Innovation partners in Leicester and Leicestershire have been awarded £330k by Research England to develop a pioneering approach to creating new products, services and business from university ideas. The three universities of Leicestershire, alongside business partners are amongst a small number of projects to be selected by Research England to deliver on novel approaches to commercialise their research. Innovation Catalysed & Enabled (ICE) Leicestershire will create new accelerated pathways for university intellectual property and ideas. The University of Leicester, Loughborough University and De Montfort University will share IP and ideas with a community of businesses, graduates and students adopting an open innovation approach to sharing, testing, and developing business concepts. The target is to deliver novel products, services and businesses and energise the innovation culture of the city and county. The project will build connections with businesses and create opportunities for students to deploy and develop skills, build experience and catalyse enterprise. The delivery and success of the model will be reviewed and documented in order to deliver a scalable model capable of deployment across the UK. William Wells, Deputy Director of the Research & Enterprise Division at the University of Leicester, said: “The approach we will be adopting is genuinely novel and innovative in itself. It is possible because of the very close working relationships between the county’s university partners and effective co-design with the start-up community and local enterprise partnership. “Following the loss of European Regional Development Funding, this investment is a real boost to the local economy and will stimulate exciting new ways of working that Leicestershire needs.” Dr Nik Kotecha OBE DL, Chair of Innovative Leicestershire, said: “The Innovation Catalysed & Enabled (ICE) Project being led by the county’s three universities aligns powerfully to our strategic aims, as it will unlock the skills, knowledge, energy and networks within our local innovation eco-system. We are alert to, and champion, the significant innovation assets within our county, yet this is presently not exploited to the fullest potential. “We have low levels of investment in R&D in Leicestershire and low proportions of technology driven, export intensive businesses. Our region is also underserved by public investment overall, with the lowest level of public spending per head in the UK. “This initiative is potentially transformational, as it seeks to challenge and tackle some of these key issues, and we stand ready to make the most of this opportunity.” Professor Richard Thomas, Deputy Pro-Vice Chancellor for Research and Enterprise at the University of Leicester, said: “The Innovation Catalysed & Enabled (ICE) project led by the University of Leicester in partnership with the county’s other universities builds on the economic impact that our innovation projects have on the regional community. “It is aligned with the development of a regional patient capital fund, Midlands Mindforge which will be investing in innovative regional businesses. “We are really pleased that Research England has chosen to invest in innovation in our city and county and we look forward to developing best practice which can be further exploited here and in other parts of the country.” Professor Mike Kagioglou, Pro Vice Chancellor for Research and Business Innovation, said: “As an impactful university rooted in our community, DMU is proud to be part of this project and work with colleagues at Leicester and Loughborough to help bring new ideas to market through this programme. “This collaboration will make it quicker for new businesses to commercialise the intellectual capital within the three universities to positively impact business growth in our region through research and innovation.” Professor Dan Parsons, Loughborough University Pro Vice Chancellor Research and Innovation, said: “Across the region we have a vibrant research community with a strong track record collaborating on innovative research that turns ideas into successful businesses. “This project helps create an ecosystem to better support our research entrepreneurs and encourage innovation. By cultivating an environment where postgraduate students and researchers with commercial ideas can benefit from accelerated pathways for IP leading to impact, we can create opportunities for our people, place and partnerships to flourish.” De Montfort University, Loughborough University and the University of Leicester are part of the Universities Partnership civic agreement. The agreement is a commitment between the three universities and the city and counties of Leicester, Leicestershire and Rutland to work together for the benefit of local people and the prosperity of our places.

Frasers Group’s plans to move the customer service operation of its Studio Retail business in Accrington, Lancashire to its Derbyshire HQ in Shirebrook have been revealed. Reports in the Lancashire Telegraph indicate that the retail giant has entered into a consultation with 100 staff, who were contacted via email of the plans which aim to improve operational efficiency. It has been reported that employees will likely be made redundant on 26 November. Frasers Group acquired Studio Retail out of administration last year. The news comes as Frasers Group further increased its stake in Boohoo from 13.4% to 15.1%.

Leicestershire retailer Next has signed terms to acquire FatFace for a total equity value of £115.2m from a consortium of Financial Institutions.

The consideration will be settled partly in cash and partly by the issue of new Next shares and management equity rolling over into the new structure.

Upon completion of this transaction, which is expected to take place within the next few weeks, Next will hold 97% of the equity and FatFace’s management will hold 3% in the business. Management will also participate in an additional performance related equity scheme.

FatFace will retain its management autonomy and creative independence. The company will retain its own Board of Directors and continue to be based in Havant, Hampshire. FatFace has been a LABEL brand selling on next.co.uk since 2016 and it is anticipated that it will migrate its online operations onto Next’s Total Platform within the next twelve months.

The deal follows a period of strong trading for FatFace under the leadership of its CEO Will Crumbie. In the 52 weeks to 27 May 2023, FatFace achieved total sales of £282m. Statutory profit before tax in the same period was £19.5m.

Digital channels account for 40% of FatFace sales, with the remainder largely coming from their retail stores. It is anticipated that the company will continue to trade and develop its own retail store portfolio.

Will Crumbie, who joined FatFace as CFO in 2014 and became CEO in 2021, will continue to lead the business.

Entrepreneur Peter Mangion, founder and CEO of Assisi Pet Care Group, a producer of pet foods and treats, has partnered with Wind Point Partners, a Chicago-based private equity firm which has approximately $6 billion in assets under management.

The deal was supported by a team of Leeds-based legal and financial advisers and provides a successful exit for Harwood Private Equity.

Headquartered in Melton Mowbray, the company’s products are sold in the UK and throughout Europe, with two natural treat production facilities located in Poland. Assisi is a key partner to leading customers across the grocery, e-commerce and pet specialty channels, offering a broad array of branded and private label products.

Assisi was founded in 2020 as a platform to acquire, integrate and grow leading pet food and treat companies with established reputations and strong potential.

Under Mr. Mangion’s leadership, Assisi has grown significantly through the implementation of organic growth initiatives and the completion of four acquisitions that expanded the company’s product capabilities and geographic reach. Assisi represents the second partnership between Wind Point and Mr. Mangion, who previously served as CEO of a Wind Point investment in the pest control industry.

A team of Leeds-based advisers has supported Assisi’s growth journey, advising through its four acquisitions. The team included Jonathan Simms, Hitesh Tailor, Tony Berry and Isabelle Hammond of Clarion who provided legal advice; Richard Firth and Daniel Swanwick of Park Place who provided corporate finance advice; and Russ Cahill of Tax Advisory Partnership who provided tax advice.

Mr. Mangion said: “Assisi has been on a tremendous journey since its inception in 2020, which is a testament to the strength and quality of our people, our customer and supplier relationships and the rich heritage of our brands and products. Wind Point and I have worked closely together for numerous years. Our shared focus on investing in our people and expanding our capabilities makes them the ideal partner for Assisi.”

Adam Jump, vice president at Wind Point, added: “Assisi is a rapidly growing platform with significant opportunity in the dynamic European pet care industry. Peter and the Assisi management team have built an outstanding business that sits at an exciting inflection point. We look forward to supporting the Assisi team as they continue to build a differentiated pet foods and treats platform.”

Wind Point is a long-time investor in the pet and animal nutrition industry, with select prior and current investments including targeted PetCare, FoodScience, Petmate and Pestell Nutrition.

Reed Smith LLP served as legal counsel to Wind Point and KPMG LLP provided transaction advisory services in connection with the transaction.