Finance

4,000 Bristol companies in 'significant financial distress', report finds

Thousands of Bristol companies are in "significant financial distress", new research has revealed. According to the latest figures from Begbies Traynor’s ‘Red Flag Alert’, which monitors the financial health of UK firms, more than 4,000 businesses in the city are in economic difficulty. Problems are being caused by uncertainty around the economy, inflationary pressures and debt burdens, along with persisting weakness in consumer confidence, the report found. The number of companies at risk of failure has increased by 1% compared to last quarter - and 16.5% over the year. There are 677 construction businesses in "significant distress", making it the most troubled sector in the city. There have also been increases in the number of retailers (48.7%) and bars and restaurants (42.9%) facing difficulties. Paul Wood, partner at Begbies Traynor in Bristol, said: "There is no hiding from the fact that 2024 has been hard to navigate for companies, and the final quarter looks no different, as a high degree of uncertainty weighs on the UK economy." He added: “While there are tentative signs of a recovery, uncertainty continues to loom over Bristol businesses. In response, many business leaders are holding their breath as they await clarity over what the forthcoming Budget will bring. “With wider geopolitical issues also having an impact, the only certainty is uncertainty, and we know this is bad for both business and investment alike. Combine this high level of uncertainty with the expectation of higher business costs post the Autumn Budget and it is clear that the economy is far from being out of the woods.”

Finance

The Budget: 'Raising tax on businesses could hinder UK growth'

The chancellor's plans to fill Britain's fiscal black hole by hiking tax on businesses could hinder UK growth, the boss of a South West chamber of commerce has warned. Phil Smith, managing director of Business West, said although "hard decisions" had to be made by government, he was "really concerned" by Rachel Reeves' Budget announcement on Wednesday. Under the plans, taxes will rise by £40bn - a large share of which will come from employers' national insurance contributions (NIC). From April next year, the amount companies pay on staff NIC will increase from 13.8% to 15%. "The tax burden on the business community could hinder the government’s much sought after growth and undermine investment decisions," said Mr Smith. "Employer NIC increases will leave companies with less money to invest in their staff and business’s success." The West Country chamber welcome measures for small businesses, including changes to the employment allowances and business rate relief for the retail, hospitality and leisure sectors. But it warned that "such fine margins" for industries where employment costs form a large share of the cost base would be "disproportionately impacted" by the extra employee contributions. "Our region has a strong economy that plays a key role in the UK’s overall economic success," Mr Smith added. "We regret that the South West seems to have been missed out from the Autumn Statement plans. Hence now more than ever it will be important for our devolved local and regional leaders to make the case for the government and private sector to invest in our region and its economic growth." The head of Devon's chamber of commerce echoed the concerns. He said the rise in NIC for employers would "undoubtedly have an impact" on the "already struggling" hospitality sector. “The government’s planned reductions in business rates for retail, hospitality, and leisure businesses from 2026-27, alongside the 40% interim relief, provide a promising foundation for economic stability," said Stuart Elford, the chamber's chief executive. “This relief will support local businesses across Devon as they continue to navigate high operational costs, and it points towards a sustainable future for our high streets and leisure spaces.” But Mr Elford called on the government to consider a targeted VAT reduction for hospitality, saying it could provide a "critical buffer" for the sector. Richard Marsh, deputy chief executive of Devon Chamber and chief executive of Exeter Chamber, added: “The hospitality industry is a cornerstone of our regional economy and needs tailored support to manage rising costs.

Finance

Actor Michael Sheen backs fair banking for all campaign

Actor Michael Sheen has backed a campaign calling on the UK Government to introduce legislation to help tackle the crisis of unaffordable credit and related high levels of indebtedness. The Welsh actor is backing the Fair Banking for All Campaign – a group including credit unions, community development finance institutions (CDFIs), fintechs, charities and policy experts - which is pressing for a Fair Banking Act to help increase access to affordable credit. The campaign said that from 2022 to 2023, more than nine million people were declined for credit, with many relying on pay-day-lenders and buy-now-pay-later schemes with high interest rates. At its worst, lack of access to affordable credit means hundreds of thousands of people find themselves turning to loan sharks, while viable businesses remain stuck, unable to develop and create jobs. Read More: Michael Sheen pays off debts of hundreds of people Read More: The huge financial crisis engulfing Welsh universities Mr Sheen said: "Anyone can find themselves in a place where they need credit to make ends meet or to get through a difficult time. The lack of affordable credit for people on lower-incomes is harming individuals and families, but also businesses and communities. Whole regions are seeing their growth held back. We can’t keep waiting and hoping that things will get better. We need something to change now. The Fair Banking Act could be the thing which really makes the difference.” The actor was speaking at a Westminster event on the credit access issue organised by the All Party Parliamentary Group on Fair Banking (APPG) Lloyd Hatton MP, chair of the APPG, said:“We need a Fair Banking Act to help increase affordable lending in every corner of the country, ensure small businesses have access to the financial support they need, and guarantee that nobody is financially excluded by the mainstream banks. Only then will we deliver sustained economic growth across the whole of the UK.” Before the General Election Labour said that financial inclusion would be a priority of government, with plans being developed for a comprehensive national financial inclusion strategy. The Fair Banking for All Campaign is calling for a Fair Banking Act to be a central pillar of this strategy, to help grow the responsible finance sector. It said the idea is based on a successful example from the US, where similar legislation has successfully increased access to financial services and support for people on low-incomes and from marginalised communities. As well as leading mainstream banks to improve their own provision of affordable credit for underserved communities, the proposed legislation would also incentivise partnerships between high-street banks and institutions such as credit unions and CDFIs, which are often best placed to provide tailored services that meet the needs of individuals and small businesses who have been turned down by larger institutions. Research from the Fair Banking for All Campaign estimated that a Fair Banking Act in the UK could increase fair and affordable lending to individuals by £2bn a year - equivalent to the total amount owed to loan sharks. This it said would help to pull the rug out from under the illegal lending market, by providing people with a safe and affordable alternative when they’re in urgent need. Additional support to small businesses could create or maintain just under 10,000 jobs over five years, including in some of the most economically deprived parts of the country – where small businesses currently find it hardest to get loans from high street banks. Robert Kelly, chief executive of the Association of British Credit Unions, said: “We need more humanity in our banking system. At a time when more and more people need access to affordable credit, their options are becoming more and more limited. People are being turned down by high-street banks because of their income level or credit score, and so they’re turning to high-cost credit or illegal lending. Credit unions give them an alternative. The sector continues to serve communities and employers across the country at record levels through the provision of ethical and responsible products and services. There’s so much demand out there for this kind of alternative - but we need a Fair Banking Act so we can grow to meet that demand, and help millions more people”

Finance

'Success isn't hidden formula', says pension app founder after raising £1.8m

The founder of a pensions app that has raised £1.8m in funding this year says there is no "hidden formula" to success. In the two years since establishing his business, Royden Greaves has developed a retirement planning platform and secured backing from major investment funds. The London-based entrepreneur, who moved to the UK from Montserrat to do his A-Levels more than 20 years ago, is on a mission to simplify financial planning for retirement. He launched Jarvis in 2022 after a decade working in wealth management. The 39-year-old, who invested £100,000 to start up his company, was inspired to set up a business after deciding access to financial planning was limited to a select few firms. "I knew I needed to simplify pensions and empower individuals to take control of their financial future," he told Business Live. "We’re creating a complete pension solution that covers the needs of employed workers and the self-employed, offering a real alternative to the traditional 'old school' incumbents. "We've evolved to provide a pension that workers actively engage with, like a modern banking app, so they know exactly how and when to retire." In July, Jarvis secured seed funding in a round co-led by Ascension VC and Cornerstone VC, with participation from Tokio Marine Future Fund. Just a month later, it launched its workplace pension offering as well as pension tracing and a 'retire now' solution. "Success, for me, isn't about some hidden formula," he said. "It's about the daily commitment to waking up and striving to make progress." But it's not been a completely straight road for the businessman, who admits the biggest challenge he's facing is making pensions accessible - and engaging workers - in the UK. "We’ve tackled this by identifying the 'missing link' and retirement guidance gap in pensions," he said. "As a result, we’ve built a lifetime pension with both personal and workplace jars and created a user experience that feels like a challenger bank." Mr Greaves believes Sir Keir Starmer's government needs to keep innovation at the forefront of its agenda if it wants to help businesses like his.

Finance

Cornish boatbuilder Cockwells to create 38 jobs after securing £1.8m

Cornish boatbuilder Cockwells is set to create 38 new jobs over the next three years after securing a £1.88m investment. The Mylor Bridge-headquartered company will use the cash injection to expand its South West shipyard operation at Ponsharden, between Falmouth and Penryn. The funding has come from the Cornwall and Isles of Scilly Good Growth Programme, which is managed by Cornwall Council. Cockwells specialises in high-end custom yachts, superyacht tenders and motor launches, including the Duchy and Hardy brands. It employs more than 140 people and has a global customer base. The investment will be used to modernise its two fit-out halls at Ponsharden and will enable the business to manufacture its new Duchy 45 motor yacht on the site from this year. In total, the expansion is expected to double Cockwells’ annual spend with local suppliers to £3m. The improvements include upgraded workspace with reception, stores and offices, a new joinery shop and large-scale paint booth. Cockwells is also creating a training academy in partnership with the Cornwall Marine Network to boost industry skills in Cornwall and Scilly, building on its boatbuilding apprenticeship scheme launched last year. Cockwells’ founder Dave Cockwell said: “Good Growth investment means we can build more boats simultaneously and with a faster delivery time, opening up new markets for our Duchy and Hardy brands both in the UK and globally. We will be cutting our carbon footprint significantly and creating a more attractive working environment for our fast-growing team, while continuing to invest in nurturing new skills, talent and suppliers in Cornwall.” Last month, Pendennis Shipyard acquired a majority stake in Cockwells, cementing a history of collaboration with Cockwells providing bespoke tenders for Pendennis' superyachts. Cllr Louis Gardner, Cornwall Council portfolio holder for economy, said: “This is the latest direct investment by the Good Growth programme in a high-quality Cornish business that will boost productivity and create skilled jobs in an important sector. It will also generate considerable additional spending in the local supply chain, returning our investment many times over and contributing significantly to the local economy."

Finance

£300m investment vehicle for science and tech spinouts launches

A £300m investment vehicle to help university spinout companies in the South of England and Wales has been launched. SETsquared - a partnership between the universities of Bath, Bristol, Cardiff, Exeter, Southampton, and Surrey - and regional investment firm QantX are behind the initiative. The aim is to catalyse the creation and growth of science and technology firms addressing global challenges. Sir Richard Olver, chair of QantX, announced the details of the investment vehicle at Bristol City Hall on Friday (October 11) at the Regional Investment and Health & Life Sciences Summit. Science minister Lord Patrick Vallance, who was in attendance, said: “The UK is home to brilliant innovators, and this investment vehicle that brings together six universities with a private sector investment firm QantX will help turn great ideas into thriving companies that create high skilled jobs and exciting new products." SETsquared is widely recognised as one of the UK’s most successful innovation partnerships. Since 2002, its members have secured more than £5bn in investment and created over 15,000 jobs. Marty Reid, executive director of SETsquared, said: “Creating this new investment vehicle could be a vital step forward in addressing funding gaps we see today, and through a deep connection with our support ecosystem, could inspire a new generation of talent who will get technologies out of the lab and shape the industries of tomorrow." Richard Haycock, co-founder and chief executive of QantX, added: “We're witnessing a surge in university spin-outs led by brilliant founder entrepreneurs. By connecting these visionaries with risk capital and expertise in transformative fields like life sciences, sustainability, and deep tech, we're cultivating a thriving innovation ecosystem." The announcement comes just days before senior execs from some of the world's biggest firms prepare to gather in London for the government's Investment Summit. Ex-Google boss Eric Schmidt and Goldman Sachs chief executive David Solomon are among business leaders slated to attend. West of England's Labour metro mayor, who attended Sir Keir Starmer's first council of regions and nations in Scotland on Friday, will also be in attendance.

Finance

Period poverty project lands funding at Dragons' Den-style event at the Shard

A trio of entrepreneurs who developed sustainable menstrual pants in a bid to tackle period poverty have won £12,500 of funding. Bristol University's Aurusha Kharas and Anushka Mahesh, along with Queen Mary’s graduate Sarah Bailey, have won a share of £50,000 at a Dragons' Den-style event at the Shard. The Even Project was among six finalists taking part in business competition Ignite, which is run by the Ford Family Foundation. The non-profit was awarded the cash after impressing judges with the absorbent underwear, which can be worn and washed 300 times. The pants provide a sustainable alternative to disposable products, reducing costs by 16 times and cutting carbon emissions by six times, according to the co-founders. “As they look like normal underwear, women aren't ashamed to hang the pants on their washing lines rather than hide them away, and this means the risk of infection is dramatically reduced and potentially life saving,” a spokesperson for the entrepreneurs said. The Even Project is currently undertaking a large trial in Greece and already has 44,000 pre-orders for 2025. The founders' plan is to work with street vendors to ensure the product gets to the girls and women who need them. The event was judged by Jack Ford; Sarah Grieves of innovative tech platform Beam; the chief executive of Jigsaw Education Group Sanjeev Bag; and Ground+Air’s Jim Brown. Tony Ford, founder of the Ford Family Foundation, said: “Ignite is a testament to the incredibly driven young people coming out of our universities, to their intelligence, their entrepreneurship and most importantly to their social values. “The final was a masterclass in pitching and we are looking to help these social enterprises by investing our money, time and experience to maximise their potential and chances of success. Our Family Foundation is keen to invest an initial £3.5m in sustainable, growing and impactful businesses.”

Finance

Lifted Project instals new Birmingham board

A new initiative launched with the aim of making high-growth entrepreneurship more accessible to women outside of London and the South East has unveiled its new regional board. The Lifted Project was established as a result of a recommendation from a new government taskforce established to boost private investment in women-led businesses across the UK. A board has been installed to cover Birmingham and the West Midlands to spearhead the five-year programme. It is jointly chaired by Tara Attfield-Tomes, who founded Birmingham PR Agency East Village, and Hephzi Pemberton who runs London-based data firm Honordex. Joining them are Wolverhampton native Maxine Laceby, founder of beauty brand Absolute Collagen and Melissa Snover, founder of Digbeth-based health supplement firm Rem3dy Health. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Completing the line up of female founders is Oyinkansola Adebayo, angel investor and founder of AI beauty salon Niyo Hair & Beauty, also based in Digbeth. Also on the board are figures representing the funding sector, namely Alexander McLeod from Minerva Business Angels, Julian Dennard from Mercia and Rupert Lyle from Midven. The board also welcomes angel Investor Samantha Tubb, Ashreen Seethal from government innovation agency Innovate UK, Charlotte Bowden from Business Growth West Midlands, Anna Macrae from HSBC, Hannah Ellis from Lloyds Bank and Roxanne Goodman, founder of Female Founder Finance. Research suggests the West Midlands has a higher proportion of female-led businesses, at 17.1 per cent, compared with other regions in England but there is still a significant funding disparity. The Lifted Project in Birmingham aims to change that by attracting new investment funds into the region, increasing the percentage of capital invested in female-led companies and better equipping founders with the resources and networks they need. Similar initiatives have been set up in four other UK locations. The Lifted Project is supported by Lloyds Bank and led by Lifted Ventures which works to increase the flow of early-stage capital to female founders and promote the business benefits of backing women. Co-founder Jordan Dargue said: "The West Midlands has a vibrant female founder ecosystem but there's room for significant growth. "With The Lifted Project, we're determined to bridge the funding gap and empower the next generation of women entrepreneurs. This board represents the best of the West Midlands business community. "Together, we're confident in creating a supportive environment for female-led businesses, allowing them to scale their businesses and achieve their full potential with the funding and support needed.

Finance

New £2m investment initiative launched for female entrepreneurs

A new £2 million initiative has been launched with the aim of nurturing the next generation of female entrepreneurs in the West Midlands. The Fortuna Fellowship has been created by The 51% Club, a support group specifically for female business owners, in partnership with Birmingham-based investment firm Midven. The programme has been set up to find the West Midlands' business stars of tomorrow and will see up to five, female-led ventures potentially share £2 million worth of investment. Successful applicants will undertake a 12-month growth programme during which they will be partnered with a mentor, attend workshops and hear from industry experts at seminars. An advisory board will provide the cohort with guidance in areas such as product testing, manufacturing, launch strategies, exporting and investment. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Specialists will also provide weekly support and there will be monthly co-working sessions and a residential session focused on innovation. At the end of the 12-month programme, the founders will secure a share of up to £2 million equity investment, subject to conditions. Funding worth £1 million from the West Midlands Co-Investment Fund, which is managed by Midven, has already been secured. Work is ongoing to secure further backing for the initiative ahead of applications opening in January. Rupert Lyle, fund principal at Midven, said: "We are excited to launch the Fortuna Fellowship and provide a platform for talented female founders to thrive. "Our goal is to empower these entrepreneurs and help them achieve their full potential with a programme that's designed to accelerate the growth of their businesses. "This is unlike anything delivered before in the region and we want this to be a platform for more female-led businesses to thrive." It is estimated that, at 19.1 per cent, the West Midlands has the highest percentage of female-led businesses outside of London but for every £1 of UK venture capital investment, all-female founder teams get less than 1p. The 51% Club was launched earlier this year by Tara Attfield-Tomes who also runs Birmingham-based PR agency East Village. She said: "I am so proud to be partnering with Midven to launch The Fortuna Fellowship and I know the vital role that this will play in starting to address the gender investment gap. "I'm determined to work alongside brilliant partners like Midven who want to see the dial move for once and for all.

Finance

Treasury minister defends pay packet of new value-for-money chief

The UK's treasury minister has defended the £950-a-day pay which the Government’s new value-for-money tsar will receive. Darren Jones, a Bristol North West MP, said the rate of return for the improvements the UK would make looking at areas of spending "will be far, far greater". Speaking to LBC about David Goldstone, who will head up the new Office for Value for Money (OVFM), he said: “It is right that we pay people for their time. We can’t expect people to work for free. That is an important way in which we do things in this country. Actually, the day rate for David is, on a benchmark basis, competitive.” Mr Jones was also asked if he believed the markets would take fright after Labour’s Budget, similar to what happened after Liz Truss’s mini-budget. He replied: “No, I don’t, because we have got strong and robust fiscal rules in place. One of the reasons it is very different from the Liz Truss period is we have got the stability rule which means that day-to-day spending of public services will be paid for by tax receipts, not borrowing money each and every month as the last government did.” Mr Jones said the UK had "PTSD from Liz Truss” amid questions about market jitters following Labour’s first Budget in Government. Asked about the market response to the Budget, he said: “markets always respond to budgets in the normal way. There’s a lot of new information about the economy and the nation’s finances presented to Parliament, and it’s normal for markets to respond."

Finance

Fairstone revenues top £125m despite 'challenging' financial market

Financial advisory group Fairstone has reported significant growth that has seen revenues top £125m. The Sunderland-based firm has published its annual report for 2023 in which its consolidated income rose from £95.9m a year earlier to £126.8m. Gross profit also increased to stand at £50.5m while adjusted Ebitda came in at £15.9m. The company - which has grown over recent years by acquiring a number of smaller financial advisory firms around the UK - said its success came despite a challenging market. Fairstone said it had more than £17bn in Funds Under Management and had achieved strong growth across areas including client numbers, recurring income, gross margin and profit. CEO Lee Hartley said: “2023 was a year defined by evolving market conditions and a strategic shift in our plans. “The financial landscape remained challenging, with inflation, rising interest rates and geopolitical instability impacting global economies. Despite these headwinds, I am proud to say that our business was robust enough to not only weather the storm, but to thrive. “The year saw client numbers reach 109,000 across our mortgage and wealth services, with funds under management exceeding £16bn for the first time and mortgage lending reaching £1.9bn. This was accompanied by a 32% growth in revenue run rate, which was underpinned by an impressive 94% in repeat income - a testament to the long-lasting relationships we have with our clients. “Over the course of 2023, we continued to harness the best talent in our industry, growing our number of advisers to 530 and welcoming 181 new hires into the business. Further investment in professional development saw our graduate programme double in scale and the number of colleagues on the chartered pathway reach 80. This growth stands us in good stead for the implementation of the next phase of our strategy.” In its report, Fairstone said it be focussed on strengthening its core operations to enhance advisory services and investing in technology to improve both operational efficiency and client experience. It was also planning to expand its Mineral service, a remote advisory platform designed for clients with less complex financial needs. The company also said that it was developing its “hub” strategy, which aims to create operational centres within an hour’s reach of 95% of the population in the areas it serves. Over the past 18 months, Fairstone has launched new hubs in Farnborough, the North West and the North East.

Finance

Sir James Dyson says Labour 'killing off family businesses' with inheritance tax

Billionaire inventor Sir James Dyson has taken a swipe at the Government for “eviscerating” UK family businesses with the inheritance tax measures announced in last week’s Budget. The businessman, whose company employs thousands of people at its base in Malmesbury in Wiltshire, warned that small firms and start-ups will “suffer”, while private equity and public companies escape the taxation. Chancellor Rachel Reeves used her first Budget to make changes to inheritance tax, including reducing reliefs for agricultural and business property from April 2026 in a bid to raise more funds for the public sector. For assets over £1m, inheritance tax will apply with an effective rate of 20% – half the standard 40% rate. But the measure has faced a backlash from those across the agriculture sector who say the levy will affect farms being passed down from one generation to the next. Sir James, who, as well as founding technology firm Dyson, owns a commercial farming business, expressed his frustrations with the new Chancellor’s tax changes. He wrote in The Times: “Make no mistake, the very fabric of our economy is being ripped apart. No business can survive Reeves’s 20% tax grab. It will be the death of entrepreneurship.” He added: “Every business expects to pay tax, but for Labour to kill off homegrown family businesses is a tragedy. In particular, I have huge empathy for the small businesses and start-ups that will suffer.” Meanwhile, companies owned by overseas families, and private equity-owned and publicly-listed firms that are “about maximising short-term profit” will not pay the same taxes, he said. Sir James is a major landowner and his business, Dyson Farming, produces crops on 36,000 acres across the UK. The entrepreneur and his family have a fortune of about £20.8bn, according to the latest Sunday Times Rich List. Ms Reeves has defended the proposed reforms to inheritance tax by claiming it is not “affordable” to keep the current system.

Finance

NHS Royal Devon awarded £1.4m for new clinical research hub

A new £1.4m clinical facility that will carry out "ground-breaking research" is to be built at a hospital in Devon. The funding for the hub, which will be based at North Devon District Hospital in Barnstaple, was secured by the Royal Devon Trust. Research carried out at the facility will include specialised heart studies, as well as trials exploring issues such as lower back pain, joint problems and osteoarthritis. The hub is the first dedicated facility for clinical research in North Devon and, according to one NHS trust boss, will help tackle "health inequalities" in the region. Professor Helen Quinn, director of research and development at the Royal Devon, said: “This is fantastic news for the North Devon population. We know patients who are treated in research active hospitals have better health outcomes, whether they are taking part in a study or not. “This new centre will ensure we can expand the number of research studies we can deliver in North Devon which will empower us to tackle health inequalities specific to our region, including multiple long-term conditions that disproportionately affect the local population.” The Royal Devon was one of 30 trusts to secure funding after making an application to the National Institute for Health and Care Research (NIHR). Sam Higginson, chief executive of the Royal Devon University Healthcare NHS Foundation Trust, added: "We are delighted to receive the funding to be able to build this facility for people in North Devon. We have an ambitious research culture and see clinical research as essential and transformational in ensuring our communities have access to the best care. The facility will also help us attract great clinicians at every stage of their careers who want to be involved in research.”

Finance

Christmas appeal: Companies urged to help children at risk of hunger over the holidays

Businesses in Bristol are being urged to get behind a new campaign aimed at feeding 1,000 children at risk of hunger during the festive season. Business Live's sister site Bristol Live, along with newspaper Bristol Post, are launching a Christmas appeal today (October 21) to raise £25,000 for a programme called Break Free. Amy Kington, co-founder and chief executive of Bristol-based social enterprise Community of Purpose, set up the initiative with her brother in 2016 - and it has since helped thousands of families in the city. The programme combats holiday hunger for children on free school meals as well as providing a range of activities to help keep young people off the streets. The money raised from the Christmas campaign will go towards hosting a special meal and give extra support to tackle hunger this winter for up to 1,000 children aged between six and 16. A single payment of £25 will pay for a young person to travel in a Bakers Dolphin coach to an attraction or activity, receive porridge and fruit for breakfast and a two-course Christmas lunch, alongside an associated care package and Christmas supplies. “We’ve seen first-hand the positive impact of Break Free on Bristol’s young people, and we want to do something special this Christmas,” Amy said. “Many of these children wouldn’t otherwise get to experience the joy of a festive meal or party, and with the support of businesses, we can change that. We’re asking companies across the city to help us make a difference and bring hope to Bristol’s most disadvantaged kids this Christmas.” Local companies including construction firm Lancer Scott, food business Arthur David and Hobbs House Bakery are among 70 firms that already provide ongoing support to the Break Free programme. But more help is needed in the run-up to Christmas to make sure as many children as possible experience the magic of the festive season. "We welcome businesses big, small, young and well-established. They just need to be passionate about supporting young people in Bristol," Ms Kington added. “Our approach is now well established, and we are witnessing an astonishing impact. We are confident that we can now reach those young people and families who can benefit hugely from our support. Pete Gavan, editor of Bristol Live added: “We're proud to support the Break Free programme this Christmas. The initiative truly embodies the spirit of Bristol by bringing people together to make a real difference for children. This is why we’re calling on businesses and readers to join us in helping provide a special Christmas for these young people.”

Finance

Manchester’s Gaia Learning secures £550k venture capital funding

A North West-based online learning provider for neuro-divergent children has announced its biggest venture capital funding round to date. Gaia Learning received the £550,000 investment from Nesta Impact Investments, which led the round, and GC Angels. As a global leader in neuro-divergent education, working with children across the UK, Manchester's Gaia offers live classes, content and courses for children aged eight to 16, who have been diagnosed with ADHD, autism and other learning challenges. The programmes deliver much-needed support that traditional schools cannot always provide. Gaia Learning has seen great success since 2019, going from being a small, specialist tuition business to an award-winning Cambridge Registered International School Online. The company was the first online learning provider to be awarded the ADHD Friendly School award from the ADHD Foundation in 2023. Kate Longworth, chief executive of Gaia Learning, said: “We’re so pleased to have our new investment partners on board and them acknowledging the potential in all we do at Gaia Learning to help school partners, learners and their families. We have tripled our learners this academic year, grown our team to 12 staff members and seen huge demand from children who are struggling in mainstream education. “Now, more than ever, schools need flexible, digital solutions that can scale within budget supporting each neuro-divergent child’s needs.” Nesta is an early-stage investor which focuses on businesses that support their mission of generating a ‘more sustainable future’. Founded in 1998, Nesta says it has recognised the education disadvantage gap that especially affects those with special educational needs. The executive director of Investments at Nesta, Lisa Barclay, said: “We are thrilled to invest in Gaia Learning, a company whose mission to support neuro-divergent children better engage in education is aligned with Nesta’s goal to narrow the education attainment gap.” Co-investors GC Angels are also an early-stage investor in the North West of England. Mark Shirman, GC Angels’ head of investments, said: "Gaia Learning is exactly what GC Angels is all about. The team’s purpose-led approach is helping children who would otherwise be left behind in education to thrive, and the growth they’ve so far achieved is commendable. "As the team continues to grow, and with enquiries on the up, we worked with Kate and the team to ensure Gaia Learning has the necessary investment and resources to drive further expansion and, ultimately, deliver incredible results for young people.” Nesta was advised by law firm DWF. James Bryce of DWF said: "Nesta’s commitment to social impact and innovation aligns closely with our commitment to responsible business, and Gaia Learning’s mission to support neuro-divergent children in a high-growth sector is incredibly exciting. We believe this partnership will create a meaningful impact.” The DWF corporate team also included partner Dhruv Chhatralia; director Sarah Briscall; associate Eilidh Durkin; partner Ann Frances Cooney; and solicitor Iona Hamilton. Ms Barclay added: “Students with an Education Health and Care Plan, who Gaia Learning typically supports, at a national level have outcomes at GCSE eight times worse than the average. One of Nesta's key areas of focus is to narrow the education attainment gap and Gaia Learning provides a compelling solution to tackle this.”

Finance

Stanlow refinery owner EET Fuels seals $650m funding deals – as reports suggest Hynet cluster could get billions of pounds in Government backing

Energy giant and Stanlow refinery owner EET Fuels has agreed $650m in funding to support its decarbonisation strategy – as reports suggest the Government could today pledge billions to a green industry plan of which Stanlow is a key link. Essar Energy Transition (EET) Fuels, whose Cheshire refinery supplies 16% of all road transport fuels in the UK, says the three receivable financing and trade credit financing facilities it has agreed show the market is confident in its plans to slash emissions from Stanlow as it continues its push towards hydrogen. Meanwhile the Financial Times is reporting that on Friday the Government will pledge £22bn to support two carbon capture and storage schemes, including the HyNet project that links a cluster of industrial sites in the North West and North Wales. EET Fuels has secured a new receivable facility with ABN AMRO Bank for $150m, has extended and upsized its facility with banks HCOB and UMTB to $200m, and has secured a trade credit financing for $300m with “an international oil company”. The group says its Stanlow decarbonisation plan “is central to these new relationships”. The group is aiming to reduce emissions at Stanlow by 95% by the end of the decade by combining carbon capture technology with the use of “blue hydrogen” from natural gas. Stanlow is also at the heart of the HyNet low-carbon cluster, which aims to grow the low-carbon economy in the North West and North Wales. Satish Vasooja, chief financial officer at EET Fuels, said: “This is an excellent outcome for EET Fuels. Knowing our decarbonisation strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence.” Tarun Naruka, head of corporate and structured finance at EET Fuels, said: “These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrate that major financing partners are aligned to our core strategy, including cost optimisation and continued performance improvement.” The FT says the Government is planning to commit to carbon capture tech in the UK by supporting the HyNet cluster and the East Coast Cluster. Both projects will see emissions from industrial sites captured and stored under the seabed. Under Hynet, emissions from Stanlow and other industrial sites would be storied in depleted gas reservoirs below the Irish Sea. Other partners include Italian energy group ENI, which would operate the CO2 transportation and storage system.