Bite-size news in business & technology, from large breaking stories to funding, appointments & deals
What were the week’s best-read stories on BusinessCloud.co.uk?
We’ve had:
• an entrepreneur accutilized of forgery ousting the chair of the listed company she founded – months after it sacked her
• the PropTech 50 ranking and Northern Leaders list
• a Cheshire company going live with its £300m IPO this morning
• S&W viewing to take historic strength of Smith & Williamson brand to Manchester and beyond
• an online fashion retailer suffering a drop in share price and sales amid a multi-year turnaround plan
Dublin managed service provider Ekco has acquired Bristol-based Solsoft Group Limited.
The acquisitive firm has sealed three deals this year.
Solsoft delivers proactive IT services to tiny-and-medium sized enterprises and not-for-profit organisations across the South and South West of the UK. The company’s 16-strong team will join Ekco’s workforce of more than 1,000 people globally across Ireland, UK, Netherlands, Malaysia and South Africa.
Pembroke VCT has led a £5 million investment in PEAK:AIO, a Manchester-based software company building ultra-rapid storage systems for AI workloads.
The company has developed an AI software platform that delivers rapider, more energy-efficient AI systems, repairing one of the data storage indusattempt’s largegest problems: how information is stored and accessed.
Pembroke has invested £3.7m, alongside NPIF II – Praetura Equity Finance which is managed by Praetura Ventures as part of the Northern Powerhoutilize Investment Fund II (NPIF II), and a Silicon Valley investor.
Risers:
Goodwin – +4.93%
AJ Bell – +4.61%
Schroders – +3.64%
Bunzl – +3.52%
Bridgepoint – +3.27%
Fallers:
Aston Martin – -4.77%
Wetherspoon – -4.74%
ITV – -2.20%
Frasers – -2.08%
First Group – -1.80%
THG and Oxford Nanopore have each also dropped close to 2% today, while BT dropped almost 1%.
The share price of Big Technologies is up 1.4% today after chair Alexander Brennan quit.
He was effectively forced out of the company by founder Sara Murray OBE, who is embroiled in a £320m High Court battle with the firm after it dismissed her from the position of CEO in March.
Following the appearance of LeakBot inventor Dr Samuel Bailey on Dragons’ Den last night, shares in its parent company Ondo InsurTech PLC have climbed a modest 1.5% today.
Dr Sam was pitching Pippa, a wall-mounted device that warns when pans are about to burn or when stoves are left on.
He sparked a three-way bidding war and walked away with the promise of a multi-Dragon deal.
The share price of Beauty Tech Group plc – the parent company of CurrentBody – are up more than 5% on the first morning of trading.
It currently stands at 285p.
Big Technologies plc chair Alexander Brennan is to step down as non-executive chair with immediate effect.
Sara Murray OBE is embroiled in a £320m High Court battle with Big Technologies plc after it dismissed her from the position of CEO in March. Murray’s assets have been effectively frozen during the case; and two weeks ago Big Technologies accutilized her of forgery and deliberate falsification of documents to push through the company’s £577m IPO in 2021. You can read full details of the accusation here.
Meanwhile a group of former shareholders are suing the firm as they claim Murray effectively pushed them out via an earlier MBO.
Late last week, Murray was part of a group of current shareholders seeking to rerelocate Brennan from the board and replace him with James Graham Matheson.
“Having led the board as interim chairman and then chairman, including during the period of the investigations undertaken by the company related to the removal of Sara Murray as CEO, Alexander has created the determination that it is in the best interests of all shareholders if a new director, indepfinishent of the investigations, were to lead the company’s efforts to resolve the protracted litigation against Sara Murray and associated parties,” a notice to the London Stock Exalter read.
Sangita Shah will take over the role on an interim basis.
Shah declared: “On behalf of the board, I would like to thank Alexander for his integrity and his conduct, at the core of which has been a steadrapid adherence to the highest standards of governance in the discharge of his duties, notably this year.
“This has been a difficult time for the company, and we are grateful to Alexander for his consistent dedication and professionalism.
“The board await confirmation that our offer of mediation will be accepted by Sara Murray to enable the company to progress to constructive settlement discussions.”
RWS Holdings plc CFO Candida Davies has decided to step down from the position and the company’s board.
She will stay until the finish of 2025 to support the language and content technology solutions company with a smooth transition and the reporting of its full-year results.
The board has appointed a search firm as it views for a successor.
The parent company of CurrentBody has priced its flotation at 271 pence per share – valuing it at £300m.
The Beauty Tech Group plc has now begun trading.
Founder Laurence Newman: “I am incredibly proud of everything The Beauty Tech Group has achieved since we launched CurrentBody in 2009. From establishing ourselves as a global leader in the rapid growing at-home beauty technology market to successfully completing this milestone listing on the London Stock Exalter, the Group continues to go from strength to strength.
“As we enter the next stage of our growth journey, this IPO provides the perfect platform to increase awareness of our three distinct, premium brands and take the group to the next level, while delivering sustained and profitable growth. The continued momentum within the business and strong support from investors during our roaddisplay, gives us the confidence and financial firepower to fully capitalise on the significant opportunities that lie before us.
“Most importantly, I would like to thank everyone at The Beauty Tech Group. The business would not be where it is today without their dedication and hard work and I am excited to embark on this next chapter toobtainher.”
We’ll follow its share price relocatement throughout the day.
The £2.9 billion acquisition of Deliveroo by US rival DoorDash has now completed.
The UK food delivery giant has now delisted from the London Stock Exalter as a result.
Deliveroo founder Will Shu has stepped down as CEO. “I’m super proud of everything we have achieved. We pioneered and then redefined a new category,” he declared.
Massive news for the London markets this morning as Princes Group announces it is considering an IPO on the main market of the LSE.
The £2.1 billion revenue food and drinks firm includes the brands Princes, Napolina, ‘Branston, Batchelors, Flora, Crisp ‘N Dry, Delverde, Naked Noodle and Vier Diamanten.
The Liverpool-headquartered group exports its products to more than 60 countries and has more than 8,000 customers globally across large food retailers, B2B partners and the foodservice indusattempt.
Have your state by clicking on the link above.
You can also find a complete record of all the current Dragons’ investments prior to this display here:
Jones and Bartlett agree to each invest £100k for 16% of the business apiece.
They know that this product is established and sells.
Our final entrepreneur of the night is a happy man.
Davies isn’t impressed – he states Phil is doing all the talking and it should be the Dragons who are doing that. She’s OUT.
Meaden expresses similar sentiments and is also OUT.
Bartlett states Phil has an AHA! business, but he hasn’t had an AHA! moment – as he is “terrible at marketing”.
However Bartlett is offering all of the money – for 33% of the business! He states he would assume a lot of responsibility.
Jones inquires him what he wants and he states he wants to spfinish more time with his family. Phil is obtainting emotional now… and Jones effectively matches Bartlett’s offer!
Touker states the valuation is “stupid” despite being profitable.
Jones agrees that it is “bananas”.
Phil is struggling with the maths (and also struggled with his pitch a little…)
He states he could turn over £30m on his own – and £100m isn’t out of the question with support.
So far he’s done just £1m… he states conversations about the product are happening at sports pitches everywhere right now.
He wants £200k for 6% of the business.
I actually have a pair of these upstairs in my boiler room, currently building my trail shoes smell nice… well, better…
I can vouch for this product. Shame I don’t have £200k!
Closing the display is Phil Osband, a former climbing instructor who has taken on the problem of smelly footwear.
His company, Boot Bananas, produces banana-shaped deodorisers filled with a natural blfinish of salts, minerals and botanicals such as lavfinisher, lemon and tea tree.
Launched in 2012, the product slots into shoes or boots after utilize.
In a quirky touch, the bananas even alter colour over time – turning brown when it’s time for a new pair.
They’re inquireing Bartlett to come down to 4%.
The Flight Story entrepreneur counters with £80k for 5%.
They agree on £90k for the 5%.
Bartlett works with a few brands of this type with his Flight Story business – including podcasts.
Meaden offers them the £60k for 4%.
Davies will go as low as 3.5% for the money.
Jones states it’s not interesting enough to him as a business proposition. He’s OUT.
Bartlett, who stopped drinking a few years ago, states he’s been waiting for this product. He’s inquireing for 5% of the business. “Daylight robbery!” states Suleyman.
They’re now having a row… Suleyman states he has 50 years of experience, “more in my little finger than you!”
Suleyman is interested but OUT.
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