News

Penryn-headquartered Inyanga Marine Projects has completed a £2m capital raise comprising a minority £0.8m equity investment backed by the Cornwall and Isles of Scilly Investment Fund (CIOSIF) and £1.25m debt facilities.

The equity investment round was led by The FSE Group (the appointed fund manager of CIOSIF) with investors including CIOSIF, French company SerEnMar’s Ship As A Service® (SAAS) and private investors.  Debt facilities are being provided by Cyan Finance and Lombard.

Formed in 2017 by Richard Parkinson, Inyanga Marine Projects provides expert operations services and engineering design within the offshore renewable energy sector (including tidal, offshore wind, wave and solar).

The sector is thriving as part of global moves towards a net zero carbon economy with Cornwall and the UK particularly active. Climate Change and creating a greener future is at the top of the agenda for this week’s G7 summit in Cornwall.

The investment is being used to fund the expansion of the business, including the purchase of DP2 Multi-Purpose Vessel, Inyanga Entsha, that will be based out of Falmouth.  Inyanga has a growing team of 15 professionals and is involved in some of the most ambitious offshore green energy projects including St Brieuc Offshore Windfarm, Minesto’s Holyhead & Faroe Islands installations and Sabella D10 tidal energy project.

Hervé Allaire of SAAS will be joining Inyanga’s company board as the two businesses embark on a closer partnership leveraging their complementary offerings. Martin Macey led the investment on behalf of FSE and will be joining Inyanga as Board Observer.

Richard Parkinson, CEO at Inyanga commented: “Martin and the team at FSE went above and beyond to help us plan and structure the capital raise.  Their commitment was evident throughout and we are delighted with the outcome.”

Martin Macey, Investment Manager at FSE Group commented “It is a privilege to work with Richard and the team at Inyanga which comprises some of the world experts in offshore renewables.  We look forward to helping scale this innovative business in such an important sector.”

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).

Ken Cooper, Managing Director at the British Business Bank, said: “Through the British Business Bank’s regional funds we are actively supporting businesses that are contributing to the UK’s low-carbon agenda. Inyanga Marine is a great example of that and we are delighted the fund has supported this deal.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Inyanga is part of a globally renowned offshore renewable energy supply chain in Cornwall. The region is on the cusp of significant developments in the floating offshore wind industry in the Celtic Sea, so this deal is very timely.”

Advisers on the transaction were: Field Seymour Parkes (FSE legals), Murrell Associates (Inyanga legals), Lang Bennetts (Inyanga tax) and Mylor Ventures (Inyanga corporate finance).

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

Warwickshire based manufacturer of energy storage solutions, Off Grid Energy, has secured a £1.25m investment to scale-up its operations, further developing its product offering whilst creating new jobs in the area.

Off Grid Energy secured the finance 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 funding has enabled Off Grid Energy, to relocate to their brand-new state of the art 30,000sq ft premises, which features 150Kw Solar PV and is based in Stepnell Park, Rugby.  The resources support a step-change in the business to become a full production operation that will create 30 new skilled positions within the business whilst launching new products that will be supported by an extensive PR and marketing campaign.  The business will further establish its presence overseas with these new products.

Off Grid is a respected and trusted voice on energy efficiency and clean energy solutions, who continues to work towards a smart, decarbonised, decentralised energy system.

Janene Dooler, Joint Managing Director of Off Grid Energy, commented: “Our recent exciting relocation means that now all our energy needs are met by renewable sources and combined with having a private network on the estate, gives us the ability to develop our technology to the max. Since 2011, we have pioneered and become experts in providing smart, efficient power solutions which save money and significantly reduce carbon footprint in the temporary power sector. Our technology saves costs and has huge sustainability impact displacing the use of diesel generators reducing carbon emissions and tackling air quality issues. In emerging sectors, such as energy storage and EV charging, for those struggling with grid power, or where there is no grid available, we work with you to find the most cost-effective solution, with the least environmental impact, delivered in the shortest possible time. Our focus is to offer zero or net carbon neutral energy solutions. The funding received from MEIF via Chirag at The FSE Group, will enable us to grow and expand as a business, enabling high quality job creation to permit us to develop our products to enable us to achieve this goal.”

Chirag Mistry, Investment Manager, at The FSE Group, which manages the MEIF Debt Finance Fund adds: “I am delighted to be supporting Off Grid Energy through The FSE Group & The Midlands Engine Investment Fund. Off Grid Energy is an exciting organisation supporting the transition to low emissions and is a leader in this specialist sector. They are an experienced team making a real difference with their products and applications, serving a wide range of sectors across the UK. Off Grid Energy offers a glimpse of what the future will look like and how we can embrace technology to improve the environment now, not in 2030. The funding will enable Off Grid to retain, grow and develop its workforce boosting the local economy.”

Grant Peggie, Director, at the British Business Bank also added: “The MEIF is committed to supporting businesses that are contributing to the UK’s low-carbon agenda, alongside meeting wider key fund objectives. This latest investment highlights the strength of the Midlands in developing clean technology solutions and we will continue to help green and sustainable businesses grow and create new skilled jobs in the Midlands.”

Sean Farnell, board director at the Coventry and Warwickshire Local Enterprise Partnership, said: “An important focus of the CWLEP’s Strategic Reset Framework is innovation and green technology and Off Grid Technology is a perfect example of this.”

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 2014-2020 and the European Investment Bank.

West Midlands based cremation service provider has secured a £200,000 growth loan to expand its operations, purchase new equipment and create jobs in the region.

Chapter Response secured the funding from The FSE Group, Debt Finance fund through the Midlands Engine Investment Fund (MEIF).

The support will allow the Tipton-based business to expand its service to more UK locations. Two new electric ambulances, equipped with medical tracking software, as well as three refrigeration units will be purchased using the funding, with eight new employees also set to be recruited and trained.

Chapter Response is committed to creating a cremation choice which reduces funeral poverty, which currently affects 1 in 8 families. Many of whom are unable to afford the average traditional cremation costs of c£4,000. Specialising in unattended private cremation services has allowed the business to increase its efficiencies and pass on these cost savings to families. The firm’s team of ambulances and responders oversee unattended private cremation services and return the urn to the family home – allowing family members more time for their own celebrations commemorating their loved one.

Donna Baker, Founder and CEO of Chapter Response, commented: “We are pleased to be able to expand our service to reach more areas in the UK. Having been in the industry for over 20 years, we recognise the individuality of each and every end-of-life celebration to reassure families that their loved one is in capable, responsible and respectful hands. It’s been a positive experience working with Kerry, helping us to secure the funding required for the next stage of the business’s journey.”

Kerry Haughton, Fund Manager, at The FSE Group, which manages the MEIF Debt Finance Fund adds: “We are proud to have supported Chapter Response with its service expansion plans across the UK.Donna’s understanding of the funeral business demonstrated to us the strength of Chapter Response and helped to secure the investment. Through the Midlands Engine Investment Fund, The FSE Group is committed to providing finance to Midlands’ businesses with the potential to grow. We look forward to accompanying Donna and her team for the next phase of their development.”

Paul Brown, Black Country LEP Board Member, said: “We are delighted to see the MEIF supporting businesses across the Black Country, particularly when this increased capacity will support expansion across the UK. The MEIF aims to support businesses in scaling up, with a focus on companies like Chapter Response which have real potential for growth.”

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 2014-2020 and the European Investment Bank.

The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.

To support their growth ambitions, London based SME Weeding Technologies has secured £450,000 in loan funding from The FSE Group, via The Greater London Investment Fund (GLIF). This includes £250,000 in conjunction with the government backed Coronavirus Business Interruption Loan Scheme (CBILS). The funding will allow the company to recruit for 4 new positions with a focus on marketing activity, increasing their logistics and new product development.

Keeping our local communities weed free can be a complex and expensive task, particularly given recent restrictions around the use of traditional chemical herbicides. All kinds of municipal organisations – ranging from local authorities, to parks, to schools, to water companies – need to find new ways to weed our public places.

Established in 2011, Weeding Technologies (Weedingtech), primary objective was to provide a sustainable solution for both gardeners and communities to manage their outside spaces, whilst also protecting their residents and the environment around them. Their aim was to develop the best alternative solution possible for those wanting to move away from traditional chemical herbicides such as glyphosate.

Weedingtech developed a herbicide free technology for the control of weeds, moss and algae providing a greener, cleaner and safer way to maintain both gardens and outside spaces. Their “Foamstream” product offers a herbicide-free approach to controlling unwanted vegetation, as well as sanitisation against COVID-19 and cleaning solutions. Products are safe for use around people, animals and delicate eco-systems including waterways, parks and all public places. Accredited for organic use in the UK, Weedingtech products are approved by DEFRA and The Environment Agency and are also available in Europe and the USA.

Leo de Montaignac, CEO and Co-Founder of Weeding Technologies commented: “We are extremely proud that we have developed and can offer safe, non-toxic solutions for controlling unwanted vegetation on all surfaces, in all weather, all year round. Accreditation bodies worldwide have also cleared our products as safe, organic and non-toxic. With the loans received from GLIF via Paul at The FSE Group, we will be able to retain staff to enable the day-to-day operations to continue to run smoothly during these difficult times and look to create jobs and expand our team as the business continues to grow. Our thanks to Paul for helping us with the funding process.”

Paul Shadbolt, Investment Manager for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “Leo and his team at Weedingtech have industry-leading, award-winning products offering a highly effective alternative to traditional toxic germ killers. The products use hot water insulated with its specially formulated biodegradable and organic foam, delivered by their patented machinery. GLIF is keen to support innovative high growth businesses in Greater London, and with job creation for the local economy included in their plans we were pleased to be able to offer Weddingtech the loan funding they need to execute their expansion plans. We wish them well for the future.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “‘We believe that it is more important than ever to support the growth of innovative, green technologies that successfully replace highly polluting alternatives. We are extremely excited to provide the extra capital Leo and the team at Weedingtech need to continue and expand their operations.”

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.

Bude based design studio, YEO has secured a £30,000 loan from the Cornwall and Isles of Scilly Investment Fund (CIOSIF), to enable the company to further grow its high-end furniture brand.

Previously known as James Yeo Cabinet Makers, the business was founded in 2011 by fine furniture maker James Yeo. Life-long friend Adam Hodgson joined the company in 2017, bringing with him his knowledge gained in the construction industry. With its roots firmly in the South-West the team re-branded as YEO and are proud of their UK based operation where they design, manufacture and install high-end furniture, from single rooms to whole-house fit outs, managing the entire process for their clients.

The funding secured from CIOSIF will enable YEO to purchase new machinery to improve production capability and capacity. This will also create three fulltime machinist roles based out of the Cornish workshop, with the possibility of additional roles being created towards the end of 2021.

James Yeo, Founder and CEO of YEO commented: “Adam and I wanted our brand to not only be of a high quality, but to stand out from the crowd. We are committed to creating a space less ordinary, giving our clients interiors which are as unique as their experiences. The purchase of this equipment will allow us to meet demand and further expand the business, along with being able to hire the three new skilled machinists required to operate the equipment. We’d like to extend our thanks to our Business Manager, Mike, for helping us realise the next stage of development and for guiding us through the funding process.”

The deal was handled by SWIG Finance, who are working with appointed CIOSIF fund manager, The FSE Group, to deliver the small business loans part of the fund.

Mike Chapman, CIOSIF Business Manager at SWIG Finance, added: “It was great meeting James and Adam and to hear their story and business journey so far. These skilled craftsmen have carved out an excellent reputation with a strong network of industry contacts. They have developed and built up a strong brand to perfectly match their clients’ needs, be that a bespoke design for one room, or for a whole house fit-out. Benefitting from a solid sales pipeline we were delighted to provide this funding, which will help the team fulfil their orders and grow the business further. These are exciting times for the business and I am really looking forward to seeing what the future holds.”

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.

Lloyd Brina, Senior Manager  at the British Business Bank, said: “The fund is continuing to invest in growth-minded local businesses and we are pleased to be able to support YEO’s further expansion with this loan. Despite the pandemic we continue to see demand for growth finance and the fund is here to support those ambitions.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “James and Adam have built a sound business focused on quality. I’m delighted that the fund has been able to help them move to the next level, including the creation of skilled jobs.”

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

Read more about YEO at https://yeodesign.co.uk/