Indie video game label makes duo of acquisitions
Team17, which has offices in Nottingham, Manchester, and Wakefield, has kicked of 2022 by revealing two acquisitions.
The indie video game label has acquired The Label, a USA-based independent publisher specialising in mobile subscription games content for an initial consideration of $24 million (£17.76 million) with additional earn out consideration of up to a maximum of $16 million (£11.84 million) over the next three years.
The total consideration of up to $40 million (£29.6 million) will be paid through a combination of cash and shares, which are subject to a 12 month lock-in period.
Michael Pattison, CEO of Team17 Games Label, said: “We are absolutely thrilled to be joining forces with The Label’s entrepreneurial team, who are true pioneers in the delivery of quality mobile subscription games and technology. We are excited to tap into their unrivalled market and gaming experience to further take advantage of this growing market.
“The Label is a fantastic addition to the Team17 family, creating an indie game powerhouse across PC, console and mobile platforms. We look forward to helping them build on their impressive track record of success, further enabling them to scale even greater heights in support of our ambitious growth aspirations.”
Joshua Babich, general manager and Vice President, said: “It’s an honour to join the world’s leading independent games publisher. Team17 has been a pillar of excellence for over three decades for gamers and creators, bringing some of the most imaginative and unique titles to life. With their support the sky’s the limit and our partners can feel confident our combined leverage will accelerate success for all.
“Joining the Team17 family opens up unprecedented doors for us all. While we’ve carved out a strong foothold in the mobile subscription space, this allows us to instantly expand our market reach in ways that just wouldn’t have been possible before. We are delighted to be part of a Group that puts games development and creativity first!”
Team17 has also announced the acquisition of all rights and assets of Hell Let Loose (HLL), an existing 3rd party title to its 1st party family for an initial consideration of £31 million plus a contingent earn out consideration of up to a maximum of £15 million.
HLL is a multiplayer tactical first-person shooter video game which has over six million owners. HLL was created by developer Black Matter and is co-developed and published across multiple platforms by Team17.
Michael Pattison, CEO at Team17 Games Label, said: “We are delighted to be announcing the acquisition of the Hell Let Loose IP. Hell Let Loose has quickly become a highly credible and innovative multiplayer tactical first-person shooter supported by a very passionate and highly engaged community with over six million players.
“Having built a close and extremely productive relationship with Black Matter already, we believe that by bringing Hell Let Loose into the Team17 stable, we can serve and build upon the needs of an ever-growing community, improve and expand upon the existing player experience and develop new ways to entertain and delight. We firmly believe Hell Let Loose can become the definitive large-scale team-based military simulation.
“This acquisition represents an important next step in our strategy to expand our ownership of IP that is not only of the highest quality, but importantly has long-term growth potential.”
Max Rea, founder & CEO of Black Matter, said: “This is a wonderful opportunity for our fans and a logical next step-up in the development of Hell Let Loose as a brand. Team17 love our brand and community as we do, which has expanded across multiple platforms successfully.
“We’ve worked very closely with our good friends at Team17 over the last several years and firmly believe that this acquisition is the next logical step to enable us to further deliver great content to the highly passionate HLL community, as well as find new ways to engage and entertain in the future.
“We are really excited to continue to work with Team17 on the next stage of growth for Hell Let Loose.”
The news comes as the company provides a trading update for the twelve months ended 31 December 2021 (FY 2021) in which it has “continued to trade above Management’s expectations across H2 2021 completing a solid performance in 2021. As a result, revenue and adjusted EBITDA for FY 2021 will be ahead of Management’s expectations and ahead of FY 2020.”
Debbie Bestwick MBE, CEO of Team17, said: “We are pleased with the 2021 performance, in which we continued to execute on our highly ambitious pipeline alongside completing the acquisition of StoryToys. Bringing StoryToys into the Team17 family sees us align our growth ambitions with their hugely talented team and is a clear marker for our future growth strategy.
“In addition, we are delighted with the acquisitions announced this morning. These further support our content and people growth plans. We look forward to working with them as part of our growing Team17 Group in 2022.”
M-EC appointed to trio of local authority projects
M-EC, a firm of technical development consultants, has been appointed to provide expert advice on a trio of local authority infrastructure projects in Leicestershire. The projects involve three of the company’s specialist departments.
The firm has been engaged by North West Leicestershire District Council (NWLDC) and Leicestershire County Council (LCC) to carry out a range of surveys and impact assessments for projects taking place in Coalville and Ashby de-la-Zouch.
In Coalville, M-EC is working with NWLDC and other specialists on the £1.5m Marlborough Square to ensure the success of the redevelopment project in the heart of the historic market town. The redesigned square is intended to provide a more attractive, pedestrian friendly public space suitable for families and for events and markets. The regeneration will complement the adjacent newly refurbished Coalville indoor market.
The new designs for the square necessitate the redirection of traffic around the town centre. M-EC’s specialist transport team has provided pre-planning highway and transport support for the project. The team has also created a road sign and lining design scheme in support of a future Section 278 application to undertake the works within the public highway.
Also in Coalville, M-EC have been working on a residential scheme on Highfield Street on behalf of NWLDC and LCC. M-EC’s GI, Geomatics, Civils, Structures and Lighting teams have all been involved in this project in order to progress on site construction and technical approvals from the relevant statutory authorities.
Working with Ashby-de-la-Zouch Town Council, M-EC’s Acoustic Air team has been commissioned to undertake Air Quality Monitoring to review the level of road traffic emissions within the Town. Continuous 12-month monitoring of Nitrogen Dioxide has been undertaken and the findings of this will be reported back to the Town Council.
Tim Rose, director at M-EC, says: “As Leicestershire headquartered, we are pleased to be working closely with several local authorities across the county on projects which will improve the lives of Leicestershire residents.
“The Marlborough Square development in Coalville in particular has been long awaited and the improvements to the town centre will have a positive impact on the local economy, encouraging further investment in the area and reducing pollution levels.”
East Midlands Chamber’s Enterprising Women co-chair Jean Mountain wins top award
The co-founder of East Midlands Chamber’s Enterprising Women network has been recognised for her career achievements with a major award.
Jean Mountain was named the Businesswoman of the Year at the Nottinghamshire Live Women in Business Awards today (5 January).
She was commended for “fighting tooth and nail to break the glass ceiling” for other professional women via her work with the group, which celebrates its 25th anniversary this year.
Jean, who owns The Dressing Room boutique ladies’ clothes shop in Mansfield Woodhouse, said: “I am absolutely delighted to have won the Businesswoman of the Year award 2021 – it’s such a huge honour.
“I’ve dedicated my entire working life to being focused on collaborative networking with businesses especially in my home county, Nottinghamshire.
“As co-founder of the East Midlands Chamber Enterprising Women network, I truly believe in holding out a hand to the next person by helping each other to learn, grow and succeed.
“As I diversify through my businesses and grow my high street boutique, I’m proud to be recognised with this prestigious award.”
Jean has a long history of entrepreneurship over three decades after completing a business studies course at West Nottinghamshire College in the 1980s. She was aged 23 when she was first tasked with running a factory for The Supreme Rubber Stamp Company, based in Huthwaite, before going on to set up an accessories busines, become a silent partner for numerous companies and a director at a national print management firm.
Alongside her commercial activities, she has been heavily involved in the region’s business community. Initially joining the former Nottinghamshire Chamber of Commerce board of directors, she went on to become president of East Midlands Chamber in 2015/16 and chair of the Chamber’s Nottinghamshire members’ forum.
Another role as chair of the East Midlands Business Crime Forum led to her becoming vice-president of the National Business Crime Forum, setting up an all-party parliamentary group lobbying for better security to stop business crime.
But it has been via the Enterprising Women network that Jean has had a profound impact on other professional women working across the East Midlands since it was set up in 1997.
She runs it alongside Eileen Richards MBE, the owner of Leicester-based ER Recruitment, and has grown it to a membership base of more than 500 people. It features regular networking events with guest speakers and an annual Enterprising Women Awards, which will be launched again this spring.
Eileen, who was East Midlands Chamber president until last month and remains a board member, said: “On behalf of the Enterprising Women network, I am absolutely delighted that Jean has been awarded with the Nottinghamshire Live Businesswoman of the Year accolade.
“Jean is a truly entrepreneurial spirit who manages businesses across a variety of sectors, and is an influential leader to both her employees and all of us who are part of the network.
“This award will mean the world to her and I know everyone in the network will agree just how much it is deserved.”
Proposals to transform Travelodge into student flats granted conditional permission
A proposal to convert the Travelodge Hotel on Maid Marian Way, in Nottingham, into student accommodation has been granted conditional permission by the city council.
The plan would see the ten-storey hotel become 121 studio apartments.
A design statement submitted on behalf of the applicant says: “The building is currently looking tired, with a light grey aluminium trim to the concrete frame, in need of repair, dark blue spandrel panels at first floor podium level, that change to off white in the tower levels above.
“We will celebrate the 1970s character of the building, retaining the language of expressed structure and infill curtain walling.”
It continues: “By increasing the number of dwellings and therefore the number of residents in the local vicinity, the proposed development of this site will help to support the existing businesses and facilities thus ensuring their long term success, and the sustainability of this urban centre.”
Derby mixed use scheme sold in £1.7m deal
BB&J Commercial have completed the sale of a large multi-let mixed use scheme of over 30 flats occupied by both professionals and students together with a pay and display carpark in Derby City Centre.
Located on Stafford Street close to the junction with Friar Gate and Ashbourne Road, the property was marketed at a price in excess of £1.7 million being reflective of the valuable income stream, and the sale of the freehold investment attracted a large amount of interest around the asking price.
BB&J Commercial partner, Mark Richardson, acted for the seller and said: “Whilst the commercial property market may seem low on stock, demand for good quality investments remains strong. This was a large property primarily used for housing provision and is a good example of more investors considering this sector as a viable investment on a larger scale.”
Looking at the wider property picture, Mark continued: “It fits in with the strong appetite for investment sales, which in 2021 exceeded an incredible £50 billion nationally. It’s also worth noting that this type of investment within the city centre is yet another example of Derby being seen as a city of both sustainability and growth.
“Alongside investment and construction schemes such as the nearby Becketwell redevelopment, Nightingale Quarter and those in areas such as Agard Street it is one more piece of the property jigsaw being put together to ensure the vibrant future of Derby.”
Administrators appointed to digital payments firm
James Bennett and Ed Boyle from Interpath Advisory have been appointed joint special administrators to Chesterfield-based Viola Money (Europe) Limited.
Viola Money (Europe) Ltd is an electronic money institution focused on digital payments, offering e-wallet accounts, prepaid cards and money transfers to individuals.
On 21 December 2021, a special administration order was made by the Court in relation to Viola under the Payment and Electronic Money Institution Insolvency Regulations 2021.
The application to the Court for the special administration was made by the FCA and follows requirements imposed on Viola by the FCA on 14 December 2021, which required it to cease all regulated electronic money and payment services and not to deal with any of its client funds. This is the first special administration order made under these regulations.
The special administration process includes provisions to facilitate the return of customer monies by the administrators. The joint special administrators will carry out an assessment of all the customer funds held by the firm to confirm the current position.
James Bennett, Managing Director at Interpath Advisory and joint special administrator, said: “Our immediate priority is to gather in the assets of the Company, and those it safeguarded on behalf of its customers. We will also seek to reconcile the accounts of the Company before distributing the safeguarded funds as quickly as possible.”
Wren Sterling completes secondary management buyout
Nottingham-based Wren Sterling has revealed that its secondary management buyout has completed, following approval from the Financial Conduct Authority.
In July 2021, Wren Sterling agreed terms on a majority investment from investment funds affiliated with Lightyear Capital LLC (Lightyear) to complete a management buyout from Palatine Private Equity and shareholders. Terms were not disclosed.
Lightyear is a New York-based financial services-focused private equity firm with sector expertise in asset and wealth management.
The deal will see Wren Sterling’s management team and staff remain in place to deliver the business plan goals of growing the business through organic strategies plus, with access to funding, continuing to make selective acquisitions. The business now has more than 200 employees and intends to extend its office network in key areas.
Wren Sterling was created following a management buyout of Towergate Financial led by Ian Darby and supported by Palatine Private Equity in March 2015, and the intervening six years has seen Wren Sterling double its assets to £4.7bn under management and substantially increase its profitability.
In the period since the deal was first announced in July, Wren Sterling has enjoyed strong trading performance, welcoming hundreds of new clients and increasing its AUM by £200m.
Ian Darby, Wren Sterling’s executive chairman, said: “We are all delighted that we have been given the green light to proceed. It marks the start of an exciting new chapter in the history of Wren Sterling and, with Lightyear’s backing, the management team can now deliver on our growth plans, while investing in continually improving our client service and developing our talent.
“This deal is a fantastic result for Wren Sterling’s shareholders including our former investor, Palatine Private Equity, clients and employees.
“Lightyear has significant experience in our market, which will complement the ability of Wren Sterling’s management team to continue to build a successful financial advice business in the UK.”
Work poised to start on phase four of Lincolnshire housing development
Work is poised to get under way on phase four of Charterpoint’s housing development in Louth, Lincolnshire.
It will bring a further 40 plots into build at Westfield Park on the edge of the town.
Planning permission was granted for 240 homes on the site in 2018. This latest phase is the penultimate phase and will bring the total number of homes built at Westfield Park by Snape Properties to 200.
Charterpoint CEO Adrian Goose said: “Westfield Park has proved to be a very popular housing development and the new homes can’t be built quick enough to keep up with demand.
“It’s an excellent location which has already become a thriving community for families in Louth and we are delighted to be releasing a further 40 plots to Snape Properties so that they can continue building and move onto the penultimate phase of the development.”
The housing development features a mix of three and four-bedroom semi-detached houses and four and five-bedroom detached houses.
A two-storey, 66-bed care home has also been built on the site, which is off Grimsby Road.
Bridge Help smashes fundraising target for Chesterfield Foodbank
More than £4,000 of much-needed food and toiletries was donated to Chesterfield Foodbank just before Christmas thanks to a fundraising appeal by commercial bridging finance company Bridge Help.
Launched in November 2021, the team at Bridge Help hoped to raise £2,021 of food and toiletries but, thanks to the generosity of its brokers, suppliers and Chesterfield’s business community, Bridge Help smashed its original fundraising target in just six weeks.
A total of £2,130 of food and toiletries was collected which was matched pound for pound by Bridge Help. The match funding pledge meant a total of £4,360 – more than double the original fundraising target – was donated to Chesterfield Foodbank.
With the help of eight volunteers, hundreds of packets, tins, boxes, cartons, sacks and bottles were transported from Bridge Help’s offices in Chesterfield to the Foodbank warehouse ahead of Christmas.
As well as Christmas treats of biscuits and crisps, Bridge Help also collected essentials, such as nappies, toiletries, tins and dried foods, which were all donated to Chesterfield Foodbank to ensure the charity had stock to distribute well into 2022.
The haul filled the Chesterfield Foodbank van as well as two additional vehicles, with Bridge Help CEO Chris Sellars also pitching in to help with a delivery when it became evident there was too much for two vehicles.
The annual charity fundraising campaign was organised by Phoebe Sellars, a Business Development Manager at Bridge Help and also a trustee of Chesterfield Citizens Advice.
Phoebe said: “Wow, just wow. I can’t thank everyone enough who donated. It was a pleasure and an honour to be able to hand over everything we collected and know that, together, we have made a small difference in the lives of people who are facing hardship not just at Christmas but throughout the year.”
Rolls-Royce completes sale of Bergen Engines
Rolls-Royce has completed the sale of its Bergen Engines business to Langley Holdings plc for an enterprise value of €63m.
The completion of the transaction, which was announced on 3 August 2021, follows the conclusion of work to separate the business from the Group.
Sale proceeds of €91m from the transaction, together with €16m of cash held within Bergen Engines which has been retained by Rolls-Royce, will be used to help rebuild the Rolls-Royce balance sheet in support of its medium-term ambition to return to an investment grade credit profile.
In 2020, Bergen Engines generated revenues of approximately €200m.
