North East firm PolyPhotonix has secured $10m from a US investor.
The County Durham company has created the The Noctura 400 Sleep Mask,which can be used to treat diabetic patients who are at risk of losing their sight.
PolyPhotonix’s sleep mask – designed to be worn at night – delivers a dose of light therapy while the wearer is asleep, and the treatment reduces and reverses the effects of diabetic retinopathy.
Now the County Durham company, based at NETPark in Sedgefield, has entered a global strategic alliance with Prevail InfoWorks Inc, based in Philadelphia, to lead management of FDA regulated human clinical trials of the sleep mask.
Prevail Partners LLC, an affiliate of InfoWorks, has agreed to invest significantly in PolyPhotonix upon the commencement of the FDA clinical trial as lead investor in a $10m Series A investment round.
Hebburn based eQuality Solutions Group (eQS), a diversity, equity and inclusion specialist, has acquired Challenge, a London-based training and consultancy business as part of its ‘buy and build’ strategy.
The move accelerates the Tyneside firm’s goal to become the leading UK’s provider of diversity, equity and inclusion solutions, while helping it towards its target of £30m turnover by 2023.
The Challenge Consultancy deal follows a series of recent acquisitions – including the purchases of South West-based Amano, as well as the acquisition of EW Group and The Educational Guidance Service (EGS) – and further acquisitions are in the pipeline.
Andy Gough, eQS CEO, said: “Challenge has an outstanding reputation in the field of diversity, equity and inclusion and has done incredible work to influence positive change in the workplace.
“There was an instant synergy and alignment of culture and values between the businesses. Through this acquisition we are perfectly placed to deliver a full suite of evidence-based DEI solutions across our three key verticals of education, business and government and adapt to the ever-changing needs of these sectors.”
Tyneside entrepreneurs Brian Mair and Diego Melo worked with NEL Fund Managers in 2019 to secure a £40,000 Small Loan Fund investment for Nudge Education, which helps disenfranchised young people get back into education.
They have now accessed a further £28,000 investment from the fund to assist with the expansion of Nudge Minds, a separate business which provides personalised therapeutic support for young people.
The investment is being used to help bring in specialist staff, support the firm’s drive towards securing further industry accreditations, improving its website and enhancing its marketing activity.
Mr Mair said: "The pandemic has exacerbated what was already growing demand for our services across all areas of operation, and with understanding building of both the approach we take and the results we get, we’re confident that we will see our operations continuing to expand this year.
“We’ve had a positive relationship with the NEL team over the last few years, and with the flexibility and business advice that we know they offer, it felt right to go back to them to look for this second investment.”
Global manufacturer Viessman swooped for the home services division of County Durham based Pacifica Group in an undisclosed deal.
German firm Viessmann has completed the acquisition of the division in partnership with its existing senior management team, which will lead to it making a multimillion-pound investment into a renewables-driven home services operation in the UK.
Viessmann, which manufactures climate control products and refrigeration solutions as well as industrial electricity, heating and cooling systems for commercial applications, has acquired Pacifica Home Services (PHS), in conjunction with its management team from Pacifica Group, a portfolio company of European growth investor Synova.
Synova will retain ownership of Pacifica Group together with its management team, which includes its appliances services and UK warranty divisions.
Fashion rental platform Hirestreet has announced a partnership with outdoor brand Decathlon amid moves to expand further into sports and activewear.
Hirestreet, which is run by former North East Young Business Person of the Year Isabella West, was formed in Newcastle four years ago on a mission to reverse the fast fashion trend in which customers buy clothes and hardly wear them before discarding items.
Decathlon has launched its first UK rental collection via Hirestreet, consisting of an exclusive ski-wear and outerwear edit.
It is seeking to take advantage of the return to the slopes for many, whilst also offering a range of hiking gear to tap into the demand from those opting for staycations.
Hospitality firm The Inn Collection Group is set to invest significantly into its fast-growing portfolio following a new £42m investment.
The Alnwick based business, first launched in 2006, has been executing a rapid “buy and develop” growth strategy over the last few years, seeking to expand outside its heartland North East to increase its pubs-with-rooms portfolio.
In 2019 the group outlined plans to grow from around 10 pubs to 21 sites, after receiving a £10m funding package from investors OakNorth.
Since then it has more than achieved that goal with a total of 26 sites across Northumberland, County Durham, the Lake District, Lancashire, Yorkshire, Tyne and Wear and North Wales, taking its room tally from 271 to more than 1,000.
Now OakNorth, the UK bank for entrepreneurs, has provided the business with a £42m loan to refurbish 13 of the inns in its portfolio and support continued redevelopment of the current property portfolio and capitalise on the growing staycation market.
H&H Insurance Brokers, part of the Carlisle-based H&H Group of companies, has acquired Hexham’s Tynedale Insurance Services Limited in the undisclosed deal.
H&H Group plc has five subsidiaries operating across the livestock marketing, auctioneering, commercial print, digital marketing, property and insurance sectors.
The insurance side of the business, established in 1987, focuses on the rural and agricultural sectors, arranging insurances for farmers, agricultural contractors and other commercial businesses.
The deal marks the latest acquisition in an ongoing growth strategy for H&H Group which, in the last two years, has also added Eden Lettings and Management to their property division and Print Graphic and Dotcom to H&H Reeds.
Work on a gigafactory that will make batteries for electric vehicles will start in the next few months after a multimillion-pound Government grant helped attract £1.7bn from private investors.
The Britishvolt factory near Blyth, in Northumberland, will create 3,000 direct jobs and another 5,000 in its supply chain when it reaches capacity. It is being built on the former coal yards of the old Blyth Power Station.
A Government grant worth ‘tens of millions’ has helped the company secure funding of £1.7bn, with Business Secretary Kwasi Kwarteng visiting the planned factory site to hail its “world beating technology”.
