Gateshead tech group Aspire Technology Solutions expanded its footprint after snapping up Glasgow business Cloud Cover IT.
The cyber security and IT solutions provider, based at Pipewell Studios on the banks of the Tyne, said the addition of managed service provider Cloud Cover IT marks a strategic acquisition for the growing group, which is seeking to expand into new UK regions and grow its portfolio of technology solutions.
Cloud Cover IT has been delivering IT support and digital transformation solutions for more than 11 years and it will now have access to the full range of Aspire products, solutions and expertise to offer to its customers. The deal will see the company, which had 34 employees in most recent accounts up to April 2022, become a part of the Aspire group with its software development and business applications division being rebranded as ‘Flyte’.
Chris Fraser, Aspire CEO and founder said: “Our acquisition of Cloud Cover IT marks a new and exciting chapter for both companies. This move will strengthen our presence in Scotland, positioning us in a thriving market.
“The Cloud Cover team will become an integral part of the Aspire group, and together, we believe we can grow significantly in this key strategic market. I’m excited to see the opportunities accelerate as we offer customers, present and future, the innovative solutions that they need in a changing world. Exciting times lie ahead.”
North East leisure operator Stack received investment from a London private equity house to help accelerate plans to take its popular drinking and dining destinations across the UK.
The firm’s original shipping container destination in Newcastle dominated the former Odeon cinema site until it closed in May 2022, having welcomed three million visitors and served up a huge boost to the city’s economy over four years. Since then, the firm has launched a Stack site in Seaburn, Sunderland, with several more in the pipeline.
Now the firm – part of Danieli Group, which also operates a security business and a number of other venues including Yolo Townhouse, Yolo Ponteland and The Muddler – has secured an indisclosed investment from King Park Capital (KPC). The investment comes as a series of new sites gain momentum, with Lincoln already in the construction phase alongside the St James’ Stack – a joint venture with Newcastle United that will establish a Fan Zone by the stadium.
Northumberland construction company Merit sealed a deal to build a new 48-bed health service unit – and it will complete the site in just five months.
The Cramlington-based off-site specialist designs and manufactures facilities for the bioscience, pharmaceutical, healthcare, semiconductor, EV battery and aviation sectors, building more than 75% of its project wins at its North East factories before shipping them to their final destination.
Now Merit has been appointed by Norfolk Community Health and Care NHS Trust to design and deliver a multimillion-pound 48-bed therapy-led unit on the Norwich Community Hospital site in Norfolk. The project is the first of its kind using a new pre-assembled model, which is a new version of a pod Merit has used in other healthcare, biotech and pharmaceutical projects. The Merit team will use advanced 4D BIM (building information modelling) technology to deliver the new unit by June of this year.
Tony Wells, CEO at Merit, said: “We’re delighted to be working collaboratively with Norfolk Community Health & Care NHS Trust to deliver this new facility, which will bring improved healthcare services to the local community. Merit’s new V6 UltraPOD SFS variant is ideal for this project, bringing enormous advantages in terms of speed, quality, a sustainable centric design, enhanced infection control and affordability.”
County Durham finance firm Anglo Scottish Asset Finance Ltd completed a management buyout to take back control of the business.
Anglo Scottish, based in Chester-le-Street, was founded in 2007 and quickly established its name in the finance brokerage industry. It was acquired eight years later by McMillan Shakespeare Group, a publicly listed Australian company. McMillan Shakespeare Group has now made the strategic decision to exit the UK and focus on its core capabilities in Australia, allowing the management team in the North East to complete a management buyout.
The deal has been backed by a consortium of UK-based funders, the company’s original founding directors, wider management team, existing employees, and contractual agents. The MBO will trigger expansion of the company’s presence in the UK as it looks to develop new funding options for customers while establishing new partnerships and joint ventures.
Recruitment agency Zenith People says it will grow its own team and customer base having secured a £1.3m invoice discounting facility. The 20-strong Hebburn-based business, which started in 2001, has the backing of Cynergy Business Finance to help it expand on its offer of permanent and temporary roles across most sectors in the UK economy. Founder Angela Anderson said the move would boost cash flow at the firm, which is said to have hundreds of temporary staff on its books which requires capital to maintain wages while collecting customer payments.
Zenith originally specialised in manufacturing and engineering recruitment, placing staff in the region’s automotive and food packaging business. The firm is a previous winner of the Services Award at the North East Business Awards and now has its sights on growth in a post-Covid market that features higher salaries and flexible working.
A North East industrial equipment supplier completed a management buyout with the help of a £4.25m injection from private equity investors. RS Industrials (North East) Ltd, which has sites in Gateshead and Billingham and specialises in servicing, repairs and maintenance of hoists and gantry cranes, and was set up by Mike Riley and Neil Sanderson in 2001. The pair are now stepping back from the business as Mark Cawley and Phil Heathcock have joined as CEO and CFO respectively.
The deal has been backed by Foresight Group, which plans to support the new management in a growth strategy that has already seen the recruitment of seven engineers. RS supplies manufacturers across the North East and is said to have grown since a relocation in 2006, supported by loans from UK Steel Enterprise, which allowed it to open engineering supply shops at its Tyneside and Teesside sites.
Mark Cawley, CEO of RSI, said: “I have thoroughly enjoyed working with the Foresight team to help secure the long-term future of the business. Foresight’s expertise in supporting SMEs will be pivotal in taking RSI to its next phase of growth. This significant investment will allow RSI to continue to create highly valuable skilled jobs in the area while ensuring our customers continue to receive an unrivalled service.”
Subsea cable protection specialist Tekmar secured a contract worth an initial £3.5m. The Darlington-based firm told investors on the London Stock Exchange that its latest piece of work, for an unnamed customer, was in an “emerging region for offshore wind farm development”. The deal will see Tekmar provide its Generation 10 cable protection systems, with production starting this year and delivery expected to be in 2025.
It follows a separate £2.5m contract announced by the firm before Christmas and due for delivery in the second quarter of this year. That agreement is for the design and supply of Tekmar’s TekDuct product, as well as ballast modules and other equipment for use on a project in the Middle East.
Alasdair MacDonald, CEO of Tekmar Group, said “This contract helps consolidate our position in a growing and important region for offshore wind and highlights the strength of our established engineering capability in supporting deployment of our core technologies globally. It also reflects the strength of our working relationships with project developers and key supply chain partners, where we address customers’ complex engineering requirements and optimise and de-risk projects.”
