A Nottingham-based consultancy which works with local authorities and the NHS to help transform public services, has undergone a six-figure buy-out of its original investors.
The deal allows the management of Peopletoo to take full control of the business after acquiring the shares of the original investors, Coalfields Enterprise Fund, managed by Mercia Fund Managers, and Turning Point UK. It represents a 2.1 return on investment for both investors.
Peopletoo supports public sector bodies to improve efficiency and income generation, enhance performance and optimise social outcomes through innovative new operating models, operational change and digital services. The company advises on areas including Adult social care and health, children’s services, property and facilities management, environmental services, commercial procurement and digital services.
Established in 2009, it now employs around 16 staff in Nottingham as well as a team of associates throughout the UK. The business has grown turnover to £2.5m in the current year.
Mercia first backed the company in 2010, investing from the Coalfields Enterprise Fund and alongside Turning Point UK, the Midlands-based angel fund. Both Mercia and Turning Point subsequently provided further funding to support its ongoing growth.
Their shares have now been acquired by Maggie Kenney and Mike Butler, founders of the business.
Maggie Kenney said: “Mercia and Turning Point had the confidence to back our business at a very early stage. Their ongoing support has allowed us to put solid foundations in place for growth and invest in staff and our core propositions including digital services. They have been great investors and we have enjoyed their support and advice throughout our journey to date.”
Paul Taberner, Investment Director with Mercia, added: “As public sector bodies have come under pressure from spending cuts and increased demand, Peopletoo helps them find innovative solutions to transform services and ensure long-term sustainability. It has been very rewarding to work with the team over the years but, with the business now firmly established, we wish them all the best on the next stage of their growth journey.”