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British Business Bank backs Episode 1 Fund IV with GBP £35M

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The British Business Bank has committed up to GBP £35 million to Episode 1’s Fund IV, marking its fourth investment in an Episode 1 fund.

The commitment follows earlier backing for the venture firm’s 2014 Fund I, 2018 Fund II and 2022 Fund III. Episode 1 invests in early-stage companies, primarily at the pre-seed and seed stages, with a focus on software-led UK businesses across artificial intelligence, software infrastructure, deep tech, and tech bio.

The investment forms part of the Bank’s role as a major investor in UK venture and growth capital funds. Cornerstone commitments can help funds reach a first close and attract further private sector investment.

Fund IV is expected to continue backing businesses linked to the UK’s Industrial Strategy sectors. According to the Bank, a significant majority of Episode 1’s Fund III portfolio mapped to five of the eight priority sectors: digital and technology, financial services, professional and business services, clean energy, and life sciences.

The latest commitment also reflects the Bank’s stated plan to direct more capital towards those sectors over the next five years. The institution, the UK government’s economic development bank, says its programmes support GBP £23 billion of finance for almost 64,000 smaller businesses.

Christine Hockley, Managing Director and Co-head of Funds at British Business Bank, said the programme is intended to increase the availability of capital for innovative UK businesses. “Our fund investments are designed to increase the availability of capital for innovative UK businesses, allowing them to start, scale and stay in the UK. By making a cornerstone commitment to Episode 1’s Fund IV, we are expanding the pool of capital available to support high-growth, high return innovative businesses,” she said.

Michael Laycock, Investment Director, Funds, at British Business Bank, said Episode 1 had shown a strong track record in backing early-stage UK businesses with growth potential.

“Episode 1 has a strong track record of backing early stage UK businesses with strong growth potential. Fund IV represents the fourth Episode 1 fund that we have backed and we are pleased to continue our support. Fund IV will continue to make a substantial impact supporting primarily UK based businesses operating in the Industrial Strategy sectors, further fuelling UK economic growth, by supporting promising UK businesses to scale,” Laycock said.

Early-stage focus

Episode 1 has built its investment approach around identifying and assessing software-driven start-ups at a very early stage. The firm says it uses an algorithmic method to source and evaluate companies, alongside a behavioural approach to founder selection.

Its portfolio includes businesses such as Lawhive, Carwow, Mantic and Source.dev. The latest backing from the British Business Bank gives Episode 1 additional institutional support as it looks to invest in another group of UK start-ups.

Adam Shuaib, GP at Episode 1, said the investment reflected confidence in the firm’s approach. “British Business Bank’s backing is a huge vote of confidence in what our team has built over the last decade; an early-stage fund combining proprietary algorithmic sourcing with a rigorous behavioural approach to founder selection to find incredible companies like Lawhive, Carwow, Mantic and Source.dev before others get there,” he said.

Hector Mason, GP at Episode 1, said the commitment was an encouraging sign for the firm’s strategy. “Securing backing from one of Europe’s most respected institutional investors is a strong signal that the thesis we’ve been refining over the past decade is resonating at the highest levels,” he said.



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Major UK restaurant chain rescued amid £37m debt administration

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Las Iguanas, which runs 44 sites across the country but none currently in Oxfordshire, had warned it would “inevitably enter administration” if the deal was not sanctioned.

It previously operated an Oxford branch in Park End Street, which closed back in June 2017, leaving the county without any of the group’s Latin American-themed restaurants.

The chain is owned by Iguanas Holdings Ltd, a subsidiary of The Big Table Group, which also sits behind several familiar high-street brands including Frankie & Benny’s, Bella Italia and Banana Tree.

READ MORE: Staff ‘gutted’ as UK giant cuts thousands of jobs amid £800m administration

In May, the company confirmed it had gone to court to seek approval for a restructuring plan intended to deal with its heavy debt pile.

At the time, bosses said that, without the move, the business would not be able to continue trading and would be forced into administration.

The court has now backed the plan, allowing around £37 million of debts to be cancelled or compromised and giving the chain a financial lifeline.

As part of the rescue, The Big Table Group is injecting £3 million of new funding into the business as part of a wider turnaround strategy.

READ MORE: UK food supplier giant falls into administration owing £1.5m debt

The deal also paves the way for reduced rents at certain sites and agreements with landlords on some outstanding sums, easing pressure on the company’s day‑to‑day cash flow.

Mr Justice Meade approved the scheme at a hearing in London, clearing the way for the restaurant operator to avoid collapse and continue trading.

The group has stressed that the restructuring relates only to the legal entity that holds the chain’s property leases and related costs, and does not involve the wider Big Table business, its suppliers, its employees or any of its other brands.

All 44 restaurants are continuing to operate as normal while the rescue plan is implemented, with the company presenting the deal as a way to secure the long‑term future of the brand and safeguard sites and jobs.





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Ssen Transmission joins European cyber security network

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SSEN Transmission has joined the European Network for Cyber Security as an Information & Knowledge Sharing member, bringing a major UK electricity transmission operator into a European cybersecurity network for critical infrastructure.

The membership gives SSEN Transmission access to ENCS research, technical documentation and knowledge-sharing with European transmission and distribution system operators. Key areas include testing, operational technology security operations and the development of cybersecurity practices for grid infrastructure.

SSEN Transmission operates the high-voltage electricity transmission network across the north of Scotland. Its network covers more than a quarter of the UK’s land mass and includes substations, overhead lines, underground cables and subsea cables.

The decision comes as cyber threats to essential services face growing scrutiny from governments and operators. The UK National Cyber Security Centre reported 204 nationally significant cyber incidents in the year to August 2025, up 130% on the previous year, including cases affecting critical infrastructure.

Shared concerns

ENCS is a non-profit membership organisation that works with critical infrastructure groups and security specialists across Europe. Founded in 2012, it supports members through applied research, technical security requirements, testing, education and training.

Its network includes transmission system operators, distribution system operators and regulators. By joining as an Information & Knowledge Sharing member, SSEN Transmission is entering a forum focused on common cybersecurity issues across energy networks, rather than a bilateral arrangement with a single partner.

That matters because electricity operators increasingly face similar challenges across borders, especially in the operational technology environments that underpin power networks. Utilities must also respond to a regulatory climate in the UK and EU that places greater emphasis on secure systems and formal cybersecurity practices.

“Cybersecurity is a shared challenge across Europe’s energy sector, and collaboration is fundamental to staying ahead of evolving threats,” said Anjos Nijk, Managing Director of ENCS.

“Across both the UK and EU, regulatory frameworks place clear requirements on investment in robust security practices and secure systems. We are pleased to welcome SSEN Transmission to ENCS and strengthen cooperation across the sector,” Nijk said.

Cross-border work

For SSEN Transmission, the arrangement broadens the expertise available to its operational technology and cyber teams. The company is in the middle of a wider investment and build-out programme tied to the electricity network in northern Scotland, where infrastructure upgrades are closely linked to reliability and the transmission of power over long distances.

Operational technology security has become a particular concern for energy operators because these systems control physical assets and industrial processes. Disruption in these environments can have consequences beyond data loss, affecting electricity flows and service continuity.

Participation in the ENCS network will help the UK operator look beyond domestic peers and compare approaches with companies across Europe. That includes exchanging practical experience on security operations and learning from work already carried out elsewhere in the sector.

“Joining ENCS provides an opportunity to collaborate with peers across Europe at a time when regulatory expectations around energy network cybersecurity continue to evolve. With the growth journey that SSEN Transmission is undertaking, it is vital that we look beyond our UK peers to ensure we are tapping into best practice across the continent to solve the shared problems and escalating cyber threats we face as operators of essential services,” said Iain Dougan, Head of Operational Technology and Cyber at SSEN Transmission.

The announcement also points to closer links between UK and European operators on cybersecurity despite differing national systems and regulatory structures. Grid operators often face the same technical risks in industrial control systems, supply chains and field equipment, making sector-wide exchanges valuable even when assets remain nationally owned and managed.

For ENCS, adding a large British transmission operator extends its reach into a strategically significant part of the European energy system for electricity transmission and offshore network development. For SSEN Transmission, the membership places it inside an established network focused on the cybersecurity of critical energy infrastructure.

The backdrop remains a rise in serious cyber incidents affecting organisations that run essential services, with the UK recording 204 nationally significant cases in the year to August 2025.



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Oxfordshire village shop and cafe finalist in national award

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Kirtlington Community Shop and Cafe is currently under construction, after a community share offer running since 2020 raised the funds for the purpose-built business in the village west of Bicester.

Already the project is gaining recognition, as it has been shortlisted as a finalist for the Rural Community Business Awards 2026.

READ MORE: Oxford congestion charge hits hospitality hardest, survey shows

The annual awards, sponsored by Lands Improvement and hosted by Woodstock-based charity Plunkett UK, have named the rural businesses in the ‘One To Watch’ category.

Kirtlington Community shop and cafe ground breaking eventConstruction of Kirtlington Community Shop and Cafe is currently underway (Image: Amanda Deadman Photography)

Celia Hawkesworth, chair of the management committee for the new shop, said: “We’re thrilled to be one of the finalists in the ‘One To Watch’ category.

“We’ve been working hard on this project since 2020, and it’s an honour to be recognised alongside the best community-owned businesses when we’ve barely got started.

“Exciting times are ahead as we work towards opening our new shop and cafe later in the summer.”

Kirtlington Community Shop and Cafe under constructionConstruction is underway at Kirtlington Community Shop and Cafe (Image: Amanda Deadman Photography)

Locals came together after the village’s shop closed in 2020, and since then successfully raised £233,500 towards the £275,000 target funds needed for the project.

This includes £180,000 raised through a community share offer, meaning villagers have personally invested in the scheme.

READ MORE: Police at ‘unauthorised encampment’ of caravans in Oxford park

A ground-breaking ceremony was held on April 10 this year to mark the beginning of construction of the much-wanted community shop and cafe.

Kirtlington Community shop and cafe ground breaking eventThe ground-breaking event of Kirtlington Community Shop and Cafe in April (Image: Amanda Deadman Photography)

The new shop and cafe, designed to bring services ‘back to the heart of the community’, will be housed in a purpose-built, energy-efficient building next to the village hall.

Plunkett UK, a national charity which supports people in rural areas to set up and run a wide range of businesses in community ownership, provided the village group with ‘invaluable’ advice, according to the committee chair.

The charity’s vision is to create resilient, thriving and inclusive rural communities by extending the number of democratic, community-owned business from the more than 850 already operating in the UK.

Kirtlington Community Shop and Cafe under constructionConstruction is underway at Kirtlington Community Shop and Cafe (Image: Amanda Deadman Photography)

Its rural community business awards celebrates businesses that contribute to their areas across nine different categories, from the ‘going green’ award to ‘team spirit’ and ‘young person’.

READ MORE: Listed village pub near Banbury up for sale after 13 years

Sarah Benn, Relationships Team Leader at Plunkett UK, said: “It has been inspiring to see so many people nominate their local community-owned businesses, truly emphasising the significant role they play in their communities.

“We celebrate the considerable impact each one is making it its local area and we are looking forward to next month’s awards event when the winners are announced.”

The award ceremony will take place at The Royal Society of Chemistry in London on Thursday, July 2.

The Kirtlington Community Shop and Cafe is expected to open later in the summer.





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