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Growing national law firm, Foot Anstey has advised FSE Group in connection with the closing of two investment funds, which will form part of the South West Investment Fund (SWIF).

The firm advised on the closing of SWIF - Equity Area A LP, a £46M fund and SWIF - Debt Area A LP, a £23M fund.

The £200m South West Investment Fund (SWIF) covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West.

The South West Investment Fund will increase the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

The FSE Group was one of four fund managers appointed by the British Business Bank in connection with the management of the SWIF, being appointed to manage both debt and equity for the South of the region.

Karl Bradford, Legal Director at Foot Anstey, commented:  "The FSE Group has a fantastic track record of managing and deploying funds to support the growth of small and medium sized businesses.

"Being FSE's chosen legal partner in helping it close the two funds was an honour. We are proud to say that we assisted FSE with its appointment under the SWIF to unlock vital investment for businesses across the South West."

The SWIF is the first in a series of six new Funds being launched by the British Business Bank, the government-owned business development bank.

Dale Huxford, Chief Financial Officer at the FSE Group, commented: “Foot Anstey's legal advice was crucial in enabling us to close the equity and debt funds with Nations and Regions Investments Limited. We’d like to thank Karl and the Foot Anstey team for their support and guidance throughout the process and look forward to working with them again in the future.”

The Foot Anstey team was led-by Legal Director Karl Bradford, with support from colleagues in the firm's Funds team.

For more information about the South West Investment Fund visit: www.southwestinvestmentfund.co.uk

To find out more about Foot Anstey and its services please visit: https://www.footanstey.com/

Article written by Foot Anstey.

A design and manufacturing company producing sustainable furniture for work, education and social spaces has received a £200,000 loan from the Cornwall and Isles of Scilly Investment Fund, managed by The FSE Group.

Hart Miller Design will use the funds to support the growth of its MARK (Made and Realised in Kernow) Product brand – furniture ranges designed for informal work settings and learning environments that are manufactured in keeping with the company’s sustainability driven ethos.

This Cornish company is well known in the contract furniture industry, with MARK furniture being used in the offices of multinational corporates including the BBC, EY, Fujitsu and Arsenal FC. A key selling point is Hart Miller’s industry-leading, independently assessed “Do Net Good” strategy that they spent three years developing and refining into the robust manufacturing and operating model that defines the business today. The company is also working towards B Corp certification in 2023.

Demand for MARK products is also being driven by changes to workspaces as they evolve to fit the post-covid hybrid model where working from home tends to be for concentration and focus, whilst working from the office is often about collaborative spaces that build brand culture.

Anna Hart, Co-founder of Hart Miller Design, said: “As more large companies seek ethical and sustainable transparency from their suppliers, we are seeing increased demand for our high-quality designs. Our new Otto laptop table received significant pre-orders so building capacity to ensure delivery is central to our growth strategy. It can be difficult to obtain funding based on future sales so we are delighted to have secured this CIOSIF loan, which allows us to increase resources and provides working capital to support new contract wins.”

Tim Williams, Investment Manager at The FSE Group, added: “This is a resilient business that has overcome the considerable challenges posed by covid, built a track record for quality and reliability and developed a pipeline of innovative products to meet changing market demand. It is now in a strong position to take advantage of a recovering sector that is increasingly seeking high-calibre products with genuine sustainability credentials.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

Paul Jones, Senior Investment Manager  from the British Business Bank said: “Sustainable growth is part of our core mission and Hart Miller Design is an exemplar business which has embraced the concept of a circular economy and put it into practice. I’m delighted that this CIOSIF loan will further those objectives.”

John Acornley, Chair of the CIOSIF advisory board and former LEP non-executive director, said: “With this CIOSIF investment Hart Miller Design has the team, space, suppliers and experience that puts the company on a trajectory to fulfil its potential as a leading UK provider of contract furniture.”

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2

A thriving Wolverhampton based edtech business that has doubled turnover year-on-year to date, has secured a £450,000 investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.

School of Coding delivers both online and in-person science and coding education to children, adults, and teachers. The company provides thousands of lessons per month to its students through their bespoke, in-house e-learning platform and education centres in Wolverhampton, Shropshire, Telford & Wrekin and the Black Country. The company also has partnered with a number of universities, schools and colleges thereby making its platform available to a wide range of interested users across the UK. 

The MEIF funding will be used to underpin its growth strategy, simultaneously creating 23 new jobs to support the growth of the business.

With the closure of schools and tuition centres when the pandemic hit in 2020, School of Coding CEO and founder, Manny Athwal, took a novel approach to pivoting his business towards offering e- learning options by providing free online coding training to hundreds of families across the UK. This has since earned the company a significant upturn in student numbers, resulting in consistent growth throughout the pandemic and post-pandemic period.

Manny said: “We are delighted to be working with FSE to aid our growth potential – with the MEIF funding in place, we are expecting to double our turnover again by increasing activity across all our services, particularly furthering the roll-out of our e-learning platform to schools.”

Ryan Cartwright, Investment Manager at The FSE Group, commented: “Despite a difficult economic landscape, Manny and his team continue to grow School of Coding and create jobs here in the West Midlands & Shropshire region. With a number of revenue streams across both online and in-person coding classes , the company has multiple avenues for expansion and we look forward to helping them achieve their growth potential.”

As coding becomes a more integral part of the school curriculum, education providers will be seeking tools to support their teaching and School of Coding is well-positioned to deliver on this. 

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “This investment from the MEIF will allow School of Coding to expand the business while creating new jobs in the region. The MEIF backs businesses with growth potential that can have a positive impact on the economy in the region and this investment is a perfect example to showcase the MEIF’s commitment to supporting innovative growing businesses in the Midlands.”   

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance.

The British Business Bank will today (July 6) launch the £200m South West Investment Fund aimed at fostering growth and prosperity for small businesses across the South West of England.

The South West Investment Fund (SWIF) will provide much-needed funding to small and medium sized businesses across the whole South West region, covering Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset, and Wiltshire.

The fund will increase the supply and diversity of early-stage finance for new and growing smaller businesses for various purposes, such as expansion, product or service innovation, and new processes, skills or capital equipment. It will offer a range of commercial finance options with loans from £25,000 to £2 million and equity investment up to £5 million.

SWIF is the first in a series of six new Nations and Regions Investment Funds being launched by the British Business Bank, the government-owned business development bank. A total of £1.6 billion has been committed to the new funds to drive sustainable economic growth, which was first announced by the government in the 2021 Spending Review.

Chief Secretary to the Treasury, The Rt Hon John Glen MP and Member of Parliament for Salisbury said: “The South West is home to some of the most creative, innovative and exciting businesses this country has to offer. This fund will deliver vital investment to nourish that potential, building on over £300 million of levelling up funding to grow the local economy and create well-paid jobs across the region.” 

Louis Taylor, Chief Executive of the British Business Bank, added: "The launch of the South West Investment Fund marks an important milestone in our mission to support business growth across the UK. By identifying and addressing funding gaps in the South West, we aim to empower local businesses and unlock their true potential. This initiative will play a crucial role in catalysing economic growth, creating jobs, and fostering innovation in the region."

The £200m fund has been warmly welcomed by South West business leaders.

Phil Smith, Managing Director of Business West, part of South West Chambers of Commerce which represents businesses throughout the region, said: “Small businesses across the South West tell us there is a real need for more supply and diversity of early-stage finance and this new fund from the British Business Bank will be welcomed because it breaks down barriers and creates more opportunities for growth and innovation."

Katherine Bennett CBE, Chair of the Western Gateway Partnership, said: “It’s great to see this new fund launched from the British Business Bank. We believe that by working together we have the potential to become the UK’s Green Energy Powerhouse – creating solutions to ensure we can reach net zero and take advantage of the economic opportunities that will come from the green transition. Access to early finance will be crucial for this and I look forward to continuing our work with the Great South West partnership, British Business Bank and other partners to ensure the region's businesses have the support to grow and prosper."

Paul Coles, Chief Executive of the South West Business Council, said: “This fund will provide much-needed investment in the region’s businesses, enabling them to thrive, expand, and contribute to the economic prosperity of the South West. We are confident it will drive sustainable economic growth and job creation.”

SWIF will be managed by a team of four fund managers that have been appointed by the British Business Bank including SWIG Finance, FW Capital, Maven and The FSE Group.

SWIG Finance will manage the smaller loans part of the fund, from £25,000 to £100,000, for the whole South West. FW Capital and Maven will manage the debt (£100k to £2m) and equity (up to £5m) funds respectively for the north of the region. The FSE Group will manage both debt and equity for the South of the region.

Applications for funding are made directly to the relevant fund managers who can be contacted via the SWIF website www.southwestinvestmentfund.co.uk

Following today’s official launch in Bristol, the British Business Bank will be holding a roadshow for small business finance intermediaries across the region next week to provide more information about the fund. Destinations include Bristol (7 July); St Austell (11 July); Exeter (12 July); Bournemouth (13 July) and Swindon (13 July).

The Cornwall & Isles of Scilly Investment Fund (CIOSIF) has reached a major milestone having invested over £21m to support the growth of more than 55 businesses, creating or safeguarding almost 1,000 jobs and attracting a further £80m of private investment.

Since its launch by the British Business Bank and the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) in 2018, the fund has been providing market-gap loans and equity investment to SMEs (small to medium enterprises) with high-growth potential via appointed fund manager, The FSE Group.

A recent CIOSIF evaluation showed businesses supported by the fund have strengthened their skills base, improved efficiency, become more innovative and reduced their environmental impact.

Two-thirds believed these positive outcomes had either been accelerated as a result of CIOSIF funding or would not have happened without it. And 90% of businesses surveyed reported increased resilience as a result of the funding they received.

Ken Cooper, Managing Director from the British Business Bank, said: “The Cornwall and Isles of Scilly Investment Fund has been a catalyst for over £100m of total investment in local businesses since its launch, driving growth, skills and innovation while boosting business resilience. We are building on that success with the launch of our £200m South West Investment Fund next month to increase the supply and diversity of early-stage finance across the region.”

John Acornley, Chair of the CIOSIF Advisory Board and until recently a LEP non-executive director, said: “When we developed the Cornwall and Isles of Scilly Investment Fund with the British Business Bank the aim was to break down barriers in access to finance for SMEs in the region. Five years later we have seen how successful it has been in unlocking the potential of growth businesses and demonstrating the transformative impact of external finance.”

Ralph Singleton, Cornwall Head of Fund at The FSE Group, added: “It has been a real pleasure to support the rich and diverse range of growing businesses across the whole of the Cornwall and Isles of Scilly region. At FSE we pride ourselves on our ‘more than money’ approach and it’s great to see from the evaluation how much this is valued, with both customers and stakeholders commenting positively on the team’s expertise and the wider support provided. We are particularly proud of the wide range of industries supported.”

CIOSIF will continue to provide debt and equity funding between £25,000 and £2million until the end of 2023.

In July the British Business Bank will launch the £200m South West Investment Fund (SWIF). It will offer a range of commercial finance options with loans from £25,000 to £2 million and equity investment up to £5 million across the South West region. SWIF is the first in a series of six new Nations and Regions Investment Funds being launched by the Bank.

Recipients of CIOSIF funding include:

Tugdock
Patented marine buoyancy bag technology facilitating the building of floating offshore wind turbine substructures. A CIOSIF equity investment, matched by Sarens, is being used for a range of growth activities, including establishing a manufacturing facility in Cornwall, hiring new staff and undertaking sales and marketing activity.

Shane Carr, Tugdock Founder and CEO, said: “FSE remained in contact as we progressed our leading-edge technology, ready to invest when the time was right. We are grateful for their continued support and, with this funding from CIOSIF and Sarens, look forward to scaling the business and making the most of this exciting global opportunity.”

Refined Brands
A family of ethically sourced British fashion brands with a focus on natural materials and sustainability. Its digitally native portfolio of companies includes Cornwall-based Celtic & Co and Frugi, as well as Kettlewell Colours and Turtle Doves.  A £1.5 million CIOSIF equity investment was secured as part of a £6.75 million funding round to further accelerate growth.

Ben Barnett, Chairman of Refined Brands, said: “We are delighted to welcome CIOSIF as an investor into our expanding group. We value the FSE team’s experience in supporting businesses throughout the region and believe their input will help us achieve our ambitious goals for organic growth both in the UK and internationally.”

Pentire Drinks
Plant-based, non-alcoholic spirits made by distilling plants native to the local Cornish coastline that can be found in Selfridges, Fortnum & Mason and Fenwick. A certified B-Corp that donates proceeds to the Blue Marine Foundation. A £500,000 CIOSIF equity investment was secured as part of a £3m funding round to grow the team and expand multiple areas of the business.

Alistair Frost, Pentire Drinks CEO & Co-Founder, said: “Our drinks encompass what it means to be Cornish and we work hard to make sure they inspire our customers without damaging our local environment. We’re well on the way to becoming an easily-recognisable brand and the CIOSIF funding is enabling us to continue this rate of growth, putting Pentire firmly in the drinks cabinets of people across the globe.”

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2.