News

A rapidly growing Truro cleaning business is the latest company to receive funding from the Cornwall and Isles of Scilly Investment Fund (CIOSIF). Spotless Cleaning Cornwall will receive a £55,000 loan made up of £48,125 from CIOSIF and £6,875 from SWIG Finance, who work with The FSE Group, the appointed CIOSIF Fund Manager, on delivering smaller business loans.

The investment will help owner, Ilona Ziarko, take on new staff and expand her services to other holiday lets businesses across the area. Spotless Cleaning Cornwall operates mostly in the holiday let sector and has grown significantly since being established a little over three years ago, with turnover increasing from around £50,000 in 2017 to an expected £100,000+ this year.

By offering B2B customers high-end housekeeping with added-value services, Ilona has grown the business to full capacity and is now taking steps to ensure future demand can be met. She said: “We reached the point where we could not take on any more business so the decision was made to find a way to grow the company rather than keep turning away work. The CIOSIF loan means we can move to new premises and purchase the necessary commercial equipment to do our laundry in-house, which will allow us to take on more staff and manage more cleaning contracts. We are really excited about the opportunities that lay ahead and look forward to expanding our offering to new and existing customers.”

The Spotless deal was handled on behalf of The FSE Group by SWIG Finance Business Manager, Aaron Hamshire, who said: “Ilona has carved a niche for Spotless with her determination to provide a service that exceeds the expectations of her clients. With the holiday let sector continuing to expand, the company has a growing pipeline of potential custom that we are delighted to help develop.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “I’m delighted to see the investment fund unlock the growth potential of another Cornish business. Without this loan Spotless was being held back – now they have the support to grow with confidence.” 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 aims to make a further 195 investments over the next five years.

The fund 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 manager, The FSE Group. 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. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government. 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.

Colateral a Redruth based software company, has raised a £1.45 million Series A round of investment, including £600,000 equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF). The deal will create 34 jobs over the next three years. The package includes funding from existing corporate investor, SMP Group PLC, and £250,000 via The FSE Group Investor Network.

The FSE Group is the appointed CIOSIF fund manager. Colateral has created a market-leading Software-as-a-Service (SaaS) platform, enabling retailers and brands to manage their In Store marketing campaigns, cutting waste and driving increased sales. The new platform, hailed as ‘something the industry has been trying to build for 20 years’, already has an impressive client list boasting some of the UK’s leading retailers including Tesco, Waitrose, Mothercare, Paddy Power and WH Smith.

Robert Salvoni, Colateral Chairman, said: “Managing in-store marketing is a massive headache for central marketing teams and somewhere between 20% and 50% of assets and resources are simply wasted. Colateral enables reduction in cost and time, whilst massively improves targeting and therefore sales and return on marketing spend. “Our software offers an end-to-end solution, supporting and streamlining every stage, from building the initial campaign, managing the operation, through to post-event analysis. We are delighted to have received this funding from CIOSIF and our private investors, which will enable us to grow the team to support expansion in the UK and overseas, and to further develop the product.”

Ralph Singleton, Senior Fund Manager at The FSE Group, said: “Having produced a unique solution that fills a market gap so well, Colateral has positioned itself to take advantage of a global opportunity worth an estimated £120bn per annum. We are thrilled to be supporting this innovative company at such an exciting time in its development.”

Ken Cooper, MD at British Business Bank, said: “CIOSIF was launched to support innovative, fast growing companies across Cornwall. It is good to see that investment in Swoop will support the creation of new jobs in Cornwall over the next three years.

Cornwall & Isles of Scilly LEP non-executive director, John Acornley, added: “Colateral is an example of Cornish tech business operating in a global market. This investment will extend their use of algorithms and machine learning and see the integration of artificial intelligence into their product. The use of AI and data is a cornerstone of the Government’s Industrial Strategy and it’s vital that we invest in the industries of the future.”

CIOSIF is a £40m fund providing 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). 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. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government. 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 Technology platform that specialises in linking wholesale food suppliers with restaurants has successfully completed a funding round. The investment comes from the Thames Valley Berkshire Growth Fund, managed by The FSE Group and includes further investment from high profile private angel investors.

GoKart based in Reading, Berkshire, have developed an app that allows restaurants to order high quality ingredients from vetted suppliers in a quick and easy way. The company offers restaurants a saving of up to 20% on their ingredients by combining their buying power within the app. This gives independent restaurants and small and medium sized chains the same prices and discounts that are offered to larger chains.

Anx Patel, CEO & Founder, GoKart comments, “In my previous role in the food industry I became increasingly frustrated at the advantage enjoyed by chain restaurants. They can order produce in huge quantities, thereby accessing discounts and quick delivery that the independents have no hope of enjoying. With the cost of produce constantly rising and the effects of Brexit heavily affecting the food and beverage sector, we understand the pressures that food businesses face on a day to day basis. It is our aim for GoKart to be the go-to point in helping restaurants prosper by saving them time and money when ordering ingredients at the best prices.”

Simon Labahn, Fund Manager at The FSE Group, who manage the Thames Valley Berkshire Growth Fund on behalf of the Thames Valley Berkshire Local Enterprise Partnership, says, “GoKart received phenomenal support early on in 2016 from Just Eat’s Food Tech Accelerator Programme. The programme allowed Anx and his team to benefit from advice, insights and funding from industry experts. Since then, the company has continued to grow and work tirelessly to perfect their platform. We were immediately impressed by the company’s highly experienced management team and their ability to analyse a high volume of data. Access to such valuable data and a team with the skills to analyse it means GoKart is able to learn, adapt and lead the way in identifying the latest trends. We are excited for the future of GoKart and wish Anx and his team every success.”

TVB Growth Fund is part of Thames Valley Berkshire Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP to support job creation and economic prosperity in Berkshire. The escalator, which also includes four separate loan schemes, provides eligible companies – from start-up to established – with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities.

A Liskeard- based furniture manufacturer is the latest company to be supported by the Cornwall and Isles of Scilly Investment Fund (CIOSIF). Peadidit, set up in 2018, have successfully secured £25,000 in funding, which will allow the company to increase production capabilities with the purchase of new equipment and will also enable them to scale-up their team, in order to meet the growing demand for their products.

The company has clients across Cornwall and Devon, focusing on made to measure outdoor and indoor furniture, fitted furniture, and free-standing furniture pieces.

Peadidit owner Jonathan Peabody, said: “We strive to build furniture that defines our customers’ style and meets their requirements. As a new and growing business obtaining finance for growth is crucial for us to succeed and achieve our goals. We are thrilled to be able to secure this CIOSIF loan, which has already enabled us to invest in the construction of a spray booth for in-house finishing of products.”

Grant Peggie, Director at the British Business Bank, said, “For any new business without a trading record it can be hard to secure the finance they need to grow. CIOSIF can make a real difference in helping to support small growing businesses across Cornwall to access funding they need which might not be available from traditional sources. The British Business Bank is pleased to be delivering £40m of funding through the Fund and providing finance from £25,000 up to £2m.”

The Peadidit deal was handled by SWIG who are working with The FSE Group to deliver on the small business loans part of the fund. SWIG’s Finance Business Manager Mike Wall said: “We are delighted to add Peadidit to the portfolio of companies supported by the Cornwall and Isles of Scilly Investment Fund. Jonathan is a highly skilled individual who has over 25 years industry experience. We look forward to working with him and his newly recruited team on this new venture and wish them all the success for the future.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “This latest deal shows how the investment fund can widen choice and remove barriers to growth. I would urge other growth-minded businesses to consider whether it could be right for them.”

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. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government. 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

Local Treasures, an award winning, socially responsible company based in Petersfield, has received a growth loan from the Enterprise M3 Expansion Loan Scheme. The company matches busy working families with experienced, older tradespeople who can help with odd jobs about the home and workplace.

There are over 23 million people in the UK over the age of 50. This age group currently makes up one third of the countries workforce, however this doesn’t translate into employability. More and more older people are becoming jobless than are finding work. This is despite the fact that two thirds of 50-64-year olds want to continue working.

Local Treasures has found a way to enable this experienced and reliable age group to carry on working.  By matching busy families, or those who lack a particular skillset, with able and willing over 50’s (Treasures) the company is solving two problems at once; where can people find experienced and trustworthy tradespeople and how can the older generation find work that suits their abilities and fits around other commitments. Their business model is simple and effective; Local Treasures select a town, recruit skilled people who are over 50, advertise locally for customers, then matches customers to Treasures.

This technique has proved so effective that they now work in 7 towns across the South East of England providing skills as diverse as decorating, pet sitting, accounting and companionship. They have over 600 Treasures on their books, many of whom are booked for repeat work.

Founder, Sarah Heyworth, explains how the company naturally came about. “When we moved to a new house, we relocated to an unfamiliar area and had to start from scratch. We didn’t know the local plumber that everyone used or anyone who we could trust to fix our fence. Through trial and error, we eventually figured out who we should be using but we were frustrated that there wasn’t any easier way to go about it. This dilemma gave rise to Local Treasures and we are very fortunate to have many of the original Treasures with us to this day. The funding will allow us to scale-up the business and support the launch of the business into new towns across the South East. Most recently we were thrilled to announce that we are one of 17 social ventures to become a Transform Ageing social venture this November. We successfully responded to an innovation challenge from communities in the south-west and will receive funding and support to deliver lasting social impact in the region.”

Derek Ellis, Fund Manager at The FSE Group which manages the Expansion Loan Scheme on behalf of the Enterprise M3 Local Enterprise Partnership comments: “Local Treasures is the one stop shop for all sorts of jobs in and around the homes and businesses of local communities. We were introduced to Sarah and her team at Local Treasures by the EM3 Growth Hub.  The company have created a successful business platform, that as we have already seen is scalable in a very short space of time. We look forward to supporting the business during these exciting times and wish them all the success for the future.”

Kathy Slack, Director, Enterprise M3 LEP, comments: “We are delighted to support Local Treasures as it continues to extend its reach within local communities. Addressing the challenges and opportunities of an ageing society is one of the Government’s Grand Challenges and high on the Enterprise M3 LEP agenda too. Not only does this incredible project help our region rise to the pressing challenge of creating jobs in an ageing society, it forges links between people within close proximity who might otherwise never have met. Initiatives like this help foster dynamic communities and move us towards a society of prosperity for everyone who lives and/or works here.”

The Enterprise M3 Funding Escalator II is £10million initiative funded by Enterprise M3 Local Enterprise Partnership. 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. For more information about Local Treasures visit: www.localtreasures.me