Fundraising is hard work - one small deal this week shows that...
Our weekly free round up of key deals and major moves in the Rainmakers world
Hello Rainmakers,
March is meant to be the month when deals get away. Yet there are definite signs of a slowdown in the air, just as we get ready to gather and debate all of this at the Rainmakers Summit this week.
This is free to all who have signed up, however Rainmakers subscribers get two unique pieces a week, and also full access to our back catalogue of investigations, scoops, and insights, including updates from The Secret Investor, interviews with entrepreneurs, and the leaders from VC and PE investors like Endless, and River Capital, Foresight, Mercia, Puma and LDC.
Our recent round table hosted by TheBusinessDesk.com at the Manchester offices of law firm Slater Heelis explored one central question: how can the North West become a genuinely significant tech cluster – and who is really prepared to fund it?
The discussion opened with a case study from John Leake, Business Growth Director at Sci-Tech Daresbury, that framed many of the issues that followed.
Spotlight Pathology: a small raise that took a big effort
Leake outlined the journey of Spotlight Pathology, a University of Manchester spin‑out developing AI‑powered tools for blood cancer diagnostics, including a flagship lymphoma diagnostic AI device.
The company recently secured £1.4m to accelerate its commercial rollout, with investment coming from the Liverpool City Region Seed Fund and UKI2S, alongside continued support from existing backers Deepbridge, Lyva Labs, EHE Ventures and River Capital.
On paper it’s a strong proposition: serious Innovate UK grant backing, a leading‑edge AI product in early cancer diagnosis, and experienced founders. Yet raising what, nationally, would be seen as a modest round was anything but straightforward.
Leake described Spotlight as “a classic example” of the challenge facing deep tech in the region. The company needed to pull together six different investors to complete the round and spent well over a year doing so. “There just aren’t a lot of investors out there who will be willing and able to be putting that amount of money into that type of company at such an early stage in its journey,” he said.
Chippenham-headquartered Good Energy has acquired Glasgow’s Low Energy Services, marking the company’s fifth solar acquisition in 18 months.
The deal extends Good Energy’s geographical footprint beyond England and follows recent purchases of Empower Energy, Amelio Solar, Wessex Eco Energy and JPS Renewable Energy.
Low Energy was founded in 2018 and has become one of the largest installers of solar panels and battery storage systems for commercial and industrial customers across Scotland and parts of northern England.
The acquisition marks the next step in Good Energy’s scaling strategy, following its own acquisition by smart grid technology company Esyasoft.
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With hard questions still being asked about the future of the office workplace post pandemic, one West Yorkshire business is signalling its confidence in this sector with an acquisition. Bradford-based Commerce Business Systems (CBS) has acquired ASK The Office Equipment Specialists. CBS supplies managed print, IT and telecoms services throughout Yorkshire, the north of England and North Wales. ASK is a long established supplier of office interiors, business and facilities supplies, promotional merchandise, workwear, PPE, tools and equipment to customers across West Yorkshire.
This deal comprises a self-funded asset purchase of ASK’s customer contracts, staff and vehicles. From now on, the two companies will operate at CBS’s Bradford headquarters, under the CBS brand. The acquisition is designed to enable CBS to expand its range of services, with ASK’s managing director, Greg Colehan, running the business equipment, office furniture and supplies operation.
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On Tuesday, we included some robust debate about the state of the deals market in the teeth of Trump’s war in the Middle East.
It followed DSW’s profit warning that enough deals were being postponed in March, or aborted altogether, Craig Goold, head of M&A at BDO in Scotland, said: “Last year’s deals market demonstrated remarkable resilience and adaptability in the face of geopolitical and economic challenges and this trend has continued into 2026.
“When any major global events take place, some sectors and businesses will see deals stalling because they are immediately impacted. It’s important to recognise that it is still relatively early days in the Iran conflict and that many deals that were already well progressed continue to work towards completion.
“For companies looking ahead to a longer term transaction, businesses should prioritise early preparation, rigorous diligence and granular 100-day plans to capitalise on emerging opportunities.”
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A reminder about the Rainmakers Summit, a chance to air the important issues. To help to get people in this critically important economic community around the same table as civic leaders, and to understand key issues around value creation, business leadership and strategy.
This year’s event has really top class contributors from beginning to end. I’m really looking forward to being part of it, and very proud of the team that will be delivering it on the day.
Keep reading to find just a few of the highlights of the 2026 event.
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One of the greatest tricks pulled by the investment sector is to have lobbied towards the Mansion House compact, which could open up pension funds to invest in regional venture funds.
Sarah Adams is Director of Policy at UK Private Capital (formerly BVCA), who has played a big part in that and she’ll be explaining how her policy team have achieved such a good result for sector.
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Duncan Johnson, founder and chief executive of Northern Gritstone will be speaking.
The investment veteran, who started out in turnaround, has shaped Northern Gritstone to be a chunky life sciences and deeptech investment firm that’s now raised £362 million. The fund has close relationships with the research universities in the North, Leeds, Manchester, Sheffield and Liverpool.
As we said in an interview with TheBusinessDesk.com last year, the chief executive of Northern Gritstone looks and sounds like a man having the time of his life. He completed a fresh £50 million raise from leading institutional investors including £35m from LGPS, the collective asset pool for Greater Manchester, Merseyside and West Yorkshire Pension Funds, alongside £15 million from new investors Fulcrum Asset Management and Aviva.
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The Beauty Tech Group has smashed its targets for the current financial year, reporting surging revenues for the year ended 31 December 2025 following its IPO in October 2025.
CEO Laurence Newman will be speaking at Rainmakers Summit this March, where he will tell the extraordinary, behind-the-scenes story of the company’s IPO and rapid post-listing growth.
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The Rainmakers Summit on the 25th of March will feature a debate on the future of professional services as partners consider their next strategic options.
Featuring leaders of businesses who have chosen very different paths, and an investor in one of the consolidators driving the change across the sector, the debate will throw an intense focus on the stark choices that professional services firms face.
Making the case for independence will be Helen Clayton, managing partner at accountancy firm PM&M.
Telling the story about their respective lives on the public markets will be Rakesh Shaunak, CEO of MHA, and James Sheridan, head of M&A at Knights PLC.
Explaining the investment decision behind aggregation will be Matt Nicholson, investment lead at Tenzing, the private equity backer of accountancy consolidator DJH.
As a thank you for being part of our Rainmakers community, we are pleased to offer an exclusive 20% discount for the upcoming Rainmakers Summit on March 25th.
This is a unique opportunity to engage with industry leaders, gain insights, and connect with like-minded professionals.
As you can see the agenda features keynote speakers and exclusive sessions hearing from The Beauty Tech Group, Northern Gritstone, Rem3dy Health & GM Pension Fund. With some more details below…
Event details & registration:
https://www.rainmakerssummit.co.uk/
Discount code: RAINMAKER20
Please note that this offer is available for a limited time. We encourage you to secure your place at your earliest convenience.
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