NEWS


PROPERTY ENTREPRENEURS FUND


SPECIALIST LENDER CYNERGY BANK has launched in May 2019 a £500m fund to help property entrepreneurs continue to invest and make the most of opportunities during Britain’s departure from the European Union. The Property Entrepreneurs Fund, targets property developers and investors nationally who have an eye on the medium to long term. Over the past two years there has been a slowdown in


UK house price growth, at least some of which is likely to be attributable to anxiety caused by Brexit. At the same time, entrepreneurs have found it harder to access finance. More than a third of small businesses expect Brexit to make it more difficult to access finance.1 “The deal that Britain eventually strikes with the EU is


unlikely to end the uncertainty in the property market,” said Nick Fahy, Chief Executive of Cynergy Bank. “Our customers tell us they expect to see continued downward pressure on property prices for some time, but they also tell us they’re impatient to start investing again. We’ve launched this fund now, because we’ve seen an upturn in drawdowns from property investing clients – showing that they are no longer waiting for Brexit clarity to invest.” One in four UK households –


almost 5.8m – are expected to be private rentals by 2021 as home ownership and social renting continue to fall.2


“The private


rental sector has doubled in the last twenty years,” said Nick Fahy, “and all the economic and demographic data tells us it’s going to continue to grow.” “We already support


thousands of property developers and landlords and this new fund is targeted at property entrepreneurs looking to expand and diversify their portfolios.” This includes the student accommodation sector which


is structurally undersupplied in many parts of the UK. The situation is likely to deteriorate further with universities becoming increasingly reliant on overseas students at a time when the UK is becoming more affordable given the weakness of sterling. “This creates new opportunities for private landlords,” said Nick Fahy, “especially in smaller university locations which are less attractive to purpose-built providers.”


1. British Business Bank. Net lending is the difference between new lending and repayment 2. Knight Frank


Gold Prize for Karhoo


During April 2019, London-based urban mobility marketplace Karhoo won the European Startup Gold Prize for mobility beating over 500 other mobility startups. The win marks a victory for the company which was formed just two years ago


KARHOO, ALONGSIDE 49 OTHER finalists, pitched to an esteemed jury of mobility influencers and thought leaders at the European Parliament in Brussels. The competition judged companies on several metrics


including the strength of their management team, their social impact, level of innovation and speed of execution. Karhoo, which has 1.8 million vehicles across six continents on its platform, was judged to be the breakthrough innovation with the most potential to shape the mobility landscape in Europe and around the world. The win comes after Karhoo recently expanded its


presence in Eastern Europe, France and notably Spain through a partnership with the country’s leading corporate mobility platform Taksee. Karhoo is creating a ride-hailing marketplace that


brings together regulated, licensed taxi and private hire vehicle (PHV) fleets from around the world in the form of an electronic platform which can integrate with other travel and leisure operators’ platforms and apps. The win means Karhoo will receive tailor-made


mentoring from the Boston Consulting Group, with the support of legal and corporate partners. Karhoo will now be invited to pitch at Europe’s major tech events. The victory also provides Karhoo with an official


economic and ecological rating issued by experts, including Carbon 4, further strengthening the company’s mission: Sustainable mobility for everyone. After the victory, Karhoo Co-CEO Boris Pilichowski


said, “Karhoo was created to demonstrate that mobility is a common project and not an individual service. We want to use that belief to change mobility in Europe and throughout the world for the better. To be selected as a Gold Prize winner from over 500 strong entries is a huge honour.”


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