News

Tugdock, a company delivering new solutions for the marine renewable energy sector, has received equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), from appointed fund manager The FSE Group, as part of a wider funding round to support the growth of the business.

The CIOSIF investment is being matched by Sarens, the global leader in crane rental services, heavy lifting and engineered transport. Sarens will work in partnership with Tugdock to offer an innovative solution to the fast-growing floating offshore wind industry.

The funding will be used for a range of growth activities by Tugdock, including establishing a manufacturing facility in Cornwall, hiring new staff and undertaking sales and marketing activity.

Falmouth-based Tugdock’s solution facilitates the building of floating offshore wind turbine substructures. Floating offshore wind farms are located in deeper waters much further offshore than fixed wind turbines. This gives them access to higher winds which generate more power.  They are set to play a key role in delivering a cost-effective net-zero energy transition.

Figures indicate that well over 20 gigawatts of floating offshore wind power is on track to be commissioned globally by the end of 2030, which will require the construction of more than 2,600 turbines.

However, very few of the world’s ports have sufficient water depth and assembly quay space to build the huge turbine floaters required. Tugdock’s patented marine buoyancy bag technology solves this issue. It allows floating dry docks to be delivered by road in modular form and assembled at the port to dimensions far wider than most of the world’s existing dry docks.

Tugdock founder and CEO, Shane Carr, said: “With floating offshore wind expanding rapidly internationally, we are well-positioned to support the sector. The funding from CIOSIF and Sarens will help enable us to scale up to make the most of this exciting global opportunity.”

Ralph Singleton, The FSE Group’s Head of Funds for Cornwall, commented: “With their extensive experience and industry contacts, the Tugdock team is ideally placed to optimise its first-mover advantage and deliver its innovative solutions to the new but growing international floating offshore wind market. With a strong, industry-based co-investor secured in Sarens, Tugdock expects to grow to a circa £10 million business over the next three years and we are delighted to be supporting them on this journey.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing businesses across the region. It was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

John Acornley, LEP non-executive director and Chair of the CIOSIF Advisory Board said: “The floating offshore wind sector has huge potential for Cornwall with 4GW of capacity being targeted for the Celtic Sea by 2035 and 20GW more anticipated by 2045. Tugdock’s mobile infrastructure could play a major role in bringing offshore wind turbine assembly to the region’s ports and creates a huge export opportunity for this Cornish business.”

Paul Jones, Senior Investment Manager from the British Business Bank said: “Our mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy. This investment in Tugdock will allow the business to scale up in a fast-growing segment of the international renewable energy market, create jobs in Cornwall and has leveraged major investment from a global player.”

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.

A Norfolk business has secured a £155,000 investment from the East of England Regional Growth Loan Scheme, managed by The FSE Group, which will support the purchasing of new equipment, further product development and the hiring of 4 new staff members. 

Lazerthrust are the developers of next generation marine technology products, which are 3D printed and assembled from their site in Norwich. Their products which are currently being developed include low drag electric marine craft that can travel from Norwich to Amsterdam in two hours, without using stored energy, and small leisure craft for inland or light coastal use. 

Alongside their marine work, Lazerthrust also use their 3D printers to produce equipment for major UK water utility companies. To ensure that the equipment is of high quality and most importantly of high strength, the business built their own 3D printers using an entirely new approach that has never been utilised in their sector. To date, printers capable of making products that are even close to meeting the requirements and quality that come as standard to Lazerthrust customers are not available to purchase.  

Maurice Briggs, Founder and CEO at Lazerthrust said: “This funding comes at a key point in time as we continue to develop our existing products whilst innovating new problem solving equipment. 3D printing is a fantastic solution, as it is limited only by your imagination. The eco benefits are also outstanding. We are extremely proud that a high proportion of our products are recyclable with some of the equipment we produce being 100% recyclable. Working in the marine sector means this is especially important as we are well aware of the damage that man made waste is having on our environment. Our thanks go to Simon and The FSE Group for helping us secure this funding which will enable us to continue pioneering new approaches by developing our products and increasing our staff team.”  

Simon Elliott, Investment Manager, at The FSE Group, added: “Lazerthrust is an exciting company that we are glad to be supporting as they reach into existing markets and provide them with products that offer higher performance and sustainability than those traditionally available to them. Maurice and his team bring a passion for innovation to both the marine and utility company sectors, and the eagerness from leaders in these fields to collaborate with Lazerthrust demonstrates the increasing desire for a fresh perspective. We look forward to seeing the roll out of even more pioneering solutions and are delighted to be a part of the company’s growth journey.” 

The Regional Growth Loan Scheme (RGLS) is managed by The FSE Group on behalf of Local Enterprise Partnerships in the East of England. Loans between £50,000 and £500,000 are available to established incorporated businesses based within the East of England that have a minimum annual turnover of £100,000. The funding can be used for a range of growth activities as well as to service short to medium-term trade and contract finance requirements. The scheme aims to stimulate job creation and economic prosperity and supports SMEs that have the potential to deliver high-growth and employment opportunities across the East of England region. 

Uali, an AI-powered robotics company that specialises in drone surveys of energy assets, has secured a £625,000 investment by the Cornwall and Isles of Scilly Investment Fund, from appointed fund manager The FSE Group.

The investment, which is part of as part of a larger £1.55 million funding round, will be used to establish the company’s UK office at the Newquay Aerohub, which will include a drone testing facility, bringing 20 jobs to the area over the next three years.

Focussed on the oil, gas and sustainable energy sectors, Uali offers a ‘drone-as-a-service’ solution to the costly problem of monitoring and reporting on the maintenance of difficult to reach sites such as oil rigs and wind farms.

Data is collected using drones, capturing images from clients’ operational sites. A real time analysis powered by AI records potential issues by identifying abnormalities from the information received and can even prepare an automated equipment parts order list.

Uali’s innovative end-to-end service is proving popular with market-leading companies such as Shell, Telefonica and YPF.

Ian Bogado, CEO at Uali, commented: “We’re a global company who see positioning ourselves in Cornwall as a smart move. It will help us seek out local talent and deliver what we need in terms of research and development. Additionally, Cornwall has five airfields available for us to test our existing and new products. We’re really excited to expand our UK operations and get our new team on board to help us further disrupt existing tech in a very fast-growing market.”

Anna Staevska, Investment Manager at The FSE Group, added: “Uali’s technology offers a real solution to a problem faced by anyone with a hard-to-reach asset, meaning their growth potential is fantastic. We’re delighted that such a strong company has seen the many advantages of basing themselves in Cornwall. Uali’s proven track record, agile team and impressive customer base makes them an attractive investment proposition and we are glad to welcome them to our growing CIOSIF portfolio.”

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 was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Uali combines artificial intelligence, robotics and unmanned aerial vehicles to turn field data into a valuable commodity. Their disruptive technology has many applications and we’re delighted the fund has enabled Uali to set up a new base in Cornwall.”

Paul Jones, Senior Manager at the British Business Bank, said: “The investment by CIOSIF has helped attract an innovative international business to Cornwall, that is committed to recruiting locally and developing a collaborative programme of research and development in the region. We look forward to its further growth.”

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

Cornwall based Refined Brands, the digitally native portfolio of ethically sourced, natural and sustainable British brands, has completed a £6.75 million equity funding round, including £1.5 million of investment by the Cornwall and Isles of Scilly Investment Fund (CIOSIF) from appointed fund manager The FSE Group.

The deal represents the largest single investment by CIOSIF to date and is the largest by funding round size with CIOSIF participation.

The funding, which includes investment from new and existing private investors, will be used to further accelerate the growth of its portfolio companies, both in the UK and internationally which includes:

Celtic & Co: Founded by Nick and Kath Whitworth in 1990, and headquartered in Cornwall, Celtic & Co. is a pioneering retailer of ethically sourced, natural sustainable knitwear, footwear and outerwear. The brand continues to stay true to its heritage, with in-house manufacturing of its footwear continuing to take place in Newquay, Cornwall.

Frugi: Established by Lucy and Kurt Jewson in 2004, and headquartered in Cornwall, Frugi has built an exceptional reputation for sustainable childrenswear, using organic cotton throughout their collection as well as designing outerwear made from recycled plastic bottles.

Turtle Doves: Founded in 2009 by Kate and Graham Holbrook, and headquartered in Shrewsbury, Turtle Doves uses post-consumer textile waste to create beautifully upcycled new garments and accessories, all manufactured locally to Turtle Doves’ Shropshire base.

Kettlewell Colours: Founded in 2004 by Melissa and John Nicholson and headquartered in Somerset, Kettlewell Colours was created to enable women to shop their best colours all year round, working with small, family-run factories in Portugal, Turkey and the UK who share their environmental values.

Ben Barnett, Chairman of Refined Brands, said: “The creation of Refined Brands was motivated by a desire to build a differentiated family of sustainable fashion brands, alongside founders and teams that shared our passion and vision. I am delighted to welcome CIOSIF as investors into our expanding group. We value their experience in supporting businesses throughout the region and believe their input will help us achieve our ambitious goals for organic growth in the UK and internationally.”

 Anna Staevska, Investment Manager at The FSE Group, added: “We are delighted to be supporting such a strong business that is headed up by an immensely passionate and experienced team. The group will be further strengthened by the recruitment of 15 new staff members across the manufacturing, customer services and warehouse teams, supported by funding from CIOSIF. The sector is wide open to Refined Brands, as the ethical fashion market is growing much faster than the core UK retail industry, and Cornwall is fast becoming a market leading region in the sustainable fashion sector. We look forward to seeing the business develop even further.”

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 was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

John Acornley, LEP non-executive director and chair of the CIOSIF advisory board, said: “Cornwall’s growing reputation as an incubator of tech-savvy, ethical businesses is further boosted by this deal which is helping to establish a new force in the world of ethical and sustainably-sourced fashion.”

Paul Jones, Senior Manager at the British Business Bank, said: “This is the Fund’s largest single investment to date and the biggest equity deal CIOSIF has supported. Driving sustainable growth is at the heart of our mission and Refined Brands is another example of a Cornwall-based business that has put sustainability at its core.”

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

A coach and bus company that provides passenger services and holiday excursions has received a £180,000 investment from Finance Yorkshire.

Barnsley-based Globe Holidays runs public buses across West and South Yorkshire and employs more than 60 people.

The investment, from Finance Yorkshire’s Business Loan Fund, supports the acquisition of new vehicles and on-board ticketing technology.

Globe Holidays also operates private hire and school transport services, along with a UK holiday programme and day excursions. The company runs travel shops in Barnsley, Bradford and Rotherham.

Following the launch of several new routes this year, Globe Holidays has recruited 18 people and added 11 vehicles to its fleet. The company now operates 28 buses and 16 coaches.

Scott Woolley, managing director of Globe Holidays, said: “The investment from Finance Yorkshire comes at a time of rapid expansion for the business. They recognised our need for gap funding and quickly developed a good understanding of our business.

“The investment has enabled us to further expand our team and ensure reliable connections for local communities within South and West Yorkshire.

“As more people return to travel, we are looking forward to welcoming them on board our services, where they will now experience the latest in ticket machine technology.”

Alex McWhirter, chief executive of Finance Yorkshire, said: “Our investments are designed to support growing companies to realise their potential and create jobs in Yorkshire and the Humber. This is especially true when traditional finance providers are unable to meet their requirements.

“As the travel industry continues to recover from the pandemic, we are looking forward to seeing Globe Holidays continue to cement its status as one of the region’s leading passenger transport providers.”

Finance Yorkshire’s Business 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 Growth and Seedcorn Funds.