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Here we feature the latest equity investment related news in Wales and firms expanding on previous investment rounds.
Clynfyw CBS
A community share offer has been launched to acquire a West Wales farm.
Located in Abercych, North Pembrokeshire, Clynfyw Farm has been farmed by the Lewis-Bowen family since the 1750s. It has offered accommodation and been a pioneer of community focused farm diversification for over 30 years. It is home to ten people living in supported accommodation, as well as a care farm open to everyone, particularly those vulnerable and marginalised. Its aim is for it to become a community asset.
To become a community owned, its backers need to raise £550,000 through a community share offer at £100 per share
Chair of Clynfyw CBS (community benefit society), John Morgan said “Grab your chance now to own shares in this wonderful farm, have a say in what happens next, and help secure its future as a community hub, providing care farm opportunities and developing and supporting local resilience.”
Customised Sheet Metal
Bridgend-based Customised Sheet Metal, a leading player in the sheet metal fabrication industry, continues to experience strong growth following a management buyout in 2021.
Having relocated to a larger 14,000 sq ft facility adjacent to its original location, it specialises in metal fabrication for the manufacturing industry, warehouses and architects.
The firm’s managing director, Keith David, said: “By moving to our new premises, we signal our intention and confidence that we are here for the long haul, with a vision of thriving for another 30 years and beyond.
“Our new premises not only support our expansion plans but also enable us to implement lean methodologies for enhanced operational performance. The increased floor space provides us with additional benefits, empowering us to deliver even greater value to our valued customers.”
Customised Sheet Metal’s is a partner for global companies such as Amazon, working collaboratively on local and global projects.
With one eye on the future, the company is aiming to grow further by adding major accounts and growing its team with further roles from apprentice to management.
Ortharize
Swansea-based business travel platform venture Ortharize has secured a near £500,000 equity boost to support its growth plans.
The company had an initial target to raise £300,000, but the round was oversubscribed by 150%. The round was led by the Development Bank of Wales which supported Ortharize in their initial round back in March 2020. The latest round, which secured £458,000, was also backed Crowdcube, a crowdfunding provider that attracted over 100 micro investors. To date Ortharize has raised just under £1m.
Funds will be used to expand commercial activities and continue to improve the self-service business travel booking platform.
Post the latest round management and staff in the company have maintained a majority 69% ownership staff. The business, which employs 15, has set an ambitious revenue level of £230m by 2028.
Ortharize’s platform offers a range of features designed to simplify and streamline the business travel booking process, including real-time flight and hotel availability, travel approvals and reporting, through a website and mobile application. It also enables companies to measure and offset their carbon footprint.
With its free-to-use platform that generates revenue from hotels, airlines, and service providers via commissions and marked-up net fares, Ortharize is aiming to revolutionise the business travel industry, which is forecasted to grow to $1.5 trillion by 2025.
Gary Wardrope, chief executive and co-founder, said: “We are thrilled to have overfunded our investment round and to have raised more than we set out to. This additional funding will help us fuel our commercial expansion and take Ortharize to the next level.
“We’ve come a long way from our first round as Covid-19 began- we’ve weathered one of the most difficult periods ever for the travel industry and come out the other side with a fantastic platform in operation and over two dozen clients trusting us with their business travel requirements.
Chris Flynn, director of operations and co-founder, said: “Ortharize is well positioned to win business from other travel management companies who aren’t investing as much as we are into the future of business travel.
“Over the last year, we’ve introduced a huge number of features, many suggested and built alongside our clients, to improve financial reconciliation, reduce fees and lower travel spend, as well as initiatives to enhance employee safety and business intelligence reporting.
“As former business travellers, we know the problems that business travellers and travel managers are facing and we’re solving them. More and more clients are joining Ortharize each month, which I think is testament to our client-focussed approach.”
Dow Schofield Watts
Financial advisory firm Dow Schofield Watts (DSW) has expanded with a new corporate finance team based in Cardiff.
The new operation,through a licensee arrangment, will be led by Koo Aseeley and Michael Dunn and will support businesses in Wales and the south west of England.
Both partners have 10 years’ experience in financial services and most recently worked at Gambit Corporate Finance, where they completed an array of high profile M&A and fundraising transactions. Prior to this, Mr Dunn was an international trade finance specialist in the London insurance market, while Koo began his career with PwC in London where he advised some of the UK’s best-known corporates before moving to mid-market firm Menzies Corporate Finance.
The new team will advise on transactions such as mergers, acquisitions and fundraising and provide a wider service helping businesses to achieve their growth aspirations and maximise value.
Dow Schofield Watts now has over 100 professionals in Aberdeen, Cardiff, the North West, Leeds, Leicester, London, Nottingham and Reading. It regularly ranks amongst the top 20 most active UK corporate finance advisers and also operates Pandea Global M&A, an international corporate finance network covering 33 different countries.
Mr Aseeley said: “We are thrilled to be joining the fast-growing and talented team at DSW. We look forward to providing our established brand of straight-talking, practical advice to growing, entrepreneurial business owners.”
Mr Dunn added: “Being part of DSW gives our clients access to a wide range of financial experts across the UK and international connections through the Pandea network, while allowing us the flexibility to build our business and deliver our services in a way that best suits their needs.”
James Dow of Dow Schofield Watts said: “We are pleased to welcome Koo and Mike to the network. Their arrival gives Dow Schofield Watts a presence in Wales for the first time and, as the second new team to launch within a month, will further strengthen our reputation as a leading force in corporate finance in the UK. It is also in line with our goal to attract new teams of high quality people into the network. We look forward to working with them as they develop and grow their business.”
Madhav
A Cardiff vegetarian Indian cafe and mini-market has been acquired in a management buyout.
The deal provides an exit for founders of Madhav, Dnyaneshwar Gaikwad, 89, and his wife Pushpa, 78, who have retired after 43 years.
Located in the Riverside area of the capital, Madhav serves up home-cooked vegetarian Indian street food. Chef Maruti Satpe and his wife Sadhana who is the store manager have taken over the business after working with the Gaikwad’s for the last ten years. Their MBO has been part funded with £100,000 of debt finance from the Development Bank of Wales.
With an average rating of 4.5 on TripAdvisor and Google, the new owners will continue to serve food while growing the grocery store with a range of specialist products not found elsewhere in Cardiff and increasing capacity in the café area to create a restaurant.
Maruti and Sadhana Satpe said: “Since coming from India to the UK in 1963, Dnyaneshwar and Pushpa Gaikwad have worked hard to build a life for their family. They settled in Cardiff in early 1970 and bought a little shop in 1980 that they named Madhav after Mr Gaikwad’s father. As they say, the rest is history and Madhav is now an established Inidan grocery store and café that local people know and love.
“We have had the privilege of working with the Gaikwad’s over the last ten years. It has been our dream to own the business one day so with the help of the Development Bank, we have now made that happen. We are very excited to continue doing what we love, serving our customers with traditional home-cooked Indian food and growing the grocery store.”
Assistant investment executive John Babalola worked with deputy fund manager Jo Thomas to structure the finance for Madhav. He said: “Having recently joined the Development Bank, this has been a great first deal to work on. It demonstrates our support for business owners of diverse ethnicity and shows how we can help business owners to retire while protecting the legacy of all that they have achieved.
“We wish the Satpe family every success as they take over the reigns and prepare for the next 43 years as the owners of Madhav.”
The loan for Madhav came from the development bank’s £500m Wales Flexible Investment Fund. Offering loans, mezzanine finance and equity investments from £25,000 to £10m, the fund is financed entirely by Welsh Government. Terms of up to 15 years are available for Welsh businesses.
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