Leeds firm pumps more cash into TV visual effects company

Stuart Pearcey
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Leeds firm pumps more cash into TV visual effects company
Leeds-based YFM Equity Partners has made an additional multi-million pound investment in the UK-headquartered film and TV visual effects company Outpost VFX through its British Smaller Companies VCTs, enabling the business to continue its rapid scale-up by investing in high calibre artistic talent, company culture and its tech infrastructure. The VFX house partners with global streaming platforms such as Netflix, Amazon, and Apple, and with major Hollywood studios including Universal, Paramount, CBS, and Lionsgate. Recent high-profile projects include Thor: Love and Thunder, House of the Dragon and Westworld. Recently, the company has been nominated for two Emmy Awards for The Man Who Fell to Earth and for Foundation, and a Visual Effects Society Award, for News of The World. Since YFM first backed Outpost VFX in February 2021, the business has seen rapid growth, delivering 150% revenue uplift in its first full year of trading since investment. It has continued to build its team which has increased almost four-fold to service continuing growth, including strengthening its management with a number of key appointments such as Robin Shenfield who joined the board as chair, leadership teams for each of the new geographies, while also strengthening the team in the UK studio. The most recent of these hires being Rachel Matchett, as managing director in the UK and Tim Chauncey as global CTO.
In addition to funding growth capital, the initial funding from YFM has accelerated the development of Outpost’s production management IP, further developed its training and career pathways IP, and helped it to build out a unique global IT architecture. The latest funding round will enable the company to continue to develop its IT infrastructure and accelerate its global cloud transition, in order to be fully transitioned within the next 12 months. This will not only help with the business’ ongoingcommitment to providing even better service to clients, but will also help Outpost to continue to differentiate itself as an employer of choice. Duncan McWilliam, founder and CEO of Outpost VFX, said: “YFM has been a supportive partner, initially investing in us post-pandemic when others were cautious. We appreciate their ongoing support and value the fact that they share in our vision and ambitions. In addition to growing our artistic talent and tech infrastructure, further developing our company culture and scaling it globally is a priority as we, like YFM, recognise that it is our people who differentiate us. Our ongoing cloud investment will not only improve our service to clients, but will also enhance the working experience of our people. We will continue to invest in the cloud, along with integrating sophisticated project management software and training programmes. “With demand for quality visual entertainment continuing to be high across the globe as both streaming and film production surges, there is an exciting opportunity for us to accelerate growth. We are increasingly seeing larger projects enter our facilities and we are encouraged by the visibility of a strong pipeline of work, supporting our ambition to scale our offering to support our clients and our people better. It’s great to see YFM’s confidence in our plans and we are enthused by the opportunities that the follow-on investment will enable us to pursue.” Roux Brits, portfolio director for YFM, added: “This is our second investment in Outpost VFX in under 18 months and demonstrates not only our belief in the management team’s vision, but also YFM’s readiness to support investee businesses to take advantage of ever evolving opportunities to accelerate growth. With YFM this year celebrating its 40th anniversary, we have supported over 300 high-growth businesses and look forward to supporting many more.” The YFM investment team comprised Roux Brits and Charles Winward. With thanks to YFM’s advisors including Evershed-Sutherland LLP (legal), Igor Boshoer (technical) and Kreston Reeves (financial).

Yorkshire firms have claimed 66% less govt innovation funding than some parts of UK

Tess Egginton
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Yorkshire firms have claimed 66% less govt innovation funding than some parts of UK
Businesses in Yorkshire have not been claiming their share of government innovation funding — settling for 66% less than some parts of the UK, a study by innovation funding specialist Catax shows. Businesses across the UK have enjoyed £12.3bn of grant awards from government innovation agency, Innovate UK, since 2003. However, in that time, companies in Yorkshire & Humber have received less grant cash than all but five regions, when adjusted for business population. Businesses there received the equivalent of £2,204 each — 14% less than the national average of £2,563, while the North East has come out on top, netting the equivalent of £6,504 per company. Applicants in Yorkshire & Humber have been awarded £754 million in total. The largest grant in Yorkshire & Humber over the last five years went to the University of Sheffield, which used £126.8 million to establish the High Value Manufacturing Catapult in order to provide world-class R&D facilities for UK businesses. Three highest grant awards in Yorkshire & Humber in the past five years
Grant recipient
Location
Award offered
Description
University of Sheffield
Sheffield
Two grants totalling £126,830,000
To establish the ‘High Value Manufacturing Catapult’, which aims to provide access to world-class R&D facilities for businesses.
Glass Futures Ltd
Sheffield
£16,000,000
To create Glass Futures, a global centre of excellence dedicated to making glass the low carbon material of choice.
Crop Health and Protection Ltd
Ryedale
£13,780,000
Providing funding for CHAP, one of four UK Agri-Tech Innovation Centres, which aims to advance global crop productivity and yield.
  Other regions trailing the national average are the North West (£1,039), Northern Ireland (£1,465), Wales (£1,623), the East of England (£1,922), and the East Midlands (£2,084). The national disparity has improved only slightly in the past five years and is still cause for concern. The North East was still the biggest recipient (£2,586 per business) between 2017 and 2022, while the North West continued to benefit the least (£473 per business). Yorkshire & Humber has fallen two places in the table over the past five years, receiving £840 per business more recently, while the North East remains in front with £2,586. For Yorkshire & Humber, it means the gap has marginally widened to 67.5%. Grant funding nationally equalled £1,093 per business over the past five years. The results of the study serve as a wake-up call to businesses across the UK to ensure they are taking advantage of funding opportunities on offer, as a lack of awareness continues to hold back applications. Karen Taylor, group head of grants at innovation funding specialist Catax, says: “Yorkshire & Humber has not been making as much use of government innovation funding as it should be and it’s disappointing to see its position sink further behind more recently. “Grants are a vital source of funding for businesses, giving many the financial resources they need to invest in new research and innovations. It might be that there is still a prevailing lack of awareness of these grants in the region, and this needs to be addressed. “These findings should serve as a call to action for businesses in Yorkshire & Humber to take a look at what grants are on offer which could help them get their project off the ground.”

Work starts on new £4.5m facility at Whiston school

Tess Egginton
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0
Work starts on new £4.5m facility at Whiston school
Work has started on a new £4.5 million state-of-the-art facility to replace the Upper School buildings at Newman School in Whiston, Rotherham.
The Council’s Cabinet gave the go-ahead to the investment in November 2020, alongside the creation of a new school for children with Social Emotional and Mental Health needs (SEMH) in Dinnington. The former pre-World War II rest sheds at Newman School have been demolished and will be replaced by six new classrooms, toilets, personal care rooms, group rooms, a library, soft play rebound room and a reception area, which will be ready for use next August. The rest sheds were built in 1939 and used in the war effort before the first children were admitted to Rotherham’s oldest special school in 1948. Newman School specialises in provision for children and young people with a range of learning difficulties and particularly those with complex medical needs. The new facilities include a focus on providing quality therapeutic and educational environments and will further enhance the school offer. Cllr Victoria Cusworth, Rotherham Council cabinet member for children and young people services, said: “Rotherham Council is working hard to improve the range of places across the borough so these not only meet the needs of children and young people with special educational needs and disability but further enhance the learning environment. “Newman is a much-loved and long-established school which has enriched the lives of thousands of local children for almost 75 years. This exciting new building will provide much-needed classrooms and associated facilities for Newman’s pupils and staff and a modern, vastly-improved learning environment, which will enable our children to achieve their full potential.”

Refurbishment of Ossett Town Hall gets underway

Tess Egginton
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Refurbishment of Ossett Town Hall gets underway
Work has commenced to refurbish Ossett Town Hall. The project will relocate the library from its current, temporary home on the ground floor, to a larger, refurbished and more suitable location on the first floor. This will enable a better and more efficient library service for the local community. Works also include the installation of a new lift allowing access for all to the first floor. Extensive and much needed restoration works will also be carried out to the roof, clock tower and stone repairs along the parapets. Funding has also been secured to install new lighting to the roof, clock tower and first floor decorative stonework, highlighting the restored features on this prominent local landmark. Cllr Darren Byford, Wakefield Council’s cabinet member with responsibility for property, said: “The preservation of Ossett Town Hall is really important to our residents. “Plans to make the building more accessible and relocate the library have already breathed new life into one of the town’s most prestigious landmarks and this further repair and refurbishment will enhance that experience further. “We can create better use of space to accommodate community groups and local businesses and make the building more attractive for events and shows – we want to make the Town Hall the heart of the town centre and preserve it for future generations.” Cllr Michael Graham, Wakefield Council’s cabinet member for culture, leisure and sport, said: “I’m pleased that work is getting underway to create an improved library service for the people of Ossett. “The new lift will open the library service and first floor space up to everyone, making the Town Hall more accessible for all. “Investing in the Town Hall will help sustain this historic building as well as giving residents a larger, refurbished library service in a more suitable location on the first floor.” Ossett library will continue to open during its normal hours whilst the work takes place, except on a Wednesday when it will close. The activities that usually take place that day, the weekly story time, readers and craft groups will relocate to Horbury library, from 7 September 2022. Customers whose events or services might be affected by the work will be contacted and the Council will work with them to minimise disruption. The flea market will remain open during the works. The clock bell will be silenced during the works to ensure the safety of contractors. The chime will be restored upon completion of the roof restoration. The library and lift works are expected to be finished by November this year, with the full building works expected to be completed by the end of year.

Yorkshire mid-market private equity deal activity above pre-pandemic levels in first half of 2022

Tess Egginton
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0
Yorkshire mid-market private equity deal activity above pre-pandemic levels in first half of 2022
Mid-market private equity activity across Yorkshire held firm during H1, with 33 deals with a total value of £1.9bn taking place across the region, according to new research collated by KPMG into UK private equity activity. The study revealed that, while deal volume was exactly the same as during the first six months of last year, the value was up £0.2bn on H1 2021, and both were up on pre-pandemic levels. Overall, the UK exceeded historic levels of both deal volumes and values during the first half of 2022 (excluding the unusual peak in activity during 2021), compared to the same period in both 2018 and 2019. Bolt-ons accounted for nearly two-thirds (62%) of all mid-market deals – the highest half-yearly proportion on record – due to them being viewed as a low-risk strategy to support the growth of existing platform businesses. The aggregate value of bolt-ons in H1 2022 was £12.7bn, also notably higher than the levels seen in both 2018 and 2019. Business Services and TMT maintained the top spots in terms of sectors with the most mid-market deals, accounting for 60% of private equity investments. The ongoing trend for hybrid working and digitally enabled services encouraged this trend. Christian Mayo, corporate finance partner at KPMG in Yorkshire, said: “It’s encouraging to see Yorkshire scale-ups continue to attract private equity investment to support the next stage of their growth journey. These latest findings are testament to the region’s buoyant mid-market and investment landscape. “Across the board, positive mid-market activity was driven considerably by fears of a probable Capital Gains Tax increase in early April that caused dealmakers to push deals through before the anticipated change. We have also observed a growing number of business owners who de-risked their personal asset portfolios as the UK slowly emerged from the pandemic and the general outlook improved. “Existing factors such as high inflation, the Russia-Ukraine crisis and oil price rises will persist, and these will only increase banks’ discretion and perpetuate the slowdown in the number of mid-market deals in H2. On a brighter note, once oil prices level off and interest rate rises come through, the market should pick up again. “TMT and Business Services will continue to dominate mid-market deals for the time being. However, once inflation is back under control, the more cyclical sectors, such as Consumer and Industrials, will see a fast-paced recovery and an uptick in private equity activity as a result. “And as ESG climbs the corporate agenda, dealmakers will be on the lookout for deals that offer an ESG angle. Due to their shortage, the multiples of these deals are likely to skyrocket as dealmakers grapple with delivering on their ESG commitments.”

Global sports performance company catapults into 34 Boar Lane in Leeds

Tess Egginton
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0
Global sports performance company catapults into 34 Boar Lane in Leeds
An international sports performance analysis company is moving into the iconic 34 Boar Lane in Leeds. Catapult has just agreed a deal to take 5,608 sq ft of office space on the second floor of the recently refurbished building. Owner Kinrise is behind the transformation of 34 Boar Lane, a 57,000 sq ft building with 46,000 sq ft of office space over five floors and cafes and restaurants on the ground floor. It is located immediately opposite Leeds Railway Station in the heart of the city’s professional and retail quarters. Victoria Harris, office agent at global property consultancy Knight Frank in Leeds, which is marketing 34 Boar Lane, said: “This significant deal is a resounding endorsement of the quality of this magnificent building, with a company with offices across the world choosing 34 Boar Lane. “Ever since we started marketing 34 Boar Lane, we have been choosing our tenants very carefully. The spirit and ethos of the building is crucial. Catapult is a fast-growing growing and progressive global company and fits this aspirational culture perfectly. “During the past three years, we have transformed this well-positioned building into an exciting workplace at the forefront of the Leeds market. Three floors have been fully let, to successful professional companies, leaving just 10,486 sq ft on the first floor and 4,887 sq ft on the second floor.” Samuel Lawson Johnston, co-founder of Kinrise, explained: “It is very exciting to announce this significant new office deal with Catapult and we are delighted to welcome such a successful company with a global reach to 34 Boar Lane. “This special building has been regenerated into an inspiring collaborative environment that offers our tenants characterful, design-led office and co-working space with top technology as well as an exciting range of independent restaurants, shops and event space. “Our aim at Kinrise is to create space to inspire and enable. We do this by transforming iconic but un-loved buildings into creative work and social spaces for our tenants and public to love coming to. Our restore over rebuild philosophy allows us to play our part in ensuring the city’s heritage, unique culture and soul lives on.”

Duo of businesses move into Sheffield’s UKSE Innovation Centre

Tess Egginton
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Duo of businesses move into Sheffield’s UKSE Innovation Centre
Sheffield’s UKSE Innovation Centre has welcomed two new technology-led businesses to its roster of tenants, including recruitment platform Nightingale App and management consultancy 3B Impact. The move sees Nightingale App – an online marketplace that directly connects primary and urgent care professionals with service providers and shifts without the need for recruitment agencies – commit to 410 sq ft of space. 3B Impact, which co-creates solutions to maximise the positive impact of investors, businesses, start-ups, NGOs and institutions while ensuring economic sustainability, has also leased 320 sq ft of office space to house its UK team. Speaking of the decision to take space within the Innovation Centre, 3B founder Stephen Blakeley said it would further strengthen the company’s existing relationships across the region, and the technology talent that exists within the city. The business, which also has offices in Copenhagen, already partners with the University of Sheffield, including managing a pre-accelerator programme for budding innovation companies. The arrival of both 3B Impact and Nightingale means that the Portobello Street-based UKSE facility only has five units to let, with a number of other tech start-up companies and businesses already taking advantage of the site. In addition to the Innovation Centre, UKSE also invests in start-ups and SMEs in steel towns across the UK, to help businesses expand and create job opportunities. Welcoming the new tenants Steve Lyon, area manager at UKSE, said: “We’re delighted to welcome our latest tenants to the UKSE Innovation Centre, which is ideally situated in the City Centre, and in close proximity to both of the Universities which are a great source of talent. “South Yorkshire is renowned for its engineering and manufacturing excellence, but it also has an incredibly strong network of businesses operating in the digital sector. “Both 3B Impact and Nightingale App are a perfect example of the type of innovative, tech-led businesses that are choosing to call Sheffield ‘home’.” Stephen Blakeley, founder and partner at 3B Impact, said: “We are pleased to have secured new office space at The Innovation Centre. “While our client base is international, we wanted to find a UK base that would allow us to tap into the right kind of talent and skillset to deliver on the projects we oversee. Sheffield has a long-standing reputation as a technology start-up hub, and with our connections to the University it seemed like an obvious choice for our UK team.”

More businesses urged to get on board with Barnsley Digital Media Centre

Stuart Pearcey
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More businesses urged to get on board with Barnsley Digital Media Centre
Barnsley digital media centre has launched a new website to showcase its thriving collaborative business community and introduce new ways to get involved. The interactive website provides an insight into DMC 01, opened in 2007, and DMC 02 which opened in 2020 – the landmark buildings at the heart of The Seam digital campus in Barnsley town centre. New online functions will allow people to sign up for tours of the centres, book meeting rooms, sign up to events, and ask about new monthly membership packages through which more businesses can join the DMC community and access its cutting-edge co-working spaces and facilities. Marketing manager Matthew Snowden said: “We are very positive about the future at the DMC and want to use our new website to celebrate the role of the DMC business community in tech innovation and creative thinking, which feeds into and benefits other sectors and boosts the wider Barnsley economy. “Our new website will allow us to shout about what’s happening at the DMCs and highlight the opportunities on offer here, from events, workshops and accelerators to high-value job creation in the creative and digital industries. “DMC 02 is now fully occupied, and DMC 01 is back to pre-Covid capacity. It is buzzing and really is a place of possibilities.” DMC 01 is home to more than 50 businesses and specialises in supporting entrepreneurs to start-up and scale their enterprises. It also offers collaboration space for companies in all sectors wanting to do more with technology in their business. Across the road, DMC 02 provides much-needed space for eight growing companies, with larger office space, co-working space and a MakerLab for tech innovation using 3D printers, laser cutters and virtual reality tools. The DMCs are owned and managed by Barnsley Council and are home to the Enterprising Barnsley business support team and South Yorkshire-wide Launchpad start-up support service.

Labour market issues are a ticking time bomb for business, says BCC

Stuart Pearcey
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Labour market issues are a ticking time bomb for business, says BCC
British Chambers of Commerce Head of People Policy Jane Gratton has said it’s vital to get economically inactive people back to work, and has Calle don the Government to make it happen. Respnding to the latest ONS figures, she said: “The labour market remains incredibly tight adding to the growing list of concerns businesses are facing. This is a ticking timebomb for firms up and down the country. “Today’s figures show little improvement for employers over the last quarter. Despite the small increase in employment levels, the number of job vacancies in the economy remains around the highest on record. Competition for skills and labour continues to drive up wage costs.” “Skills and labour shortages have reached crisis point for many firms. The impact is being felt on their ability to meet customer demand and forcing some to turn away new business, because they simply do not have the human resource. This is restricting growth and business confidence. It’s a serious and urgent problem. “On top of all of this, firms are now grappling with the highest inflation in almost 40 years; the largest spike in interest rates in three decades; ongoing supply chain disruption; and eye watering energy bills. There is a limit to how much additional cost business can absorb. “The Government can help ease the growing pressure in the labour market at no extra cost to the Exchequer. We need an immediate review and reform of the Shortage Occupations List to include more jobs at all skill levels. This will give firms breathing space to train and upskill their workforce. We have over a million more job vacancies than people available to work, so the sooner we start the SOL review, the better. “We also need to encourage economically inactive people back into the UK labour market through access to publicly funded rapid retraining opportunities. Businesses must be part of the solution too by creating the right workplace conditions, for example by providing flexible working practises, training opportunities and a focus on workplace healthcare and support. “We cannot see another month of the same old news, it’s time for action and we’re offering the solution. It’s time for the Government to listen.”

Buy-out at family-run water treatment company

Tess Egginton
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0
Buy-out at family-run water treatment company
A family-run water treatment company has been acquired by the founder’s daughter in a seven-figure deal backed by Mercia’s SME Loans fund. The buy-out of Yorkshire-based Excel Water gives control of the business to Emma Armitage, the current Managing Director, and allows for the partial retirement of her brother Darren Field. Emma now aims to increase turnover by 20% in the year ahead and create four new jobs as the company targets growth resulting from opportunities including water deregulation. Excel Water, which is based in Allerton Bywater, manufactures and instals commercial water treatment systems for businesses throughout the country – typically those producing goods such as food, pharmaceuticals, automotive and cleaning products which require a higher quality of water for production purposes. Excel Water was established in 1992 by Brian Field who had previously worked in the water industry. It currently employs nine staff including Darren’s son James Field. Emma joined the company in 2004 after working in the waste management sector and has been Managing Director since 2014. Emma Armitage said: “I am proud to be taking over the family business and plan to make the most of the opportunities ahead. The deregulation of the water industry in recent years has given companies greater control over their water supply, enabling them to save on their utility bills. At the same time there is greater focus on saving water for environmental reasons. I look forward to working with our loyal team to take the firm to the next stage of its development.” Andy Heaton of Mercia added: “Emma is a very impressive leader who has built a strong team. We are pleased to be able to back the buy-out of this successful family business in a deal that will help secure its future and the jobs of its staff, and position it for future growth.” Paul Grace of YBFA provided fundraising advice to the company. He said: “It’s been a pleasure to work with Emma and structure the funding for the management buy-out. Since we first met, her passion and enthusiasm has shone through, and I have full confidence the business will go from strength to strength. “Mercia demonstrated a thorough understanding of the business and provided a unique funding structure which enabled the buy-out to take place while allowing sufficient cash to be reinvested for future growth.”
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