'Creating a platform built to last'
Rainmakers recognition in landmark week for VC firm
This week’s news has been dominated by the merger of Praetura Ventures and Par Equity to create a combined force with £670m of assets under management.
There was a bonus Rainmakers piece on Wednesday, with Michael Taylor exploring the deal that brings together two organisations that are “chalk and cheese” under the new identity of PXN Group.
The deal is exciting news for the two companies, the VC scene in northern Britain, and the makers of branded hoodies.
Praetura Ventures founder Dave Foreman said they “are creating a platform built to last” and in the last six years firm foundations have been put in place.
Last night at the North West Rainmaker Awards, more than 500 people saw Praetura collect the Early-stage Investment Team award, possibly the last trophy they will have with their old name. It is the latest recognition of the scale and impact they have achieved in a short space of time.
Praetura has made a virtue of its disruptive approach and energy – epitomised by its leisurewear choices – and its transition will be fascinating to follow.
…and click here to check out all of the North West Rainmaker Award winners
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That was followed by an interview with Squire Patton Boggs’ European head of private equity Paul Mann, who talked about the potential in the regions, what makes him proud, and the petrol station flowers his wife won’t let him forget…
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OTPP, clearly ready to deplane from the airport business, currently holds 25% of London City, 27% of Birmingham, and a hefty 55% of Bristol Airport.
The pension plan has already offloaded stakes in Copenhagen and Brussels, signalling a full terminal exit from European airports.
However, the deal faces a bit of financial turbulence. Birmingham City Council, co-owner of Birmingham Airport, is currently bankrupt, which could cause delays or require some in-flight adjustments before the transaction can clear final approval.
While Macquarie’s offer remains tucked away in the overhead locker, OTPP’s entire airport portfolio is valued at over £10bn.
Although talks are well advanced, nothing is guaranteed yet. As with any flight, passengers should expect potential delays, gate changes, or last-minute announcements before the final boarding call.
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Lincoln-based accountancy firm Streets has added another feather to its calculator, merging with Burnley’s MacMahon Leggate, increasing its office count to over 30.
“It’s a hugely positive move,” said Richard Robinson, now director at Streets MacMahon Leggate, who’s excited to offer clients more services, faster responses, and fewer reasons to dread tax season.
For Burnley and East Lancashire businesses, this means more advice, more expertise, and yes, more accountants.
Street's top boss, Paul Tutin, said the merger fits perfectly with their North West plans, and just in time for a brand refresh.
Because nothing says growth like new logos and more spreadsheets.
Even better? Streets’ legal arm, Streets Law, handled the whole thing in-house. Synergy never looked so well-audited.
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For the last few years, the UK hospitality industry has been anything but hospitable for the businesses trying to stay afloat within it. But a Hull-based tech venture's product may provide much-needed support.
The funding comes from NPIF II - Mercia Equity Finance, which is managed by Mercia Ventures and part of the Northern Powerhouse Fund II (NPIF II), Haatch and an angel investor, and marks the first NPIF II equity investment in Hull.
Candid, developed with input from hospitality operators and suppliers, enables candidates for jobs in this sector to build an anonymous profile and view opportunities, while hard-pressed employers can find the right people without needing to sift through multiple CVs.
In place of CVs, candidates are matched on skills and values to ensure they not only meet job requirements but also fit into the company's culture.
Of course recruitment isn't the only challenge the hospitality industry faces, but Holroyd-Doveton says he and his co-founder feel this often fraught process is "ripe for change".
The pair have received an encouraging response so far and their platform has already attracted over 3,000 candidates and 100 brands. They plan to double the size of their team from seven to 14 in the next two years.
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