The company, which is based in Tamworth, designs and manufactures a range of sensing and telemetry equipment for use in various commercial applications, including factory automation, process monitoring & control, as well as for remote monitoring of equipment and resources. The company has developed a new product range targeted specifically at the market for the remote monitoring of gas and chemical tanks; a market in which it is experiencing significant growth with the potential for new contracts and distribution agreements. Its product range, currently sold to a global customer base, aims to reduce distribution costs, improve stock management and scheduling and have a positive effect on customer service provided by the user company.

Equity funding was provided by the Coalfields Funds, which are managed by EV on behalf of Communities & Local Government, with banking facilities provided to the company by RBS.

Jonathan Diggines, Chief Executive of EV, commented, “This is the Funds’ second investment in the Midlands in two months and demonstrates a commitment to providing funding to SMEs in the region. We are delighted to be able to support Peter John and his team in taking Powelectrics to the next stage of its development”.

Wayne Thomas, Investment Director at EV who completed the investment, commented, “Telemetry is a rapidly growing market space; the products that Powelectrics has developed within this target market will provide it with significant potential for growth and development of its customer base. We first became aware of Powelectrics twelve months ago and have been impressed with the progress it has made since that time and the market opportunities created by its management team.”

Managing Director of Powelectrics, Peter John, said, “The calibre of Powelectrics’ staff and the quality of the major opportunities that have arisen for the company have enabled us to secure the support from the Coalfields Funds. We can now concentrate our efforts on moving several key projects to the next stage and can look forward to a very bright future”.

The funding will be used to build out and accelerate adoption of the company’s unique PayFac solution, which is one of the fastest growing corporate payment solution in the UK.

Since its launch in 2007, usage of PayFac has grown rapidly and the product has now been adopted by over 500 companies. The product allows businesses to make domestic and international payments and direct debits on one platform without the need to install and maintain software. Businesses can replace bank, foreign exchange, BACS and direct debit management software with one solution and by using one common, highly secure process. 

The Coalfields Funds invested its further monies alongside a new private investor, Peter Fortune, who also takes up the position of Chairman of the company, replacing Gareth Jones who has been Chairman since the company was founded in 2007.

Jonathan Diggines, EV’s Chief Executive, commented, “TPS possesses all the credentials the Funds look for in an investee SME; a product with a solid and expanding target market, a knowledgeable and dedicated management team, a focus on strategic development and the potential for real growth”.

“EV has a strong and demonstrable track record in investing in and working closely with SMEs in the former English coalfield regions and the Funds’ investment team is constantly looking for opportunities to support new and existing companies”.

Wayne Thomas, Investment Director at EV who led the deal, commented, “There is a huge market opportunity to simplify global corporate payments and TPS is well positioned to exploit this – The Coalfields Funds are delighted to provide a second round of investment to the company and to continue to work with its management team”.

The company, which is based in Hucknall, is an independent, family-owned business which was founded in 1946 by the father of the current Chairman. It is the UK’s largest independent manufacturer of insecticides, slug pellets, weed-killers and garden products for use in both the domestic and agricultural markets, as well as a supplier of own brand products to a number of major UK retailers. 

The Coalfields Funds provided an equity investment as part of an overall funding package which also included further equity funding and support from the company’s bank.

Simon Ward, EV Investment Director for the deal who works from EV’s Birmingham office, commented, “The Coalfields Fund are delighted to be able to support Graham  Whyatt and his team in taking Doff on to the next stage of its development. As a significant local employer and an integral part of the community, we look forward to a productive partnership over the coming years”.

Jonathan Diggines, EV’s Chief Executive, said, “The Coalfields Fund have been active investing in the Midlands region for some time and we have seen an increase in the level of demand from companies located in the Coalfields areas of England that are looking for equity funding”.

Doff’s Chairman, Graham Whyatt, commented, “This is great news, not only for Doff but, as one of Hucknall’s largest employers, for the whole community. We have in place a superb management team, a loyal and dedicated workforce and now the financial backing of the Coalfields Funds to develop our ideas to write the next successful chapter in the history of Doff”.

Since the original investment, the company has enjoyed significant growth and has been awarded a number of contracts, including a three year contract with Merlin Entertainments Group to supply technical diets to all thirty of its SeaLife Centres across Europe and in the USA.

The company now sells its product range to domestic and commercial customers throughout the UK and across mainland Europe, USA and the Middle East, having secured the contract to supply the feed to one of the world’s largest aquariums, The Dubai Aquarium & Underwater Zoo, located in the Dubai Mall.

Jonathan Diggines, CEO of EV,  commented, “We continue to be impressed with the technical expertise of the management team and it has developed an innovative product range for both domestic and commercial use. There are a number of exciting opportunities in the pipeline for the company and we look forward to continuing to work with the New Era and supporting its growth and success”.

Paul Taberner, EV Investment Director, said, “New Era is now exploiting the full benefits of the new manufacturing facilities installed during 2009 and we are pleased to be able to provide continued support as the business continues to expand”.

Peter Kersh, Managing Director of New Era Aquaculture, said, “Exciting times ahead for everyone at the company as we really start to develop the opportunities that we have created over the last two years. We’re obviously delighted that the Coalfields Funds continue to support us. It gives us tremendous confidence for the future growth of the company”.

The company, based in Worksop, designs and develops high quality digital call recording equipment and distributes its products globally to both domestic and commercial customers via a network of resellers, distributors and phone system manufacturers.

The funding, provided alongside the company’s bank and its management team, will be used to provide working capital to support the company’s growth plans and further development of its product range.

Paul Taberner, Investment Director at EV, commented, “Over the last few years, Intelligent Recording has developed market leading products, with 75% of sales exported. The demand for call recording equipment will continue to grow and we believe Intelligent Recording is well positioned to capitalise on this. We look forward to working with Phil and his team in growing the business over the coming years”.

Philip Hill, CEO of Intelligent Recording, added, “We’re delighted to be taking on this development capital round from the Coalfields Funds. Despite the recession, we’ve seen good sales and margin growth and we’re excited at the business prospects and new portfolio additions we can introduce as a direct result of the investment”.

 Jonathan Diggines, Chief Executive of EV, commented, “We are pleased to invest in Intelligent Recording Limited. It has the attributes we look for in a Coalfields Funds investment – located in a former English coalfield, it develops leading-edge products in a growth market, and has achieved growth in the UK and abroad. Management have down well and are committed to achieving further growth in the business”.

The Coalfields Funds offer equity and equity related investment of up to £1 million to new and existing SMEs located in the eligible areas, with the aim of encouraging entrepreneurship and generating employment in the regions previously reliant on the coalmining and related industries.

This further commitment builds on the success of the Coalfields Enterprise Fund, CLG’s first investment Fund which was launched in 2004, since when it has provided some £6.7 million of investment, attracting private sector leverage in excess of £31 million to the eligible areas and created some 400 new regional employment opportunities.

Speaking at the recent Alliance Annual Conference, Housing Minister, John Heleay, also confirmed that the lifetime of the existing £10 million Coalfields Enterprise Fund would be extended to 2014.

These measures combined – to be known at the Coalfields Funds – are expected to generate further investment from private companies totalling as much as £75 million over the next five years, and help create and protect hundreds of jobs in the former coalfield areas.

John Healey said, “Entire communities were left devastated by the collapse of the coal industry 25 years ago. More recently, they have been dealt another blow by the global economic downturn.

Over the past decade, the Government has given the coalfields areas over £500 million to help them recover. They must continue to get the support they need as they face this new challenge.

That’s why I have announced a new £20 million fund to help small businesses get through the downturn, expand and offer valuable, much-needed, job opportunities to local people”.

Jonathan Diggines, Chief Executive of EV, commented, “The Coalfields Funds will offer equity and equity related investment of up to £1 million and more in the right situations, to SMEs located in the eligible areas with the aim of encouraging entrepreneurship and generating employment in the regions previously heavily reliant on the coalmining and related industries. In the five years we have managed funds in the English coalfields, we have encountered many businesses demonstrating talent, energy, innovation and the potential to grow. We believe that the new funds will lead to successful businesses developing in the English coalfields”.

The investment will be used to develop the company’s export sales via its distribution networks and for capital expenditure to expand the company’s manufacturing facility at its Thorne site, including the installation of a live fish holding facility.

The total investment of £300,000 provided to the company comprises £150,000 from the Coalfields Enterprise Fund and a £150,000 equity-linked investment from SYIF.

Richard Bamford, Executive Chairman of EV, said, “EV is delighted to have completed this syndicated investment in New Era Aquaculture. This is a further illustration that, despite the current recession, there are still regional funds available for SMEs looking to expand and develop their operations”.

Paul Taberner, EV Investment Director, commented, “We have been impressed with the management team at New Era from the outset, with their years of experience and deep understanding of the marine aquaculture market. The New Era product range has clear areas of nutrional advantage over the competition and as a substitute for traditional methods of feeding captive and ornamental fish. We believe the company is extremely well placed to continue recent growth into new geographical markets”.

Peter Kersh, the company’s Managing Director, commented, “We are delighted to complete the new investment with the Coalfields Enterprise Fund. The investors saw and understood very quickly the innovation and uniqueness of the business and what we are trying to achieve. The timing is very opportune as the investment will allow us to drive forward with our expansion plans for the business in manufacturing, international brand development and a live holding facility. Exciting times ahead for us!”.

North West based H2O Networks has revolutionised super fast connectivity including broadband to homes and businesses using its unique FS System to deploy fibre optic cable in the UK’s waste water infrastructure. H2O can deliver fibre optic solutions that range from point to point to city wide infrastructures.

H2O’s FS System means that fibre optic cables can be laid 80% faster than traditional methods of road digging which means that next generation networks can be built in a fraction of the time.

Richard Bamford, EV Executive Chairman, said, “On behalf of our client, we are extremely pleased to have acheived such an excellent outcome, which demonstrates that even during these very difficult recessionary times, there are high growth companies in the English regions”.

Wayne Thomas, EV Investment Director for the investment, said, “Since CEF initially invested into H2O Networks, the business has grown significantly thanks in no small measure to the drive and commitment of its management team. Successful investments often depend on backing the right team with the right idea. With the assistance of EV, the team has built a solid platform from which to grow further. This has been a very successful investment for the fund and we wish the team the best of luck for the future”.

Elfed Thomas, CEO of H2O Networks, commented, “Over the last two years, H2O Networks has expereinced exponential growth. Our tried and tested proposition has grown from a point to point fibre optic solution for businesses, to building town and city wide networks as seen in Dundee and Bournemouth, as well as international activities. This exit is the start of the next phase in the evolution of the company”.

The investment, made alongside Alliance Fund Managers, will be used to provide development and working capital to the business. The completion of the deal will also see the company relocating its Head Office and sales base from London to premises in St Helens, Merseyside, resulting in ten new jobs being created in this coalfields region.

TPS is the first non-bank business to provide its customers with direct access to all payment infrastructures and product offerings, from FX and domestic through to cross-border transactions.

Wayne Thomas, EV Investment Director for the deal, commented, “We have been impressed with the quality of the management team and their depth of knowlege of the sector throughout our assessment of this opportunity. The marketplace for both domestic and international payment transfers will go through some significant and commercial changes over the coming months and we believe that this business is well placed to take full advantage of the opportunities these bring”.

Warren Whyte, TransGlobal Payment Solutions’ Managing Director, said, “We are really excited about having The Coalfields Funds as our investor partner. With the Fund and EV’s assistance, we intend to expand the business throughout the UK and develop and enhance our service offerings to our target markets. In these challenging times, I believe we can very easily demonstrate to businesses just how cost effective we are in providing foreign exchange and payment solutions”.

CoreRFID provides radio frequency identification (RFID) and barcode technologies across a range of iindustrial sectors and the company’s systems are used within a wide range of applications, delivering cost effective solutions to many logistics and asset tracking situations. CoreRFID has already built a strong customer based comprising more than one thousand UK SMEs and corporates, including Amec, Deloitte & Touche, Cheshire County Council, the Channel Tunnel and Norwich Union.

The Cheshire-based company received its initial investment from the Coalfields Enterprise Fund in June 2007 to support the management buy-out of the company and to enable its relocation into the ward of Bewsey & Whitecross in Warrington, a move which resulted in the company bringing five jobs into the area, with this further investment expected to create the requirement for a further four positions. Since the first CEF investment was made, the company has experienced trading growth and has become established in an expanding and attractive market for which worldwide demand continues to grow rapidly.

Terry Allen, CoreRFID’s Chariman, commented, “It has been great to work with the Coalfields Enterprise Fund investment team over the last twelve months and they have provided sound and valuable business advice as well as funding. We now look forward to a further period of sustained growth supported by the Fund”.

Paul Taberner, EV Investment Director, said, “In the twelve months since the Fund initially invested in CoreRFID, the business has made a significant progress in growing sales and profitability. We believe there is a huge market potential for CoreRFID’s offering and are pleased to provide this additional investment to support further expansion of the business”.