Latest news with #SusanNightingale
Business News Wales
22-07-2025
- Business
- Business News Wales
British Business Bank Boosts Welsh Economy by £200m as 900 Businesses Secure Support
The British Business Bank has supported 900 Welsh businesses in the past year, supporting 10,800 existing jobs. This activity is expected to help Welsh businesses earn £500 million in additional business turnover over the lifetime of their finance, equivalent to £200 million in economic output to the Welsh economy. It is also expected to help create 900 new jobs over the lifetime of the finance. One of the key drivers of this impact is the bank's £130 million Investment Fund for Wales (IFW), which last month reached its £18 million milestone, following 71 investments into over 67 businesses located across Wales, It includes an additional £3 million of private sector co-investment which has been leveraged as a result of the IFW's support. The fund offers loans from £25,000 up to equity investment of £5 million throughout the region. The bank's second annual Impact Report, which covers 2024/25, comes as it gears up to deliver a step change in financing support to smaller businesses after its financial capacity was increased to £25.6 billion in June's Spending Review, enabling it to increase annual investments to around £2.5 billion a year and to crowd in more third party capital. A total of 84% of the businesses supported by the bank in 2024/25 were based outside of London. Susan Nightingale, UK Network Director at the British Business Bank, said: 'Delivering impact is why we exist. By improving access to finance for smaller businesses, we help drive growth and prosperity across the UK, measured in the creation of new jobs and increased economic output. 'The data in the new Impact Report reflects the growing role we play in supporting entrepreneurs and business owners, something that is underpinned by over a decade of proven delivery. It's through this work that we ensure smaller businesses right across Wales, can realise their full potential.' Nationwide the bank facilitated £6.8 billion of finance for smaller businesses, including £1.2 billion in public funding, £2.6 billion in lending guaranteed, and £3.0 billion in private capital crowding in. This enabled the bank to support 24,000 businesses that hadn't received bank-supported funding before, as well as 4,000 that were first funded by the bank before 2024/25. 84% of the businesses supported were outside of London. The expected impacts over the life of this finance are: The creation of 38,000 additional jobs £18.0 billion of additional business turnover, equivalent to an extra £8.0 billion of economic output A more than £100 million boost in economic output in each and every UK nation and region
Scotsman
22-07-2025
- Business
- Scotsman
British Business Bank boost to create 1,600 Scottish jobs
'We look forward to supporting even more of Scotland's smaller businesses to thrive in the year ahead' – Susan Nightingale Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Some 1,600 jobs are expected to be created on the back of financial support given to Scottish firms by the British Business Bank over the past year. Figures released as part of the state-backed bank's second annual impact report show that 1,500 smaller businesses north of the Border received fresh financial support in the 2024/25 financial year. Advertisement Hide Ad Advertisement Hide Ad The study estimates that £800 million in additional business turnover, equivalent to a £400m boost to economic output will be generated by Scottish firms backed by the bank over the lifetime of their finance. As well as the boosts in turnover and economic output, an additional 1,600 jobs are expected to be created over time, with some 16,000 posts already supported. Susan Nightingale, director, UK network, Scotland at the British Business Bank. Scottish businesses represented around 6 per cent of all firms newly supported by the bank during the 12-month period under review – roughly in line with the share of the UK's business population. One of the key drivers is the bank's £150m dedicated Investment Fund for Scotland, which this month announced it has delivered more than £25m to Scottish businesses since it launched 18 months ago, supporting 58 firms across the country. Alongside the investment from the bank, some £26m in private sector funding has also been committed. Susan Nightingale, director, UK network, Scotland at the British Business Bank, said: 'The British Business Bank is playing a significant role in creating an impact, driving economic growth and innovation, and contributing to the economic transformation of the UK's nations and regions. Estimated impact figures for Scotland show that our programmes are continuing to reach a large number of businesses each year, helping them to grow, reach new markets and expand to hire new staff. Advertisement Hide Ad Advertisement Hide Ad 'As we continue to tackle imbalances in access to finance, particularly in terms of geographical spread and diversity among founders, we look forward to supporting even more of Scotland's smaller businesses to thrive in the year ahead.' The report was published as the bank gears up to deliver a 'step change' in financing support to smaller businesses across the UK after its financial capacity was increased to £25.6 billion in June's Spending Review, enabling it to increase annual investments to around £2.5bn a year and to crowd in more third-party capital. The bank said its impact study underlined its continued commitment to Scotland and the wider nations and regions. About 84 per cent of the businesses supported by the bank in 2024/25 were based outside of London - helping to deliver a £100m-plus boost to economic output in 'each and every UK nation and region', it added.
Belfast Telegraph
22-07-2025
- Business
- Belfast Telegraph
British Business Bank reports creation of over 1,000 jobs in NI
The British Business Bank's annual impact report for 2024/25 is estimating that its activities in Northern Ireland will create 1,100 new jobs. NI firms which have recently been supported by the Business Bank include the Pilates company Reform RX and the Lisburn-based lab equipment company Cirdan. The company's research has indicated that the support in Northern Ireland will add £300m of additional turnover to businesses, which it equates to £100m over the course of the finance's lifetime. Susan Nightingale, the UK network director for the devolved nations at the British Business Bank, said: 'The bank has a 10-year track record of delivering impact in Northern Ireland, therefore it is very pleasing to see that our support to 600 smaller businesses in 2024/25 is expected to create 1,100 local jobs. 'We recognise it can be challenging for some firms to secure the support they need to start up and scale up, therefore through improving access to finance for smaller businesses we drive growth and prosperity in Northern Ireland and across the UK.' Businesses receive funding from the bank in a variety of ways, including direct investment of public cash, the provision of loan guarantees, and help in securing private funding. Watch: Flash Flooding hits parts of Northern Ireland Across the UK, the bank supported around £6.8 of investment into smaller businesses. This broke down as £1.2bn of public funding from the bank, £2.6bn of guarantees for lending and £3bn worth of private capital. In the UK Government's recent spending review, the bank's financial capacity was increased to £25.6bn, enabling it to 'increase annual investments to around £2.5bn per year'.
The Herald Scotland
24-06-2025
- Business
- The Herald Scotland
Edinburgh and Glasgow universities boost Scots startup rate
The increase in the backing provided for Scottish businesses by shareholders was achieved during a year in which the total equity funding secured by firms across the UK fell by 2.5%, to £10.8 billion. The relatively strong performance by Scotland will boost hopes that the country is achieving success with longstanding efforts to support the creation of more firms that have the potential to achieve rapid growth. This is seen as key to boosting the growth rate of the Scottish economy. The British Business Bank report highlighted Scotland's success in sectors that it is reckoned are set for strong growth, such as life sciences and biotechnology. It said academic institutions in Scotland made a significant contribution to the increased level of activity by encouraging the development of spinouts that attracted the attention of investors. The University of Edinburgh secured the second highest number of deals with 18 putting it on a par with the University of Oxford. The University of Cambridge topped the table with 34. The bank noted: 'Meanwhile the University of Glasgow also recorded ten deals in 2024, cementing Scotland's position as a leading area for breakthrough companies outside of the Golden Triangle [spanning Oxford, Cambridge, and London].' READ MORE: Just Transition fund furore reignited as SNP Government flounders Scotland director Susan Nightingale said Scottish firms had performed well against the backdrop of challenging conditions last year. Concerns about the outlook for the economy and the impact of relatively high interest rates amid the Bank of England's efforts to tackle inflationary pressures weighed on activity. 'Smaller businesses play a crucial role in Scotland's economy, and it is great to see that firms, particularly spinouts, are continuing to attract external finance to help them achieve their goals,' said Ms Nightingale. 'There is a strong track record of early-stage companies emerging from some of the nation's major research hubs, and that also shows no signs of slowing down.' Ms Nightingale noted that angel investors have played an important role in supporting an increase in the number of funding deals in Scotland. The country is renowned for the strength of its angel investor community. A range of schemes have been developed by Scottish Governments in recent decades to support angels by investing alongside them in firms with strong growth potential. The British Business Bank was launched by the UK Government in 2014 amid complaints that smaller businesses found it hard to access funding. READ MORE: Glasgow-born City grandee highlights impact of British Business Bank The bank launched a £150m investment fund for Scotland in 2023, which it operates with partners. More than £12m of the fund was allocated last year. The bank said it had been working with Mint Ventures in Scotland since 2023 to support and accelerate the development of female-led angel syndicates and boost the flow of capital to female-founded firms. It said around 30 angel investors had been 'onboarded' and these had completed deals worth more than £5m in total. READ MORE: Women-led business angel network launches recruitment drive However, the bank cautioned that the UK still lagged the US in key respects. Chief investment officer Leandros Kalisperas said: 'Our research finds that the UK still requires more investment to close the gap with the US market. This is particularly the case in R&D intensive industries and in modern Industrial Strategy growth-driving sectors, such as life sciences and advanced manufacturing.' The report covered businesses with less than 250 employees and either a turnover of less than €50m (£42.5m) or balance sheet total of less than €43m.
Business News Wales
23-06-2025
- Business
- Business News Wales
Wales Bucks the Trend as Equity Deals Rise 7.2% Amid UK-Wide Investment Decline
Equity investment across Wales and the wider UK faced another challenging year in 2024, according to the latest British Business Bank annual Small Business Equity Tracker. UK-wide there were declines in both deal numbers and investment values. Wales stood out as one of only five UK nations and regions to experience growth in equity deal numbers, recording a 7.2% increase compared to 2023, which the bank said demonstrates resilience amid a more cautious investment climate. This contrasts with the broader UK market, which saw a 15.1% drop in equity deal activity. Despite the increase in deal numbers, the total value of equity investments in Wales declined by 12.1% to £113 million. In related news, the Investment Fund for Wales (IFW) recently reported progress on its £50 million equity fund. Since its launch in late 2023, £18 million has been deployed, attracting an additional £3.1 million in private co-investment. As fund managers Foresight continue to build their deal pipeline throughout 2025, both the number and value of equity deals in Wales are projected to rise significantly, helping to strengthen the Welsh equity market. The average size of artificial intelligence (AI) equity deals significantly outpaced those in the broader UK market in 2024, highlighting the sector's sustained investor appeal. Across the UK, the average AI equity deal was £8.3 million – more than 40% larger than the £5.7 million average deal size in the wider market. At the growth stage, AI deals were even more substantial, averaging £36.3 million, 2.5 times larger than comparable deals outside the sector, underscoring strong investor appetite driving high valuations. In Wales, the Investment Fund for Wales (IFW) recently partnered with the Development Bank of Wales to invest in a pioneering AI start-up and Cardiff University spin-out. leverages advanced AI technology to detect and respond to online harms, such as digital conflict, and is already collaborating with the world's top five social media platforms. This new investment will support key hires and accelerate research and development, enabling to bring new products to market, helping to position them at the forefront of digital safety innovation. Susan Nightingale, UK Network Director, Wales at the British Business Bank, said: '2024 was a challenging year for the UK equity finance market. Nevertheless, in Wales resilience is being demonstrated with a rise in deal numbers, although a continued drop in overall deal values reveals the ongoing challenges within the Welsh equity market. 'It is encouraging to see that the appetite for AI is driving value across the UK equity finance market with large deal sizes. There are a number of ambitious AI companies in Wales, like the Investment Fund for Wales backed and others like them, who are looking to scale with a view to becoming major players within the transformational AI sector. 'It is our hope that among them we will discover Wales' first unicorn. To date British Business Bank equity programmes have supported 56% of UK unicorns, and it is our job to help create the ecosystem that will allow the Welsh unicorn scene to emerge and prosper.' The UK is a global leader in research and development, home to four of the world's top 10 universities. In Wales, Swansea University leads the way in generating spinout companies, with this position reaffirmed in Beauhurst's fifth annual Spotlight on Spinouts report published in March, which highlighted Swansea's impressive track record – with 58 spinouts launched since 2011, ranking it ninth in the UK and first in Wales. In 2024, university spinouts across the UK raised £1.9 billion in equity investment, representing 17% of total investment in the country and accounting for a record 12% of total deals. Spinout companies are a vital bridge between academic innovation and market deployment, and the British Business Bank supports these ventures more than the overall equity market. Business angels continue to be a significant source of equity investment for start-up and early stage businesses with 70% of angels investing in early-stage businesses. The Small Business Equity Tracker found that two-thirds (64%) of respondents to the Bank's survey of UK angel investors have matched or increased their investments from 2023 to 2024. To boost the work of the bank's established Regional Angels Programme, in 2023 it launched the Female-led Angel Syndication Pilot, to support and accelerate the development of female-led angel syndicates across the devolved nations. A notable example is the Women Angels of Wales (WAW), supported by the British Business Bank and the Development Bank of Wales. Since its mid-2023 inception, WAW has onboarded over 20 angels and closed deals totalling £3.8 million. One of WAW's standout 2024 co-investments was into Kaydiar, a Cardiff Metropolitan University spin-out specialising in innovative medical devices, including orthotic solutions and prosthetic support technologies that address essential healthcare needs.
