NORTH Tyneside wholesale and cash and carry business Kitwave plans to create hundreds of jobs after securing pounds 7.5m investment from a Newcastle venture capital firm. Kitwave, which trades as M&M Value from its headquarters in North Shields, North Tyneside, has increased turnover from pounds 15m to over pounds 100m since 2006 with the help of a series of acquisitions, including Turners & Wrights in Bolton, Bradford-based FW Bishop & Son, and Westone Wholesale in Telford.
MORE than pounds 20m has been invested in over 50 North East businesses with the potential of creating in excess of 400 jobs following the launch earlier this year of the venture capital fund to support high-growth regional businesses. The taxpayer-funded pounds 125m Finance for Business North East Fund (FBNEF) came into being in January with the first investment in Gateshead company Eutechnyx in April.
Anne Glover British Venture Capital Association THE UK private equity and venture capital industry is about backing businesses, investing in entrepreneurship, creating jobs and generating wealth.
CREDIT card giant Capital One says it is cutting up to 750 jobs in its UK business. The jobs cull will see more than 40% of Capital One's 1,750- strong UK workforce cut, with the bulk of the job losses at the group's Nottingham office.
AN Ayrshire-based firm has landed GBP5million of venture capital funding to expand its business and create jobs. Proven Engineering, based in Stewarton, is in the renewable energy business and manufactures wind turbines.
The recent South West economic survey by the Institute of Chartered Accountants showed a fall in capital investment during 2010, and reported that 29 per cent of businesses were finding access to capital a greater challenge than a year ago. This is very bad news if our local economy is to grow and new jobs are to be created. Why is this? Well - 1. The banks are lending less freely than two years ago and see more propositions that are put before them as 'equity propositions' particularly with insufficient (land based) security to underpin the borrowing requirements. 2. Although private equity funds are currently sitting on Pounds 300billion, they're not very interested in the South West marketplace as it is seen as too remote with a poor transport infrastructure. There continues to be...
... the Enterprise Investment Scheme and the Venture Capital Trust regime. These changes will reverse r...
LUXURY ice cream manufacturer Hill Station has been acquired as a going concern after being put into administration. A venture capital backed new company, Loseley Dairy Ice Cream, has bought the business in a move safeguarding 60 jobs at the company whose branded ice creams include Thayers, Loseley and Granelli.
The jobs of more than 20 Tyneside furniture store workers may be saved after a venture capital firm agreed to buy the Courts chain of UK outlets. The Courts store in Team Valley closed down earlier this month after the UK parent group went into administration with debts of pounds 280m.
TWO organisations at the forefront of taking research out of the laboratory and turning it into businesses have developed a partnership. The tie-up between NETPark, near Sedgefield, County Durham, and venture capital firm IP Group should help the drive to turn ground- breaking research, such as that carried out in North-East universities, into commercial ventures with the potential to create hundreds of jobs.
WHITBREAD is shedding 250 head-office jobs in a bid to cut costs to the bone and ward off venture capital predators that are circling the business. The owner of Pizza Hut and David Lloyd Leisure said the move will take Pounds 25m from the company's cost base, though it will also result in an identical restructuring charge.
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