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Actor Michael Sheen backs fair banking for all campaign
Actor Michael Sheen has backed a campaign calling on the UK Government to introduce legislation to help tackle the crisis of unaffordable credit and related high levels of indebtedness. The Welsh actor is backing the Fair Banking for All Campaign – a group including credit unions, community development finance institutions (CDFIs), fintechs, charities and policy experts - which is pressing for a Fair Banking Act to help increase access to affordable credit. The campaign said that from 2022 to 2023, more than nine million people were declined for credit, with many relying on pay-day-lenders and buy-now-pay-later schemes with high interest rates. At its worst, lack of access to affordable credit means hundreds of thousands of people find themselves turning to loan sharks, while viable businesses remain stuck, unable to develop and create jobs. Read More: Michael Sheen pays off debts of hundreds of people Read More: The huge financial crisis engulfing Welsh universities Mr Sheen said: "Anyone can find themselves in a place where they need credit to make ends meet or to get through a difficult time. The lack of affordable credit for people on lower-incomes is harming individuals and families, but also businesses and communities. Whole regions are seeing their growth held back. We can’t keep waiting and hoping that things will get better. We need something to change now. The Fair Banking Act could be the thing which really makes the difference.” The actor was speaking at a Westminster event on the credit access issue organised by the All Party Parliamentary Group on Fair Banking (APPG) Lloyd Hatton MP, chair of the APPG, said:“We need a Fair Banking Act to help increase affordable lending in every corner of the country, ensure small businesses have access to the financial support they need, and guarantee that nobody is financially excluded by the mainstream banks. Only then will we deliver sustained economic growth across the whole of the UK.” Before the General Election Labour said that financial inclusion would be a priority of government, with plans being developed for a comprehensive national financial inclusion strategy. The Fair Banking for All Campaign is calling for a Fair Banking Act to be a central pillar of this strategy, to help grow the responsible finance sector. It said the idea is based on a successful example from the US, where similar legislation has successfully increased access to financial services and support for people on low-incomes and from marginalised communities. As well as leading mainstream banks to improve their own provision of affordable credit for underserved communities, the proposed legislation would also incentivise partnerships between high-street banks and institutions such as credit unions and CDFIs, which are often best placed to provide tailored services that meet the needs of individuals and small businesses who have been turned down by larger institutions. Research from the Fair Banking for All Campaign estimated that a Fair Banking Act in the UK could increase fair and affordable lending to individuals by £2bn a year - equivalent to the total amount owed to loan sharks. This it said would help to pull the rug out from under the illegal lending market, by providing people with a safe and affordable alternative when they’re in urgent need. Additional support to small businesses could create or maintain just under 10,000 jobs over five years, including in some of the most economically deprived parts of the country – where small businesses currently find it hardest to get loans from high street banks. Robert Kelly, chief executive of the Association of British Credit Unions, said: “We need more humanity in our banking system. At a time when more and more people need access to affordable credit, their options are becoming more and more limited. People are being turned down by high-street banks because of their income level or credit score, and so they’re turning to high-cost credit or illegal lending. Credit unions give them an alternative. The sector continues to serve communities and employers across the country at record levels through the provision of ethical and responsible products and services. There’s so much demand out there for this kind of alternative - but we need a Fair Banking Act so we can grow to meet that demand, and help millions more people”
2025-08-27 14:42:10
NHS Royal Devon awarded £1.4m for new clinical research hub
A new £1.4m clinical facility that will carry out "ground-breaking research" is to be built at a hospital in Devon. The funding for the hub, which will be based at North Devon District Hospital in Barnstaple, was secured by the Royal Devon Trust. Research carried out at the facility will include specialised heart studies, as well as trials exploring issues such as lower back pain, joint problems and osteoarthritis. The hub is the first dedicated facility for clinical research in North Devon and, according to one NHS trust boss, will help tackle "health inequalities" in the region. Professor Helen Quinn, director of research and development at the Royal Devon, said: “This is fantastic news for the North Devon population. We know patients who are treated in research active hospitals have better health outcomes, whether they are taking part in a study or not. “This new centre will ensure we can expand the number of research studies we can deliver in North Devon which will empower us to tackle health inequalities specific to our region, including multiple long-term conditions that disproportionately affect the local population.” The Royal Devon was one of 30 trusts to secure funding after making an application to the National Institute for Health and Care Research (NIHR). Sam Higginson, chief executive of the Royal Devon University Healthcare NHS Foundation Trust, added: "We are delighted to receive the funding to be able to build this facility for people in North Devon. We have an ambitious research culture and see clinical research as essential and transformational in ensuring our communities have access to the best care. The facility will also help us attract great clinicians at every stage of their careers who want to be involved in research.”
2025-09-06 17:00:16
GB Bank receives £20m capital boost and announces a new chair
Property finance institution GB Bank has secured a £20m capital boost and has announced a number of board level changes. The bank, which specialises in lending to SME property developers and investors and was originally launched in Newcastle where it maintains a satellite office, has received an extra £16m from Hera Holdings Ltd and an additional £4m from the Teesside Pension Fund. Hera Holdings Ltd and Teesside Pension Fund are existing investors in GB Bank, having invested £30m and £6m respectively in 2024 to date. The bank – which announced in summer moving its head office from Middlesbrough to its base in Mayfair, London – also revealed that chair Mark Sismey-Durrant is stepping down to be replaced by Huw Morgan, currently the chair of Oxbury Bank plc and Premier Forest Ltd, with more than 25 years’ experience in the UK banking sector. Other board changes include Andrea Hodgson who joins as independent non-executive director and chair of audit committee, and Ashraf Piranie, who joins as non-executive director and chair of risk committee. Alex Cameron also joins as non-executive director and Hera Holding Limited Investor representative, while Pankaj Thukral is stepping down from the board to focus on building GB Bank’s lending proposition. Mike Says, GB Bank chief executive officer, said: “We are absolutely delighted to have received this additional investment from Hera Holdings Ltd and the Teesside Pension Fund. It is a fantastic vote of confidence in our growth strategy and in the progress which we have already made as we look to become the go-to lender for property investments in the UK. “We are making substantial in-roads into a number of different sectors, particularly in the buy-to-let market and in London and the South East, as borrowers and brokers appreciate our fast, efficient and flexible approach to lending. This investment will further enhance our ability to hit our ambitious lending target in 2025, so we are very grateful to Hera Holdings Ltd and Teesside Pension Fund for their continued support.
2025-09-18 07:41:52
Venture capital investment in South West firms soars 82%
Companies in the South West raised more than £104m of venture capital (VC) funding in the last three months of 2024 - up a staggering 82% on the previous quarter. The region ranked fourth in the UK overall for VC investments, trailing only London (£2.9bn), the South East (£637.8m) and the East of England (£480.5m), which encompass Oxford and Cambridge. According to KPMG’s latest Venture Pulse report, 28 transactions were completed across the West Country, up from 21 in the previous quarter, with the highest proportion of deals taking place in Bristol, where seven VC investments took place. A huge £47.4m was raised by Bristol-based fulfilment services firm Huboo Technologies alone over the period - over half of the total figure raised. Investment in Huboo Technologies drove an overall strong quarter for both business-to-business and business-to-consumer product and service providers in the South West, with £73.9m invested in a total of 13 companies, spanning logistics, aerospace, environmental services and automotive. IT was also a robust sector in terms of VC investment, with more than £14.7m invested across 11 regional companies. David Williams, office senior partner for the South West at KPMG UK, said: “It’s great to see such a steep increase in VC investment in the South West during Q4, positioning it as the fourth largest UK region for the quarter, which is testament to the region’s thriving private business ecosystem. “Looking ahead to 2025, we’re excited to see the continued growth of the South West’s most promising firms, which span a huge range of sectors, especially those that make the most of VC funding to pursue expansion.” The UK attracted the highest level of VC investment in Europe in 2024, following a strong end to the year, KPMG said. Britain raised a total of £15.5bn VC investment after funding in Q4 jumped by more than a third from £3.1bn to £4.4bn. This was driven largely by $1.3bn raised by Greenscale, a London-based AI data centre firm. A total of 569 businesses made up the £4.4bn investment, including £409m raised by Insider and £303m raised by Lighthouse.
2025-09-04 08:57:42
Hull's Think360 secures £100k investment following run of contract wins
Industrial software provider Think360 has secured £100,000 investment following a flurry of new contracts worth £1m. The Hessle-based firm has won the backing from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II). Funds will be used for additional working capital which the firm says will allow it to take on more projects and create three new jobs. Launched in 2018, Think360 provides software to monitor cranes, industrial equipment and manage engineers in the field. It employs six at its Bridgehead Business Park base, and has up to 22 independent contractors including software testers and analysts. The firm is part of a group including IT and telecoms operator The One Point, which is also managed by founder Martin Lauer. In 2021 Ian Crowder and Tony Grimes joined Think360 as directors and shareholders. Since then it has gone on to launch a range of products including AI Suite, which is intended for the ports, logistics and manufacturing sectors. Its newest offer is AI Homecare which helps care providers to manage visits and communicate plans with relatives. Martin Lauer, CEO of Think360, said: "Think360 has made remarkable progress in the past two years since the launch of our proprietary software. Our products have gained traction in all of our key sectors and we have secured some high-profile clients. Following a spate of new contact wins, we also have a strong pipeline of new business. The funding will enable us to meet growing demand and continue our success story." Rebecca Pickering of Mercia Debt added: "AI is reshaping the ports and logistics sector by driving automation and transforming the way care is delivered in patients’ homes. Think360 is at the forefront of these exciting developments. We are pleased to be able to support Martin, Ian, Tony and the team in their plans to achieve further growth and establish the company as a leader in its field."
2025-08-19 11:43:43
Rachel Reeves' National Wealth Fund backs Cornish tin mining project
A major Cornwall mining project has received backing from the government's new investment vehicle, the National Wealth Fund. Cornish Metals, the mineral exploration company working to revive tin production at South Crofty in the Duchy, confirmed the investment as part of a £56m fundraise. The NWF, formerly the UK Infrastructure Bank, is taking a £28.75m stake in the AIM-listed business. It will be one of the strategic investors in Cornish Metal's raise alongside Vision Blue Resources, which currently has a 25.95% share of the business. A share placing being run by Hannam & Partners, SP Angel Corporate Finance and Canaccord Genuity is expected to raise £8.8m, with a broker option to raise another £5.9m. The company also intends to carry out a separate retail offer to raise a further £3m. Don Turvey, chief executive of Cornish Metals, said: “We are very pleased to welcome NWF as a major shareholder in Cornish Metals and to lead this fundraise alongside Vision Blue, demonstrating support for the company and our plans to bring tin mining back to Cornwall. "Tin is a critical mineral that is essential for the energy transition and anything electronic. South Crofty is a strategic asset with the ability to responsibly provide a secure, high grade long-term supply of tin, reviving Cornwall’s rich mining history and contributing to the local economy and the UK’s transition to net zero." Mr Turvey said the funding would enable Cornish Metals to deliver "crucial milestones" over the coming year including the completion of mine dewatering and shaft refurbishment, the start of early project works, placing orders for long-lead items, and concluding the project finance process. John Flint, chief executive of NWF, added: “Critical minerals are not only an important driver of the UK’s transition to net zero, but also of the UK’s growth mission, providing opportunities to anchor important supply chains in the UK. This is our second investment in critical minerals in Cornwall, and indicative of our ability to mobilise private investment into local economies, creating skilled and long-term employment.” In November, Cornish Metals announced that work to build a processing plant at South Crofty would begin by the end of December 2025. The Canadian-headquartered company is working to bring the Pool-based mine, near Redruth, back into working order after 26 years. South Crofty was closed in 1998 following more than 400 years of continuous production and was acquired by Cornish Metals in 2016.
2025-08-22 22:43:41
Reusable mask maker that supplies NHS secures £1.6m
A Cornwall company that makes reusable surgical masks and gowns has secured £1.6m of funding. Revolution-Zero, which was founded during the Covid pandemic, received £1m from the South West Investment Fund via appointed fund manager FSE Group as well as investment from private angels. The injection of equity will help create 20 jobs at the Truro-based medical textiles firm, while supporting the growth of the business. Founder and chief executive Tom Dawson said: "We are thrilled to receive this South West Investment Fund investment via FSE, which will not only accelerate our growth but also further our mission to provide sustainable and effective medical textile solutions. "Our end-to-end service model has already shown significant potential in reducing single-use item dependency in healthcare settings and this funding will help us scale these solutions more rapidly." Founded in 2020, Revolution-Zero has a strong emphasis on environmental, social, and economic sustainability. Initially focused on reusable masks, the company has since expanded to include surgical textile solutions and decontamination/sterilisation units. The BCorp certified company secured accreditations required to supply the NHS in 2021 and has since experienced rapid growth, expanding to 23 staff and more than tripling turnover. With ambitious plans to achieve six operational medical textile processing units by 2026 - rising to 24 by 2028 - Revolution-Zero is aiming to become a £25m turnover business within the next three years. Anna Staevska, FSE investment manager, said: "Revolution-Zero's innovative approach to medical textiles is a game-changer for the healthcare industry. By addressing critical issues related to supply chain vulnerabilities and environmental impact, they are setting new standards for sustainability in the sector."
2025-09-11 08:26:30
Stanlow refinery owner EET Fuels seals $650m funding deals – as reports suggest Hynet cluster could get billions of pounds in Government backing
Energy giant and Stanlow refinery owner EET Fuels has agreed $650m in funding to support its decarbonisation strategy – as reports suggest the Government could today pledge billions to a green industry plan of which Stanlow is a key link. Essar Energy Transition (EET) Fuels, whose Cheshire refinery supplies 16% of all road transport fuels in the UK, says the three receivable financing and trade credit financing facilities it has agreed show the market is confident in its plans to slash emissions from Stanlow as it continues its push towards hydrogen. Meanwhile the Financial Times is reporting that on Friday the Government will pledge £22bn to support two carbon capture and storage schemes, including the HyNet project that links a cluster of industrial sites in the North West and North Wales. EET Fuels has secured a new receivable facility with ABN AMRO Bank for $150m, has extended and upsized its facility with banks HCOB and UMTB to $200m, and has secured a trade credit financing for $300m with “an international oil company”. The group says its Stanlow decarbonisation plan “is central to these new relationships”. The group is aiming to reduce emissions at Stanlow by 95% by the end of the decade by combining carbon capture technology with the use of “blue hydrogen” from natural gas. Stanlow is also at the heart of the HyNet low-carbon cluster, which aims to grow the low-carbon economy in the North West and North Wales. Satish Vasooja, chief financial officer at EET Fuels, said: “This is an excellent outcome for EET Fuels. Knowing our decarbonisation strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence.” Tarun Naruka, head of corporate and structured finance at EET Fuels, said: “These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrate that major financing partners are aligned to our core strategy, including cost optimisation and continued performance improvement.” The FT says the Government is planning to commit to carbon capture tech in the UK by supporting the HyNet cluster and the East Coast Cluster. Both projects will see emissions from industrial sites captured and stored under the seabed. Under Hynet, emissions from Stanlow and other industrial sites would be storied in depleted gas reservoirs below the Irish Sea. Other partners include Italian energy group ENI, which would operate the CO2 transportation and storage system.
2025-09-08 13:34:32
Christmas appeal: Companies urged to help children at risk of hunger over the holidays
2025-09-16 02:18:09
New bank NW Mutual plans 60 branches as it wins key council backing: full list of proposed locations
2025-09-08 06:02:56
Period poverty project lands funding at Dragons' Den-style event at the Shard
2025-09-10 15:34:30
Manchester’s Gaia Learning secures £550k venture capital funding
2025-09-15 04:15:17
Somerset Council warns over bankruptcy without steep council tax rise
2025-08-22 19:23:23
Dairy company that sells to Waitrose and Sainsbury's to create jobs after securing £750k
2025-08-18 15:23:20
Alliance Pharma reports 'strong' performance after turbulent few months
2025-08-21 16:31:30
Weston-super-Mare's Tropicana lands £2.7m for transformation
2025-09-03 04:58:24