceptional financial support" and has requested permission to increase council tax beyond the current 5% cap. Without such assistance, the council may be forced to issue a Section 114 notice, effectively admitting insolvency and inviting central government commissioners to intervene at the expense of taxpayers. Council tax bills are pegged to property valuations dating back to 1991, using a Band D property as the standard measure. In Somerset, though, there's a larger segment of the population residing in properties beneath the Band D threshold, rendering the council's capacity to generate revenue through council tax relatively limited when compared to more wealthy areas. The council has implemented cost-saving measures by overhauling its council tax support scheme—a change passed by the full council in December and is expected to yield annual savings of about £4m. Local authorities can only increase council tax by a maximum of 4.99% a year without having to hold a referendum - of which 2% is ring-fenced for adult social care, leaving 2.99% for other services. Mr Revans has sought intervention from deputy prime minister Angela Rayner, proposing a request to exceed this council tax cap, aiming to bring Somerset's rates closer to those of other local authorities in the South West. He said: "Without additional funding we have had no choice but to ask the government for permission to increase council tax above the5% cap. "This is not a decision taken lightly, but our council tax base is below the average nationally, and the feedback from our residents suggest they would rather pay more than see services cut. Last year, the previous government rejected our request for a 5% increase. "We warned that without reform this would mean deeper cuts and steeper tax increases in future. Sadly, this is now the reality." If the cap cannot be raised, the council has asked the government to extend its capitalisation directive - which allows the council to use the proceeds from selling off land, property and other publicly-owned assets to fund day-to-day spending on public services. The council has been in the process of selling off large amounts of its "non-operational assets" and inherited commercial investments to this end, with officers estimating that these sales would have generated around £50m by Christmas 2024. If the government fails to respond to Mr Revans' appeals, Somerset Council may be forced into de facto bankruptcy, issuing a Section 114 notice. This would result in government-appointed commissioners stepping in to make stringent decisions about the running of Somerset's public services, without substantial democratic input and at the cost of local taxpayers. Mr Revans added: "We have done everything we can to reduce our costs with a series of unprecedented and heart-breaking decisions since 2023. "We are determined to take decisions locally, remaining accountable to our residents, rather than calling in expensive commissioners who would take the same actions without local knowledge or accountability. We recognise that any increase in council tax will have a significant impact on our residents and have pledged to increase funding to our exceptional hardship fund, in place to provide support for residents on the lowest incomes."

Treasury minister defends pay packet of new value-for-money chief
Finance 2025-12-29 00:56:57

Treasury minister defends pay packet of new value-for-money chief

The UK's treasury minister has defended the £950-a-day pay which the Government’s new value-for-money tsar will receive. Darren Jones, a Bristol North West MP, said the rate of return for the improvements the UK would make looking at areas of spending "will be far, far greater". Speaking to LBC about David Goldstone, who will head up the new Office for Value for Money (OVFM), he said: “It is right that we pay people for their time. We can’t expect people to work for free. That is an important way in which we do things in this country. Actually, the day rate for David is, on a benchmark basis, competitive.” Mr Jones was also asked if he believed the markets would take fright after Labour’s Budget, similar to what happened after Liz Truss’s mini-budget. He replied: “No, I don’t, because we have got strong and robust fiscal rules in place. One of the reasons it is very different from the Liz Truss period is we have got the stability rule which means that day-to-day spending of public services will be paid for by tax receipts, not borrowing money each and every month as the last government did.” Mr Jones said the UK had "PTSD from Liz Truss” amid questions about market jitters following Labour’s first Budget in Government. Asked about the market response to the Budget, he said: “markets always respond to budgets in the normal way. There’s a lot of new information about the economy and the nation’s finances presented to Parliament, and it’s normal for markets to respond."

Rachel Reeves' National Wealth Fund backs Cornish tin mining project
Finance 2026-01-04 01:00:59

Rachel Reeves' National Wealth Fund backs Cornish tin mining project

A major Cornwall mining project has received backing from the government's new investment vehicle, the National Wealth Fund. Cornish Metals, the mineral exploration company working to revive tin production at South Crofty in the Duchy, confirmed the investment as part of a £56m fundraise. The NWF, formerly the UK Infrastructure Bank, is taking a £28.75m stake in the AIM-listed business. It will be one of the strategic investors in Cornish Metal's raise alongside Vision Blue Resources, which currently has a 25.95% share of the business. A share placing being run by Hannam & Partners, SP Angel Corporate Finance and Canaccord Genuity is expected to raise £8.8m, with a broker option to raise another £5.9m. The company also intends to carry out a separate retail offer to raise a further £3m. Don Turvey, chief executive of Cornish Metals, said: “We are very pleased to welcome NWF as a major shareholder in Cornish Metals and to lead this fundraise alongside Vision Blue, demonstrating support for the company and our plans to bring tin mining back to Cornwall. "Tin is a critical mineral that is essential for the energy transition and anything electronic. South Crofty is a strategic asset with the ability to responsibly provide a secure, high grade long-term supply of tin, reviving Cornwall’s rich mining history and contributing to the local economy and the UK’s transition to net zero." Mr Turvey said the funding would enable Cornish Metals to deliver "crucial milestones" over the coming year including the completion of mine dewatering and shaft refurbishment, the start of early project works, placing orders for long-lead items, and concluding the project finance process. John Flint, chief executive of NWF, added: “Critical minerals are not only an important driver of the UK’s transition to net zero, but also of the UK’s growth mission, providing opportunities to anchor important supply chains in the UK. This is our second investment in critical minerals in Cornwall, and indicative of our ability to mobilise private investment into local economies, creating skilled and long-term employment.” In November, Cornish Metals announced that work to build a processing plant at South Crofty would begin by the end of December 2025. The Canadian-headquartered company is working to bring the Pool-based mine, near Redruth, back into working order after 26 years. South Crofty was closed in 1998 following more than 400 years of continuous production and was acquired by Cornish Metals in 2016.

Nationwide takeover of Virgin Money to complete next week after judge approval
Finance 2026-01-08 04:40:44

Nationwide takeover of Virgin Money to complete next week after judge approval

Nationwide Building Society’s £2.9bn takeover of Virgin Money is expected to go through next week after the deal was approved by a judge. Lawyers for the lenders secured the sanctioning of the deal at a specialist companies court in London on Friday. It comes after the Swindon-headquartered building society agreed to the takeover of its London-listed rival in March. Nationwide struck the takeover deal with a 220p-a-share offer for Newcastle-based Virgin Money, including a 2p-per-share dividend payout. At the end of a short hearing, Judge Sir Anthony Mann said he was “satisfied” that legal requirements had been complied with. The court heard that 90% of shareholders who voted at a meeting in May had backed the scheme. “It’s obviously a sensible scheme with financial benefits,” Sir Anthony said, adding: “There is no apparent blot on this scheme.” He continued: “I can see no reason not to sanction the scheme and in my discretion I will do so.” Earlier this month, the lenders told the stock market that the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority had both approved the takeover. The deal will bring together Britain’s fifth and sixth largest retail lenders, creating a combined group with around 24.5m customers, more than 25,000 staff and nearly 700 branches. But the move is set to ultimately spell the end of the Virgin Money brand, with Nationwide planning to rebrand the Virgin Money business as Nationwide within six years, although it will keep the two brands initially.

Reusable mask maker that supplies NHS secures £1.6m
Finance 2026-01-02 22:34:11

Reusable mask maker that supplies NHS secures £1.6m

A Cornwall company that makes reusable surgical masks and gowns has secured £1.6m of funding. Revolution-Zero, which was founded during the Covid pandemic, received £1m from the South West Investment Fund via appointed fund manager FSE Group as well as investment from private angels. The injection of equity will help create 20 jobs at the Truro-based medical textiles firm, while supporting the growth of the business. Founder and chief executive Tom Dawson said: "We are thrilled to receive this South West Investment Fund investment via FSE, which will not only accelerate our growth but also further our mission to provide sustainable and effective medical textile solutions. "Our end-to-end service model has already shown significant potential in reducing single-use item dependency in healthcare settings and this funding will help us scale these solutions more rapidly." Founded in 2020, Revolution-Zero has a strong emphasis on environmental, social, and economic sustainability. Initially focused on reusable masks, the company has since expanded to include surgical textile solutions and decontamination/sterilisation units. The BCorp certified company secured accreditations required to supply the NHS in 2021 and has since experienced rapid growth, expanding to 23 staff and more than tripling turnover. With ambitious plans to achieve six operational medical textile processing units by 2026 - rising to 24 by 2028 - Revolution-Zero is aiming to become a £25m turnover business within the next three years. Anna Staevska, FSE investment manager, said: "Revolution-Zero's innovative approach to medical textiles is a game-changer for the healthcare industry. By addressing critical issues related to supply chain vulnerabilities and environmental impact, they are setting new standards for sustainability in the sector."

NHS Royal Devon awarded £1.4m for new clinical research hub
Finance 2026-01-01 06:37:28

NHS Royal Devon awarded £1.4m for new clinical research hub

A new £1.4m clinical facility that will carry out "ground-breaking research" is to be built at a hospital in Devon. The funding for the hub, which will be based at North Devon District Hospital in Barnstaple, was secured by the Royal Devon Trust. Research carried out at the facility will include specialised heart studies, as well as trials exploring issues such as lower back pain, joint problems and osteoarthritis. The hub is the first dedicated facility for clinical research in North Devon and, according to one NHS trust boss, will help tackle "health inequalities" in the region. Professor Helen Quinn, director of research and development at the Royal Devon, said: “This is fantastic news for the North Devon population. We know patients who are treated in research active hospitals have better health outcomes, whether they are taking part in a study or not. “This new centre will ensure we can expand the number of research studies we can deliver in North Devon which will empower us to tackle health inequalities specific to our region, including multiple long-term conditions that disproportionately affect the local population.” The Royal Devon was one of 30 trusts to secure funding after making an application to the National Institute for Health and Care Research (NIHR). Sam Higginson, chief executive of the Royal Devon University Healthcare NHS Foundation Trust, added: "We are delighted to receive the funding to be able to build this facility for people in North Devon. We have an ambitious research culture and see clinical research as essential and transformational in ensuring our communities have access to the best care. The facility will also help us attract great clinicians at every stage of their careers who want to be involved in research.”

New £2m investment initiative launched for female entrepreneurs
Finance 2025-12-16 01:11:23

New £2m investment initiative launched for female entrepreneurs

A new £2 million initiative has been launched with the aim of nurturing the next generation of female entrepreneurs in the West Midlands. The Fortuna Fellowship has been created by The 51% Club, a support group specifically for female business owners, in partnership with Birmingham-based investment firm Midven. The programme has been set up to find the West Midlands' business stars of tomorrow and will see up to five, female-led ventures potentially share £2 million worth of investment. Successful applicants will undertake a 12-month growth programme during which they will be partnered with a mentor, attend workshops and hear from industry experts at seminars. An advisory board will provide the cohort with guidance in areas such as product testing, manufacturing, launch strategies, exporting and investment. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Specialists will also provide weekly support and there will be monthly co-working sessions and a residential session focused on innovation. At the end of the 12-month programme, the founders will secure a share of up to £2 million equity investment, subject to conditions. Funding worth £1 million from the West Midlands Co-Investment Fund, which is managed by Midven, has already been secured. Work is ongoing to secure further backing for the initiative ahead of applications opening in January. Rupert Lyle, fund principal at Midven, said: "We are excited to launch the Fortuna Fellowship and provide a platform for talented female founders to thrive. "Our goal is to empower these entrepreneurs and help them achieve their full potential with a programme that's designed to accelerate the growth of their businesses. "This is unlike anything delivered before in the region and we want this to be a platform for more female-led businesses to thrive." It is estimated that, at 19.1 per cent, the West Midlands has the highest percentage of female-led businesses outside of London but for every £1 of UK venture capital investment, all-female founder teams get less than 1p. The 51% Club was launched earlier this year by Tara Attfield-Tomes who also runs Birmingham-based PR agency East Village. She said: "I am so proud to be partnering with Midven to launch The Fortuna Fellowship and I know the vital role that this will play in starting to address the gender investment gap. "I'm determined to work alongside brilliant partners like Midven who want to see the dial move for once and for all.

Hull's Think360 secures £100k investment following run of contract wins
Finance 2025-12-20 19:32:15

Hull's Think360 secures £100k investment following run of contract wins

Industrial software provider Think360 has secured £100,000 investment following a flurry of new contracts worth £1m. The Hessle-based firm has won the backing from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II). Funds will be used for additional working capital which the firm says will allow it to take on more projects and create three new jobs. Launched in 2018, Think360 provides software to monitor cranes, industrial equipment and manage engineers in the field. It employs six at its Bridgehead Business Park base, and has up to 22 independent contractors including software testers and analysts. The firm is part of a group including IT and telecoms operator The One Point, which is also managed by founder Martin Lauer. In 2021 Ian Crowder and Tony Grimes joined Think360 as directors and shareholders. Since then it has gone on to launch a range of products including AI Suite, which is intended for the ports, logistics and manufacturing sectors. Its newest offer is AI Homecare which helps care providers to manage visits and communicate plans with relatives. Martin Lauer, CEO of Think360, said: "Think360 has made remarkable progress in the past two years since the launch of our proprietary software. Our products have gained traction in all of our key sectors and we have secured some high-profile clients. Following a spate of new contact wins, we also have a strong pipeline of new business. The funding will enable us to meet growing demand and continue our success story." Rebecca Pickering of Mercia Debt added: "AI is reshaping the ports and logistics sector by driving automation and transforming the way care is delivered in patients’ homes. Think360 is at the forefront of these exciting developments. We are pleased to be able to support Martin, Ian, Tony and the team in their plans to achieve further growth and establish the company as a leader in its field."

UK's oldest lido to remain shut after flooding damage
Finance 2025-12-30 22:50:14

UK's oldest lido to remain shut after flooding damage

A historic lido in Bath which is believed to be the oldest in Britain will remain closed while work to repair flood damage is carried out. Cleveland Pools reopened in 2023 after a £9.3m restoration, but was forced to shut in January last year after heavy rain caused 'serious damage'. The charity behind the lido has now said it is continuing to investigate the issues caused by the flooding. Paul Simons, chair of the Cleveland Pools Trust, said he was grateful to the public and volunteers who are supporting the project. “The Cleveland Pools trustees regret the prolonged closure of the pools," he said. "In the period since the flood extensive investigations have been conducted into the flooding incident, which caused serious damage to the pools’ operating plant and machinery in its plant room. "There has also been some damage to the surrounding areas of the main pool and the focus of the ongoing technical investigations is on the nature and extent of damage to the pool structure itself and connecting pipework." Mr Simons said the charity was looking at options for recovering the cost of fixing the damage to allow the pools to reopen. But he admitted he was "unable to put a timescale" on when that would be. "The trust shares the frustration of the public that the pools remain closed but wishes to reassure them that as a registered charity run and managed by volunteers, it continues to use its best endeavours to find a solution to allow the pools to be brought back into use as soon as is practically and viably possible," he said. Cleveland Pools is a grade-II listed site that opened as a river-fed pool in 1815 and was used for public swimming. The venue closed in 1984 and was used for a while as a trout farm before facing the threat of demolition in 2003.

North Somerset robotics firm to expand Portishead base after securing £500k
Finance 2026-01-03 10:55:11

North Somerset robotics firm to expand Portishead base after securing £500k

A North Somerset robotics company has secured £500,000 from a top private equity firm as part of a £2m investment round. Q5D Technologies said it would use the cash from Maven Capital Partners to expand its testing hub in Portishead and support the delivery of contracts. The funding will also be used to scale its innovative platform which automates the process of adding wiring and electronics to 3D surfaces. The platform has gained interest from major industry players, including several of the world’s largest wiring harness companies and car makers. The investment was made through the British Business Bank’s South West Investment Fund. Stephen Bennington, chief executive of Q5D Technologies, said: “We are really pleased to be partnering with Maven and the South West Investment Fund, their advice and capital are helping us drive the company’s growth. Q5D is already attracting large number customers and growing the support and business development teams is critical.” Q5D's wire laying process is used across multiple sectors, including automotive, aerospace, and consumer electronics. Melanie Goward, partner at Maven Capital Partners, said: "We are thrilled to support Q5D Technologies as they scale their operations. Their unique approach to additive manufacturing, combined with impressive early traction with major industry players, positions them well for rapid growth. We look forward to working closely with Stephen and the team as they look to meet the increasing demand from global leaders in the automotive and aerospace sectors." The South West Investment Fund offers a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5m.

Christmas appeal: Companies urged to help children at risk of hunger over the holidays
Finance 2025-12-23 11:12:53

Christmas appeal: Companies urged to help children at risk of hunger over the holidays

Businesses in Bristol are being urged to get behind a new campaign aimed at feeding 1,000 children at risk of hunger during the festive season. Business Live's sister site Bristol Live, along with newspaper Bristol Post, are launching a Christmas appeal today (October 21) to raise £25,000 for a programme called Break Free. Amy Kington, co-founder and chief executive of Bristol-based social enterprise Community of Purpose, set up the initiative with her brother in 2016 - and it has since helped thousands of families in the city. The programme combats holiday hunger for children on free school meals as well as providing a range of activities to help keep young people off the streets. The money raised from the Christmas campaign will go towards hosting a special meal and give extra support to tackle hunger this winter for up to 1,000 children aged between six and 16. A single payment of £25 will pay for a young person to travel in a Bakers Dolphin coach to an attraction or activity, receive porridge and fruit for breakfast and a two-course Christmas lunch, alongside an associated care package and Christmas supplies. “We’ve seen first-hand the positive impact of Break Free on Bristol’s young people, and we want to do something special this Christmas,” Amy said. “Many of these children wouldn’t otherwise get to experience the joy of a festive meal or party, and with the support of businesses, we can change that. We’re asking companies across the city to help us make a difference and bring hope to Bristol’s most disadvantaged kids this Christmas.” Local companies including construction firm Lancer Scott, food business Arthur David and Hobbs House Bakery are among 70 firms that already provide ongoing support to the Break Free programme. But more help is needed in the run-up to Christmas to make sure as many children as possible experience the magic of the festive season. "We welcome businesses big, small, young and well-established. They just need to be passionate about supporting young people in Bristol," Ms Kington added. “Our approach is now well established, and we are witnessing an astonishing impact. We are confident that we can now reach those young people and families who can benefit hugely from our support. Pete Gavan, editor of Bristol Live added: “We're proud to support the Break Free programme this Christmas. The initiative truly embodies the spirit of Bristol by bringing people together to make a real difference for children. This is why we’re calling on businesses and readers to join us in helping provide a special Christmas for these young people.”

Channel 4 invites black British entrepreneurs to apply for TV ad scheme worth £150k
Finance 2026-01-09 13:50:31

Channel 4 invites black British entrepreneurs to apply for TV ad scheme worth £150k

Channel 4 is offering four black-owned British companies the chance to secure television advertising worth £150,000. The initiative - Black in Business - gives firms the chance to create their own commercial for the channel, plus six months of marketing and business mentorship. The scheme, which is being run in partnership with Lloyds, first launched last year. It is open to companies that generated a turnover of at least £250,000 in their last financial year and have not invested in TV advertising before. At least 50% of the founding team must also identify as black. Black in Business was inspired by research led by Channel 4 Sales, which revealed that 56% of black-owned businesses only receive funding once they are successful, compared to just 35% of white counterparts who were given the same requirement by lenders. Last year, the initiative attracted more than 1,000 applications, with the TV adverts for the five beneficiaries seen by 21.5 million people, according to Channel 4. Among the winners of the inaugural scheme was The Turmeric Co - a nutrition brand set up by former footballer Thomas Hal Robson-Kanu. The health drinks company launched in 2018 to help athletes recover from injuries. The drinks are all made in the UK and are stocked in Wholefoods, Planet Organic, Harvey Nichols, and at David Lloyd gyms. “Inclusivity and diversity are such an important aspect of the world today,” said Mr Robson-Kanu. “Less than 1% of supermarket brands have black or multi-ethnic founders. Initiatives like this allow brands and individuals a platform to raise awareness and create opportunities. I think it’s brilliant.” Last year's other beneficiaries of Black in Business include tea manufacturer Dalgety Herbal Teas; ethical fashion brand LØCI; clean eating firm The Gym Kitchen; and hair care brand TreasureTress. Jamelia Donaldson, founder and chief executive of TreasureTress, said: “With the community we serve, it’s so important our voice is amplified, and people will certainly see us on TV. It will also help mainstream haircare brands understand the massive opportunity they’re missing out on.” Channel 4 said that across two years of the initiative, more than £1m of TV advertising would have been made available to black-owned businesses in the UK. “We are excited to connect four black-owned businesses to the transformative power of TV advertising, and, in doing so to help support their growth journeys," said Ewan Douglas of Channel 4 Sales. Elyn Corfield, chief executive of business and commercial banking at Lloyds, added: “Black in Business has proven to be a game changer in the journey towards building a more equitable business landscape. These entrepreneurs are not just growing their businesses - they are inspiring the next generation.” Applications for Black in Business will close on October 28. More information is available at www.channel4.com/blackinbusiness We're celebrating the success of the UK's black-owned businesses - and we want to tell you all about them in our #IAMBOB newsletter! Once a month, we share news, features and comment from companies led by black business leaders - from start-ups and SMEs to blue-chip corporations and household names.

Dartmoor scheme with Co-op and drive-thru secures £2.1m for first phase
Finance 2025-12-23 10:46:10

Dartmoor scheme with Co-op and drive-thru secures £2.1m for first phase

A retail development on the edge of Dartmoor National Park that includes a Co-op supermarket and drive-thru café has secured major funding. Gloucestershire-based property company Blackfinch has provided a loan of more than £2m to support the first phase of the Dolbeare Meadow scheme in Ashburton. Initial work will include a 4,300 sq ft Co-op convenience store, which is already pre-let, and "essential infrastructure". Plans for later stages include the drive-thru café, an electric vehicle charging park, and several business units. The controversial scheme was approved in 2023, despite locals raising concerns about the arrival of a drive-thru chain, according to Devon Live. However, the developer said at the time the mixed-used scheme would bring jobs and would not threaten town centre trade. There were 21 letters of support in favour of the application, as well as seven neutral comments, while there were 70 objections. David Diemer, investment director at Blackfinch Property, said, “We are delighted to have completed this development facility with Poppy Holdings to support the first phase of their mixed-use scheme on the edge of Dartmoor National Park. "Their focus on sustainable construction and sensitivity to the location, while maintaining financial viability, made partnering with them an easy decision. We look forward to working with them on this and future phases of the development.” William Palk, partner at Poppy Properties, added: “Since early 2024, we have had the pleasure of working with Blackfinch on Dolbeare Meadow. Their expertise and collaborative approach have been invaluable in securing funding to bring our development to fruition." The £2.1m loan carries a loan-to-value of 65% and supports a gross development value of £3.26m over a 14-month term, Blackfinch said.

Virgin Money's takeover by Nationwide building society is completed
Finance 2025-12-24 11:59:28

Virgin Money's takeover by Nationwide building society is completed

The takeover of Virgin Money by Nationwide has been completed, the leading building society has announced. After getting court approval at the end of last week, the £2.9bn deal has now been made effective, with the entire issued and to be issued share capital of Virgin Money now owned by Nationwide. The deal will bring together Britain’s fifth and sixth largest retail lenders, creating a combined group with around 24.5m customers, more than 25,000 staff and nearly 700 branches. Nationwide has previously said that it would retain the two brands and phase out Virgin Money over the next six years. It has also said it wasn’t looking to cut staff at Virgin Money’s main sites in Newcastle and Glasgow in the short term. Virgin Money chief executive David Duffy has stepped down to be replaced by Chris Rhodes, who was formerly Nationwide’s chief finance officer. Debbie Crosbie, chief executive of Nationwide, said: “Nationwide is now a stronger mutual and able to deliver even greater value through our unique branch promise, leading customer satisfaction, and competitive savings and lending rates. All Virgin Money profits will be retained for the benefit of customers and, for the first time in the UK, a full service business bank will be part of a large and modern mutual.” Chris Rhodes, new chief executive at Virgin Money, said: “This is the start of an exciting new chapter for Virgin Money as it becomes part of Nationwide, creating the UK’s second-largest provider of mortgages and savings accounts.

Cornwall firms land share of £5m for offshore wind projects
Finance 2026-01-02 10:23:12

Cornwall firms land share of £5m for offshore wind projects

Several Cornish companies are set to share nearly £5m of funding for supply chain projects in the offshore wind sector. The money has been awarded to 13 companies across the UK from the initial round of the Crown Estate’s £50m Supply Chain Accelerator. Projects selected include those supporting the skills transition, floating platforms, anchoring and mooring systems, test facilities, and operations and maintenance facilities. Among the firms in the Duchy to receive cash include Falmouth-based Tugdock, which was founded in Cornwall in 2017 and has patented modular floating drydock technology, and Redruth-based subsea engineering company Tardra. The first funding round opened in June this year for UK projects that could support floating offshore wind in the Celtic Sea. In early 2024, the Crown Estate published the Celtic Sea Blueprint which predicted that 5,300 jobs and a £1.4bn economic boost could be generated through deploying the first floating offshore wind capacity, resulting from the current Leasing Round 5 process, in the waters off South Wales and South West England. The research highlighted a number of opportunities for supply chain development essential for the deployment of these floating wind farms. Successful projects were selected based on a number of criteria, one of which was their ability to deliver on the requirements of the Celtic Sea Blueprint. Ben Brinded, head of investment at The Crown Estate, said: “This is a significant moment for The Crown Estate as our first direct investment into the UK’s offshore wind supply chain, and I would like to congratulate the 13 organisations on their success. “As outlined by the government’s emerging Industrial Strategy, in order for the UK to realise the economic benefits from the clean energy sector - and from offshore wind in particular - it is vital that there are mature, investable propositions which crowd in investments from both public and private capital." Energy minister Michael Shanks said: “Our clean power mission brings with it huge potential to expand our supply chains, creating skilled jobs and growth across the country." The Crown Estate has earmarked a further £45m for future rounds that could potentially be deployed to support further projects around the UK that meet the opportunities identified by the Industrial Growth Plan for the offshore wind sector.

'Success isn't hidden formula', says pension app founder after raising £1.8m
Finance 2025-12-16 01:47:08

'Success isn't hidden formula', says pension app founder after raising £1.8m

The founder of a pensions app that has raised £1.8m in funding this year says there is no "hidden formula" to success. In the two years since establishing his business, Royden Greaves has developed a retirement planning platform and secured backing from major investment funds. The London-based entrepreneur, who moved to the UK from Montserrat to do his A-Levels more than 20 years ago, is on a mission to simplify financial planning for retirement. He launched Jarvis in 2022 after a decade working in wealth management. The 39-year-old, who invested £100,000 to start up his company, was inspired to set up a business after deciding access to financial planning was limited to a select few firms. "I knew I needed to simplify pensions and empower individuals to take control of their financial future," he told Business Live. "We’re creating a complete pension solution that covers the needs of employed workers and the self-employed, offering a real alternative to the traditional 'old school' incumbents. "We've evolved to provide a pension that workers actively engage with, like a modern banking app, so they know exactly how and when to retire." In July, Jarvis secured seed funding in a round co-led by Ascension VC and Cornerstone VC, with participation from Tokio Marine Future Fund. Just a month later, it launched its workplace pension offering as well as pension tracing and a 'retire now' solution. "Success, for me, isn't about some hidden formula," he said. "It's about the daily commitment to waking up and striving to make progress." But it's not been a completely straight road for the businessman, who admits the biggest challenge he's facing is making pensions accessible - and engaging workers - in the UK. "We’ve tackled this by identifying the 'missing link' and retirement guidance gap in pensions," he said. "As a result, we’ve built a lifetime pension with both personal and workplace jars and created a user experience that feels like a challenger bank." Mr Greaves believes Sir Keir Starmer's government needs to keep innovation at the forefront of its agenda if it wants to help businesses like his.

Private equity investment in South West rises but deal volumes fall
Finance 2026-01-05 07:39:51

Private equity investment in South West rises but deal volumes fall

West Country firms attracted billions of pounds of private equity investment last year although the total number of deals fell slightly, a new report has found. Investment activity in the region grew by 3.4% over the year to £6.2bn, according to the latest UK Private Equity Review from KPMG UK. The findings reflect a period in which the UK experienced a more stable economic climate, with interest rates and inflation falling; greater political certainty following elections; and a surge in transactions ahead of anticipated changes to capital gains tax. Across the region, there were 100 deals in total - dropping from 104 the year before. KMPG said the fall was driven by suppressed deal volumes in H1, followed by strong recovery in H2, with the Autumn Budget contributing to transactions increasing by 32.6%. Investment in the South West accounted for 3.9% of total new private equity backing in the UK. London continued to deliver the greatest interest from private equity funds, attracting £78.1bn of investment, ahead of the North West (£20bn) and the South East (£15.8bn). John Levis, head of corporate finance in the South West at KPMG UK, said: “It’s great to see PE activity in the South West increase in 2024 – testament to the ambition of the region’s innovative businesses. “Generally, firms have started 2025 with much more clarity and confidence on the economic landscape ahead of them and the prospect of further cuts to interest rates that would serve to stimulate M&A. We’re looking forward to seeing South West businesses continue their growth journeys and attract further investment as a result.” Nationally, total private equity investment activity in the UK increased last year. There were 1,699 transactions, with a total value of £158.9bn invested in British companies - an almost 12% increase in deal values from 2023. The majority of deal activity took place in the second half of the year, with values increasing to their highest level since the first half of 2022. Alex Hartley, head of corporate Finance at KPMG UK, added: “There are encouraging signs from the 2024 data that deal activity may have bottomed out in the UK in 2023, as we saw activity, both in volume and value, pick up last year. In particular, we saw significant activity in the second half of the year as many business owners tried to get ahead of expected changes to capital gains tax. “Given the current signals in the market around increased activity levels – alongside reducing inflation and interest rates and greater political certainty – there is cautious optimism that UK private equity deal activity will see further growth through 2025 and 2026.”

Actor Michael Sheen backs fair banking for all campaign
Finance 2025-12-24 20:48:49

Actor Michael Sheen backs fair banking for all campaign

Actor Michael Sheen has backed a campaign calling on the UK Government to introduce legislation to help tackle the crisis of unaffordable credit and related high levels of indebtedness. The Welsh actor is backing the Fair Banking for All Campaign – a group including credit unions, community development finance institutions (CDFIs), fintechs, charities and policy experts - which is pressing for a Fair Banking Act to help increase access to affordable credit. The campaign said that from 2022 to 2023, more than nine million people were declined for credit, with many relying on pay-day-lenders and buy-now-pay-later schemes with high interest rates. At its worst, lack of access to affordable credit means hundreds of thousands of people find themselves turning to loan sharks, while viable businesses remain stuck, unable to develop and create jobs. Read More: Michael Sheen pays off debts of hundreds of people Read More: The huge financial crisis engulfing Welsh universities Mr Sheen said: "Anyone can find themselves in a place where they need credit to make ends meet or to get through a difficult time. The lack of affordable credit for people on lower-incomes is harming individuals and families, but also businesses and communities. Whole regions are seeing their growth held back. We can’t keep waiting and hoping that things will get better. We need something to change now. The Fair Banking Act could be the thing which really makes the difference.” The actor was speaking at a Westminster event on the credit access issue organised by the All Party Parliamentary Group on Fair Banking (APPG) Lloyd Hatton MP, chair of the APPG, said:“We need a Fair Banking Act to help increase affordable lending in every corner of the country, ensure small businesses have access to the financial support they need, and guarantee that nobody is financially excluded by the mainstream banks. Only then will we deliver sustained economic growth across the whole of the UK.” Before the General Election Labour said that financial inclusion would be a priority of government, with plans being developed for a comprehensive national financial inclusion strategy. The Fair Banking for All Campaign is calling for a Fair Banking Act to be a central pillar of this strategy, to help grow the responsible finance sector. It said the idea is based on a successful example from the US, where similar legislation has successfully increased access to financial services and support for people on low-incomes and from marginalised communities. As well as leading mainstream banks to improve their own provision of affordable credit for underserved communities, the proposed legislation would also incentivise partnerships between high-street banks and institutions such as credit unions and CDFIs, which are often best placed to provide tailored services that meet the needs of individuals and small businesses who have been turned down by larger institutions. Research from the Fair Banking for All Campaign estimated that a Fair Banking Act in the UK could increase fair and affordable lending to individuals by £2bn a year - equivalent to the total amount owed to loan sharks. This it said would help to pull the rug out from under the illegal lending market, by providing people with a safe and affordable alternative when they’re in urgent need. Additional support to small businesses could create or maintain just under 10,000 jobs over five years, including in some of the most economically deprived parts of the country – where small businesses currently find it hardest to get loans from high street banks. Robert Kelly, chief executive of the Association of British Credit Unions, said: “We need more humanity in our banking system. At a time when more and more people need access to affordable credit, their options are becoming more and more limited. People are being turned down by high-street banks because of their income level or credit score, and so they’re turning to high-cost credit or illegal lending. Credit unions give them an alternative. The sector continues to serve communities and employers across the country at record levels through the provision of ethical and responsible products and services. There’s so much demand out there for this kind of alternative - but we need a Fair Banking Act so we can grow to meet that demand, and help millions more people”

Sir James Dyson says Labour 'killing off family businesses' with inheritance tax
Finance 2025-12-30 03:10:36

Sir James Dyson says Labour 'killing off family businesses' with inheritance tax

Billionaire inventor Sir James Dyson has taken a swipe at the Government for “eviscerating” UK family businesses with the inheritance tax measures announced in last week’s Budget. The businessman, whose company employs thousands of people at its base in Malmesbury in Wiltshire, warned that small firms and start-ups will “suffer”, while private equity and public companies escape the taxation. Chancellor Rachel Reeves used her first Budget to make changes to inheritance tax, including reducing reliefs for agricultural and business property from April 2026 in a bid to raise more funds for the public sector. For assets over £1m, inheritance tax will apply with an effective rate of 20% – half the standard 40% rate. But the measure has faced a backlash from those across the agriculture sector who say the levy will affect farms being passed down from one generation to the next. Sir James, who, as well as founding technology firm Dyson, owns a commercial farming business, expressed his frustrations with the new Chancellor’s tax changes. He wrote in The Times: “Make no mistake, the very fabric of our economy is being ripped apart. No business can survive Reeves’s 20% tax grab. It will be the death of entrepreneurship.” He added: “Every business expects to pay tax, but for Labour to kill off homegrown family businesses is a tragedy. In particular, I have huge empathy for the small businesses and start-ups that will suffer.” Meanwhile, companies owned by overseas families, and private equity-owned and publicly-listed firms that are “about maximising short-term profit” will not pay the same taxes, he said. Sir James is a major landowner and his business, Dyson Farming, produces crops on 36,000 acres across the UK. The entrepreneur and his family have a fortune of about £20.8bn, according to the latest Sunday Times Rich List. Ms Reeves has defended the proposed reforms to inheritance tax by claiming it is not “affordable” to keep the current system.

4,000 Bristol companies in 'significant financial distress', report finds
Finance 2025-12-25 02:10:24

4,000 Bristol companies in 'significant financial distress', report finds

Thousands of Bristol companies are in "significant financial distress", new research has revealed. According to the latest figures from Begbies Traynor’s ‘Red Flag Alert’, which monitors the financial health of UK firms, more than 4,000 businesses in the city are in economic difficulty. Problems are being caused by uncertainty around the economy, inflationary pressures and debt burdens, along with persisting weakness in consumer confidence, the report found. The number of companies at risk of failure has increased by 1% compared to last quarter - and 16.5% over the year. There are 677 construction businesses in "significant distress", making it the most troubled sector in the city. There have also been increases in the number of retailers (48.7%) and bars and restaurants (42.9%) facing difficulties. Paul Wood, partner at Begbies Traynor in Bristol, said: "There is no hiding from the fact that 2024 has been hard to navigate for companies, and the final quarter looks no different, as a high degree of uncertainty weighs on the UK economy." He added: “While there are tentative signs of a recovery, uncertainty continues to loom over Bristol businesses. In response, many business leaders are holding their breath as they await clarity over what the forthcoming Budget will bring. “With wider geopolitical issues also having an impact, the only certainty is uncertainty, and we know this is bad for both business and investment alike. Combine this high level of uncertainty with the expectation of higher business costs post the Autumn Budget and it is clear that the economy is far from being out of the woods.”

Manchester’s Gaia Learning secures £550k venture capital funding
Finance 2026-01-03 07:10:51

Manchester’s Gaia Learning secures £550k venture capital funding

A North West-based online learning provider for neuro-divergent children has announced its biggest venture capital funding round to date. Gaia Learning received the £550,000 investment from Nesta Impact Investments, which led the round, and GC Angels. As a global leader in neuro-divergent education, working with children across the UK, Manchester's Gaia offers live classes, content and courses for children aged eight to 16, who have been diagnosed with ADHD, autism and other learning challenges. The programmes deliver much-needed support that traditional schools cannot always provide. Gaia Learning has seen great success since 2019, going from being a small, specialist tuition business to an award-winning Cambridge Registered International School Online. The company was the first online learning provider to be awarded the ADHD Friendly School award from the ADHD Foundation in 2023. Kate Longworth, chief executive of Gaia Learning, said: “We’re so pleased to have our new investment partners on board and them acknowledging the potential in all we do at Gaia Learning to help school partners, learners and their families. We have tripled our learners this academic year, grown our team to 12 staff members and seen huge demand from children who are struggling in mainstream education. “Now, more than ever, schools need flexible, digital solutions that can scale within budget supporting each neuro-divergent child’s needs.” Nesta is an early-stage investor which focuses on businesses that support their mission of generating a ‘more sustainable future’. Founded in 1998, Nesta says it has recognised the education disadvantage gap that especially affects those with special educational needs. The executive director of Investments at Nesta, Lisa Barclay, said: “We are thrilled to invest in Gaia Learning, a company whose mission to support neuro-divergent children better engage in education is aligned with Nesta’s goal to narrow the education attainment gap.” Co-investors GC Angels are also an early-stage investor in the North West of England. Mark Shirman, GC Angels’ head of investments, said: "Gaia Learning is exactly what GC Angels is all about. The team’s purpose-led approach is helping children who would otherwise be left behind in education to thrive, and the growth they’ve so far achieved is commendable. "As the team continues to grow, and with enquiries on the up, we worked with Kate and the team to ensure Gaia Learning has the necessary investment and resources to drive further expansion and, ultimately, deliver incredible results for young people.” Nesta was advised by law firm DWF. James Bryce of DWF said: "Nesta’s commitment to social impact and innovation aligns closely with our commitment to responsible business, and Gaia Learning’s mission to support neuro-divergent children in a high-growth sector is incredibly exciting. We believe this partnership will create a meaningful impact.” The DWF corporate team also included partner Dhruv Chhatralia; director Sarah Briscall; associate Eilidh Durkin; partner Ann Frances Cooney; and solicitor Iona Hamilton. Ms Barclay added: “Students with an Education Health and Care Plan, who Gaia Learning typically supports, at a national level have outcomes at GCSE eight times worse than the average. One of Nesta's key areas of focus is to narrow the education attainment gap and Gaia Learning provides a compelling solution to tackle this.”

Weston-super-Mare's Tropicana lands £2.7m for transformation
Finance 2026-01-09 05:13:54

Weston-super-Mare's Tropicana lands £2.7m for transformation

A historic seafront venue in Weston-super-Mare has secured £2.7m from the government for a major transformation project. North Somerset Council will use the cash to complete the final phase of works on the Tropicana and turn it into a flagship cultural centre. A planning application for the project was submitted by the local authority's preferred contractor, Morgan Sindall Construction, earlier this month and the venue was partially closed. Work is due to be completed by March 2026, with the appointed venue operator then carrying out a fit out. Councillor Mike Solomon, North Somerset Council’s executive member for culture and leisure, said: “I’m delighted that our bid has been approved – well done to council officers for all their hard work in making this happen. This funding will enable us to work with a venue operator to further secure the longterm viability of the site as a culture and entertainment venue." The funding was allocated by the Department for Digital, Culture, Media and Sport through its Cultural Development Fund and delivered by Arts Council England. The cash is part of a UK government pot totalling £16.2m. The money will be used to improve and fit out the Tropicana's interior spaces for culture and entertainment; install equipment such as for lighting and sound; and deliver a cultural programme in a partnership with the council, the venue operator and local cultural organisations boomsatsuma and Super Culture. “The much-loved Tropicana is a key destination at the heart of Weston’s seafront," said Mr Solomon. "Reinventing this iconic landmark building will create new jobs, support local businesses and deliver a year-round experience-led economy for the future. We want to attract higher profile acts, culture and entertainment events to elevate Weston’s place within the regional, national and international scene." Phil Gibby, South West area director, Arts Council England, said: "This is a landmark moment for cultural development in North Somerset, a designated Arts Council England Priority Place. The redevelopment of the Tropicana will benefit both residents and visitors through a dynamic, year-round cultural programme." Culture secretary Lisa Nandy added: "From film and fashion to music and advertising, our creative industries are truly world-class and play a critical role in helping us deliver on this Government’s mission to drive economic growth in all parts of the UK."

GB Bank receives £20m capital boost and announces a new chair
Finance 2026-01-07 14:42:05

GB Bank receives £20m capital boost and announces a new chair

Property finance institution GB Bank has secured a £20m capital boost and has announced a number of board level changes. The bank, which specialises in lending to SME property developers and investors and was originally launched in Newcastle where it maintains a satellite office, has received an extra £16m from Hera Holdings Ltd and an additional £4m from the Teesside Pension Fund. Hera Holdings Ltd and Teesside Pension Fund are existing investors in GB Bank, having invested £30m and £6m respectively in 2024 to date. The bank – which announced in summer moving its head office from Middlesbrough to its base in Mayfair, London – also revealed that chair Mark Sismey-Durrant is stepping down to be replaced by Huw Morgan, currently the chair of Oxbury Bank plc and Premier Forest Ltd, with more than 25 years’ experience in the UK banking sector. Other board changes include Andrea Hodgson who joins as independent non-executive director and chair of audit committee, and Ashraf Piranie, who joins as non-executive director and chair of risk committee. Alex Cameron also joins as non-executive director and Hera Holding Limited Investor representative, while Pankaj Thukral is stepping down from the board to focus on building GB Bank’s lending proposition. Mike Says, GB Bank chief executive officer, said: “We are absolutely delighted to have received this additional investment from Hera Holdings Ltd and the Teesside Pension Fund. It is a fantastic vote of confidence in our growth strategy and in the progress which we have already made as we look to become the go-to lender for property investments in the UK. “We are making substantial in-roads into a number of different sectors, particularly in the buy-to-let market and in London and the South East, as borrowers and brokers appreciate our fast, efficient and flexible approach to lending. This investment will further enhance our ability to hit our ambitious lending target in 2025, so we are very grateful to Hera Holdings Ltd and Teesside Pension Fund for their continued support.

Fairstone revenues top £125m despite 'challenging' financial market
Finance 2025-12-16 03:39:08

Fairstone revenues top £125m despite 'challenging' financial market

Financial advisory group Fairstone has reported significant growth that has seen revenues top £125m. The Sunderland-based firm has published its annual report for 2023 in which its consolidated income rose from £95.9m a year earlier to £126.8m. Gross profit also increased to stand at £50.5m while adjusted Ebitda came in at £15.9m. The company - which has grown over recent years by acquiring a number of smaller financial advisory firms around the UK - said its success came despite a challenging market. Fairstone said it had more than £17bn in Funds Under Management and had achieved strong growth across areas including client numbers, recurring income, gross margin and profit. CEO Lee Hartley said: “2023 was a year defined by evolving market conditions and a strategic shift in our plans. “The financial landscape remained challenging, with inflation, rising interest rates and geopolitical instability impacting global economies. Despite these headwinds, I am proud to say that our business was robust enough to not only weather the storm, but to thrive. “The year saw client numbers reach 109,000 across our mortgage and wealth services, with funds under management exceeding £16bn for the first time and mortgage lending reaching £1.9bn. This was accompanied by a 32% growth in revenue run rate, which was underpinned by an impressive 94% in repeat income - a testament to the long-lasting relationships we have with our clients. “Over the course of 2023, we continued to harness the best talent in our industry, growing our number of advisers to 530 and welcoming 181 new hires into the business. Further investment in professional development saw our graduate programme double in scale and the number of colleagues on the chartered pathway reach 80. This growth stands us in good stead for the implementation of the next phase of our strategy.” In its report, Fairstone said it be focussed on strengthening its core operations to enhance advisory services and investing in technology to improve both operational efficiency and client experience. It was also planning to expand its Mineral service, a remote advisory platform designed for clients with less complex financial needs. The company also said that it was developing its “hub” strategy, which aims to create operational centres within an hour’s reach of 95% of the population in the areas it serves. Over the past 18 months, Fairstone has launched new hubs in Farnborough, the North West and the North East.

Government to continue funding South West powerhouse - despite plans to scrap similar initiatives elsewhere
Finance 2026-01-09 14:12:32

Government to continue funding South West powerhouse - despite plans to scrap similar initiatives elsewhere

The Government has agreed to continue funding a partnership aimed at making the West of England a powerhouse, despite looking to scrap similar initiatives elsewhere. The Great South West provides a unified voice for Cornwall, Devon, Dorset and Somerset in Westminster. It also plays a pivotal role in securing investment and driving business growth across the region - and the wider UK economy. Those involved in the initiative have hailed the announcement, which followed an extensive national consultation on pan-regional partnerships across England. The consultation saw the Government receive more submissions from the South West than any other English region, with leaders from industry, education, academia and local government highlighting its importance to the UK. It was feared funding for the Great South West could be axed following chancellor Rachel Reeves' Budget last November. Karl Tucker, chair of the Great South West Partnership, said: "This announcement is a clear endorsement of the South West’s vital role in delivering national priorities – from energy security and net zero, to defence and advanced manufacturing. "Thanks to the powerful coalition we have built across business, education, and local government, the Government has recognised the unique case for our region and the continued importance of the Great South West." The Great South West will now work with ministers and officials to determine the next steps, it said. In February, deputy prime minister Angela Rayner confirmed no new mayoral structures would be established in the South West under the first wave of new devolution plans, with no arrangements in the region likely to be in place for some considerable time. "This announcement reinforces the urgent need for the Great South West to continue to work together, to present a unified voice into Government and on the national stage," a spokesperson for the partnership said. Councillor Millie Earl, vice chair of the Great South West and leader of BCP Council, has now called for "long-term certainty" to help with future planning. "We cannot afford to lose the momentum we’ve built," she said. Clive Higgins, chief executive and chair of Leonardo UK and Great South West board member, said it was "critical" the region’s leaders worked together to showcase the South West on the national stage. "We must continue to champion the South West as a global leader in defence, advanced engineering, manufacturing, clean energy, aerospace and so much more," he added. The Great South West Partnership will now work with partners across business, education, and Government to determine how the region continues to have a "unified and clear voice" in Westminster. While these discussions progress, a full programme of activity will continue to be delivered, it said. The partnership will be hosting the fourth in its series of events at Westminster on March 18, showcasing the region’s strategic inward investment opportunities to investors, ministers and international trade missions.

Tyneside pharma firm Shield Therapeutics seeks to raise $10m through subscription by largest investor
Finance 2026-01-07 05:29:46

Tyneside pharma firm Shield Therapeutics seeks to raise $10m through subscription by largest investor

Pharma company Shield Therapeutics has announced a subscription by its largest investor to raise $10m. The company’s main product, which treats iron deficiency anaemia, was first launched in Europe under the Ferracru brand in 2019 but is now available in the US and other countries as Accrufer. The Newcastle company has signed an agreement with AOP Health International Management AG, in which the major shareholder has conditionally agreed to subscribe for 256,410,256 new ordinary shares. The agreement is part of a broader funding move, which sees the firm launch a conditional offer for its existing retail shareholders to purchase new ordinary shares, aiming to raise up to £1m. AOP’s subscription is subject to shareholder approval at a general meeting scheduled for December 24, where a waiver of obligations under the Takeover Code will be considered, because its large increase in shares would take it past the threshold to trigger a formal company takeover. The Austrian company, however, has said that is not part of its plans. The announcement says: “AOP has stated to the company that it is not prepared to proceed with an equity investment in the company unless it obtains a controlling interest (i.e. greater than 50% of the Enlarged Share Capital) as a result. Such a subscription is conditional upon the approval of the resolutions by the shareholders at the General Meeting (including the Waiver Resolution) and the Subscription Admission. “If such approvals are not provided, AOP will not be required to proceed with an equity investment in the company, resulting in the company not receiving the aggregate gross proceeds of at least $10m, which would otherwise have helped the company achieve its aim of becoming cash flow positive by the end of the calendar year of 2025. “In the event that the maximum number of Retail Book Offer Shares are issued, following the completion of the Subscription, AOP will hold 568,007,521 Ordinary Shares, representing 53%. The proposed Subscription gives rise to certain considerations under the Takeover Code. AOP has confirmed that it is not prepared to make a mandatory offer for the company.”

Bristol tech firm 3radical collapses as parent company suspends shares on AIM
Finance 2026-01-08 06:32:37

Bristol tech firm 3radical collapses as parent company suspends shares on AIM

A Bristol data and technology company has fallen into administration months after being acquired for £1.28m in a reverse takeover deal. South West-based 3radical - the main subsidiary of digital marketing firm Electric Guitar Plc - has instructed Paul Ellison and Christopher Errington of KRE Corporate Recovery to market its business and assets for sale. It is understood that KRE will be appointed administrators with a view to completing a pre-packaged sale of 3radical. The decision was made with the agreement of Electric Guitar's board after the firm struggled to raise equity funding. The news comes just two days after Electric Guitar suspended its trading of shares on AIM as it seeks to clarify its financial position. Electric Guitar has been working on a so-called buy and build strategy since acquiring 3radical seven months ago. It completed the all-share acquisition of data business Mymyne in August, which it said resulted in "significant synergies and cost-savings" for 3radical. But the company's share price has continued to decline since the reverse take over despite Electric Guitar investing £250,000 in sales and marketing. Electric Guitar said in a statement: "It has taken longer than expected to benefit from the fruits of such activity although this is now starting to show. Therefore, the Board has been actively seeking additional capital beyond its existing resources to be able to proceed with its buy and build mission, beyond just bringing the 3radical business to profit. "However, the company's declining share price has not only inhibited its ability to pursue its buy and build mission, but has also made an equity fundraising difficult at this time." Electric Guitar had been courting prospective investors in Singapore, where it has a presence, and had secured "in principle" substantial new funds, it said. But it is understood the investors pulled out "unexpectedly" claiming the market was "insufficiently liquid".

Finance lender Atelier launches new Birmingham base
Finance 2025-12-21 19:58:53

Finance lender Atelier launches new Birmingham base

Specialist development finance lender Atelier has opened a new regional office in Birmingham's business district. Following the deployment of £150 million capital to the region, Atelier has launched the new space in 102 Colmore Row which is led by lending director Rav Kudhail. The London-based company said the new base would enable it to expand its provision of custom finance products to developers across the West and East Midlands and further afield towards Leeds and Manchester. It has already worked on several projects in the region including providing finance for the conversion of a grade-II listed building in Birmingham's Jewellery Quarter to create 32 apartments and a 196-studio student development near University of Warwick. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Mr Kudhail said: "I've been based in Birmingham for the last three years and I am proud of the relationships we have built up with developers, intermediaries and professional partners. "The fact we've delivered £150 million of lending in the region so far is evidence of our commitment to being the lender of choice to finance a range of asset classes across central England and the North." Chief executive Chris Gardner added: "The opening of our Birmingham office underscores our commitment to funding property development in the region.

Period poverty project lands funding at Dragons' Den-style event at the Shard
Finance 2026-01-08 11:39:01

Period poverty project lands funding at Dragons' Den-style event at the Shard

A trio of entrepreneurs who developed sustainable menstrual pants in a bid to tackle period poverty have won £12,500 of funding. Bristol University's Aurusha Kharas and Anushka Mahesh, along with Queen Mary’s graduate Sarah Bailey, have won a share of £50,000 at a Dragons' Den-style event at the Shard. The Even Project was among six finalists taking part in business competition Ignite, which is run by the Ford Family Foundation. The non-profit was awarded the cash after impressing judges with the absorbent underwear, which can be worn and washed 300 times. The pants provide a sustainable alternative to disposable products, reducing costs by 16 times and cutting carbon emissions by six times, according to the co-founders. “As they look like normal underwear, women aren't ashamed to hang the pants on their washing lines rather than hide them away, and this means the risk of infection is dramatically reduced and potentially life saving,” a spokesperson for the entrepreneurs said. The Even Project is currently undertaking a large trial in Greece and already has 44,000 pre-orders for 2025. The founders' plan is to work with street vendors to ensure the product gets to the girls and women who need them. The event was judged by Jack Ford; Sarah Grieves of innovative tech platform Beam; the chief executive of Jigsaw Education Group Sanjeev Bag; and Ground+Air’s Jim Brown. Tony Ford, founder of the Ford Family Foundation, said: “Ignite is a testament to the incredibly driven young people coming out of our universities, to their intelligence, their entrepreneurship and most importantly to their social values. “The final was a masterclass in pitching and we are looking to help these social enterprises by investing our money, time and experience to maximise their potential and chances of success. Our Family Foundation is keen to invest an initial £3.5m in sustainable, growing and impactful businesses.”

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