High end clothing retailer END has been acquired by another firm of US investors in its second sale in only three years - a move which is said to have reduced debt.
The North East-based business, which started in 2005, has built up turnover of more than £221m thanks to global online sales of luxury 'streetwear'. Now, New York-based private equity firm Apollo Global Management has taken a controlling stake in the firm, having been involved in the Carlyle Group's multimillion-pound of the retailer in 2021.
It marks the exit of the business' founders, Christiaan Ashworth and John Parker, who had retained a significant minority stake in the business following the Carlyle Group deal. Now, one of the companies within END's international ownership structure is set to be liquidated.
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END told BusinessLive the undisclosed deal with Apollo had deleveraged its balance sheet. Documents show the business had been forecast to pay interest of nearly £27m this year on a £150m lending facility.
A spokesperson said: "END is well-poised to navigate the current market environment, to execute our strategic business plans and ensure the company remains positioned for sustained success. As we approach our 20th anniversary, we remain confident in the long-term opportunity for END. and our differentiated position at the intersection of luxury, streetwear, and contemporary markets."
Biotech group BSF Enterprise has secured a £50,000 grant that it will use to begin small scale manufacturing of its lab grown leather products.
Newcastle University spin-out 3D Bio-Tissues Ltd (3DBT), which is part of the group, has been awarded the sum by Northern Accelerator, a growth support programme that is a collaboration between Durham, Newcastle and Northumbria universities along with the Centre for Process Innovation (CPI). It says the funding will be instrumental in moving the product from the laboratory to small scale production and commercialisation, by paying for external resources.
Bosses say the awarding of the grant recognises 3DBT's tissue engineering technology and its potential to be a disruptor in the global leather market. The firm has been working with French fashion brand Maison Amelie Pichard, providing material for the label's handbags and showing it can meet key environmental and ethical challenges in the market.
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Dr Che Connon, CEO and founder of 3DBT, said: "This grant award is a pivotal moment for 3DBT. It enables us to accelerate the commercialisation of our lab-grown leather technology and underscores the growing recognition of its transformative potential. With this support, we are well-positioned to deliver a sustainable and scalable alternative to traditional leather."
Marine insurer NorthStandard has set up a £23.5m partnership with a Norwegian counterpart to expand its business in the offshore renewables market.
Newcastle-based NorthStandard, which employs about 300 of its 600-strong workforce on Tyneside, has formed a partnership with Niord, the offshore energy specialist subsidiary of the Norwegian Hull Club - another historic, mutual marine insurer. The move will give NorthStandard additional capacity to insure fixed and floating wind farms and renewables equipment, and make room for expected growth of other liability products in the sector.
From next month, NorthStandard will provide £23.5m ($30m) in additional capacity along with others in the sector such as Alandia, SiriusPoint, NHC Security, Cincinnarti and new partners Beazley and Benhaim. It follows suggestions from managing director Paul Jennings, around the time of the $750m merger that created NorthStandard, that the offshore renewables market could provide growth for what has become one of the world's largest maritime insurers.
Paul Jennings, managing director of NorthStandard, said: "The partnership is an exciting opportunity to broaden the support offered to this sector whilst benefiting from the deep knowledge, experience and technical expertise of one of the acknowledged leaders in this area. NorthStandard and NIORD both share a prudent approach to underwriting, delivering a first-class claims service combined with an unwavering commitment to responding to the evolving needs of our members."
North East building compliance and energy assessment specialist Green Zone Surveys has acquired ductwork cleaning company Envioduct as part of expansion plans.
The Wallsend-based firm, which has operated more than 12 years in its industry offering energy audit services, says it has significantly increased its capacity through the deal. Enviroduct has offices in the North East, North West, Midlands and the South and provides nationwide services including kitchen deep cleans, building ventilation inspection and microbiological and PVT testing.
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Enviroduct will retain its branding for the foreseeable future, with hopes the two established names can succeed in the market. The group's combined client base spans various sectors including hospitality, retail and public sector with major clients in national fast-food operators and local education authorities.
Callum Thompson, CEO of Green Zone Surveys, said: "Bringing Enviroduct into the Green Zone group is an exciting step forward. Their established reputation in the ductwork sector complements our existing services. At the same time their team’s expertise aligns perfectly with our own commitment to providing best-in-class compliance solutions.
"This acquisition strengthens our position as a national leader in building compliance, enhances our customer offering and accelerates our growth trajectory."
Tyneside volunteering app onHand has secured a £750,000 investment to help companies to improve their corporate responsibilities through its social impact platform.
The onHand app was launched five years ago by Sanjay Lobo and has been described as ‘Uber for volunteering’, offering firms a way to engage and support employee wellbeing. It has been used by a number of businesses around the 海角视频 to help employees complete thousands of sessions to help local communities.
Now Northstar Ventures has led a £750,000 investment round into the social impact platform, with £325,000 invested by the North East Innovation Fund supported by the European Regional Development Fund and £175,000 from Northstar’s EIS Growth Fund, alongside investment by 24 Haymarket. Total investment in OnHand to date now tops over £5m, including two lots of backing from Shazam’s co-founder Dhiraj Mukherjee.
Since Northstar Ventures’ initial investment in 2021, the business said it has acquired a diverse array of clients and it has just scooped 22nd place on Deloitte’s Fast50 of fastest growing tech businesses for 2024. CEO and founder Sanjay Lobo recently appointed CFO Will Turner, a proven expert in scaling SaaS metrics, having played a key role in growing Amplience from £3m to £25m in annual recurring revenue.