News

A company helping schools to generate income from their hireable space has secured £250,000 from Greater London Investment Fund (GLIF), backed by the government’s Recovery Loan Scheme (RLS).

The funding will be used to help mitigate the effect of school closures during the Covid-19 pandemic and allow School Space to invest in its future growth. Key areas of investment will be in technology to develop an online booking system, sales and marketing, and will see the business almost double its workforce over the next three years.

School Space was created with a dual purpose: to assist schools in maximising revenue from their facilities during out of school of hours whilst actively supporting local underfunded and underprivileged community groups who struggle to find and hire adequate facilities. The business provides a revenue-share based marketing and management service to public and private schools, taking responsibility for advertising, community management and the booking and payment process.

Jemma Phibbs, School Space co-director and co-founder, said: “With the pandemic restricting community activities for some time, the impact on our business was significant. This GLIF loan comes at a crucial time as we look to move forward and further support our growth plans. The need for our service is considerable as schools seek alternative income streams in the face of budget cuts, and we are grateful to FSE for seeing the potential of both our business and social mission.”

Marco Cerrone, investment manager at The FSE Group, which manages GLIF Debt Fund on behalf of Funding London, added: “Whilst clearly impacted by covid-19 closures, School Space demonstrated instant revenue uplift post-lockdown. With 45 schools currently under contract and high repeat custom levels, Jemma and the team are well-positioned to partner with additional schools and take advantage of the growth opportunities available to them. We look forward to continuing to work with this strong, young and ambitious team as they grow the business.”  

Rental of school spaces is a growing market; the number of schools in the UK is growing annually and the average school budget is now 9% (14% in deprived areas) lower than it was in 2009. Furthermore, the reduction in local authority leisure centres and community halls is driving demand for rental space. Schools need to capitalise on their underused facilities but lack the time and commercial capability to manage this, creating increased opportunity for School Space.

Maggie Rogriguez-Piza, CEO at Funding London, commented: Operating in a sector significantly impacted by the global pandemic, School Space demonstrated great resilience and ability to bounce back. We are excited to back Jemma and James and join their mission to create thriving schools at the centre of thriving communities.

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 Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme

The FSE Group is pleased to announce the appointment of Andy Long, an experienced Investment Manager. He joins the Group’s Midlands team which manages the Midlands Engine Investment Fund (MEIF) Debt Finance Fund and will be responsible for supporting eligible SMEs.

Andy has worked in both commercial and corporate banking, bringing with him over 30 years of financial knowledge, with a specific focus on relationship and client management. He has previously held senior positions at Lloyds and HSBC and latterly as Head of Acquisitions for a major Accountancy firm. Andy will be working to help SMEs grow their businesses in the Greater Birmingham, Coventry, Warwickshire and Worcestershire areas.

Andy Moss, Head of Fund at The FSE Group, which manages the MEIF Debt Finance Fund commented: “We welcome Andy to The Midlands Team. He is a very experienced finance professional, bringing with him a long history of working within the finance sector. His diverse knowledge will strengthen the team helping them to further support eligible SMEs across the Midlands region.”

MEIF Debt Finance Fund can be used for expansion related activities which will deliver substantial growth impact within the area. Through this fund, eligible SMEs can secure growth loans ranging from £100,000 - £1,500,000 which could be used for sales and marketing activity, hiring of new employees/job creation/new product development/exporting abroad/purchasing new equipment/entering new markets.

Andy Long, Investment Manager at The FSE Group, adds: “I am delighted to join The FSE Group, and I look forward to working with local SMEs who are looking to scale up their businesses. The fund has already supported a great range of companies and this is a really exciting time to be supporting businesses as they look to grow and recover after a turbulent few years.”

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.

Stitched, a digitalised platform providing curtains and blinds to customers using a combination of 3D customisation and augmented reality, has secured £200,000 from the Enterprise M3 Growth Fund to grow its marketing, sales, and finance teams to take the business to the next level. The investment is part of a £750k funding round, where the Enterprise M3 Growth fund is joined by FSE’s Angel Investor Network, Angel Academe, and existing investors.

Launched in 2018 by Elinor Pitt, Stitched is bringing the UK’s £1.1 billion made-to-measure curtain and blinds industry into the 21^st century with an online only offering that is growing quickly and is benefitting from several tailwinds in the home décor sector. The business has developed sophisticated consumer and supply chain software that delivers a seamless digital experience for customers buying made-to-measure curtains and blinds online, and in the process efficiently organises a network of makers, larger workshops, fabric mills and retailers who are increasingly relying on the Stitched ecosystem to operate.

Made to measure curtains and blinds are complex and expensive products that are traditionally non-returnable. Whether buying online, in-home or in-store, there are very few digital tools that help the customer understand what they are buying. With the Stitched platform and AI-driven app, customers play a key part in the design process for their curtains and blinds, which are made in the UK and milled in Lancashire and Huddersfield.

Elinor Pitt, CEO and Founder of Stitched explains: “It is great to have Paul and the EM3 team join a funding round that has come at an extremely important time. Thanks to this investment, we will be able to capitalise on our key partnerships with Swoon and MADE and deliver high quality products to our customers. Additionally, we will be able to connect and effectively coordinate local mills, manufacturers, and makers to deliver these high-quality products online. These solutions will meet a critical market demand and will allow us to move to the next stage of growth.”

Paul Lyristis, Investment Manager, South East for The FSE Group, which manages the EM3 Growth Fund on behalf of Enterprise M3 Local Enterprise Partnership (LEP), commented: “We were impressed by Elinor and the team’s sector experience and their excellent track record of growth. Stitched has digitised the entire value chain of ordering curtains and this is very much in line with developments in the home furnishing and décor sectors. We would like to thank Jonathan Hollis from Mountside Ventures for introducing us to Stitched, and we are delighted to be able to invest in this funding round. We look forward to working with Elinor and the Stitched team to ensure they reach their goals for growth.”

Sarah Turner, Co-Founder & CEO, Angel Academe, commented: “We've been part of the Stitched journey since 2019 so are delighted to see the business go from strength to strength. Elly's technical background and integrity as well as her vision and leadership are impressive. Stitched has successfully and creatively applied digital technology to transform how we buy curtains and blinds. The end results are superior, customised products made of eco fabrics from local mills and workshops, but without the high price-tag.”

Michael Queen, Chair at Enterprise M3 LEP adds: “The Covid19 pandemic has seen a step-change in the way consumers make purchases, accelerating the move to digital sales. Stitched has been ahead of the curve, bolstering an entire supply ecosystem along the way and utilising the latest technology to ensure success. Enterprise M3 LEP has a proud history of supporting highly innovative businesses, like Stitched, to grow and I’m delighted that we’ve been able to take part in this round of funding.”

The Enterprise M3 Funding Escalator is £10million initiative funded by Enterprise M3 LEP. 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.

A food & drink producer based across Lincolnshire has secured £250,000 to upgrade its production facilities, create eight jobs and service its growing customer base.

Wild Jacks Ltd (“Wild Jacks”) secured the finance from Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme (RLS). The MEIF funding will help to upgrade the company’s production facilities and create eight new jobs in the next year.

The investment will also allow the company to increase capacity in its existing events catering facilities, refurbish the premises and service new national contracts.

Founded in 2020 by Stuart and Joanna Hancock, Wild Jacks sources high-quality foods, bakery and meat products from Lincolnshire and operates multiple business lines, working with local producers, arable and meat farmers to sustainably provide these high-end products to a range of customers.

Wild Jacks is home to a number of brands including Odling's Butchers of Navenby, Welbourne's Wine & Deli, Welbourne's Bakery and their most recent acquisition, JH Starbuck (Baker & Caterer).

Stuart Hancock, Founder of Wild Jacks, said: “Lincolnshire has a proud history of agriculture and thanks to this investment, we will be able to accelerate our growth plans to offer high-quality, sustainable and local produce to a national range of customers. It has been great working alongside Leo and The FSE Group’s Midlands team, the funding arrives at a really important time for the business as we scale up our operations to service our growing customer numbers."

Leo Magee, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “We were impressed by Wild Jacks’ track record of rapid growth. The team boast senior personnel with significant experience in the industry. Additionally, the company has an impressive suite of business lines with a focus on providing the best locally sourced products. We are delighted to be able to offer this funding and look forward to working with Stuart, Joanna and the team to ensure they reach their goals for growth.”

Lewis Stringer, Senior Manager, UKN at British Business Bank, said: “This latest MEIF deal, backed by the Recovery Loan Scheme, will allow Wild Jacks to upgrade its production facilities, creating new jobs and supporting the business with its growth plans. This is another example of the region’s thriving food and drink sector. We would encourage other local businesses seeking to innovate and grow, to consider the options available through MEIF funding.”

Sarah Louise Fairburn, Chair of the Greater Lincolnshire Local Enterprise Partnership’s Food Board, said: “This is great news for an exciting new Lincolnshire business, and this funding underlines the importance of the food sector to Greater Lincolnshire. Our area is home to some outstanding food producers, from fish to free range pork and from cheese to chocolate. It’s no wonder that a business which champions Lincolnshire produce has become so successful so quickly. The new UK Food Valley will raise the profile of our food sector even higher and make it easier for innovative businesses like Wild Jacks to thrive.”

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 Midlands region.

A London based contemporary hair care brand has secured £550,000 from the Greater London Investment Fund to support its range expansion. The funding will enable the brand to recruit a number of new employees over the next three years.

Champo, whose name comes from the Sanskrit word for shampoo is influenced by the ancient principles of Ayurveda, meaning their range is natural and sustainable as well as being vegan and cruelty free. The products are made without the use of silicone, sulphates or parabens.

Using knowledge passed on by the company founder’s grandmother, the combination of oils and techniques treats and restores hair. Though this knowledge originated in India, the shampoos are designed in the UK and produced in Dorset, with each botanical being rigorously researched and tested. The range is currently stocked in Harrods and is a Marie Claire Hair Awards 2021 and INDY BEST/BUY 2021 winner.

Kuldeep Knox, Founder and Chief Executive Officer of Champo, commented: “The funding has come at a really important time as we grow our business to meet market demands. The UK hair care market is at a really exciting point in time. People are willing to pay more for superior products, but they expect different things from their shampoo than they did 5 years ago. They want a product which is intelligent, aesthetically pleasing and uses high quality natural ingredients. Our thanks to The FSE Group for supporting our growth ambitions and guiding us through the funding process.”

David Booth, Investment Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, commented: “We were impressed by the drive and determination of Kuldeep who has already established a thriving brand in a high growth market segment. Champo is typical of the innovative high growth businesses we seek to support and we look forward to supporting Kuldeep through the next stage of business growth.”

Maggie Rodriguez-Piza, CEO at Funding London, added:“We are delighted to support Champo’s team expansion and their growth ambitions through GLIF. Kuldeep has built a successful ethical brand in less than three years which goes from strength to strength. We are excited to be part of their journey.”

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.