Shoosmiths corporate partner Steve Barnett, assisted by solicitor Rebecca Chafer, advised rapidly-growing men’s online grooming business Cornerstone on its £3.5m investment, led by Calculus Capital.

The Association of Investment Companies (AIC) has responded to HM Treasury’s consultation Financing Growth in Innovative Firms.  In its response, the AIC demonstrates how VCTs are an ideal means to raise much needed capital from retail investors to help smaller businesses grow.  The AIC has also proposed measures to ensure VCT and EIS investment is focussed even more closely on young, innovative businesses.  Key amongst these are a restriction on allowing VCT and EIS money to be used to purchase property.

Maven Capital Partners has completed a £1m investment in hedgehog lab Limited, a mobile app designer and technology consultancy headquartered in Newcastle.

Maven Capital Partners is leading an investment in ADC Biotechnology  to support the construction of a dedicated pharmaceutical manufacturing facility at a site in Deeside, North Wales, creating 50 new scientific jobs.

Maven Capital Partners launches VCT offers to raise up to £30 million (with an over-allotment facility for up to a further £10 million). Maven is launching the offers to take advantage of the strong pipeline of new transactions which is in evidence across the Maven regional office network.

The three Northern VCTs (Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC) have launched a new joint share offer, to raise an aggregate of up to £60 million (£20 million per fund) in the 2017/18 tax year. 

YFM Equity Partners has invested in the £9million transaction into 4net Technologies Ltd to support the continued growth of the business through new product and market development.  YFM’s investment is the fourth investment from its YFMEP 2016 Fund.

Volo Commerce, a leading provider of multichannel e-commerce technology, today announced it has raised £6.2 million in new investment led by NVM Private Equity with participation from funds managed by Downing LLP.  Volo will primarily use this new funding to expand its business into North America and across other international sales channels.

The Association of Investment Companies’ (AIC) review of Venture Capital Trusts (VCTs), ‘Transforming small business’, highlights the role VCTs play in providing patient capital to UK businesses. This is particularly relevant as HM Treasury is currently conducting a review, ‘Financing Growth in Innovate Firms’, which is considering how the UK investment community can support growing innovative firms by providing increased access to long-term investment (patient capital).

See AIC VCT review: “Transforming small business”

See HM Treasury’s “Patient Capital” consultation paper

Research commissioned by YFM Equity Partners has established that shareholders consider the ability to support growing UK businesses and the dividend yield resulting from that growth as significant factors, alongside tax relief, when investing in VCTs.

VCT and EIS funds managed by Downing LLP have invested £5 million to support Exclusive Events Venues (EEV) to acquire and redevelop Chester’s Old Bishop’s Palace into an exclusive-use wedding and events venue.

Foresight Group LLP, confirms strong levels of interest in its innovative Foresight Smart Bonds Fund, which offers investors the choice to invest over 1, 2 or 3 year fixed terms for between 4.07% and 4.83% rates of interest per annum.   The Fund will close Tranche "A" on 13 October 2017.