Foresight invests £750k into AI software solutions provider
Foresight Group, a listed private equity and infrastructure investment manager, has made a £749,000 growth capital investment into The Modular Analytics Company Limited (TMAC), using equity finance from the Midlands Engine Investment Fund (MEIF) as part of a c.£1.5 million funding round.
Founded in 2018 by Jimmy Hosang and Sean Northam, TMAC is a rapidly growing contact centre software solutions company. With significant operations across the Midlands, TMAC’s proprietary artificial intelligence and machine learning software drives efficiency, reduces costs and improves results for large contact centres primarily in the insurance, retail and banking sectors.
This funding round supports the company’s growth plans, allowing it to focus on developing its software as a solution platform, as well as make key senior hires as they consolidate their East Midlands base.
Jordan Lavender, investment manager at Foresight, said: “We are delighted to be supporting TMAC on its next stage of growth. With digital transformation projects becoming more widespread in organisations, TMAC is well placed to take advantage of this flourishing market. The team have extensive experience in this sector and I am pleased they have selected Foresight as their partner for the next exciting phase of their journey.”
Commenting on the investment, Jimmy Hosang, CEO and co-founder of TMAC, said: “I’d like to thank the British Business Bank, Foresight Group and the Greater Manchester Combined Authority in supporting us in our vision to create a market leading AI company that the regions can be proud of.
“This investment will allow TMAC to invest in our products and create numerous jobs across the Midlands and Greater Manchester which are both high quality and diverse in nature, including speech analytics consultants, data engineers, product and UX specialists and B2B marketeers.”
Plans in for 49 homes and extensive flood alleviation scheme in Northamptonshire
Terra has submitted a Full Planning Application to West Northamptonshire District Council for 49 new homes, provision for a community hall, and 4,000 cubic metres of water storage ponds.
The 4.2ha (10.4-acre) site is located off Farndon Road, in the rural village of Woodford Halse, Daventry.
Located between Daventry and Banbury, close to Hinton – the largest village in the Parish of Woodford cum Membris – the area has been affected by flooding during the past 10 years. In November 2012, there were four areas within the village where flooding occurred and 10 properties flooded internally.
A Flood Investigation Report by Northamptonshire County Council recommends extensive water alleviation measures. The development of new dwellings is required to fund the works, which will intercept surface water from the stream and manage its slow release.
The plans for the site propose two Sustainable Drainage Systems (SUDS) to be created either side of a low density development of 49 two, three and four-bedroom houses and two-bedroom bungalows. The home designs reflect the traditional architectural styles found within the village.
A site for a new community facility to potentially replace the Parish’s Memorial Hall is also proposed, including designated parking provision. New tree and native hedgerow planting, Public Open Space and footpath links will deliver additional benefits. The architect for the scheme is Birmingham-based UMAA Architecture Ltd.
James O’Shea, Managing Director of Terra, said: “Roads, gardens and homes in Woodford Halse and Hinton have been affected by flooding. This can hamper the ability of Emergency Services to access properties, as well as causing havoc to daily life. There is a real need for a robust, permanent water alleviation scheme, which this quality scheme of family houses and bungalows can be the enabler for.
“Within the Daventry area, there is also a chronic shortage of new homes, especially in the rural villages. This much-needed development could enable local people to move into a modern, economical new home without needing to leave the area. We have already carried out consultation work and look forward to working alongside Officers, Councillors and additional consultees while the planning application is being considered.”
Furnished office expansion for Connect Derby
Connect Derby, the managed workspace provider, has extended its furnished office offering following the success of a pilot scheme at its Friar Gate Studios headquarters.
Just two months after it was launched, the furnished offices at Friar Gate Studios on Ford Street achieved 89% occupancy with tenants including recruitment specialists EMBS and lettings agency Monkey v Owl.
Now furnished offices are being introduced at Connect Derby’s other managed workspaces at the iHub innovation centre, Sadler Bridge Studios, Riverside Chambers, Marble Hall, and Kings Chambers.
The Covid-secure offices will be available to rent on a short-term basis of up to six-months, and will be equipped with desks, chairs, storage units, phone lines and high-speed broadband. Some offices also have a breakfast bar, sofas, tub chairs, coffee tables, plants, and artwork.
Furnished offices have been introduced at Connect Derby in response to the changing workplace environment and increasing demand from businesses for a short-term letting arrangement as they reassess the impact of the pandemic on their operations.
Commenting on the expansion of the furnished office offer, Ann Bhatti, head of Connect Derby, said: “Our initial pilot scheme at Friar Gate Studios was a huge success, providing businesses with the breathing space they need to consider their future accommodation needs.
“Since it was launched in 2014, Connect Derby have been pioneers of the managed workspace sector in the region. We hope the expansion of these highly quality furnished offices will encourage more people back into the city centre.
“We look forward to welcoming new businesses to Connect Derby and helping them to gain a competitive advantage in this new era of work.”
Nottingham’s See Tickets acquires exhibition services firm
Nottingham-based See Tickets has acquired LiveBuzz Group Limited, LiveBuzz Limited and LiveBuzz Web Design Limited (the “LiveBuzz Group”).
The LiveBuzz Group are a leading provider of services to the UK exhibition services sector and this strategic acquisition by See Tickets, an independent, full-service ticketing business wholly owned by Vivendi, will expand See Tickets’ presence in growing businesses.
See Tickets has the ambition to become the market leader in trade exhibition registration services. The board of See Tickets has been impressed with the technology and expertise demonstrated by the LiveBuzz Group. It plans to invest in the teams and in technology to expand the business further.
The Freeths team advising See Tickets was led by John Heaphy, Mallory Coxe and Maddy Scott.
John Heaphy said: “We are delighted to have acted for the See Tickets team (who are a long-standing client of Freeths) on their strategic acquisition of the LiveBuzz Group. It is really positive to see a client who is confident and bold enough to make an acquisition in the hospitality and leisure sector in what are still difficult times.”
Rob Wilmshurst, Global CEO at See Tickets, said: “It was great to work with Freeths on this acquisition who I have known for nearly 30 years!
“We are delighted to have completed this transaction and warmly welcome the LiveBuzz team to the See Tickets family.
“We firmly believe there is huge potential in this acquisition and the efficient combination of both existing operations will provide a powerful operating framework that will be unrivalled and will greatly benefit all stakeholders in the exhibition space in the UK and progressively in the other countries where See Tickets operates.”
Nottingham lands £3m funding boost to support jobs growth and training
Nottingham has been successful in applying for almost £3million of funding to be spent on improving skills, boosting employment and helping businesses to grow.
The City Council has received £2,879,496 from the Government’s UK Community Renewal Fund (UK CRF), which was the full amount of grant money applied for.
The £220million fund is designed to help pilot programmes and new approaches in local communities.
It will now fund the Council, in partnership with The East Midlands Chamber, Groundwork, University of Nottingham and Volunteer It Yourself, to deliver four UK CRF projects between now and June next year. These are:
- East Midlands Chamber (£1.1m): Support 280 businesses in key growth sectors to recover from the pandemic, and deliver a sector-based skills programme to convert Kickstart placements (a Government scheme where employers are given funding to employ under-25s on Universal Credit) and graduates placements into sustainable jobs;
- Groundwork (£1.2m): Fund a wage-subsidy for 100 people, creating jobs and helping employers recruit over-25s who are not eligible for the Kickstart programme;
- University of Nottingham (£354,000): Advance retrofit strategy and policy development through the delivery of energy and carbon assessments, cost and feasibility studies, compliance reviews, cost-effectiveness analysis and workforce carbon skills support;
- Volunteer It Yourself (£204,000): Support 150 unemployed and economically-inactive 16 to 24-year-olds, gain and apply vocational construction skills while renovating valued local buildings and spaces in the City.
Sustainable pallet manufacturer to create 15 jobs following £750,000 funding
A Wellingborough-based paper honeycomb board manufacturer has secured £750,000 to expand its product range, create jobs and enter new markets.
The Alternative Pallet Company Ltd who trade as PALLITE® received funding from the Midlands Engine Investment Fund (MEIF) provided by The FSE Group Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The MEIF funding will help to create 15 new jobs in the next year, with the ability to offer apprenticeships to the under-25s.
The investment will also allow the business to expand its product offering with the creation of a new furniture range – following on from its pop-up desk success. The business is also looking at entering new markets in the high-value fashion and fragile goods sectors, as well as expanding into Europe and North America.
Iain Hulmes, CEO of The Alternative Pallet Company, said: “All of our products are designed in-house and are both nail and splinter free and exempt from heat treatment legislation for exported products.
“Although we started out as a pallet business, we listened to our customers and further developed the PALLITE® range to include collapsible pallet boxes, insulated pallet boxes, layer boards and pallet feet. The FSE Group guided us through the funding process and we appreciate their help to achieve our growth ambitions.”
Ann Marie McFadyen, investment manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “PALLITE® has an established product range demonstrating commercial traction with a large customer base.
“The UK transport sector produces over 25% of greenhouse gas emissions so it is great that Iain and his team are creating environmentally friendly products that will help reduce these emissions. It is encouraging to see the business enter new markets and we look forward to this next exciting stage of their journey.”
Vicky Hlomuka, SEMLEP’s Growth Hub manager, said: “PALLITE® is a perfect example of how a business can innovate to develop more sustainable products that not only benefit the environment, but increase customer satisfaction.
“It’s fantastic to see the Midlands Engine Investment Fund investing in yet another Northamptonshire based businesses to create more jobs and enabling PALLITE® to continue to develop unique product solutions in the packaging and logistics industries.”
Significant investment to fuel software platform’s growth
Pollen Street Capital has agreed a sale of Aryza, which has a large office in Nottingham, to Atlas Bidco 1 Limited – a company owned by Macquarie Capital Principal Finance, Pollen Street, and Aryza senior management.
The parties say they are excited by the future growth potential of the software platform, attractive market dynamics and M&A opportunity.
Colin Brown, CEO of Aryza Group, said: “This is a major step forward in the growth of Aryza, we have continued to build a sustainable and successful business throughout one of the most difficult trading periods in history.
“This additional investment will fuel even more organic growth and present us with a greater depth to explore opportunities in new territories, and to continue to enhance our market-leading product set.”
Pollen Street first invested in Aryza in 2017. Since then, Aryza has grown rapidly in size and breadth of offering, both organically and through M&A. Today it is a global leading provider of case management and process automation software solutions for regulated industries, serving the insolvency, credit, and debt recovery sectors.
Macquarie bring substantial institutional expertise and operational experience, as well as an extensive network in Australia, New Zealand, US and Asia and flexible capital to support continued growth of Aryza. Its capabilities are demonstrated through a track record of more than 620 investments deploying $US35 billion since inception in 2009, including many software investments.
Adam Joseph, head of private equity, Macquarie Capital Principal Finance Europe, said: “We were attracted by Aryza’s exceptional quality, leading position in lending and insolvency sectors and defensible market position – with the potential for further product and geographic growth.
“Investing alongside Pollen Street Capital, with whom we have a long-standing relationship, provides a unique opportunity to deploy our flexible capital to offer additional support and the resources required to help achieve Aryza’s future growth ambitions.”
Sharand Maharaj, Managing Director at Macquarie Capital Principal Finance, added: “We look forward to working alongside Colin and the rest of the management team and bringing our experience in supporting high growth businesses to help continue the impressive momentum they have achieved with Pollen Street Capital to date.”
Corby logistics firm on the road to success with site expansion
A transport and logistics firm in Corby is heading for growth after investing in new warehousing space, with support from Lloyds Bank.
Sanderson Transport used a seven-figure funding package to purchase a 5.5-acre site adjacent to one of its existing properties, which will provide an additional 55,000 sq ft of warehouse space, as well as increasing the office footprint for its logistics operations.
It will increase the firm’s warehousing capacity by up to 50%, and enable it to expand its growing e-commerce fulfilment services.
The firm provides transport and logistics solutions for a variety of customers, ranging from industrial goods to retail, with a fleet of more than 80 vehicles. It employs more than 140 people across its sites in Corby and Market Harborough.
The new investment follows a period of sustained growth for Sanderson Transport over the past five years, which has seen its customer base expand significantly.
Ed Sanderson, commercial director at Sanderson Transport, said: “We’ve increased the size of our operations significantly over the past five years or so. Acquiring the new site will give us even more room for growth and the chance to diversify what we do even further.”
Belinda Smith, relationship manager at Lloyds Bank, said: “Sanderson Transport has enjoyed impressive growth in recent years and we’re pleased to see the team build on this success with the acquisition of its new site.
“We will continue to support them as they move forward, and will be working with other businesses across the area to help them on their own growth journeys.”
£30m Nottingham development acquired by Northwood Urban Logistics
The employment and trade phases of a £30 million mixed-use development in Nottingham has been acquired by Northwood Urban Logistics, investor in UK urban logistics.
Teal Park, off the Colwick Loop Road in Netherfield, has been jointly developed by Warwickshire-based AC Lloyd Commercial (ACL) and Nottingham-based Henry Davidson Developments (HDD).
Northwood Urban Logistics has now purchased the entire industrial element of the scheme which will be delivered by ACL and HDD in three phases.
The first phase of this development is now completed and fully let which includes 33,300 sq ft of trade units with Toolstation and Screwfix now open and Howdens due to start their fitting out works imminently.
Phase 2 consists of 19,500 sq ft of trade units with 50% already under offer and Phase 3 consists of six mid-range industrial units ranging from 9,000 sq ft to 30,000 sq ft, totalling 111,000 sq ft.
Mark Edwards, Managing Director at AC Lloyd Commercial, said this deal highlighted the investor demand for employment led development in Nottingham.
He said: “Nottingham has a great reputation for its innovation which, coupled with its fantastic transport links, make it an attractive proposition for investors.
“Northwood Urban Logistics were looking for a site in this part of the city and it met all their needs.
“From day one, the response we received from Gedling Borough Council to our plans and from national and regional businesses wanting to locate at Teal Park has been hugely positive and we look forward to completing the development by autumn 2022.”
Iain Taylor, director at Northwood Urban Logistics, said: ‘’We are very excited to have purchased Teal Park at a time when there is a chronic lack of supply in the area. Teal Park is able to cater to a wide range of occupiers who will be able to adapt the units for a variety of uses.’’
Richard Croft, director at HDD, added: “There is a very strong market for well-located trade and mid-box industrial sites as we start to emerge from Covid-19 and this was reflected in the interest and subsequent sale to Northwood Urban Logistics.
“It has been a real pleasure dealing with Northwood Urban Logistics on the first phase and we look forward to working closely with them on delivering the next trade and industrial phases at Teal Park.”
Howes Percival expands contentious trust and probate team
Law firm Howes Percival has appointed experienced litigator, Jennifer Laskey, as a director specialising in dispute resolution. Jennifer joins the firm from Wilson Browne Solicitors where she was a partner.
With over 20 years’ experience, Jennifer has qualified as a full member of the Association of Contentious Trust and Probate Specialists. Jennifer has expertise in relation to contentious trust and probate disputes, advising clients in will disputes, claims against estates, challenges to will validity and issues arising from the administration of trusts. She has also represented clients in a rare presumption of death application.
Geraint Davies, practice group leader for litigation at Howes Percival, said: “I am delighted to welcome Jennifer to Howes Percival. Her recruitment is an important part of our national strategy to grow our dispute resolution, private client, and family law work.
“Not only does Jennifer bring with her valuable experience in advising on contentious trusts and probate disputes, having been a board member and marketing partner at her previous firm, she is ideally placed to help us grow this practice area further.
“We are seeing a growing number of instructions in this area, often involving substantial and complex estates. We have also noticed that more clients are looking for real expertise first and foremost and are often less concerned by geographical location. While some clients still prefer face-to-face meetings, an increasing number are comfortable with virtual consultations.
“We are seeing this trend across a range of practice areas including intellectual property law and property development work, where new communication technologies are helping us to develop niche areas of expertise far beyond the usual geographical boundaries.”
Howes Percival has offices in Cambridge, Leicester, Manchester, Milton Keynes, Northampton, and Norwich.
