Resonance Wins “Deal of the Year” at Social Enterprise UK Awards, for First Ever Social Investment Tax Relief Deal

Resonance was the first social investment company to complete a Social Investment Tax Relief (SITR) deal, between FareShare SW and a small group of Bristol based business angels, at the end of 2014.  Since then SITR has been a hot topic in social investment circles and Resonance has been a front-runner, with its partner UBS Wealth Management, in the development of the Resonance Bristol SITR Fund – investing in social enterprises to dismantle poverty in Bristol and the surrounding area.  This Fund is currently open for investment and attracting considerable interest.

FareShare South West tackles food waste by diverting surplus food that the food industry would otherwise waste, to organizations that work with vulnerable people. It received an investment of £70,000 from a small group of angel investors during the pilot phase of what was to become the Resonance Bristol SITR Fund. FareShare wanted to develop their catering arm, where surplus food is used to provide a fine dining experience at festivals and larger scale events, as well as to provide general catering services at smaller events. FareShare also offers work experience and job opportunities for vulnerable individuals who have been excluded from the jobs market.

The awards event was held at the Underglobe on London’s South Bank and is the annual celebration of UK social enterprise and investment organized by Social Enterprise UK, the national trade body for social enterprise.  Scottish comedian and actress, Susan Calman, hosted this year’s event.

The award was collected by Grace Howells, the Investment Analyst at Resonance who worked on the transaction and who has presented on SITR at numerous finance events recently, along with Jacqui Reeves who is CEO of FareShare SW. 

Simon Chisholm, Investment Director at Resonance was delighted that the first SITR deal was recognized, He said:  “This deal paved the way for the Resonance Bristol SITR Fund which we have now opened for investment. It’s attracting interest from investors who can now invest very tax efficiently in high impact social enterprises. These businesses, like FareShare, are finding exciting and highly sustainable ways to generate profit and social good.”

Paul Smith, an investor in FareShare SW who also attended the awards, said:  “It’s been great to be able to back a local business, which is achieving such a focused social impact.  Social Investment Tax Relief has made this much more attractive financially for investors and, more importantly, viable for social enterprises to borrow and repay on sensible terms.  I’m also pleased that with the launch of the Resonance Bristol SITR Fund it is now possible for socially motivated investors to achieve these benefits and impact across a broad portfolio of similar social enterprise investments in the region.  I will certainly be investing in that.”

Jacqui Reeves, CEO of FareShare South West said of the event:  "Winning the Social Investment deal of the year award was thrilling and highlighted the importance of Social Investment within our society today. FareShare South West is honoured to be at the forefront of this movement and would like to thank our investors and Resonance for helping us along the way."

Silverfleet-backed Phase One buys business of Mamiya Digital Imaging

Silverfleet Capital, the European private equity firm with a buy-to-build strategy, is pleased to announce that its portfolio company, Phase One, has made an add-on acquisition in Japan.  Phase One, the leading provider of open-platform, high-end camera systems and solutions, acquired the assets of Mamiya Digital Imaging Company Ltd (MDI) and has also appointed Makoto Honda as the new president of Phase One Japan.  The terms of the transaction were not disclosed.  

Mamiya has a long and established reputation in the camera sector and Phase One has been a business partner of MDI since 2009, when it became a 45 percent shareholder.  Since then Phase One has, through its close collaboration with the MDI team in Japan, gained a detailed insight into camera & lens design and production process and engineered important improvements.  With this transaction, Phase One takes total ownership for all aspects of design and development of its medium format camera systems, central shutters & lenses and will take on the Mamiya team of 80 dedicated engineers and technicians based in Tokyo and at the factory in Saku, Japan.  

Silverfleet invested in Phase One in March 2014.  The company is based in Copenhagen with offices in New York, London, Tokyo, Cologne, Hong Kong, Shanghai, and Tel Aviv.  Phase One products are known for their quality, flexibility and speed enabling professional photographers and industrial imaging companies shooting in a wide range of formats to achieve their creative visions without compromise.  Phase One’s Capture One Pro and Media Pro software help streamline capture and post-production processes for both medium format and 35mm cameras.

Silverfleet Capital has been an active European mid-market private equity investor for 30 years and currently manages around €1.6 billion.  A network of offices in London, Munich and Paris enables Silverfleet Capital to execute complex, multi-jurisdictional investments and then achieve value creation through its buy-to-build investment strategy.  Since 2004 Silverfleet Capital has invested €1.3 billion in 19 companies which in turn have made 70 add-on acquisitions. 

Greater Manchester LEP awarded new Life Science Enterprise Zone

The Department for Communities and Local Government (DCLG) has awarded a new Life Science Enterprise Zone to the Greater Manchester Local Enterprise Partnership.

The new zone will include two strategic employment sites, Manchester Science Partnerships’ Central Campus and the Clusterlabs site owned by the Central Manchester University Hospitals NHS Foundation Trust (CMFT), both located within Corridor Manchester - the largest clinical academic campus in Europe.

The Enterprise Zone will specialise in life sciences, a key priority sector for economic growth in Greater Manchester, and will promote the continuing development of a leading innovation cluster within the North West’s life science sector.

Enterprise Zones offer incentives to attract new businesses, making it easier for them to locate there and generate jobs and growth.  They also act as catalysts for new businesses, allowing the local LEP to reinvest business rate growth into the zones to attract additional investment.

The new Life Science Enterprise Zone will join the existing Greater Manchester Enterprise Zone at Airport City, which includes Medipark, increasing the region’s pull for businesses and investors. In the past three years, the 24 existing Enterprise Zones report that they have attracted more than 15,500 jobs, over 480 businesses and £2.1 billion of private sector investment.

Mike Blackburn, chair of the Greater Manchester LEP said: “This Enterprise Zone will provide a welcome boost to the life science sector in Greater Manchester. Our city is built on innovation and this sector is key for the future of our economy. It will attract top rate life science companies to the area and help make Corridor Manchester one of the top innovation districts in Europe. The Greater Manchester LEP is committed to this project and we look forward to seeing the benefits of the investments, business and jobs.”

Chris Oglesby, MSP chair and Corridor board member said: “Life sciences are recognised as vital to the growth of the UK economy and our region has a number of competitive advantages to drive future growth in this sector - from physical infrastructure through to its supply chains, skills and knowledge base. Locating the Life Science Enterprise Zone in the Corridor Manchester innovation district, together with our Alderley Park site which forms part of the successful Cheshire Science Corridor Enterprise Zone, reinforces the North West as a destination for life science investment and business growth.”

Rowena Burns, MSP chief executive, added: “The additional jobs created as a result of the Life Science Enterprise Zone will be of high value, in a priority economic sector with the potential to benefit not just Greater Manchester but UK plc as a whole. It will deliver immediate financial and economic benefits by capitalising upon the established, successful partnership between MSP and CMFT, at a time of huge opportunity afforded by the ground breaking devolution of health and social care to Greater Manchester.  Once again, partnership working is proving to be the key to innovation which is at the heart of driving economic growth and social change.”

Sir Mike Deegan, Chief Executive of CMFT, said:  “This Enterprise Zone will attract innovative life sciences companies to our campus, enabling us to work with them to develop new solutions for diagnostics, treatments and care.

“Our location on Corridor Manchester at the heart of a growing regional life sciences cluster allows us to work with our Corridor partners to create a compelling offer to companies to establish and grow their businesses here.

“The life science cluster located on Corridor, is part of a wider health economy that will deliver economic benefit alongside improvements to health and wellbeing for people across the City region.”