News

A provider of digitally enabled pharmacy solutions to care homes across the UK has received further funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.

Following significant scaling up of the business since its first MEIF loan in 2021, Remedi Solutions has secured an additional £800,000 in MEIF investment to help boost further growth. The latest funding will be used for IT infrastructure development, premises refurbishment and equipment purchase.

Remedi is transforming care home medicine management by offering a service that dispenses and supplies repeat prescription medicines from an automated hub. Its electronic barcoding solution gives full traceability of prescriptions of medicines from the pharmacy through to the end-user      care home resident, removing the workload and error potential of the prevailing paper-based system.

Kenny Black, Remedi Solutions CEO, said: “This support from the MEIF is enabling us to fast-track our growth and continue to roll out our game-changing solutions to more care homes across the UK, resulting in better quality of care. FSE is continuing to invest in our potential, despite being an early-stage business with limited track-record and we are delighted to be working with them as we continue to grow.”

There are over 500,000 care home residents in the UK and an ageing population means this figure is set to grow substantially over the next decade. Remedi’s simple and efficient one size fits all platform will be invaluable across this largely unintegrated sector.     

Harriet Saunders, Investment Manager at The FSE Group, added: “Remedi first came to us having developed an innovative solution that was ready to launch. Over the last two years, the team has already onboarded 200 care homes servicing over 8,000 residents. We are thrilled to see this progress since we provided the first MEIF loan and look forward to supporting the team further as they seek to modernise processes across the care and pharmacy sectors.”

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The MEIF supports sustainable and innovative SMEs in the Midlands – this follow-on funding for Remedi Solutions will continue to drive growth for the company to increase its capacity through new equipment and investment into infrastructure. We look forward to seeing how the funding will boost Remedi Solutions in its growth plans as it reaches the next stage of expansion.”

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. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance.

A specialist bathroom installer for people with limited mobility has secured a £150,000 investment from Finance Yorkshire.

The Walk in Bath Company was established in 2018 by husband-and-wife Jules and Kirsty Allen. Jules has 18 years’ experience in the mobility industry.

The Shipley-based business provides UK-manufactured walk-in showers and bathrooms for customers with disabilities or limited mobility. Design features include a low threshold to make it easier to get in and out of the bath, secure locking and safety grab rails.

The investment, from Finance Yorkshire’s Business Loans Fund, will enable The Walk in Bath Company to recruit new field and service team members, while adding more firepower to its marketing.

Since the investment, the company has seen its sales increase by 20% on the first quarter of 2023. The number of installations it has carried out is up 50% on last year.

Jules Allen, managing director, said: “I set up the business after hearing too many horror stories about people selling products with little care for customer service. There was a gap in the market for someone who puts care and attention to detail first.

“It is not just about selling people a bath or shower. We get to know customers and advise them throughout the process, finding the right option for their mobility and home.

“This investment from Finance Yorkshire will support the next stage of our growth with a mobile-friendly website, brand new TV campaign and the addition of fully employed installers.”

Alex McWhirter, chief executive of Finance Yorkshire, said: “Within a few years, Jules and Kirsty have established themselves as one of the UK’s fastest growing suppliers of walk-in baths and showers. Their commitment to customer service is well received by customers and we look forward to seeing the business scale-up further.”

Read the article on the Finance Yorkshire website.

One of the UK’s leading high-end holiday rental providers, luxurycottages.com, has received financial backing worth £500,000 to support the continued growth of the business.

Founded in 2019, the Birmingham-headquartered company has had an impressive journey so far and will now get a funding boost from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.

The agency which prides itself on offering the finest cottages across the nation’s most sought-after locations, offers a bespoke service to handpick getaways that suit all kinds of discerning travellers, The funds will be used to build an increased presence across the UK with luxury experts in each major tourist area, creating 24 jobs over the next three years as the holiday market goes through resurgence, with experts predicting 35.1 million visits to the UK in 2023 -18% higher than in 2022.

This latest investment from FSE follows more than £1 million in equity funding previously raised from Midven, a venture capital firm based in the heart of Birmingham, also through the MEIF.

Alistair Malins, Luxury Cottages CEO, said: “Over the last three years of challenging market conditions, we’ve built a strong brand position and a reputation for excellent customer service. Off the back of this we expect to more than double in size this year.

“With our focus on the premium end of the market we anticipate continued high demand for holidays and are delighted to have received further backing from the MEIF, which will allow us to expand our team and make the most of buoyant market conditions.”

The UK holiday market continues to go from strength to strength and, with a forecast spend of £25.9 million in 2023, figures have now risen above levels last seen pre-pandemic.

Ryan Cartwright, Investment Manager at The FSE Group, commented: “This is a truly exciting time for Luxury Cottages as the rise in popularity of “staycations'' continues to boost the sector. The current team has a proven track record of success and the forthcoming new hires will bolster the company's dynamic and determined ethos. We’re delighted to be working with Alistair and his team and very much look forward to joining them on their growth journey.”

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The MEIF supports ambitious SMEs with growth plans to scale up, and following a successful first funding round this new investment from the MEIF will allow Luxury Cottages to expand its team with new hires while tapping into the growing holiday market following the impact of the pandemic.”

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.

Shipley-based Yorkshire Sole is expanding into new premises with investment from Finance Yorkshire.

The business specialises in the repair and restoration of footwear. Owner Dean Westmoreland – who appears on the BBC’s The Repair Shop – is opening a second shop which will see him start to make his own bespoke shoes.

A £25,000 investment from Finance Yorkshire’s micro loan fund is enabling Dean to fit out his new space at Sunny Bank Mills, Farsley, and equip it with stitching, pressing and finishing equipment used in the repair of shoes and boots.

Dean, 38, launched his business in 2017 after spending 15 years working in the cobbler trade. He plans to keep his Shipley store open to serve the local community while his new 500 sq ft unit will be known as Yorkshire Sole Shoemakers and Restorers.

Dean said: “Cobbling is the original recycling and it’s really important that the trade is protected. It is a craft and I’m still learning all the time.

“I needed more space to do repairs and move into making shoes under my own name. The investment from Finance Yorkshire is huge – it’s the first time I’ve had new machinery. It has changed my life and the life of the business and where I can positively take it.”

Yorkshire Sole is an authorised repairer for the brand Redwing. Dean plans to sell its shoes and those of the Loake brand at Sunny Bank Mills. “I want it to be a destination which promotes the shoemaking and repair trade and where people can experience the craft of cobbling,” said Dean.

Alex McWhirter, chief executive of Finance Yorkshire, said: “Dean is passionate about his craft and its heritage. He has already demonstrated his expertise to a wide audience, and he now has the opportunity to showcase the skills involved at his new premises.

“Finance Yorkshire’s financial investments support companies across Yorkshire and the Humber to grow and realise their ambitions. We are pleased to support Dean and his business as he expands and continues to promote the art of cobbling.”

Finance Yorkshire’s micro loan fund is part of its wider regional business fund which is expected to provide more than £50m to SMEs over the next five years. Investment is also available from its business loan, growth and seedcorn funds.

A company using cutting edge technology to help people make choices that reduce air pollution and improve health & wellbeing has received further funding via The FSE Group.

Surrey-based BetterPoints has secured £150,000 from the Enterprise M3 Funding Escalator to support the launch of its Carbon Crush product. The loan will help fund marketing, product development and the creation of a number of new jobs within the business.

BetterPoints is currently working with a range of organisations, including local authorities, large corporates, NHS trusts and higher education providers, to operate web portal and smartphone facilitated bespoke schemes that drive positive behaviour change within their communities. Its achievements to date include:

• 12million kg co2 emissions avoided
• 15million walking, running and cycling activities logged
• 26million sustainable journeys
• 2.8million public transport journeys
• 2.6billion calories burned

BetterPoints technology uses sophisticated gamification techniques and AI to engage and motivate users to make sustainable changes to their behaviour. With its rollout across large organisations proving so successful, BetterPoints is now developing Carbon Crush, a one-size-fits-all offering that will help smaller companies drive this positive behaviour change within their business.

Richard Kirk, BetterPoints CEO, said: “With Carbon Crush we can support the many small companies that want to drive positive behavioural change within their business. While we are investing so much in our research and development activity, BetterPoints doesn’t fit the lending criteria for traditional banks so we are thankful that FSE is prepared to continue to invest in us during this next phase of growth.”

Brett Chowns, Investment Manager at The FSE Group, which manages the Enterprise M3 Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “Since its first investment via FSE in 2018, BetterPoints has grown significantly and now has 85 commercial partners and over 170,000 registered users. Carbon Crush will help Richard and the team achieve maximum environmental and social impact and we are delighted to be supporting this innovative business that has climate change and social responsibility at its core.”

Sue Littlemore, Joint Managing Director at the Enterprise M3 LEP said: “We are delighted to see the EM3 Funding Escalator doing exactly what it was set up to do and filling a gap left by other lenders to provide funding for innovative companies such as BetterPoints. By promoting active and sustainable transport and reducing single occupancy car journeys, Carbon Crush is perfectly aligned to EM3’s Low Carbon, High Growth strategic vision for our economy.”

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 £500,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

Find out more information about the Enterprise M3 Funding Escalator or contact Brett Chowns: Brett.Chowns@thefsegroup.com