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'Success isn't hidden formula', says pension app founder after raising £1.8m

2025-08-18 23:01:39 By

Royden Greaves, chief executive and founder of Jarvis

The founder of a pensions app that has raised £1.8m in funding this year says there is no "hidden formula" to success. In the two years since establishing his business, Royden Greaves has developed a retirement planning platform and secured backing from major investment funds.

The London-based entrepreneur, who moved to the UK from Montserrat to do his A-Levels more than 20 years ago, is on a mission to simplify financial planning for retirement.

He launched Jarvis in 2022 after a decade working in wealth management. The 39-year-old, who invested £100,000 to start up his company, was inspired to set up a business after deciding access to financial planning was limited to a select few firms.

"I knew I needed to simplify pensions and empower individuals to take control of their financial future," he told Business Live. "We’re creating a complete pension solution that covers the needs of employed workers and the self-employed, offering a real alternative to the traditional 'old school' incumbents.

"We've evolved to provide a pension that workers actively engage with, like a modern banking app, so they know exactly how and when to retire."

In July, Jarvis secured seed funding in a round co-led by Ascension VC and Cornerstone VC, with participation from Tokio Marine Future Fund. Just a month later, it launched its workplace pension offering as well as pension tracing and a 'retire now' solution.

"Success, for me, isn't about some hidden formula," he said. "It's about the daily commitment to waking up and striving to make progress."

But it's not been a completely straight road for the businessman, who admits the biggest challenge he's facing is making pensions accessible - and engaging workers - in the UK.

"We’ve tackled this by identifying the 'missing link' and retirement guidance gap in pensions," he said. "As a result, we’ve built a lifetime pension with both personal and workplace jars and created a user experience that feels like a challenger bank."

Mr Greaves believes Sir Keir Starmer's government needs to keep innovation at the forefront of its agenda if it wants to help businesses like his.

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Finance2025-08-18 23:01:39

Bristol tech firm 3radical collapses as parent company suspends shares on AIM

A Bristol data and technology company has fallen into administration months after being acquired for £1.28m in a reverse takeover deal. South West-based 3radical - the main subsidiary of digital marketing firm Electric Guitar Plc - has instructed Paul Ellison and Christopher Errington of KRE Corporate Recovery to market its business and assets for sale. It is understood that KRE will be appointed administrators with a view to completing a pre-packaged sale of 3radical. The decision was made with the agreement of Electric Guitar's board after the firm struggled to raise equity funding. The news comes just two days after Electric Guitar suspended its trading of shares on AIM as it seeks to clarify its financial position. Electric Guitar has been working on a so-called buy and build strategy since acquiring 3radical seven months ago. It completed the all-share acquisition of data business Mymyne in August, which it said resulted in "significant synergies and cost-savings" for 3radical. But the company's share price has continued to decline since the reverse take over despite Electric Guitar investing £250,000 in sales and marketing. Electric Guitar said in a statement: "It has taken longer than expected to benefit from the fruits of such activity although this is now starting to show. Therefore, the Board has been actively seeking additional capital beyond its existing resources to be able to proceed with its buy and build mission, beyond just bringing the 3radical business to profit. "However, the company's declining share price has not only inhibited its ability to pursue its buy and build mission, but has also made an equity fundraising difficult at this time." Electric Guitar had been courting prospective investors in Singapore, where it has a presence, and had secured "in principle" substantial new funds, it said. But it is understood the investors pulled out "unexpectedly" claiming the market was "insufficiently liquid".

Finance2025-08-18 23:01:39

Bristol fintech Moneyhub appoints new chief executive

Bristol fintech firm Moneyhub has appointed a new chief executive. Alastair McGill will take the helm of the Redcliffe-based open banking platform with immediate effect, the company has announced. The firm's previous chief, Samantha Seaton, confirmed in December she was stepping down from the top job after eight years in the role. Mr McGill, who has more than 30 years' experience in the technology sector, joins Moneyhub from financial technology business Broadridge. In his previous role as general manager, he was responsible for strategy, execution and leadership across a multi-disciplinary team serving hundreds of financial services firms and corporate treasury operations. His career also includes a stint at Cashfac as global managing director, where he assisted the company expanding into Europe and Australia. He also previously served on the management board of SmartStream Technologies. "We are excited to welcome Alastair to Moneyhub," said Anne De Kerckhove, chair of Moneyhub's board. "His exemplary track record and passion for growing businesses, building long-term client partnerships and fostering innovation makes him the perfect leader for Moneyhub's next chapter." Founded in 2014, Moneyhub provides a range of savings, investment, pensions and banking engagement solutions, and works with big brands including Lloyds, Nationwide, Aon, Vodafone and Standard Life.

Finance2025-08-18 23:01:39

UK's oldest lido to remain shut after flooding damage

A historic lido in Bath which is believed to be the oldest in Britain will remain closed while work to repair flood damage is carried out. Cleveland Pools reopened in 2023 after a £9.3m restoration, but was forced to shut in January last year after heavy rain caused 'serious damage'. The charity behind the lido has now said it is continuing to investigate the issues caused by the flooding. Paul Simons, chair of the Cleveland Pools Trust, said he was grateful to the public and volunteers who are supporting the project. “The Cleveland Pools trustees regret the prolonged closure of the pools," he said. "In the period since the flood extensive investigations have been conducted into the flooding incident, which caused serious damage to the pools’ operating plant and machinery in its plant room. "There has also been some damage to the surrounding areas of the main pool and the focus of the ongoing technical investigations is on the nature and extent of damage to the pool structure itself and connecting pipework." Mr Simons said the charity was looking at options for recovering the cost of fixing the damage to allow the pools to reopen. But he admitted he was "unable to put a timescale" on when that would be. "The trust shares the frustration of the public that the pools remain closed but wishes to reassure them that as a registered charity run and managed by volunteers, it continues to use its best endeavours to find a solution to allow the pools to be brought back into use as soon as is practically and viably possible," he said. Cleveland Pools is a grade-II listed site that opened as a river-fed pool in 1815 and was used for public swimming. The venue closed in 1984 and was used for a while as a trout farm before facing the threat of demolition in 2003.

Finance2025-08-18 23:01:39

Myenergi and Grimsby Town Foundation reveal £30k 'mygrimsby' fund to support local work

Eco-tech firm myenergi and Grimsby Town Foundation have launched a £30,000 fund to give financial support to social, environmental and economic initiatives in North East Lincolnshire. The fund, which is split into six pots of £5,000, is intended to support programmes that may promote or address the interests of those in need, that protect the environment or promote development. Its organisers say it celebrates the hard work of individuals, businesses and charities across the area. The charitable initiative is now in its third successive year, and timed for the 2024/25 English Football League Two season, with six beneficiaries to be chosen. A launch event will take place at Grimsby Town Football Club on January 13, from which point applications are open until February 10. Jordan Brompton, co-founder and CMO of myenergi, said: "Since first launching the mygrimsby fund in 2022, we’ve helped a number of important local charities expand their services and drive an even greater social impact. Providing financial support to underfunded initiatives has helped to build a sense of collaboration in the local area, bringing people together and helping to grow the community feel. "We’re proud to support the organisations that are doing something truly inspirational to give back to the local community.” Mike Thompson, community director of Grimsby Town Foundation, added: “We are honoured to continue our partnership with myenergi as we embark on the third year of the mygrimsby fund. The Grimsby Town Foundation has always been committed to bringing our community together, providing vital support to those who need it most and collaborating with myenergi to promote and distribute these funds to the charities and community groups that need it the most is unbelievably fulfilling.

Finance2025-08-18 23:01:39

New bank NW Mutual plans 60 branches as it wins key council backing: full list of proposed locations

A new mutual bank for the North West of England says it wants to open a network of 60 branches across the region. Co-operative society NW Mutual was launched in response to waves of bank closures across the region and aims to provide a customer-owned alternative to high street banks. The bank says it will operate with a “bricks, clicks and flicks” business model including a branch network and mobile and online banking, offering products and services to SME customers. It’s chaired by David Milner, who was chairman of Dudley Building Society and Nottingham Imperial Building Society, while its non-executive director James Moore has more than 25 years of boardroom experience in sectors including financial services in theUK and overseas,, and also founded the Community Savings Bank Association. Some £1m from directors has already been invested to build up NW mutual behind the scenes, including building its systems and preparing its banking licence application. Now the Local Democracy Reporting Service (LDRS) has confirmed that Preston City Council has agreed to purchase £250,000 worth of shares in the bank. The council has had £1m earmarked to invest in the launch for the past six years, with this being the first time is has formally committed cash. Senior financial services executive Dave Burke, originally from Bolton, was recently appointed as chief executive. The bank’s headquarters, set for Preston, will open later this year. The bank ultimately hopes to have more than 20 branches in Greater Manchester, 17 in Lancashire, 12 in Merseyside, 10 in Cheshire and six in Cumbria. NW Mutual says its potential target business market is huge, with 494,395 small and medium-sized businesses (SMEs) in the region employing more than 1.65m people and generating turnover of more than £239bn in 2024. Mr Burke said: “When our plans are finalised, NW Mutual will open approximately 60 branches across the north west, with the first branch and head office also in the region. “Our aim is to provide access to as many people and businesses in the north west as possible, with 95 per cent of residents and small and medium-sized businesses within a 30-minute drive to a branch. “Whilst we have specific locations in mind to achieve this, we also want to listen to the people and businesses of the region and welcome thoughts and suggestions on branch locations." NW Mutual’s backers say the venture is needed because traditional banks are abandoning the high street. Recent analysis from consumer group Which? Showed banks and building societies had closed a total of 6,266 UK branches since January 2015, equivalent to about 53 closures per month. He said: “Our market research, supported by a large body of public research and information, shows a proven need and demand for a bank that’s trustworthy, democratic, ethical, deeply rooted in the north west and that enough people and businesses in the region would use to make it a great success. “The North West is more than capable and large enough to create and sustain a prosperous bank. When we achieve our goals, our mutual bank will recycle more than £900m of money from the north west back into the region. “This is serious money… we want to stop it leaking out and heading south, north or east.” Mr Burke is now preparing a banking licence application to submit to the Bank of England in late 2025. If NW Mutual secures the licence, it hopes to open its first full branch in the third quarter of 2026. NW Mutual says “the potential and yet to be confirmed locations for branches” are: Lancashire Preston (head office), Accrington, Blackburn, Blackpool, Burnley, Clitheroe, Chorley, Lancaster, Leyland, Lytham St Annes, Morecambe, Nelson, Rawtenstall, Fleetwood, Garstang, Skelmersdale. Greater Manchester Altrincham, Ashton-under-Lyne, Bolton, Bury, Droylsden, Eccles, Hyde, Harpurhey, Hyde, Leigh, Longsight, Manchester, Manchester Victoria, Oldham, Rochdale, Sale, Salford, Stockport, Stretford, Urmston, Wigan, Wythenshawe. Liverpool and Merseyside Bebington, Birkenhead, Bootle, Crosby, Formby, Huyton, Kirkby, Knowsley, Liverpool, Prescot, Speke, St Helens. Cheshire Chester, Crewe, Ellesmere Port, Knutsford, Macclesfield, Northwich, Runcorn, Warrington, Widnes, Winsford. Cumbria Barrow-in-Furness, Carlisle, Kendal, Keswick, Penrith, Whitehaven.

Finance2025-08-18 23:01:39

North Somerset robotics firm to expand Portishead base after securing £500k

A North Somerset robotics company has secured £500,000 from a top private equity firm as part of a £2m investment round. Q5D Technologies said it would use the cash from Maven Capital Partners to expand its testing hub in Portishead and support the delivery of contracts. The funding will also be used to scale its innovative platform which automates the process of adding wiring and electronics to 3D surfaces. The platform has gained interest from major industry players, including several of the world’s largest wiring harness companies and car makers. The investment was made through the British Business Bank’s South West Investment Fund. Stephen Bennington, chief executive of Q5D Technologies, said: “We are really pleased to be partnering with Maven and the South West Investment Fund, their advice and capital are helping us drive the company’s growth. Q5D is already attracting large number customers and growing the support and business development teams is critical.” Q5D's wire laying process is used across multiple sectors, including automotive, aerospace, and consumer electronics. Melanie Goward, partner at Maven Capital Partners, said: "We are thrilled to support Q5D Technologies as they scale their operations. Their unique approach to additive manufacturing, combined with impressive early traction with major industry players, positions them well for rapid growth. We look forward to working closely with Stephen and the team as they look to meet the increasing demand from global leaders in the automotive and aerospace sectors." The South West Investment Fund offers a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5m.

Finance2025-08-18 23:01:39

North East business leaders gather to promote investment into female-founded high growth companies

A scheme that wants to drive more investment to female-led business in the North East has established a board of notable regional business leaders. The Lifted Project intends to steer capital towards female-founded, high growth businesses and is a five-year project that is aligned with the Government's Investing in Women Code - a national effort to support female entrepreneurship. It is described as a data-driven approach, which uses regional insights to uncover latent high growth businesses. Now, a Newcastle-based board has been created to steer the projects involvement in the region, alongside four other cities in Scotland and the North including Edinburgh, Birmingham, Leeds and Liverpool . The board - led by chair, Debra Leeves and vice chair, Fozia Saleem - includes six sub-groups that will focus on finance, marketing and sign-posting, events for female entrepreneurs, role models, policy and angel investors. Forming the group are Gill Hunter, managing partner of Square One Law; Emma Gaudern, CEO of EMG Solicitors Ltd; Rebecca MacDermid, investment manager at Maven Capital; Michelle Jones, founder of Kind Currency, and angel investor Shkun Chadda. They are joined by Nina Walton, co-founder of Transforming Brands; Jenny Halford, sector development manager of fintech and digital at Business Durham; Chris Black, divisional director at Brewin Dolphin, and Jo Clough, director of regional development at Lloyds Banking Group. Also on the board is Wenyan Sharp, UK marketing director at SolaX Power; Shaun Fooy, senior manager UK network - North East England and Tees Valley at the British Business Bank; Dr Anupama Sethi, director of business development at Sterling Pharma Solutions, and Naomi Allen Seales, investment manager at Northstar Ventures. The group is completed by Hannah Wade, managing director of CPI Enterprises; Marie Labus, CEO of AMLo Biosciences; Joanne Lant, CEO of Lant Medical; Marie Whitehouse, chief operating officer at NunaBio and Estelle Blanks, director of business development and enterprise at Newcastle University. Jordan Dargue, an early stage investment connector who co-founded Lifted Ventures, said: "We are on a mission to establish the North East as the premier investment capital for women and ensure the region becomes a thriving hub for women's success. Newcastle and the wider North East region have a wealth of smart and talented women starting their own businesses or leading scale-up businesses, but when it comes to securing the funding they need, it’s evident that they do not receive as much as their male counterparts. "This is an inequity that needs fixing for the benefit of the region and the economic growth of the UK. The Newcastle regional board is passionate about making change happen but know that successful businesses are not built on passion alone. More support is needed and that’s exactly what The Lifted Project is looking to address.”

Finance2025-08-18 23:01:39

Dairy company that sells to Waitrose and Sainsbury's to create jobs after securing £750k

A Somerset dairy business that sells to supermarkets including Waitrose and Sainsbury's is planning to boost production and create jobs after securing £750,000. Tom Parker Creamery has used the cash injection from the British Business Bank's South West Investment Fund to relocate to a larger facility. The funding will also provide additional working capital and support further product development, the company said. The Wincanton-based creamery, which was founded in 2018, produces free-range milk and cream from British grass-fed herds, including vitamin enriched whole milk and a flavoured milk range sold in glass bottles. It has won various awards including a Great Taste Award and Farm Shop & Deli Best Product accolade this year. Rob Yates, chief executive of Tom Parker Creamery, said: “With the current rise in awareness of ultra-processed foods, our range of award-winning products made with free-range British whole milk and natural ingredients mean we’re well positioned to satisfy consumer demands in this area. With this support, the investment enables us to deliver our ambitious plans and meet the rising demands from major retailers and consumers.” The deal with Tom Parker Creamery is the one hundredth in the region for the South West Investment Fund, which has invested £40m into new and growing businesses across the South West since its launch last year. The fund is part of the government-backed British Business Bank's £1.6bn suite of Nations and Regions Investment Funds (NRIF) which aim to boost the strength of the UK’s SME sector. NRIF offers a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5m. Jody Tableporter, director UK & Regional Funds at the British Business Bank, said: "We’re thrilled to see the South West Investment Fund make its 100th deal, delivering over £40m of investment since its launch last year. The volume of investments underscores the strength and ambition of growing businesses across the South West."

Finance2025-08-18 23:01:39

Somerset Council warns over bankruptcy without steep council tax rise

Somerset Council could be forced to declare bankruptcy this spring unless it implements steep council tax hikes or receives "exceptional" support from the central government. The local authority sounded the alarm on its financial crisis in November 2023 and managed to establish a balanced budget for February 2024 only by endorsing substantial savings, workforce reductions, and the disposal of commercial investments along with surplus land and property. To achieve a balanced budget for the 2025/26 fiscal year, the council is depending heavily on reducing its staff numbers, with redundancies contributing £34m to the planned £47m in savings. However, escalating costs and increased demand for services, especially in children's services and adult social care, have resulted in an anticipated budget shortfall of £66m despite these measures. Council leader Bill Revans is petitioning the government for "exceptional financial support" and has requested permission to increase council tax beyond the current 5% cap. Without such assistance, the council may be forced to issue a Section 114 notice, effectively admitting insolvency and inviting central government commissioners to intervene at the expense of taxpayers. Council tax bills are pegged to property valuations dating back to 1991, using a Band D property as the standard measure. In Somerset, though, there's a larger segment of the population residing in properties beneath the Band D threshold, rendering the council's capacity to generate revenue through council tax relatively limited when compared to more wealthy areas. The council has implemented cost-saving measures by overhauling its council tax support scheme—a change passed by the full council in December and is expected to yield annual savings of about £4m. Local authorities can only increase council tax by a maximum of 4.99% a year without having to hold a referendum - of which 2% is ring-fenced for adult social care, leaving 2.99% for other services. Mr Revans has sought intervention from deputy prime minister Angela Rayner, proposing a request to exceed this council tax cap, aiming to bring Somerset's rates closer to those of other local authorities in the South West. He said: "Without additional funding we have had no choice but to ask the government for permission to increase council tax above the5% cap. "This is not a decision taken lightly, but our council tax base is below the average nationally, and the feedback from our residents suggest they would rather pay more than see services cut. Last year, the previous government rejected our request for a 5% increase. "We warned that without reform this would mean deeper cuts and steeper tax increases in future. Sadly, this is now the reality." If the cap cannot be raised, the council has asked the government to extend its capitalisation directive - which allows the council to use the proceeds from selling off land, property and other publicly-owned assets to fund day-to-day spending on public services. The council has been in the process of selling off large amounts of its "non-operational assets" and inherited commercial investments to this end, with officers estimating that these sales would have generated around £50m by Christmas 2024. If the government fails to respond to Mr Revans' appeals, Somerset Council may be forced into de facto bankruptcy, issuing a Section 114 notice. This would result in government-appointed commissioners stepping in to make stringent decisions about the running of Somerset's public services, without substantial democratic input and at the cost of local taxpayers. Mr Revans added: "We have done everything we can to reduce our costs with a series of unprecedented and heart-breaking decisions since 2023. "We are determined to take decisions locally, remaining accountable to our residents, rather than calling in expensive commissioners who would take the same actions without local knowledge or accountability. We recognise that any increase in council tax will have a significant impact on our residents and have pledged to increase funding to our exceptional hardship fund, in place to provide support for residents on the lowest incomes."

Finance2025-08-18 23:01:39

Lifted Project instals new Birmingham board

A new initiative launched with the aim of making high-growth entrepreneurship more accessible to women outside of London and the South East has unveiled its new regional board. The Lifted Project was established as a result of a recommendation from a new government taskforce established to boost private investment in women-led businesses across the UK. A board has been installed to cover Birmingham and the West Midlands to spearhead the five-year programme. It is jointly chaired by Tara Attfield-Tomes, who founded Birmingham PR Agency East Village, and Hephzi Pemberton who runs London-based data firm Honordex. Joining them are Wolverhampton native Maxine Laceby, founder of beauty brand Absolute Collagen and Melissa Snover, founder of Digbeth-based health supplement firm Rem3dy Health. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Completing the line up of female founders is Oyinkansola Adebayo, angel investor and founder of AI beauty salon Niyo Hair & Beauty, also based in Digbeth. Also on the board are figures representing the funding sector, namely Alexander McLeod from Minerva Business Angels, Julian Dennard from Mercia and Rupert Lyle from Midven. The board also welcomes angel Investor Samantha Tubb, Ashreen Seethal from government innovation agency Innovate UK, Charlotte Bowden from Business Growth West Midlands, Anna Macrae from HSBC, Hannah Ellis from Lloyds Bank and Roxanne Goodman, founder of Female Founder Finance. Research suggests the West Midlands has a higher proportion of female-led businesses, at 17.1 per cent, compared with other regions in England but there is still a significant funding disparity. The Lifted Project in Birmingham aims to change that by attracting new investment funds into the region, increasing the percentage of capital invested in female-led companies and better equipping founders with the resources and networks they need. Similar initiatives have been set up in four other UK locations. The Lifted Project is supported by Lloyds Bank and led by Lifted Ventures which works to increase the flow of early-stage capital to female founders and promote the business benefits of backing women. Co-founder Jordan Dargue said: "The West Midlands has a vibrant female founder ecosystem but there's room for significant growth. "With The Lifted Project, we're determined to bridge the funding gap and empower the next generation of women entrepreneurs. This board represents the best of the West Midlands business community. "Together, we're confident in creating a supportive environment for female-led businesses, allowing them to scale their businesses and achieve their full potential with the funding and support needed.