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Background

Horse racing is an ancient sport whose origins can be traced back to circa 4500 BC. It is currently the second most popular spectator sport in the UK, coming only behind football. According to industry surveys’ approximately six million people attend the races each year in Britain alone.

However, to the average racegoer, little is known about the behind-the-scenes preparation that goes on to deliver these events.

“Sticking” to tradition with The Clerk of the Course

Before any racing can commence, The Clerk of the Course, responsible for track management and race day preparation at a racecourse must undertake a course inspection. This means that he must make an informed assessment on the state of the ground and then declare whether that ground is deemed “fit or unfit” for the horses to race on. Official going descriptions are measured on a scale from Firm to Heavy (very soft) with four points in between.  If the ground is unfit, the race will be called off. If the ground is fit, race day is on. Owners and trainers receive this crucial information to determine whether the ground conditions are suitable for their particular horse or horses before deciding whether to race.

Q: So, what important apparatus is used to perform this crucial task?

A: A simple traditional stick.

As recently as the late 1990’s, this manual task was carried out solely by pushing a stick into the ground at various points around the course to ascertain the course conditions. The Clerk uses the stick to analyse the surface in order to determine what “the going” is. It is inserted into the ground and conclusions drawn on soil type, dirt, density and the amount of moisture in the ground, all of which can affect a horse’s performance. Once determined, this crucial ground information is passed to horsemen and bookmakers. These statistics, together with information on breeding and past performances, bookmakers can then decide on their odds to offer racegoers.

TurfTrax – Delivering an odds-on favourite product

In November 2000 British racing’s regulator, The British Horseracing Authority (BHA) approached Cambridgeshire based company TurfTrax, to create a technologically advanced measuring device (stick), for the systematic and objective assessment of track conditions on British racecourses.

TurfTrax is a world leading, technologically advanced company focussed on improving both standards and data to enhance sporting and leisure events. The BHA also recognised the company’s expertise in soil physics/sports turf management which is the critical information passed to owners and trainers to make their decisions and then onto bookmakers.

Mike Maher, Founder and CEO of TurfTrax explains: “The Industry, has always used traditional sticks to understand track conditions. There was a lot of nervousness, apprehension and uncertainty about moving to a more advanced measuring stick. I knew that much research and testing lay ahead, not only to produce the correct device, but after years of using traditional methods, the industry would have to build up that position of trust in this product which we had been commissioned to design. However, this type of project had never been undertaken before and we were unsure as to the R&D costs. Being a young SME, it proved challenging to secure funding to sustain the project, so I was sign-posted to Finance East (FE) based in Ipswich to see if we would be eligible. I am pleased to say that Francis Kenealy and the Finance East team agreed!"

TurfTrax worked extensively for many years with some of the UK's leading soil scientists and in collaboration with Cranfield University. After design and extensive testing in the controlled environment of Cranfield's unique soil laboratory facilities, live on-course trials started in late 2001. Testing of the device involved device calibration at all 59 UK racecourses. Over 100,000 unique measurements were taken covering all ground conditions and these were compared and analysed against the subjective assessments made by the Regulator's officials and experienced course representatives.

After over five years in development the advanced measuring device was produced, and later was to become mandatory at all UK turf courses.

And the winner is: “The GoingStick”

Together with his collaboration with Cranfield University they launched The GoingStick. Miles away from the traditional stick, The GoingStick accurately measures the required statistics to record “the going” of the ground. The GoingStick accurately measures the penetration (the amount of force required to push the tip into the ground) and the shear (the energy needed to pull back to an angle of 45 degrees from the ground). These two measures taken in combination represent a scientifically based proxy for the firmness of the ground and level of traction experienced by a horse during a race.

The information is automatically stored in the GoingStick memory and an average of all readings can be provided instantly. The information can be downloaded and printed out from a PC using TurfTrax software.

A furlong ahead and galloping into the future

From March 2007, all UK turf racecourses were required to issue a GoingStick reading with their official pre declaration and race day Going report. It is now mandatory at all UK, French, German, American, Hong Kong and Australian turf courses.

Mike’s company has gone from strength to strength. To complement the GoingStick his product range has expanded to include:

• GoingMaps – To accompany the GoingStick they provide owners and trainers with a detailed, accurate and up to date representation of the ground conditions
• TurfTrax Weather Systems - An easily accessible and accurate log of both historic and real time climate conditions enabling better informed turf management decisions
• TurfTrax Tracking - A world leading real time location system, accurately tracking and timing horses during their race. This works with leading bookmaker’s apps allowing racegoers to make informed decisions as to how their horse is doing in the race and whether they should “check-out” or not

All of TurfTrax’s technology is accredited by the BHA.

Used in conjunction, these products combine to produce unique and commercially valuable data sets for individual racecourses and specific race meetings.  Data is archived by TurfTrax creating a database of detailed historical information which can be used to assist in a variety of track management applications. 

A recent further development is WeatherTrax Live which made its debut at the iconic Royal Ascot fixture in 2020 and has since been rolled-out at Newmarket, the home of British Flat racing, Kempton Park, the Cheltenham Festival and at Aintree, host to the world’s most famous steeple chase, the Grand National.

Delivered via a dedicated webpage WeatherTrax Live streams accurate real-time weather data direct from the on-course weather station including rainfall, air temperatures, wind speed and direction and humidity alongside official going descriptions, GoingStick readings, Going Maps and rails positions.

Finance East (FE) were favourites to assist with TurfTrax’s growth plans

FE is The FSE Group’s regional funding organisation for the six counties of the East of England, providing an alternative source of term debt finance supporting high-growth businesses.

Francis Kenealy, Fund Manager at Finance East comments: “I first met Mike nearly 10 years ago and was really pleased to be able to help him secure debt funding for his business. Running a business is hard anyway but working within an industry that is quite traditional and somewhat untrusting of modern technology requires patience! Mike had the vision that the GoingStick was absolutely the right product for the job, in fairness as did the industry, it was just going to be a slow process to build the trust backed up with the results from trials. I was able to help Mike secure term debt finance so that TurfTrax could invest in the necessary development and trials to take the product forward and to prove its worth in the marketplace and to prove that the GoingStick really is the holy grail of data relied upon by owners, trainers and bookmakers. I am so pleased to see his range develop and to go from strength to strength.”

If you would like to find out more about The GoingStick, you can contact Email: Mike.Maher@turftrax.co.uk Tel:  01480 408970 or visit: https://www.turftrax.com/

To support their growth ambitions, London based Taylor & Hart has secured a total of £500,000 in loan funding from the Greater London Investment Fund (GLIF) this includes £250,000 in conjunction with the government backed Coronavirus Business Interruption Loan Scheme (CBILS).

Established in 2011 by friends Nikolay and Shane, Taylor & Hart began when a close friend approached them to design a custom-made engagement ring for his girlfriend. He was looking for something as remarkable and personal as his love. After careful sourcing, sketching, and plenty of secret meetings, Taylor & Hart’s first bespoke ring was created, beautifully unique and one of a kind. From there a dream shared by two friends took shape - to put the magic back into bespoke jewellery.

It is estimated that in the UK sales of diamond jewellery are circa £3bn, £600m of which is believed to relate to bridal jewellery, driven by 250,000 annual weddings. Over the years, Taylor & Hart has expanded across the world into a lively and devoted team of creative thinkers. But even though their business has grown into a widespread and diverse community, they have never let go of their commitment to meaningfully designed jewellery inspired by human connection.

Nikolay Piriankov, CEO and Co-Founder of Taylor & Hart commented: “Our commitment is to always offer a heartfelt and hands-on approach to bespoke engagement ring design. Shane and I have always strongly felt that jewellery is and always has been an expression of human stories. This loan from GLIF will enable us to provide cover for existing salaries and marketing costs to offset the reduction in sales growth arising from COVID-19 and to maintain our market position. In addition, we will also be able to recruit new employees to join our team and dedicate some of the money to increase our marketing strategy."

Kala Desai, Head of Funds for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “GLIF supports innovative high growth businesses in Greater London. We were impressed by Taylor & Hart and their premium bespoke range of jewellery which fills a growing gap in the market. They have demonstrated commercial traction even in these unprecedented times, which is one of the key attributes for commercial success. We are pleased to be supporting them and look forward to the next stage in their journey."

Maggie Rodriguez-Piza, CEO at Funding London, adds: “We could see a clear strategy from Nikolay and Shane, to transform their premium jewellery business. However, it was apparent, the team needed additional capital to facilitate this transformation. With the investment from GLIF and the continued support from Kala and her team, Taylor & Hart, will soon be able to accelerate sales growth, recruit new team members and expand market strategy. We wish Nikolay, Shane and the team, the best of luck over the coming months."

London based Kokoon, a leading digital health technology business specialising in personalised audio coaching proven to promote better sleep, has secured a £430,000 loan from The Greater London Investment Fund (GLIF) which includes £250,000 in conjunction with the government backed Coronavirus Business Interruption Loan Scheme (CBILS).

Many environmental factors can contribute to restless nights, varying from reduced sleep patterns to full on insomnia, anything can trigger it: noisy neighbours, family worries or financial concerns. Currently, more than half the population have experienced more anxiety, isolation and screen time during the pandemic, having an increased effect on sleeping patterns.

Tim Antos, Kokoon’s CEO and Co-Founder was no stranger to a poor night’s sleep. Struggling with insomnia for many years he attended sleep clinics in a bid to find better sleep. Tim realised that sleep clinics provided fantastic support but tended to be inaccessible and inconvenient for most, so he set out to make the knowledge and insights he had gained at these clinics, available to the public and he decided the best way to do this would be via a consumer-friendly product which uses audio to slow a busy mind. He got in touch with Richard, a highly skilled Electronic Engineer and together they set about designing and producing a non-pharmaceutical, digital “go to” product which would enable people to get a better night’s sleep.

Founded in 2013, they launched Kokoon; intelligent, interactive headphones which use audio, proven to be effective in clinical trials to help improve and encourage sleep. Audio from their app ranges from personalised CBT coaching tailored and based on an individual’s sensor data through to soundscapes, relaxing music or audio books.

Working with and drawing on expert advice from sleep scientists, these comfortable easy to wear headphones lull the wearer to sleep at night with their favourite audio. Being linked to a smartphone app, it will also monitor and record important sleep data patterns. The intelligent software lowers the sound once asleep to avoid disturbance. Should the wearer awaken during the night, the audio then recommences to encourage sleep. Upon waking refreshed, the app will provide insights and coaching specific to the individual, helping them to understand their sleep pattern enabling them to make necessary adjustments to further improve their sleep.

Tim Antos, Co-Founder and CEO of Kokoon commented: “Richard and I wanted to create a product which would help democratise sleep science. Nearly 2/3 of the population are reporting poor sleep and it’s become an issue for nearly 1/3 of the population yet very few of us can justify a visit to the sleep clinic. We wanted to make the established science and techniques of the sleep clinic more accessible and convenient to all.  This growth loan will allow us to recruit 5 new employees in the early part of 2021 whilst the CBILS element allows us to retain existing staff to continue working from home fulfilling current sales orders. There will also be a strong focus on new product development. As well as the widely available original Kokoon over ear headphones, our in-ear bud product is on pre-order and we wish to further promote this whilst continuing to develop our product offering.”

Paul Shadbolt, Senior Fund Manager for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “GLIF supports innovative high growth businesses in Greater London. We were impressed by Kokoon’s products which have demonstrated commercial traction which are key attributes for commercial success. We are pleased to be supporting them through the opportunities and challenges of the pandemic and into their next phase of growth.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “Kokoon has developed an innovative and affordable solution to a problem which seriously affects one third of the population. We are delighted to help Tim and Richard and support the excellent operation they have built, to fulfil current demand and to underpin future 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 £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 Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31 March for UK businesses.

A Stamford based chocolatier business has secured a £250,000 MEIF loan to help meet increasing demand for its products from the UK and overseas. This is alongside boosting its marketing campaigns to drive sales in 2021.

Firetree Chocolate secured the finance from The FSE Group Debt Finance Fund, part of the Midlands Engine Investment Fund (MEIF) and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

Incorporated in 2016, Firetree Chocolate aims to become the top UK luxury brand of premium craft chocolate. The company manufactures, from bean to bar, rich volcanic chocolate and focuses on sourcing and sustainability. The company sources cocoa beans direct from farmers in the remote volcanic islands of the South Pacific and Madagascar, where the volcanic minerals produce a unique bean and taste. The beans are imported to the UK and crafted into chocolate by expert chocolatiers at its factory, before being wrapped in packaging depicting the volcanoes from where the beans were sourced.

Firetree Chocolate’s products are all dairy free and suitable for Vegans, Halal, Kosher and those with lactose intolerance.

David Zulman, Co-Founder and Managing Director of Firetree Chocolate, commented: “Although Firetree, along with other businesses, has been operating differently during the pandemic, we have adjusted well to the new normal and are encouraged to see demand for our product increasing. We take immense pride in what we do, working closely and directly with our farmers and creating single estate super-premium quality chocolate to delight our consumers. I would like to thank Paul at The FSE Group for helping us through the funding process which will assist in supporting the day-to-day sales, distribution and operations process whilst we plan ahead for an exciting future.”

Paul Lynam, Fund Manager, at The FSE Group, which manages the MEIF Debt Finance Fund adds: “We are proud to have supported Firetree throughout this process. The loan will support David and the team in their ambitions to continue to develop the brand and increase sales into 2021 and beyond. The FSE Group is committed to providing finance for innovative Midlands-based businesses and we wish them well for the future.”

Lewis Stringer, Senior Manager at the British Business Bank said: “The MEIF offers a range of funding options which can be used to support different business needs. Having previously secured an equity investment from MEIF fund managers Foresight Group, this latest funding package for Firetree Chocolate will play a key role in the business improving its operations. We would encourage other Midlands’ businesses to consider the finance available through the MEIF.”

Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, said:  "It's exciting to see Firetree Chocolate opening new premises in Greater Lincolnshire in Stamford and investing heavily in its operations and marketing capacity. The Firetree brand is a fantastic addition to an already long list of high-quality food producers in Greater Lincolnshire and we are watching their progress with interest. We would encourage all innovative and ambitious businesses in our area to consider the Midlands Engine Investment Fund if they are look for finance to help them grow and innovate."

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 Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31st March for UK businesses.

A Warwickshire-based manufacturer of fertility monitoring products, Fertility Focus, has secured further investment from MEIF through a £250,000 loan, enabling it to invest in its staff, continue research and development, while safeguarding against the impact of COVID-19.

Fertility Focus secured the finance from The FSE Group Debt Finance Fund, part of the Midlands Engine Investment Fund (MEIF) and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

Established in 2005, Fertility Focus specialises in the manufacturing and marketing of fertility monitoring products designed to help women who are experiencing issues conceiving. Fertility Focus is driven by the emergence of new medical understanding of infertility and the causes of issues in pregnancy.

The company has created its OvuSense™ platform, which is currently the only fertility monitoring product in the world which predicts the onset of ovulation up to one day in advance and provides 99% accuracy for detection of the exact date of ovulation in real-time. No other method of cycle monitoring currently available offers these features. The company also recently launched the OvuSense® Pro clinical portal which helps clinicians to remotely screen for the common causes of female sub-fertility, infertility, pregnancy issues and miscarriage. OvuSense® Pro also helps clinicians to monitor the effect of treatment.

Rob Milnes, CEO of Fertility Focus, commented: “Health statistics tell us around 12 million women in North America and Europe start out trying to conceive each year. Of these, 4 million end up trying to conceive for 6 months or more, with a further 2 million moving on each year into the clinical segment. Securing additional funding is a significant step towards continuing to support women and their partners through a highly emotional journey. We would like to extend our thanks to Paul, at the FSE Group, for taking us through the process of securing finance from CBILS and MEIF - enabling us to help the business to navigate the impact of COVID-19 which will help us through these difficult times, maintaining key staff whilst continuing with key research to help us develop our product offering.”

Paul Lynam, Fund Manager, at The FSE Group, adds: “Rob Milnes and the team at Fertility Focus are driven by a commitment to help women understand their reproductive cycles in order to better inform why they may be experiencing difficulty in conceiving. The product is of particular relevance at the moment as the ability of individuals to visit IVF clinics during COVID-19 has been disrupted. It has been a pleasure to support Steve, Rob and the Fertility Focus team and we look forward to seeing what the future holds.”

Grant Peggie, Director at the British Business Bank said: “An Early Assessment Report into the MEIF revealed its role in supporting Midlands’ businesses to develop new technologies and drive forward innovation. Having initially received equity investment from our fund manager The Foresight Group, this latest finance package for Fertility Focus is a great example of how this additional funding is supporting ongoing innovation and manufacturing operations while allowing it to also manage disruption caused by the COVID-19 pandemic.”

Sean Farnell, Director at the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), said: “Fertility Focus has been based at the University of Warwick Science Park’s Warwick Innovation Centre for ten years and it is great to see a start-up business flourishing despite these difficult times. This new investment will allow the business to accelerate its growth as well as continue its research and development which will be important for its future success.”

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 Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31st March for UK businesses.

Notes to Editors:

For more information about Fertility Focus visit www.fertility-focus.com. 

For more information on the company’s OvuSense® platform visit www.ovusense.com