MHA, the provider of audit and assurance, tax, accountancy and advisory services with offices across the East Midlands, has entered into a heads-of-terms agreement for the up to €24m acquisition of BTSEE. It follows MHA’s public listing on AIM.

MHA has been pursuing strategic cross-border M&A opportunities, including other existing members of the Baker Tilly International Network.

BTSEE is a professional services firm offering a comprehensive range of services to clients in Cyprus, Greece and South East Europe, predominantly in audit, tax, advisory, legal and corporate services. BTSEE has 13 partners and approximately 400 employees.

The acquisition would provide MHA with a presence in mainland Europe and an alliance with a local partner that is well established in the region.

For the 12 months ended 31 December 2024, BTSEE generated sales of €19.4 million, adjusted EBITDA of €3.9 million and profit before tax of €2.5 million, after adjusting for partner remuneration. 

Geoff Barnes, chair of MHA, said: “As stated at the time of our recent IPO, strategic M&A forms a key component of our medium-term growth aspirations, and the intended acquisition of BTSEE as announced today demonstrates continued progress against our disciplined M&A roadmap.

“With a good understanding of both MHA and BTSEE, I believe their ambition and close strategic fit will create an even bolder organisation serving its clients and offering progression opportunities to staff. We look forward to providing a further update in due course.”

A woman has been jailed after conning an equity firm director into investing a quarter of a million pounds into a fake investment – using the funds to buy gifts for herself and her family. In 2015, Pamela Laurento was introduced to the director of an equity firm that was looking to invest in the UK financial market. Laurento told him that she could open a “high end” bank account for the company that could be used to buy a Standby Letter of Credit (SBLC), which they understood to be a banking instrument that could be leased and traded for profit. Money was paid by the director of the equity firm into the bank account of Edward Duuk Limited – a company whose only director was Laurento. Over a short time, 50-year-old Laurento transferred money from her company account into her own personal account as well as that of family members. The victim later tried to contact Edward Duuk Limited about the investment but found the contact details he had were no longer in use. A report was made to police and an investigation began in 2018. Financial checks found Laurento had used money to pay off the mortgage of a family member as well as buying a car, paying for house renovations and buying wedding rings for family members. In 2019, Laurento was charged. On Friday (2 May), following a three-week trial at Leicester Crown Court, sitting at Loughborough, she was found guilty of three counts of fraud. Laurento was sentenced to a total of six years’ imprisonment. A 75-year-old woman who was charged with one count of money laundering was found not guilty following the trial. Sergeant Matt Swift, the investigating officer, said: “Laurento saw an opportunity to use the money given by an investor for her own gain. “Even though an examination of financial transactions showed the money being paid into personal accounts, she continued to deny any wrongdoing meaning that the case went to trial. “This investigation began in 2018 and it’s taken until now for a trial to be heard. Thankfully, several years since Laurento committed her crimes she has now been brought to justice and must face the consequences of her actions. “The case has had a significant impact on the victim and the Economic Crime Unit will now look to obtain compensation for him through the Proceeds of Crime Act.”

The company behind a wearable safety solution, which helps to improve the safety of railway staff and prevent avoidable incidents, has raised £2m from Praetura Ventures and Blackfinch Ventures, as it aims to expand into new sectors and global markets. Lincoln-based Tended has created an innovative geospatial positioning device to alert rail workers when they exit designated safe zones, allowing them to maintain a safe distance from onsite hazards, such as open lines and in-use heavy machinery. Train companies are often fined millions for track deaths and near misses. And while near misses are at record lows, they do still occur, with 22 taking place in the 23/24 fiscal year, according to the Rail Safety and Standards Board’s latest Annual Health and Safety Report. To improve safety across the board, Tended, which has recently secured a seven-figure contract with Network Rail, uses rail industry geospatial data to generate positioning information with a high level of precision. This replaces traditional and unscalable ways of ensuring worker safety, including paper-based diagrams and verbal briefings. Another major customer is Siemens Mobility, which has been working with Tended for the past two years and is now embedding Tended’s geofencing technology nationally into its business-as-usual processes. The tech giant has also been working with Tended to develop new functionality that will play an integral role in worksite management. Tended’s technology can issue an alert within 0.25 seconds, giving workers adequate time to move out of harm’s way or respond to a potential danger, mitigating the risk of potential injury or fines. The company’s solution also provides rail companies with asset tracking, providing a bird’s eye view of their worksites that makes it easier to identify and correct unsafe activities before they become incidents. The £2m round has been led by Praetura’s EIS Growth Fund, with Tended also raising money from its existing investor Blackfinch Ventures and angel investors. The funding will be used to strengthen the business’s IP portfolio, release the next generation of its wearable device and increase its headcount across sales and engineering. Praetura partner Andy Barrow joins Tended’s board, alongside Ijaz Khan from Blackfinch Ventures. Together, Andy and Ijaz bring key experience including from other board positions across software businesses in their growth phase. Since raising the investment, Tended has also begun its expansion into Ireland, Northern Ireland and the Netherlands, with the business working alongside influential leaders within the rail sector – including Irish Rail and Translink – to digitise worksites and put safety at the forefront. Leo Scott Smith, CEO and founder of Tended, said: “Our mission is to put an end to preventable accidents and fatalities. Working with top-tier investors and partners, we’re pushing the boundaries with geospatial technology and developing some exciting new capabilities that are moving us closer to this mission. “These include Blackfinch and our new investor Praetura, and their backing will enable us to accelerate our company growth and expansion into new markets and territories. “Expanding our geographical footprint will enable us to bring our technology to new customers and industries that can greatly benefit from our solutions. We’re excited to capitalise on these new opportunities while continuing to drive the business forward.” Andy Barrow, partner at Praetura Ventures, said: “Railway infrastructure relies on constant maintenance and the continued efforts of trackside staff to ensure services operate smoothly and safely. This is why companies must do everything in their power to protect those who work on the railways. “Tended instantly inspired us with its approach to advanced geospatial technology, which is already having a profound impact on the safety of trackside workers. This investment also marks our latest foray into transport and using technology to improve infrastructure. “We’re looking forward to working closely with Leo and the team, living by our ‘more than money’ ethos to help the business attract more major clients and contracts in the UK and around the world.” Richard Harley, ventures director at Blackfinch Ventures, said: “Blackfinch Ventures have been working closely with Tended for several years now, and have seen the team pivot twice as they adapt their solution and capabilities to the environments and sectors that will benefit from their technology. “The company has been awarded multiple long duration contracts, strengthened its expertise and now has a unique position within the rail safety network. We are delighted to be part of this continued evolution and growth that’s helping to protect workers around the world.”