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Flexible workspace business and certified B Corporation, x+why, has secured investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group.

x+why will use the investment to expand in Birmingham and provide companies of all sizes – entrepreneurs, SMEs and corporates – with best-in-class, sustainable and service-led flexible workspace. A facility of nearly 30,000sqft at 103 Colmore Row will include flexible office space as well as a members’ club for all tenants offering a bar, food menu, events, meeting space and a member engagement programme.

Established in 2018, x+why currently manages six sites across the UK, with a further six in the pipeline. The company operates a unique business model in this sector, helping landlords adapt to meet the changing needs of their tenants who want a more flexible, on-demand service, whilst also providing modern and sustainable green spaces that can create positive impacts on the economy and the community.

Before Covid-19, the office was already evolving with more companies recognising it as a place for culture, mentorship and collaboration. Following the pandemic, the evolution of office spaces has accelerated as a hybrid working system is adopted. x+why sites are designed to support this whilst running programmes to champion a shift in mindset that encourages business owners to change behaviours around their purpose and culture, helping them achieve even greater success.

Rupert Dean, x+why CEO, said: “Having launched our first site in 2019, we were already leading the way with flexible premises that could meet the needs of forward-thinking businesses with a focus on wellbeing and sustainability.

“Employers are now seeking a more flexible and improved office setting to fix costs, harness hybrid working and attract employees, so our purpose is resonating stronger than ever. This MEIF investment means we can operate best-in-class space in Birmingham and enable more businesses to offer their employees a superior working environment.”

Ann Marie McFadyen, Investment Manager at The FSE Group, commented: “x+why’s strong management team has achieved a lot in a short time, despite operating in a sector heavily impacted by the pandemic.

“The business is moving towards its goal of targeting expansion into every major city in the UK. We are delighted to provide investment to support this and look forward to working with Rupert and the team as they grow the business further.”

Only around 11% of commercial real estate is currently flexible. This is growing exponentially as businesses look to keep some of the positives of Covid-19. With a stand-out offering that is ahead of its competitors in this area, x+why is well-positioned to take advantage of this growing market.

Mark Wilcockson, Senior Investment Manager at British Business Bank, said: “The MEIF supports businesses with growth potential and it’s good to see creative concepts such as x+why’s unique business model creating an in-demand service for hybrid working systems using the MEIF funding options to realise their growth plans. We would encourage other innovative and sustainable businesses in the region to consider available funding.”

Anita Bhalla, Interim Chair at Greater Birmingham and Solihull Local Enterprise Partnership, said: “Following the height of the pandemic, many businesses have continued to work flexibly with hybrid working very common in workplaces across our region. There is also a greater need to provide greener, more sustainable offices in light of the drive to net zero.

 “Adapting to changing working attitudes to ensure there is maximum productivity is critical to driving inclusive economic growth. x+why understand the needs of businesses so I congratulate them on receiving this MEIF funding.”

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. Find out more or contact Ann Marie McFadyen.

Falmouth based gaming studio Trueplayers has secured a £225,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) as part of a £475,000 funding round led by appointed CIOSIF fund manager, The FSE Group.

The CIOSIF investment, along with match-funding from London-based Concept Ventures and a number of private investors, will be used to grow the team by creating 24 jobs over the next three years across the tech development and sales departments.

Trueplayers is targeting a specific portion of the gaming market with games designed for mobile devices played in portrait. These are aimed at users who are happy to play more casually rather than sitting down for a lengthy gaming session. To complement this, games will use colourful and quality artwork to draw people in and add to the ease and enjoyment of the experience.

The studio’s first release is UnderKnight, an adventure role-playing game which will be launched on Android and IOS next year. Further games are planned for development over the coming years and will re-use core technologies, in part to echo successful components of UnderKnight and to lower future development costs.

Trueplayers has a strong place in the gaming sector where there is a market gap for users who already game and want a little more out of their mobile experience, without being overwhelmed with complexity or a need to play for long periods.

Adrian Ruiz Langan, CEO and Lead Design, at Trueplayers, commented: “To create a fantastic gaming experience we take the core mechanics from hugely popular PC and console titles and create ‘mobile first’ titles which appeal to a broad casual audience. To enable us to achieve this we will establish a highly skilled and specialist team who can support and complement our existing skills to produce innovative new games. The funding that The FSE Group has helped us secure will be used to build this expert team and we cannot wait to get stuck in and start releasing titles next year.”

Ralph Singleton, Head of Funds Cornwall at The FSE Group, added: “Founders Adrian and Rob have a great deal of experience in industries including games marketing, programming and self-publishing mobile titles. Between the two of them several games they have produced hit over a million downloads and they have built profitable divisions within existing larger companies. Trueplayers is already gathering significant support in the sector and the pair have the niche skills and business sense to grow the company into a highly successful gaming studio. UnderKnight has already received hugely positive feedback from early gamers and we look forward to celebrating the official release next summer.”

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 at the British Business Bank, said: “The fund has leveraged significant investment into Trueplayers to help the company develop and launch its games portfolio, and create 24 quality jobs over the next few years. Gaming continues to drive demand for mobile content and the business is poised to benefit from that growth.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “This is another major investment by the fund in Cornwall’s tech sector, and in particular the growing cluster of gaming expertise in and around Falmouth. The team at Trueplayers has a clear vision for the future and we wish them well.”

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 Chesterfield business has secured a £1million investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.

The funding follows a £500,000 MEIF loan in November last year, which helped the company with a range of business growth activities including marketing, IT, new jobs and a move to bigger premises.

The most recent loan will be used for further staff hires, equipment purchase, and maintaining stock levels to support new contracts.

International Energy Products is a metal stockholder and processor of speciality alloys servicing the oil, gas and renewable energy industries as well as aerospace, marine and defence sectors.

The company was set up in 2017 by Emma Beresford who spent the next two years establishing a robust supply model before full trading commenced in 2020. This has placed the company ahead of the curve in a market where an already challenging supply environment has been worsened by the war in Ukraine.

International Energy Products Founder and Managing Director, Emma Beresford, said: “Having just reached the point of trading when the pandemic hit, our growth plans inevitably slowed but we are now ready to scale up in line with the recovery of our customer base.

“As a new business that doesn’t have the trading history needed for bank funding, the MEIF loan will help us with the cashflow and capacity needed to take on new, large contracts and we are thankful to FSE for investing in our future growth.”

Ann Marie McFadyen, Investment Manager at The FSE Group, commented: “We would like to thank Sanjay Vallabh from Vallabh Associates for introducing us to International Energy Products. Emma is a forward-thinking MD who knows her market well and has been appointed Export Champion for the Department for International Trade for the second year running.

“Her innovative approach has allowed her to minimise risk and future-proof against supply chain issues and pricing. Years of hard work have paid off with this small business now years ahead of its competitors and we are thrilled to be supporting Emma and her team at this crucial point in their growth journey.”

Lewis Stringer, Senior Manager, UK Network  at the British Business Bank, added: “The previous round of MEIF funding for International Energy Products supported its initial growth and created new jobs in the region, while this second funding round will continue to support these activities. With more Midlands businesses moving past post-pandemic recovery and into the growth stage, we encourage more companies to consider MEIF funding to support their development.”

Will Morlidge, Chief Executive of D2N2 Local Enterprise Partnership, added: “The D2N2 area is the cradle of the Industrial Revolution and remains the heartland on manufacturing in the UK. It’s businesses like IEP that underpin our amazing manufacturers, so it’s great to see them being supported. They supply to many businesses who are crucial to us being able to transition to a net-zero future, so the impact of their growth will be felt in businesses across the region.”

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, MEIF Debt Finance Fund provides loans between £100,000 and £1.5 million to help growing SMEs across the region. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance or contact Ann Marie McFadyen.

Spoon Group, owner of Spoon Customs, Gun Control Custom Paint which was created through a merger with WyndyMilla in 2019, has secured a £300,000 equity investment from the Enterprise M3 Growth Fund, as part of a £740,000 funding round valuing the fast-growing performance bike company at £3.7million.

The funding round was led by The FSE Group, who manage the EM3 Growth Fund on behalf of Enterprise M3 Local Enterprise Partnership and included investment from existing and new private investors. The round will be used to expand the firm’s operations, by recruiting new team members, solidifying its sales, and marketing operation and bringing certain operations in-house.

Spoon Group, run by Andy Carr as CEO and Chris Houghton as Non-Exec, was founded through a merger of Spoon Customs and Wyndymilla, an existing portfolio company of the EM3 Funding Escalator.

Spoon Group specialise in bespoke bikes, designed for the rider’s physiology and the type of riding the customer wants to do, delivered with the highest standards of fit, fabrication and finish. The bikes are precision built with carbon fibre or steel frames, designed in house, then fabricated one at a time by hand, before being finished to the highest possible standard at their base in Surrey.

Andy Carr, Chief Executive Officer of Spoon Group explains: "It is great to be working alongside Paul and the EM3 team. Cyclists now know they can get more from their equipment if it’s designed around their body, for the specific riding they do. Our recent reviews prove we can compete on performance terms with any of the big brands too and this investment further demonstrates how the market is shifting away from mass produced equipment, in favour of specialists like us who can invest in product, service and personalisation to deliver and a better bike that will meet a customer’s specific lifestyle and performance needs.”

Paul Lyristis, Investment Manager, South East for The FSE Group, commented: “We were impressed by Spoon’s track record and the expertise of the senior management team and investors. The fund has supported the business since 2016, and it is encouraging to see the growth of the business with great products that are receiving increasing recognition. We are delighted to be able to invest in Spoon and look forward to working with Andy, Chris and the team to ensure they reach their goals for growth.”

Sue Littlemore, Joint Managing Director, Enterprise M3 LEP, commented: “We are delighted to be supporting a successful company that combines high quality custom focused design, for a mode of transport that is environmentally friendly. We wish Spoon Group well with its expansion and recruitment plans.”

The Enterprise M3 Funding Escalator is £10million initiative funded by Enterprise M3 LEP. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

North Cornish drinks brand, Pentire Drinks has secured a £500,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) as part of a £3m funding round.

The CIOSIF investment, along with match-funding from private investors, will be used to grow the team by creating 10 new positions over the next three years along with expanding multiple areas of the business.

Pentire is a direct-to-consumer led, omni-channel business with its non-alcoholic botanical spirits championed by chefs across Cornwall and the UK, including Rick Stein, Nathan Outlaw, Paul Ainsworth and Emily Scott. The company’s products can also be found in Selfridges, Fortnum & Mason, Fenwick, The Pig Hotels, Soho House Group, Daylesford and Planet Organic.

The business has created Pentire Seaward and Pentire Adrift, which are made by distilling plants native to the local coastline, making delicious spirits in their own right that appeal to gin, vodka and tequila lovers looking to experience great flavours. Pentire is also proudly a certified B-Corp and donates proceeds to the Blue Marine Foundation.

The no and low alcohol sectors are continuing to grow as consumers are focusing more on prioritising their health and looking to moderate alcohol consumption. Pentire’s roots in active outdoor coastal living and sustainability are well positioned for this movement.

Pentire Drinks was founded by Alistair Frost and his good friend Edward Grieg-Gran. They commented: “We’re a young and passionate team who genuinely love our products. 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. The non-alcoholic spirits sector is thriving and Pentire is growing along with it. We’re well on the way to becoming an easily recognisable brand and this funding will enable us to continue this rate of growth and put Pentire firmly in the drinks cabinets of people across the globe.”

Ralph Singleton, Head of Funds Cornwall at The FSE Group, added: “Pentire is an exciting brand which is new to market but already boasts a strong history of sales. This is thanks in main to the high-quality drinks, but the team behind the range are responsible for creating and raising the profile of the company which has driven sales upward. We were impressed by Pentire’s strong management team and advisers and have every faith that they will steer this Cornish brand on to even greater success.”

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: “This is one of the largest equity deal the fund has backed and we’re delighted to be supporting Pentire’s growth. Through our regional investment funds we are helping to build a portfolio of sustainable businesses around the UK and this deal is the latest example of that.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said:“Pentire is another environmentally-focused Cornish business that has put sustainability at its heart. They have produced a drinks range that quite literally distils the essence of Cornwall into healthy premium products that have found their niche in the growing non-alcoholic segment.”

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