Droids on Roids deal shows real intent
Friday wrap of news and views for regional Rainmakers
Hello Rainmakers,
This is your free Friday taster email for all the curious free subscribers out there who don’t quite know what they’re missing.
But also a pick of the crop from different deals being done around the country, selected by our team of journalists from TheBusinessDesk.com.
Rainmakers is a reader-supported publication. Subscribers get two unique pieces a week and full access to our back catalogue of investigations, scoops, and insights. These include updates from columnist The Secret Investor and interviews with entrepreneurs (like this one), as well as leaders from VC and PE investors like Mercia and LDC.
Private equity backed tech pioneer eyes European acquisitions
Manchester-based tech business Apadmi has acquired Polish mobile company Droids On Roids.
The Warsaw-based mobile specialist includes Carlsberg, Unilever and Giphy amongst its clients since it formed 14 years ago.
The acquisition marks the next step in Apadmi’s continued growth into Europe, since it took on investment from private equity firm CBPE in December 2023. The company also expanded into the Netherlands in 2022 with the acquisition of The Mobile Company in Amsterdam, and has enjoyed “a year of record growth in 2024 with a 36% increase in revenue.”
Their clients include Asda, Domino’s, Co-op, the NHS and Poundland.
Apadmi’s M&A Director, Jasper van de Luijtgaarden said: “Announcing this latest acquisition is a really important next step in our growth. We’re making great progress as our M&A journey accelerates and we continue to evaluate suitable businesses across key European markets.”
::
Sitting down and talking through big important strategic choices is a big part of what we set out to do with Rainmakers. So yesterday’s piece with Matt Adey, chief economist from the British Business Bank, was really important for us.
You can read Alex Turner’s interview with him here.
::
Subscribers to Rainmakers also got a bit of news from the World Economic Forum in Davos, with a PwC survey making it pretty clear that the UK’s relative stability makes it a hot spot for direct investment. To be clear, we took that to be a sign that US and Asian funds and businesses investment means M&A targets in sectors and markets where they need to stay competitive.
Our immediate hot take on that deal - and the many, many others over the last year, has been the muscular acquisition activity of American trade buyers to blow other options out of the water.
You can read that and the analysis of the TDR acquisition of CorpAcq here.
::
There must be something particularly impressive about a college's standard of vocational training when the business it chooses to tackle its maintenance needs has been founded by one of its own former students.
GW Power was established in Hull in 2014 by managing director, Daniel Haley, who started his career as an apprentice at Hull College. His firm has now been awarded a three-year contract to carry out all electrical maintenance works for the college.
Haley saw off rivals in a competitive public tender, with several other companies bidding for the work. And the virtuous circle continues, with Haley's growing business employing five apprentices from Hull College during the last 12 months.
::
Looks like Bramble Foods couldn’t resist the temptation, as the Market Harborough-based company has acquired Yorkshire’s Whitakers Chocolates - makers of sweet treats since 1889.
The deal isn’t exactly a whirlwind romance, as the two companies have had a strong working relationship for 17 years
Bramble’s MD, Tony Foster, called it a perfect match, saying: “Whitakers has been our supplier for over 40 years, so we’re thrilled to finally make it official.”
Fourth-generation chocolatier William Whitaker admitted it’s time to pass the baton—but don’t worry, the management team is staying put. After all, you don’t mess with a winning recipe.
He said: “Whilst I will always carry the immense pride and heritage we’ve built over 135 years, I know now is the right time to pass on our legacy to a company that can take it even further.”
Bramble Foods, founded in 2008, has grown - especially with its private equity backing from LDC in 2022.
Proof that its hunger for success is anything but half-baked.
::
Here’s an update on one of the best read Rainmakers stories of 2024.
Last week the Court of Appeal rejected an appeal by Scott Dylan over his 22 month jail sentence for contempt of court.
Lawyers for Dylan appealed against both the length of the sentence and the decision not to suspend it, after he admitted to two counts of contempt for moving business assets offshore in breach of a freezing order granted to Barclays Bank.
In the High Court in London, on the 30th of October, Judge Rajah handed down a sentence of 22 months in jail to Scott Dylan, David Antrobus and Jack Mason after his earlier July ruling that they were in contempt of court.
Barclays further alleges that they are the victims of a £13.7m theft by the trio, and others involved in their business Inc & Co, which invested into distressed businesses through an associated business, Fresh Thinking Group.
Dylan is currently serving his sentence, while his business partners Antrobus and Mason, who failed to appear at a sentencing hearing, are on the run.
In appealing the sentence at a hearing held in the Court of Appeal on the 17th of December 2024, Dylan’s lawyer, Ian Bridge from Lewis Nedas, pressed five grounds of appeal: that the sentence was too long; that the Judge Rajah failed to take into account Dylan’s vulnerability by reason of his psychiatric condition, and the effects of a custodial sentence upon him and his immediate family; that the judge was also wrong to question the value of the transferred assets; that he failed to follow the sentencing guidelines by refusing to suspend any part of the sentence; and that he failed to distinguish adequately between Dylan and Antrobus and Mason.
All grounds were dismissed by Lady Justice Elisabeth Laing and Lord Justice Zacaroli in an approved judgement handed down on Friday the 17th January 2025.
Lord Justice Zacaroli said of a claim that the length of time for the trial should have been a factor: “Mr Dylan cannot legitimately complain of this in circumstances where it was his decision to contest the allegations of contempt until almost the very last moment that contributed significantly to the delay.”
In dismissing the fifth ground for appeal that Judge Rajah didn’t distinguish between Dylan, Mason and Antrobus, he said: “It is demonstrably hopeless, in that the judge clearly dealt separately with Mr Dylan, relying on matters as they related specifically to him, before turning to deal with the other defendants.”
In November 2021 Barclays obtained freezing orders after the bank discovered multiple withdrawals below a £50,000 threshold, over which they would have had to seek credit approvals.
Barclays has an additional case against the trio, and others, which had been scheduled for a court date in January 2025, in an attempt to recover £13.7m it claims was taken to fund private jet trips, to acquire business assets, including a travel agency and a hotel in Turkey, but also for the personal enrichment of Scott Dylan and his partner.
::
Simon Swan has left Hiring Hub, the recruitment marketplace business he founded in 2010 and is keen to explore new opportunities in AI.
He told TheBusinessDesk.com on Thursday (23 January 2025) that his decision to leave the Manchester-based business was entirely his and he said it was time for him to look at new opportunities.
“Hiring Hub started as a five year plan, but it’s definitely time for me to move on.”
“I’ve got a few opportunities ahead of me, I’m fascinated by the velocity of AI and how it is shaping society, the tech industry and how that might impact software businesses.”
He sits as a part-time board member of Agent Academy, the social enterprise arm of Liverpool-based Agent Marketing.
He has had different investors on his journey to build the business including entrepreneur John Laithwaite, Maven and most recently in 2023 he secured a multimillion-pound investment from European private equity fund, MonacoSol, the family office of Manchester software entrepreneur, Richard Beaton.
Swan described the whole experience as “an epic adventure that’s taught me so much.”
::
RAINMAKERS CONFERENCE IS BACK IN 2025
Our speakers have been revealed for the 2025 Rainmakers conference. They include those featured below, and many, many more.
twisted loop are excited to come on board as our headline partner. They join partners BGF, Dow Schofield Watts, KPMG, NorthEdge, Palatine, Shawbrook, Squire Patton Boggs & TDC.
Twisted Loop said: “This event is a testament to the strength and ambition of the North West’s business and investment community, bringing together an incredible range of talent, insight, and expertise.
A powerful line up of speakers including high-calibre private equity backed entrepreneurs such as Ruth Percival, Helen Oldham and Thomas Ryder, the founder of Applied Nutrition and the chief executive of the biggest UK stock market float of 2024.
Hot topics on the packed agenda include how to create success in tech, the art of building value in a growing business, and making the case for private equity and corporate finance professionals on the political stage.
Newsworthy speakers will also include Shru Morris, anointed successor DSW, and Dave Richards, founder of IntelliAM, who has a tale to tell about his experiences with tech business WANdisco, and founder of Palatine private equity Gary Tipper.
Also appearing to set the political backdrop to the eventful year just gone will be Karim Palant, head of external affairs at the BVCA, and Greater Manchester Mayor Andy Burnham.
So save the date for Rainmakers 2025 – Wednesday 26 March, 2025 – and secure your place today at The Point, Emirates Old Trafford, Manchester.
It will bring more opportunities to network, more amazing speakers, more candid debate, more inspiring entrepreneurs, but also a chance to discuss the challenges of value creation.
The first Rainmakers Conference this March sold out, with more than 400 people attending to hear the insights and perspectives from entrepreneurs, investors and advisors, and to network with senior figures from across the corporate finance community.
::
::
Thank you for subscribing to Rainmakers.
We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.
The insights and commentary we share with you are rooted in the trust we have built in the business community.
We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.
If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.