ECOSERV GROUP SET FOR GROWTH FOLLOWING FUNDING

Ecoserv Group, a sustainability-focused commercial cleaning firm with more than 25-years’ experience, has received a £4 million asset-based lending facility from Cynergy Business Finance.

Earlier this year, Ecoserv was bought out of administration when Ian Corfield and Simon Stibbons, partners at financial advisory firm FRP appointed as joint administrators for the Ecoserv companies, secured a pre-pack sale of the businesses and assets, and shares in Ecoserv South Africa (PTY) Ltd to Ecoserv FM Group Limited – a body owned by the former shareholders and directors.

The joint administrators were advised by Osborne Clarke LLP, and Ecoserv FM Group Limited was advised by Stephenson Harwood LLP.

Ian Corfield said: “Having grown successfully for many years, the group has faced a heady combination of challenging trading conditions related to and since the pandemic, which was exacerbated by financial obligations arising from a franchisee in-housing strategy. We’re delighted that this transaction has secured a fresh start for the business and its near 2,000 employees whom we wish the very best of luck for the future.”

Based at Howbery Park near Wallingford, Ecoserv works for more than 600 customers across the UK, providing deep cleaning, waste management and window and roof cleaning.

Ecoserv also provides IT services to notable customers such as BBC Studio Works, InHealth and Savills.

Environmental, social and governmental (ESG) principles span Ecoserv’s operations, as it aims to adopt a fully electric vehicle fleet by 2030, undertakes sustainability assessments of potential suppliers and uses plant-conscious, cruelty-free products.

In late 2021, the company completed the purchase of Cooltech Environmental Engineering Ltd in Slough in a £3.5 million deal.

Jean-Henri Beukes, chief executive o cer at Ecoserv Group, said: “Having already experienced rapid growth, the business needed to create additional liquidity to allow us to achieve our growth plans for the next three to five years.”

Maxine Hennessy, corporate sales director at Cynergy Business Finance, said: “The owners, Jean-Henri and Henry, were a pleasure to deal with. They are evidently proud of not only the thriving business they have built together, but also of their team, where strong sta relationships are clear to see.

“Cynergy Business Finance is committed to supporting businesses with a focus on ESG and environmental considerations –these are evidently very much at the core of Ecoserv’s approach.”

The funds will be used to support a new research and development centre at its Cassington headquarters near Oxford, which will help it to further develop its home energy and heat storage technology, along with expanding internationally.

Mixergy’s patented approach to heating uses thermal stratification to focus heat on what is needed with sensing and control capabilities to turn hot water tanks into smart heat batteries able to connect to any energy source. The company says it will be able to deliver a 95 per cent reduction in CO2 in homes.

Peter Armstrong,CEO of Mixergy, said:

“We’re thrilled with this investment and pleased to welcome our new investors, EDP Ventures and Nesta. EDP Ventures is one of the biggest energy providers in southern Europe and their arrival is a catalyst for Mixergy’s expansion across Portugal and Spain, where we see great product market fit alongside solar PV.

“Nesta brings considerable experience to this sector alongside an emphasis on social impact which complements our drive to address fuel poverty whilst reducing carbon emissions. I would like to thank our existing shareholders, OSE, IPG, Foresight, and Centrica who continue to back our mission, as well as our incredible team at Mixergy.”

Luís Manuel, Managing Partner at EDP Ventures, said: “We’re very excited to be joining Mixergy on their mission to improve energy e ciency at residential level and support the company’s growth plans.

“Distributed energy resources and decarbonization are two domains at the heart of what we do here at EDP Ventures, and Mixergy’s technology is fully aligned with both: a smart and connected hot water tank that acts as a home battery, providing faster water heating and harnessing solar power. As such, we look forward to supporting Mixergy in the future, with the rollout of its products across EDP’s markets.”

Legislate raises $3.6 million for international expansion

Production company JLL acquires Scruffy Bear Pictures

Oxfordshire-based full-service technical production business JLL has acquired independent film company Scru y Bear Pictures.

The acquisition expands JLL’s full-service production partnership o ering, and supports the firm’s commitments to deliver sustainable and, by 2030, net zero carbon technical production services.

It will also grow JLL’s capturing of content with a televisual or cinematic quality lookand-feel for use in conferences, product launches, trade shows and similar in-person events. It will support the firm’s creation of brand videos and adverts, further its livestream and on-demand capabilities along with filming of live events and exhibitions in real-time and manipulating of existing video content to fit custom screen resolutions.

The extra knowledge bought by Scru y Bear’s team also furthers JLL’s capabilities and support for clients within the TV drama and film sector.

Phil McMichael, Group Commercial Director at JLL, said: “The first three months of 2023 have been game-changing for the team here at JLL. The coming together of JLLighting and JLLive, followed by the acquisition of Scru y Bear Pictures, shows our commitment to our evolved ‘one team’ approach.

Darren Cook, Founder of Scru y Bear, added: “This is an extremely exciting time for Scru y Bear Pictures to be joining JLL. With the incredible business growth JLL are witnessing, we are thrilled to be joining Jack, Phil, Dan and the team to combine our years of experience and amplify our sustainable production o ering.”