Foresight Group ("Foresight”) has invested £3.3 million into Government Grants and Tax Consultants Ltd ("GGTC”) from Foresight VCT, Foresight 2 VCT, Foresight 3 VCT and Foresight 4 VCT. The investment will support the growth of the business and aid the development of other companies in the Group.
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Founded in 2006 by John Penn, Chairman, and Jeremy Tear, Managing Director, GGTC provides research and development tax credit support to UK-based SMEs. Companies in the wider Group including, Capital Allowances Specialist Ltd and Patent Box Consultants Ltd, also provide support services to UK SMEs looking to gain access to government tax incentives which have proved an important enabler to growth.
In addition to supporting the continued growth of GGTC across the UK, Foresight’s investment will assist the Group as it looks to diversify its product and service offering, providing further much needed support to UK based SMEs. GGTC currently has two offices, one based in St Albans and one in Hertford.
Darrel Connell, Director, Foresight Group, commented:
"The chance to invest in GGTC presented Foresight with a compelling opportunity to invest into a growing business, with long term contracts, sustainable margins and strong cash generation. These components, along with the appeal of a strong management team made it a very exciting venture and we are looking forward to working with the GGTC team to realise the full potential of the business.”
John Penn, Chairman, Government Grant and Tax Consultants, commented:
"We have successfully developed the GGTC offering into a service focussed market leader in the field of Research and Development Tax Credit support to UK-based SMEs, and believe we can do the same for our growing group of businesses. Having Foresight Group as a partner will give us the financial strength and gravitas to continue developing advisory support for the SME sector.”
About Foresight Group LLP ("Foresight”):
Foresight Group is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has over £1.5 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).Foresight’s Private Equity team, comprising eleven investment professionals, invests between £1m and £5m in growth capital investments in UK SMEs.