Pockit, the tech firm created to help people left behind by traditional financial services has sealed a $10m investment round to spearhead growth.
Financial app Pockit was launched by chief executive Virraj Jatania in 2015 as part of a mission to help the growing number of people it says are “one emergency away” from being in financial distress due to the cost of living crisis.
The company – which has its staff split across its head office in London and Newcastle – started as a prepaid card but now offers a number of services, allowing those who can’t access basic financial services to open a current account in minutes. Users can send and receive money internationally, set up direct debits, deposit and withdraw cash in 27,000 stores across the 海角视频, make online and in-store purchases, and get an advance on their salary if an unexpected expense arrives.
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Since its launch Pockit has processed around $5bn through more than 73m million transactions and has partnered with high street brands including Sainsbury’s, Argos, Primark and JD Sports. Now the app has raised $10m in a round led by Puma Private Equity, with participation from The North East Development Capital Fund, managed by Maven Capital Partners and supported by the European Regional Development Fund.
The company launched its Newcastle base in the HiveTree offices, based in Cathedral Buildings in the Bigg Market, in 2021 and has since grown to employ 25 people in the city.
Tyneside couple Ed and Heather Ramshaw completed a buyout of the £6m turnover double-glazing business they set up 20 years ago.
The management team of Washington-based NE&C (North East and Cumbria) Windows & Doors has bought the company in a multimillion-pound deal from current owners Mr and Mrs Ramshaw, triggering plans for further growth. The company, which has 50 employees, operates from a 16,500 sq ft unit in the Glover Industrial Estate where it designs and manufactures UPVC and aluminium windows, doors and conservatories for the commercial and residential sectors.
Long serving manager Steve Allen will now head up the team as managing director, working with Paul Readman, commercial director, Rachel Parkin-Wade, finance director and Michael Massey, operations director.
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Founder Ed Ramshaw said: “After 20 years we have seen our family-run business grow from strength to strength and we now feel it is time to pass on the baton to a younger yet highly experienced team to take the company forward. The business will continue in safe hands as we complete a management buyout, which is set to take the company into a new phase and to generate further growth across all divisions with new customers already lined up.”
Two regional companies have joined forces to acquire Tyneside training company Expedient Training.
The owners of Stockton based 海角视频 National, and Simply Certification, based in Hebburn, South Tyneside, have created a partnership to snap up Expedient, which specialises in built environment training and qualifications and has its base at Quay Corner Training Centre in Jarrow, South Tyneside.
海角视频 National has acquired 100% of the land and buildings at the Jarrow centre and a 70% share of the business, while the owners of Simply Certification now own 30% of the business. The deal, which completed last week, will allow the two companies to bring their areas of expertise to the senior management team, following retirement of the current managing director Malcolm Atkinson who set the business up in 2002.
Expedient Training has developed a reputation for excellence within the built environment sector and offers over 200 training courses alongside NVQ qualifications. The firms said the deal will allow the new team to expand its existing training services, while supporting companies to reach the Government’s net zero targets by delivering services under funding schemes and commercial contracts.
Under the new structure, Alex Gates will take on a dual managing director role, leading both Expedient and Simply Certification, while Sonny Parker, managing director at 海角视频 National, will lead the facilities and operations side of the Expedient business.
Malhotra Group Plc has expanded its operations in India after buying a golf course which is set to be the focal point of multimillion-pound plans to create housing, retail and leisure development in the Punjab. Meenu Malhotra, the founder of the Newcastle care, leisure and property group, first unveiled plans for ambitious £150m schemes in his Indian hometown of Ludhiana, Punjab, in 2021, which would deliver housing, retail and leisure developments.
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He has long held ambitions to create a development in his home country on a 12-15 acre site he has owned for a number of years, with plans being fleshed out for a golfing destination as well as a city centre project. Now the company has announced it has successfully completed the purchase of The Imperial Golf Estate in Ludhiana at the heart of the plans, following four years of negotiations.
The development, which includes an 18-hole championship golf course designed by Jack Nicklaus’ company Nicklaus Design, was halted in 2019 after the previous owners ran into financial difficulty. The scheme is back on track having been acquired by Malhotra Realty Private Ltd India (MRPL), a Malhotra family holding company.
Together with the championship golf course, the project will see the creation of more than 700 villas and apartments, a shopping mall with national and international designer outlets and fashionable food and beverage offerings. A health farm with spa facilities and a luxury five-star hotel will also be created with other partners.
Mr Malhotra said: “This project will not only create opportunities for local people but also provide world class facilities, enhancing the reputation of the already affluent town of Ludhiana and placing it on the world map. We have been working for the past four years on bringing this project together which was held up because of legal hurdles. I have always been a patriotic Indian, proud Punjabi and my home town of Ludhiana remains very close to my heart.”