An award-winning County Durham manufacturer Roman is set for expansion on the back of a £1.5m investment.
Newton Aycliffe based Roman Ltd – which manufactures, sells and installs shower screens, trays, bathroom furniture and fixtures and fittings – has received the funding from Finance Durham and the North East Development Capital Fund to support record sales demand.
The investment includes an £800,000 investment from the Finance Durham Fund, which is established by Durham County Council and overseen by Business Durham, and a £700,000 investment from the North East Development Capital Fund, supported by the European Regional Development Fund.
READ MORE: Full shortlists for the North East Business Awards 2022 are unveiled
The package, which was arranged by Maven Capital Partners, will be used by Roman, which won a Queen’s Awards for Enterprise for International Trade, to support a significant increase in demand by investing in its 400,000 sq ft manufacturing plant with new machinery and materials.
The firm designs and manufactures shower products to trade merchants and independent retailers, while also supplying white-labelled, own-branded products to national retailers.
CEO David Osborne said: “We find ourselves in a period of prolonged growth and expansion in the UK and internationally. This North East based funding allows us to focus on optimising some amazing opportunities and continuing to create sustainable long term jobs and careers in County Durham.”
North East accountancy firm Tait Walker has been acquired by a national rival in a move described by its managing partner as a "wonderful opportunity".
The multimillion-pound deal means Azets, which already runs eight offices across the region and is part of the Azets Group operating across Europe, will add Tait Walker's five offices in the North East and Cumbria to its network.
Azets says 4,000 Tait Walker clients will now benefit from current and future investment in technology, including tools to enable real-time business advice. It is the third acquisition in four months for Azets.
RSA Insurance has signed a deal to move its customer services team into Faber, the first of two Legal & General-backed offices that will be developed by Landid.
The general insurer is taking a lease on 38,000 sqft of office space in the city centre development – enough space for almost 400 workers – and relocating from its current premises in Doxford International Business Park.
Faber and Maker will provide 150,000 sqft of Grade A office space, with both buildings being actively marketed by commercial property agent Knight Frank, and they are set to welcome their tenants in 2024.
A biopharmaceutical firm co-founded by a former Durham University lecturer has been acquired by drugs giant Pfizer in a £412m ($525m) deal.
ReViral, which has run a research facility at Sedgefield's NETPark since 2016, will strengthen Pfizer's infectious diseases capabilities and will benefit from the multi-national's commercialisation expertise.
The deal includes an upfront payment as well as amounts at significant milestones in ReViral's work to develop antiviral therapeutics that targets a common disease affecting the lungs and breathing passages.
ReViral focuses on discovering, developing, and commercialising treatments for respiratory syncytial virus (RSV) which can lead to severe and life-threatening situations in some high-risk groups such as young infants, people with immunocompromised conditions and elderly people.
Alex C. Sapir, CEO, ReViral, added: “Since the foundation of the company a decade ago by Dr Ken Powell and Dr Stuart Cockerill, ReViral’s mission has always been to develop world-class therapies for RSV patients.
“This acquisition represents a validation of the deep antiviral experience of the ReViral team and our unwavering commitment to deliver therapies for patients in need. Pfizer is an optimal partner given their commitment to RSV through their ongoing RSV vaccine program, coupled with their world-class clinical, regulatory, manufacturing and commercial capabilities."
Accounting software giant Sage has acquired Mateo cloud savings and loan software from US-based MAS Integrated Solutions.
Mateo, a specialist cloud-based savings and loans software designed to help Roman Catholic diocesan organisations, is already integrated with Sage's financial management system, Sage Intacct.
The deal, the value of which remains undisclosed, means MAS Integrated Solutions founder and CEO Dan Michaud will join Sage.
Dan Miller, Sage’s EVP for Sage Intacct, said: “The acquisition of Mateo is a natural fit for our vertical strategy and will enable us to deliver added value to organisations in the non-profit sector – one of the key vertical markets for Sage."
