Foresight Nottingham Fund, the recently launched £40m Enterprise for Capital Fund for growth businesses in Nottingham and Nottinghamshire, announces its first investment of £1.75 million in the MBO of Positive Outcomes Limited.
Positive Outcomes is a multi million pound work-based learning business, founded in 1997, providing apprenticeships to over 3,500 people of which more than 50% are based in East Midlands. It has a particular focus on the 16-18 age group with its innovative "Paid to Learn” scheme.
Foresight Nottingham Fund has invested £1.75 million alongside the existing senior management team, CEO Chris Longmate, HR Director Cheryl Peto, and FD Gemma Cripwell, to acquire the business from the previous owners and to provide the Company with significant development capital to drive growth and job creation in the years ahead. Under the management team’s dynamic leadership, the business has already grown strongly over the past three years and with new investment from the Fund the Company’s growth trajectory is forecast to further accelerate. Joanne Holland, a serial entrepreneur with experience of working in the training sector, and Darrel Connell, Senior Investment Manager of the Foresight Nottingham Fund, have joined the Company’s board.
In addition, the business, which is currently based in South Normanton, Derbyshire will be relocating back to Nottinghamshire, where the company was originally founded, as a condition of the Fund’s investment, bringing 100 jobs to the region and many more thereafter as the company grows and thrives.
Darrel Connell, Senior Investment Manager of the Foresight Nottingham Fund commented "We are delighted to be supporting an experienced and proven management team in the acquisition of Positive Outcomes, a growing and well established East Midlands based national training provider. We are confident our investment in Positive Outcomes, our first from the newly launched Foresight Nottingham Fund, will generate excellent returns for the Fund whilst also driving job creation in Nottinghamshire and helping to provide education and training for young people in Nottingham and Nottinghamshire, as well as nationally”
Chris Longmate of Positive Outcomes added : "I am delighted that the team at Foresight shares our passion and enthusiasm for the products and services we provide and for the sector we serve. In Foresight Nottingham Fund, I am confident that we have found the right partner and we have the right structure in place to deliver the future growth plans for our business. We look forward to our relocation to Nottingham and to a profitable partnership.
For further information, please contact:
Ben Thompson: firstname.lastname@example.org / +44 (0)20 3667 8155
Notes to editors:
About Positive Outcomes Limited
Positive Outcomes are leading provider across the UK and the business has been controlled by Chris and his senior team for over 4 years the acquisition will further strengthen the business for rapid growth whist the new owners have proven expertise in this area for PO
About Foresight Nottingham Fund
Foresight Nottingham Fund is a £40 million dedicated regional growth fund that has been created to support SMEs specifically in Nottingham and Nottinghamshire. The Fund exists to provide investment and support to businesses in the Nottinghamshire region, to stimulate enterprise, to create jobs and to attract inward investment to the region.
Foresight Nottingham Fund is a £40 million Enterprise Capital Fund, whose investors include Capital for Enterprise, the Nottinghamshire Local Government Pension scheme, and a number of high net worth individuals with deep ties to Nottingham and Nottinghamshire.
The Fund will be looking to invest between £100,000 and £2 million into SMEs which are either based in Nottingham and Nottinghamshire, or are relocating to the region after investment.
It is a commercial fund, run on fully commercial terms, which should have the benefit of attracting further funding to the region and is a key part of the Nottingham and Nottinghamshire Growth Plans, developing Nottingham and Nottinghamshire as a place to do business and creating new jobs in the City and County.
About Foresight Group
Foresight Group has been managing investment funds on behalf of institutions and retail clients for almost 30 years. With a background in Private Equity and Venture Capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience.
Foresight has £1bn Assets Under Management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).
Vendor Legal Support: MLP Solicitors and Hallidays
Foresight Legal Support: Browne Jacobson
Management Legal Support: Shakespeares
Management Corporate Finance Support: Baker Tilly
Financial Due Diligence: Cooper Parry
Commercial Due Diligence: Cairneagle Associates
Management Due Diligence: Catalysis Advisory
Search Adviser: Pilot Partners