Yorkshire medtech firm raises £2.5m
A Yorkshire medtech company which has developed a device that could improve the success of knee replacement surgery has raised £2.5m in a Series A funding round.
Eventum Orthopaedics has secured funding from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, Mercia’s EIS funds and private investors, some of whom are orthopaedic surgeons.
Eventum’s Quadsense device measures the forces of a patient’s quadriceps muscles across the range of leg motions before and during surgery, enabling surgeons to position the kneecap in such a way that the patient retains the same muscle balance and regains normal knee function.
The Ilkley-based company was founded in 2020 by John Naybour and Paul Atherton, who between them have almost 50 years’ experience in developing and marketing orthopaedic devices. They designed Quadsense with input from leading surgeons worldwide. The company raised an initial £1.4m from NPIF – Mercia Equity Finance and private investors in 2021 to help it develop the product and gain regulatory approval.
It has now achieved UK CA approval and the ISO13485 standard for medical devices, and has been used in 20 operations in New Zealand in conjunction with robotic surgery. The latest funding will enable the company to begin production, expand its sales and technical team and apply for FDA approval in the US. Eventum currently employs a team of five but plans to expand that to 12 in the year ahead.
Globally, around 2 million patients a year have knee replacements, with the figure expected to rise to 3.5m by 2030. However as many as one in five suffer ongoing pain or are dissatisfied with the outcome of their surgery. Eventum believes the key to improving success rates is the position of the kneecap, which plays a crucial role in the knee’s function.
John Naybour, Eventum’s CEO, said: “The Eventum team have done a massive amount of work in a short space of time in developing Quadsense and getting it approved for clinical use. We are now excited to start scaling up the team to commercialise the product, as well as bringing further innovations to the orthopaedics market.”
Connie Smith of Mercia added: “Whilst total knee implants have a great track record in terms of survival rates, up to 20% of recipients are still dissatisfied with their outcome. Eventum is pioneering a new approach using sensor technology and machine learning to provide accurate measurements and remove the guesswork associated with current procedures. John and his team have made great progress with the initial funding and this latest round will enable them to roll out the product to the global marketplace.”
Teesside Airport becomes patron of West and North Yorkshire Chamber
West & North Yorkshire Chamber of Commerce are delighted to welcome Teesside International Airport as a patron. The Chamber is a long-standing champion of the work Teesside International does and is hugely supportive of its future plans for expansion.
Because it’s close to both planned freeports and future-facing green energy projects, the airport is ideally situated to massively grow its operations.
James Mason, Chief Executive of West & North Yorkshire Chamber, said: “We are delighted to welcome Teesside International Airport as patron members. We will work hard to make sure we do all we can to make the airport succeed in what it does.”
Phil Forster, the airport’s MD, said: “We are very proud to become patrons of the West & North Yorkshire Chamber of Commerce.
“We’re a rapidly growing airport flying to an increasing range of summer destinations and cities. With our Freeport status offering us huge trade opportunities, our upcoming £200million business park in the pipeline, and our new cargo facility up and running at the heart of the North of England, the sky is the limit high for what we can achieve in the years ahead.”
ITM turns up the power at Sheffield’s Bessemer Park
Sheffield-based clean energy company ITM Power has signed an agreement with Power On Connections Ltd to increase ITM’s power supply the city’s Bessemer Park by 300% from 7.5 to 30 megavolt amperes (MVA) by the end of next year. This additional power supply will enable ITM Power to significantly increase product testing aligned with company growth ambitions.
As a first step towards a larger testing capacity, ITM Power has increased the Company’s power supply by 50% from 5 to 7.5MVA. This power upgrade is available with immediate effect and allows testing of two 2 MW modules simultaneously.
ITM Power’s CEO Dennis Schulz said: “As part of our 12-month plan, in January I stated our intention to increase testing capacity in order to satisfy our project delivery needs. Today’s announcement is an important step to de-bottlenecking our manufacturing output and an important enabler for scaling production.”
Bessemer Park is a 50-acre site within the Sheffield City Region’s ‘Advanced Manufacturing Innovation District’ – home to many of the world’s leading manufacturers across a variety of sectors including aerospace, defence, transportation, nuclear, oil, gas and healthcare.
Andy joins Henton’s as Business Development Manager
Andy Cocker has been appointed as a Business Development Manager with Hentons Corporate Finance Sheffield office as the firm continues to grow.
Hentons’ Director of Corporate Finance Chris Sellars said: “M&A activities have historically dropped during unpredictable economic times; however, there are no signs of the market slowing down at present. It does present additional challenges, such as higher levels of due diligence, but that is standard practice for our team, and we are keen to take advantage of the opportunities that are presented to us.”
Andy will be the ninth addition to the Hentons Corporate Finance team, after doubling staff numbers in under 12 months. He said: “I am excited to get involved and will be helping to build a project pipeline and will be offering support on funding.”
Sellars believes the appointment of Andy presents prolific opportunities for the business: “Welcoming Andy is not only proof that we’re growing, but also an opportunity to create even more of an impact within our markets. We will lean on Andy’s experience within the funding world to support clients who may be considering or actively looking at changing funders.“
“He has a wealth of experience within the banking sector, and we are confident his experience of managing successful teams, interacting with clients and business development, will have a positive impact on the way we operate.’
Andy joins Hentons Corporate Finance with over 25 years of banking experience with funders including HSBC, Bank of Scotland, Allied Irish and most latterly Thincats.
Andy will be based in the firm’s . He said he was looking forward to working at Hentons Corporate Finance: “I am looking forward to adding value and working alongside a team that has shown no sign of stopping. There is plenty of opportunity for growth and I am keen to be part of that journey”.
Hentons Corporate Finance — which includes its own in-house corporate services legal team — is a joint venture with Hentons Chartered Accountants who employ over 170 people across seven offices in Sheffield, Leeds, York, Thirsk, Doncaster, Hertford and London.
ABP investment streamlines grain handling at Immingham
Investment by ABP is streamlining the import of grain, with Viterra being amongst the first to use two metal plate bunds installed at Immingham.
The bunds can be set up on any quay on any surface, and can also be sanitised between vessel discharges meaning grain for human consumption can be handled. Operations are using the new Liebherr 420 mobile harbour cranes, which means faster and more time efficient handling.
Simon Bird, Regional Director of the Humber ports said: “This is a cost-effective method of ensuring we can load on to any quay in inner dock. It’s a developed and proven capability for operations to receive and load human consumption grains, which is part of our key competitiveness.
“ABP is keen to support our customers and we’re delighted that one of the first to use the new grain handling facility is Viterra, one of the UK’s leading grain marketers. The Humber is a key player in the market and our continued investment into infrastructure and equipment maintains our agility and resilience.”
Globally, Viterra is a world leading agriculture network, active in 37 countries worldwide, marketing more than 100 million metric tonnes of agricultural commodities per year. The company renewed its relationship with ABP Humber in April 2022 with the opening of a new 35,000 mt storage facility located on the ABP Humber International Terminal. This is complemented by additional storage within ABP’s Bulk Park facility located within the Port of Immingham.
Viterra UK MD James Maw said: “These combined investments provide the necessary storage for Viterra’s expanding import & export business, serving farmers and processors throughout Central and Eastern England,”
“The Panamax berth capability, combined with the excellent road network around Immingham will further add to the range and quality of services that Viterra provides to its customers.”
City council considers funding to refurbish shopping landmark
Hull City Council’s Cabinet will consider giving the green light to a £1.4m project to repair and renovate Hepworth’s Arcade.
The scheme will see essential repairs to the historic and much-loved shopping parade, addressing damp and a backlog of maintenance, such as renovating the promenade flooring and repairing internal stonework. It will also be fully redecorated.
The project will also improve the quality of the retail units to attract new businesses in a bid to fill empty units.
In turn, this will bring further local jobs and increase the diversity of high-quality retail available and boost footfall in the area.
Most of the overall cost of the project iwill come from the council’s Capital Programme, with additional grants being sought from external funders in support of this Grade II listed Victorian building.
Cllr Paul Drake-Davis, portfolio holder for regeneration at Hull City Council, said: “Hepworth’s Arcade is a Grade II listed building and a much loved and admired retail destination in Hull’s Old Town. Owning the facility, the council has a responsibility to keep it well-maintained and in good condition for future generations.
“Hepworth’s Arcade is home to a mix of bespoke, independent retailers and this investment will complement the amazing work done next door to make Trinity Market so popular and enjoyable.
“This funding from the council’s Capital Programme, alongside potential match funding from Historic England, will help reinvigorate Hepworth’s Arcade and ensure it remains a popular destination for both residents and visitors to our city centre.
“As part of the work plan, the council will involve existing tenants in a bid to limit the disruption to their businesses and ensure the success of the project.”
Packaging rethink cuts carbon emissions at Hull-based Arco
Hull-based safety equipment specialist Arco has successfully reduced its carbon emissions and plastic use by adopting a more circular approach to the packaging for its products.
It has introduced mailing bags made from 80% recycled polythene to achievea 35% reduction in the amount of plastic used across its operations. Their production of the 400,000 mailing bags it uses every year has been relocated from China to Europe, resulting in an estimated carbon emission saving of 38%.
Arco has also changed to a new ‘void fill solution’, to improve the sustainability of packaging which protects products in transit. The new alternative provides a further 13% reduction in plastic usage and carbon emissions and results in 17% less waste. Arco’s overarching sustainability aim is to be carbon net zero by 2045.
Jim Harbidge, Head of Sustainability at Arco, said: “The introduction of these changes is a small, but important step that we have taken in support of our sustainability aims and is part of a planned approach to ensure we are carbon net-zero by 2045.
“We would like to thank our packaging supplier, Hazel 4D, for their advice and support in identifying and implementing these changes.
“As a responsible choice of safety partner, we are committed to taking action to reduce climate-related impacts and are focussed on wider sustainability opportunities that we can bring forward, including how we support our local communities.”
Arco’s new packaging has been developed in collaboration with Leeds-based packaging supplier Hazel 4D. The fifth-generation family business has worked with the packaging consultancy for several years, including on a previous project that reduced its plastic usage in pallet wrapping by 55%.
Health & employment scheme Working Win secures further £5.9m funding
Following discussions with Government to stop the trailblazing Working Win scheme from being scrapped, South Yorkshire’s Mayor Oliver Coppard has announced grant funding to keep it going for a further two years, helping thousands of people with health conditions find or stay in work.
The programme has already supported more than 6,500 people in South Yorkshire. Through the new funding, it’s expected that a further 3,000 people with physical or mental health conditions will be supported until March 2025.
South Yorkshire’s Mayor Oliver Coppard, who also chairs the region’s Integrated Care Partnership, has welcomed the new funding as part of his commitment to address the region’s health inequalities.
South Yorkshire’s Mayor Oliver Coppard said: “When I was elected as South Yorkshire’s Mayor, I said I’d do what I could to make South Yorkshire the healthiest region in the country, and Working Win is a great example of how we’re working to tackle health inequalities in South Yorkshire.
“Too many people are held back by poor health in South Yorkshire, and are unable to stay in work or find new jobs. Working Win has been genuinely life-changing for thousands of people here, so I’m so really pleased our campaigning efforts have paid off and it’s been given further funding to keep going, and will now help thousands more people in South Yorkshire.”
The new funding, secured by the South Yorkshire Mayoral Combined Authority (SYMCA), is part of the Individual Placement and Support in Primary Care (IPSPC) initiative. The aim of the IPSPC initiative is to promote inclusive growth by helping to achieve a reduction in health inequalities through supporting people to access employment.
The £5.9 million IPSPC grant will mean that the current instalment of the Working Win programme, which has provided support since April 2018, can continue to benefit participants until June 2023. In July 2023, the delivery of the new grant programme will commence, for which an open procurement process will be announced soon.
Richard Stubbs, chair of the South Yorkshire Local Enterprise Partnership, said: “Fifteen million days of work a year are lost due to stress, anxiety and depression alone. This leads to businesses losing productivity and causes reduced quality of life for individuals. Working Win can help by supporting those out of work or off sick with free coaching to get them to a better place in their employment journey. This brings benefits to them, to employers and to the wider community.”
New development on Daisy Hill in Dewsbury approved
Kirklees Council’s Cabinet have approved work on another prominent building in Daisy Hill, in Dewsbury.
Daisy Hill is one of the key areas the council are developing as part of the ambitious Dewsbury Blueprint. The council are creating a new neighbourhood in this area made up of homes which are both “excellent quality” and affordable to rent or buy.
Once the new neighbourhood is finished, it’ll feature both brand new buildings and older converted structures – like this one.
Cabinet have approved work on the building at 6-10 Westgate. The four storey site is made up of two commercial units on the ground floor with lots of space to create new homes above.
Above the commercial spaces, the council will be creating three new one-bed homes and one two-bed. Two new traditional shopfronts will also be installed and some of the building’s original stone features will be brought back to life.
This work will follow the development of Fieldhouse, soon to be Station Apartments, the flagship of the new Daisy Hill neighbourhood. Plans for Fieldhouse’s development were approved by Cabinet last year, and work is due to start within the next few months.
The council will be working with Saleem Holdings on the development of 6-10 Westgate, who have already been closely involved in putting together the Cabinet proposal, and are contributing £240k funding to the project.
As well as the investment by developer, Saleem Holdings, this work is also funded by both £671k from the Dewsbury Revival Grant Scheme – part of the government’s Towns Fund – and a £280k grant from Historic England’s Heritage Action Zones (HAZ).
Daisy Hill was awarded HAZ status in 2017, which means that Historic England considered the area to be ‘at risk’ and in need of urgent action to protect its history. It’s also part of the Dewsbury Town Centre Conservation Area.
Councillor Eric Firth, Cabinet Member for Transport and Dewsbury Ward Councillor, says: “This project fits perfectly within our aspirations for the Dewsbury Blueprint. The Blueprint is about creating a better, more vibrant and varied town centre for both residents and businesses, and breathing new life into areas that have seen better days.
“We’re very excited to work with Saleem Holdings on this development, as I know they’re as invested in the project – and in Dewsbury’s future – as we are.
“With work on Fieldhouse, the flagship of this new neighbourhood, due to start within months, we’ll be starting to see Daisy Hill in a new light very soon.”
Lloyds Banking Group takes almost 124,000 sq ft of space at Leeds’ Wellington Place
In one of the largest office lettings in Yorkshire for several years, Lloyds Banking Group has selected Wellington Place as its new Leeds base.
Lloyds will take almost 124,000 sq ft of space at 11 & 12 Wellington Place.
The banking giant employs 4,200 people in Leeds who will begin to relocate from their current base at Lovell Park at the end of the year, with the transition complete by spring 2024.
Sharon Doherty, chief people and places officer at Lloyds Banking Group, said: “It’s a key part of our strategy to have the right spaces in the right places and we want everyone to love being in our offices. This means having the right facilities, tech and spaces as well as meeting our sustainability commitments, which are a critical part of our purpose of Helping Britain Prosper.
“Leeds continues to be an important hub for Lloyds Banking Group and our new offices will help us to work brilliantly together and attract new diverse talent into our organisation.”
Paul Pavia, head of development at MEPC, said: “As one of the UK’s largest financial services organisations, we are thrilled that Lloyds Banking Group has chosen Wellington Place as its new Leeds home.
“This is a landmark deal for the Yorkshire market and at more than 120,000 sq ft is the largest office letting in the region in recent years.
“The 11 & 12 Wellington Place development has set a new standard for sustainable development in Yorkshire and beyond. Lloyds is committed to environmental sustainability and its decision to move to 11 & 12 Wellington Place is evidence of this. Lloyds was also attracted to our extensive amenity offer and our programme of social value and community activities.
“We are very much looking forward to welcoming Lloyds and its people to the neighbourhood later this year.”
MEPC recently announced that Wates Construction, which has delivered 11 & 12 Wellington Place, has reached practical completion on the buildings.
Lloyds will join employee-owned consultancy Arup at 11 & 12 Wellington Place, with further announcements expected on other new occupiers shortly.
Acquiring agents on the deal were Jeff Pearey, head of UK regional office agency and Yorkshire / North East regions at JLL, Alex Hailey, senior director, CBRE, Paul Fairhurst, head of Leeds office, Savills.
