Hakim Group refinances, e-waste deal and the strange case of the 79th Group
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Hakim Group refinances and plans for next surge of growth
Lancashire-based family run opticians and audiology business Hakim Group has received investment from private equity investor ICG and plans to “accelerate its expansion”, buying up more smaller businesses in their core sectors
The deal will see ICG’s European Mid-Market team investing alongside existing partner, All Seas Capital.
The business is headquartered in India Mill in Darwen and was founded by Bolton-born entrepreneur and optometrist Dr Imran Hakim in 2005, with his brother Zubair.
Over the past 20 years it has acquired or partnered with over 500 independent optometry practices across the UK and Ireland.
Hakim Group provides centralised support services to practices on its platform to support their growth, including training, IT, procurement, finance, technical and HR. This enables practice partners to continue focusing on the local teams and communities with cutting edge optometry and audiology services.
The additional capital will enable the Company to welcome more practices onto its platform and to serve more communities across the UK whilst investing in its team, technology, innovation and service standards for customers.
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The issue of electronic waste (e-waste) is becoming an intensifying international concern, with mounds of often toxic discarded electrical equipment growing ever higher. One Yorkshire company tackling this problem, which has big ambitions for expansion, has attracted a significant investor.
Rotherham-headquartered S2S Group offers sustainable and secure recycling and reuse for end-of-life IT equipment, supporting clients across the defence, finance and education sectors. S2S's work has caught the attention of Leeds-headquartered investment firm, Bailie Group, which has now acquired a 25 per cent stake in the business.
It is a big moment for S2S, which says this deal will accelerate its aims of achieving 21 per cent growth this year, taking its annual revenue to £5.8m.
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Lancashire-headquartered First Class Metals PLC is seeking “alternative funding options” after the disastrous sequence of events that has led to shareholder The 79th Group appointing administrators, thus being unable to complete the second stage of its initial £548,000 strategic investment.
In a statement to the stock market First Class Metals, which has its head office in the Lancashire village of Ribchester, said they were now “in early-stage discussions” with interested parties regarding “alternative funding options” which the company said “reflect continued confidence in the quality of the company's asset portfolio.”
The company said a range of structures is being considered, including non-equity solutions. “The Company remains committed to securing funding aligned with shareholders' long-term interests and further updates will be provided as appropriate.”
On 30 April TheBusinessDesk.com reported that 79th Group appointed Quantuma as administrators after a major fraud investigation was launched into its activities by the City of London Police.
The 79th Group, which operated from Southport Business Park, offers high yield loan notes to investors which promise a high interest return over a fixed period.
The business, operated in real estate and also claimed to specialise in the acquisition, management and development of lucrative assets.
In January First Class Metals described a deal to secure a conditional £2.18m investment The 79th Group as “a pivotal moment” which would provide the financial backing to accelerate its ambitious exploration programme in the mineral-rich Hemlo-Schreiber Greenstone Belt in Ontario, Canada.
In response to a query from TheBusinessDesk.com, James Knowles, CEO of First Class Metals, said: “Neither First Class Metals nor any of its officers have been contacted by the City of London Police in connection with any investigation.
“The equity investment by Seventy Ninth Group in First Class Metals is a matter of public record. FCM is a separate, independent, publicly listed entity. Our position on this matter has been clearly stated in our public disclosures, which remain accurate and up to date.”
David Webster, one of the founders of 79th Group, was appointed as a non executive director of First Class Metals on the 3rd March 2025 and resigned by the 31st of March.
Throughout the second half of 2024, First Class Metals’ partnership with 79th Group deepened: by December, after further due diligence and discussions, the initial loan facility was increased to £500,000 in October and to £700,000 by year-end. These funds were described as “instrumental in fully funding our winter 2024/25 exploration programme” which included geophysical surveys and expanded geochemical sampling at mining sites.
In December 2024, a proposed strategic equity investment by 79th Group would have seen it would acquire approximately a 51.2% equity stake in FCM through a staged investment totalling around £2.18 million, which enabled the full repayment of all outstanding debt previously owed by the Company.
Further investment is on hold.
“Whilst 79th Group denies any wrongdoing, the Board has taken a prudent and measured approach in light of these developments.
“We continue to monitor the situation carefully and will assess any further steps in line with our governance standards and the long-term interests of shareholders. At the time of writing, there are no outstanding loans and the company remains focused on advancing its exploration plans independently, with a clear commitment to maintaining stability and discipline in its operation.”
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Atomik AM to grow staff numbers after powerhouse investment
A female founded advanced manufacturing business has raised £600k of investment from the Northern Powerhouse Investment Fund II to scale-up the solutions it provides to manufacturers across the world.
Liverpool-based Atomik AM, which creates sustainable materials and patented technologies to support scalable and efficient advanced manufacturing, was founded in October 2022 by Professor Kate Black, a professor of manufacturing at the University of Liverpool.
Since then, she has scaled the business to a team of 10 people, working in partnership with Unilever and Ricoh, as well as developing and patenting its own IP.
Atomik AM has raised the money from NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund II, to grow its Liverpool City Region-based team by 40% and explore larger premises, as it looks to scale further in region.
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TheBusinessDesk.com’s Rainmaker Awards return this summer and will showcase a wider cross-section of the region’s deals community.
The hotly-contested regional corporate finance awards will continue to recognise teams, individuals and deals, and the shortlist and winners will be decided on by the community, as always.
This year we have asked all firms to submit a short entry, along with the key deals they have advised on, to ensure our judges have the full information when making their selections.
Shortlists have now been drawn up at well-attended judging days. These shortlists have now been voted on by a wider group of people from across the community, on a strict one vote per firm basis, to decide our 2025 winners.
Don't miss out on joining your regional Rainmakers community event to celebrate their work and successes from the past 12 months.
The Rainmaker Awards is on track to sell out so book your table and make sure your team is in the room.
For tickets for the event, please click here to secure your seat in the North West, Yorkshire, or the West Midlands.
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