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A Surrey based performance cycling wheel brand is the latest company to receive finance through the Enterprise M3 Funding Escalator. The £100,000 expansion loan will fund further product development, marketing and growth of the team.

From its Puttenham workshop Parcours designs and retails its range of wheels with cutting-edge aerodynamic technology. Since its launch in 2016, the company has built a solid reputation for a premium product at an affordable price point, with a number of top cyclists and triathletes winning races and championships riding on Parcours wheelsets.

As a small business among a myriad of large competitors, ongoing research and development is key to Parcours remaining at the forefront of technical improvements to maintain its reputation and underpin its future growth. A research partnership with Nottingham Trent University Sports Engineering dept has already resulted in the launch of a unique rim technology following Parcours’ #thinkwider project and design philosophy. This involved fitting bikes with ultrasonic sensors that were used to run tests in real-world wind conditions over a 12-month period. Data was collected via smartphones and used to inform and drive product development.

Its innovative approach to research and development has allowed Parcours to deliver a product with performance and technical credentials beyond its price bracket and, having seen sales increase by 70% in the last year, the business now faces an opportunity to expand in a number of international markets.

Parcours founder and CEO Dov Tate commented: “As a small and agile business we have been able to react quickly to the growth in cycling that has taken place during the pandemic. Unlike many of our larger competitors, we haven’t been so significantly impacted by significant supply chain issues and are still delivering to our direct sales consumers as well as our retailers and distributors. We are now looking to expand our presence in Europe, North America and Asia and this Enterprise M3 loan means we can get ahead of the competition in taking advantage of the wider market opportunities.”

Enterprise M3 Funding Escalator is managed by The FSE Group on behalf of Enterprise M3 Local Enterprise Partnership. Cheryl Weeks, The FSE Group’s Head of Funds, South East added: “Over the past five years Dov has developed a range of technology driven, high-quality products which, alongside a pricing model that is difficult for larger competitors to match without disrupting their distribution model, has helped him to establish a robust, niche business with strong relationships across the sector. With the pandemic led cycling boom showing no signs of slowing, the market opportunity is considerable and we look forward to working with Dov and his team as they drive the growth of the business.”

Kathy Slack, Director, Enterprise M3 LEP, comments: "It’s encouraging to see a small, local company expanding into global markets and I look forward to seeing their continued success. Innovative research and product development between Parcours Velo and Nottingham Trent University shows how small companies can grow in a competitive market and I’m delighted that our Funding Escalator has been able to support their expansion.”

The Enterprise M3 Funding Escalator is a £10million initiative funded by Enterprise M3 LEP. The escalator includes an expansion loan scheme, a short-term trade loan scheme and an equity growth fund, and 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.

A London based direct-to-consumer online plant retailer has secured a £1million loan from the Greater London Investment Fund (GLIF) to support business expansion.

The loan, which is backed by the Government’s Recovery Loan Scheme, will support the company’s growth ambition through sales and marketing activity, the creation of new jobs in London and allow for an investment in product development.

Established in 2015, Patch initially concentrated on the London market before a nationwide roll out in March 2020, thus benefitting from an increase in the ecommerce plant market during the Covid-19 pandemic. As a direct-to-consumer supplier of indoor and outdoor plants and accessories they were the first to offer a broad range of quality plants delivered direct to the home, as well as a unique system of professional aftercare in the form of YouTube tutorials from plant experts.

Patch will look to broaden their product offer to capitalise on the growing trend towards urbanisation and the demand for wellbeing products. This will be achieved through expanding the product range to include a more material range of outdoor plants as well as through retail partnerships.

Freddie Blackett, CEO and Founder of Patch, commented: “Thanks to this GLIF loan, we will be able to adjust to the increased transport and recruitment costs that the pandemic and other external factors have forced upon us. The loan comes at a crucial moment, allowing us to invest in both a strong workforce as well as increased marketing to really push forward with our growth plans.”

Currently valued at £4billion, the UK plants and accessories market is still growing. As the acceleration in ecommerce brought about by Covid-19 continues, online penetration of the plant market is rapidly increasing, with Patch’s market-leading position driven by its first-mover advantage.

David Booth, Investment Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, added: “We were impressed by the business momentum which Freddie has built since 2015 and the growth opportunity.  We are delighted to be supporting Patch on the next stage of their journey and look forward to working with the team as they continue to execute their plans for expansion”.

Maggie Rodriguez-Piza, CEO at Funding London, adds: “As a pioneer of the ‘urban jungle’ movement, Patch continues to drive the rise of this trend which has improved the lives of many city dwellers. We are extremely excited to continue supporting them as they launch in their next stage of growth.”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1.5m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & Recycling Board (LWARB) and Funding London’s Legacies.

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme.

A company supplying fresh produce to the hospitality industry has received a £150,000 expansion loan from Thames Valley Berkshire (TVB) Funding Escalator. The money will be used to fund capital expenditure, site improvements and additional staff, allowing the business to increase capacity and meet growing demand.

Set up in July 2020, Maidenhead based Crop to Kitchen sources and grows premium fresh produce for high-end hospitality, including several Michelin star restaurants. Its specialist products include less common ingredients such as micro cress, sea beet and edible flowers, and they work closely with head chefs to deliver the ingredients desired for their restaurant tables.

Following a recent move to a new site with its own farmland, the business is already growing its own produce which will account for a significant portion of future sales, with the remainder to be sourced directly from the grower wherever possible. This will help keep food miles to a minimum, contributing to the company’s sustainability goals along with other initiatives such as a large on-site composting facility enabling a zero food waste environment, utilising an in-situ borehole for crop irrigation, and installing a wind turbine to power the site’s electrical needs. Crop to Kitchen is also training two horses to plough the field.

Peter Codling, Crop to Kitchen Founder and Director, said: “Launching a business at the height of covid-19 brought its challenges but we were able to lay all the groundwork necessary for a full-speed launch when the hospitality industry was ready. Without this TVB loan, we would be unable to follow up on the huge amount of interest we are now seeing for our niche offering. After only a year of trading, we did not have the track record required by many lenders, but The FSE Group was prepared to look at the potential of our business. We are delighted to have successfully secured the funding needed to boost the growth of our business.”  

With the help of Richard Steele at BizBritain, Peter was able to prepare the robust financial forecasts needed to demonstrate that potential. Richard added: “Having supported Peter with identifying and securing the initial start-up funding back in 2020, BizBritain has continued to work closely with him throughout the last 12 months via ongoing, open communication to get the business investment ready. We look forward to working with FSE in relation to the growth of Crop to Kitchen, and on other opportunities where FSE’s funding can support our clients’ next stages of growth.”

Philip Greenwood, Investment Manager at The FSE Group, which manages the TVB Expansion Loan Scheme, commented: “Over Peter’s 20+ years of experience in the fresh produce industry, he has built an impressive reputation and extensive network of connections to both potential clients and high-quality suppliers. In the short life of the business so far, the Crop to Kitchen team has shown an ability to adapt to changing and challenging circumstances and continue to move forward, even when hospitality was closed by the pandemic. Since the industry reopened, they have successfully onboarded new customers month on month, and we are pleased to be supporting this impressive team to take on the growth opportunity now open to them.”

TVB Expansion Loan Scheme is part of TVB Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP. The escalator, which also includes a Trade Finance Loan Scheme and a Growth Equity 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.

Penryn based marine manufacturing company, Workfloat (also trading as Scaffloat), has secured a £140,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) as part of a £200,000 funding round led by appointed CIOSIF fund manager, The FSE Group.

The CIOSIF investment, along with match-funding from private investors, will be used to support the overall growth of the business, enabling further product development, increased marketing activity and expansion into overseas markets as well as the creation of new jobs within the company.

Workfloat has two fully-certified, key offerings using its patented float technology: self-propelled bespoke pontoons designed to integrate with scaffolding structures, and easily transportable workboats for versatile use within commercial marine engineering.

The marine platform market is currently dominated by a choice between heavy-duty, non-mobile products, or those offering mobility but that are less robust with limited capabilities. Workfloat serves this identified market-gap by providing a solution that is both mobile, resilient and fully functional. The company also provides marine management services to ensure its clients get the most out of its products.

Demand for Workfloat’s innovative solutions is strong with the company recently supporting prestigious projects including maintenance for Queen Elizabeth-class  aircraft carriers, Network Rail bridges, Highways England assets and the Environment Agency.

Toby Budd, CEO and Founder of Workfloat, commented: “Over the past three years we have worked hard to create a cost-effective, transportable work platform to overcome the issues with the current market offering. Our products are gaining traction across the UK and overseas and this funding will allow us to maximise the opportunities available to us, continuing to grow our business globally whilst maintaining our roots firmly in the South West. Having CIOSIF on board as an investor, with the added benefit of the FSE team’s corporate finance and governance experience, will be extremely beneficial in scaling and professionalising our operation.”

Ralph Singleton, Head of Funds, Cornwall at The FSE Group, said: “Workfloat has a credible management team led by Toby whose experience in the marine sector, as well as in successfully building and exiting a portfolio of small businesses, places the business in a strong position for growth. The business is well-supported by credible private investors who understand the commercial marine space and the team continues to develop innovative, award-winning products to address a known gap in a niche market. CIOSIF and FSE are keen to invest in this important Cornish sector and we look forward to working with Workfloat as it continues to grow.”

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) and is operated by appointed fund managers The FSE Group.

Sarah Newbould, Senior Investment Manager from the British Business Bank, said: “This is the fund’s latest investment in Cornwall’s marine sector and will result in direct job creation within the business and benefit Workfloat’s manufacturing supply chain which is mostly based in Cornwall. We’re delighted that CIOSIF has helped attract additional outside investment and wish Toby and his team all the best.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Workfloat have developed a versatile and innovative product with a wide range of applications, from construction to commercial diving, surveying, aquaculture and even film work. That diversity is a real strength of the business and we look forward to its continued growth.”

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 London based communications agency has successfully secured a £250,000 loan from the Greater London Investment Fund (GLIF), backed by the Recovery Loan Scheme.

The loan forms part of a £500,000 funding round that will see the business expedite its growth following the impact of Covid-19. The GLIF loan will be used to support marketing activity and recruit nine new staff as part of a drive to create a total 28 new roles over the next three years.

Boldspace brings together advertising, marketing and PR through a pioneering approach that fuses advanced analytics with the creative process to develop cutting edge communications campaigns and build better brands. Its proprietary analytics platform, BoldLens, tracks and overlays paid media, owned media and social data, integrating all communications into one place.

Reporting in real time via a simple user interface, BoldLens’s insight enables the company’s creative team to develop highly targeted, dynamic and transparent campaigns. Nominated as 2021 Startup of the Year by Campaign Tech Awards, Boldspace has been recognised for its innovation and high-quality delivery, winning over 10 industry awards since its launch in February 2020. It has already gained more than 30 clients, with a mix of challenger and high-profile brands on board including the Post Office, Silverstone and West Ham United.

Boldspace Co-founder and Managing Director Mike Robb said: “We established Boldspace three weeks before the first UK lockdown so faced significant commercial challenges with trading severely limited and our public launch delayed. With a market-leading product now in place, together with strong early traction and a first-mover advantage, we are looking to get back on track to our initial projections. This GLIF loan will allow us to side-step further covid-induced delays and take on the substantial growth opportunity currently available.”

PR and Communications in the UK is a £15bn, growing industry. Many professionals feel that technology will drive considerable change and that measuring business impact is currently the top challenge facing the industry. There is also an expectation for marketing budgets to be cut as companies feel the squeeze of general cost rises.

Paul Shadbolt, Investment Manager at The FSE Group, which manages GLIF Debt Fund on behalf of Funding London, commented: “With its market disrupting technology, Boldspace is well placed to benefit from these market trends. Furthermore, as a small, agile team they can maintain competitive costs where larger agencies may not. Its experienced management team has built an impressive pipeline of both project work and contracted retainers and is positioning itself well, building capacity and developing its product, ready to take on further market opportunities.”

Maggie Rodriguez-Piza, Chief Executive at Funding London, added: “Despite challenging circumstances, Mike and his team have created a market leading product with outstanding track record in just two years. We are delighted to provide the capital needed to expand Boldspace’s team and support their long-term growth ambitions.”   

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme.