FINANCE Investment for engineering start-up
A Nottinghamshire engineering consultancy has received a six- figure investment from Chamber member Enterprise Loans East Midlands, through the Midlands Engine Investment Fund. Engineering Consultancy
Services Limited provides a wide range of engineering and infrastructure solutions including civil and structural design, inspection and assessment, as well as condition repair work. The funding injection will allow
the business to scale up, with five specialist team members hired so far – the investment will also enable staff to gain further training and accreditations. The start-up was founded at the
end of 2019 by Dr David Gent. David has more than 20 years’ experience in the engineering industry, working on projects such as Crossrail, HS2, Great Western Railway and the Midland Mainline. He said: “I set up my own
business to not only challenge the way things are done in terms of innovation and efficiency but to also leave a legacy. “Enterprise Loans has been
fantastic at supporting this aim, helping with my business growth not just with funding but also advice and encouragement.” Matthew Wright, Business
Adviser at Enterprise Loans East Midlands, said: “David has an
Dr David Gent, speaking at a recent conference
‘David has an incredible wealth of knowledge and experience so it was clear that his business would thrive with a little support from us’
incredible wealth of knowledge and experience so it was clear that his business would thrive with a little support from us. “Since setting up at the end of
2019 he has already won six projects and counting, showing an
R&D Credits can ease cashflow
During the current period of uncertainty, you will undoubtedly be looking for quick, simple and effective ways of improving your cashflow. One solution worth considering is Research and Development (R&D)
Tax Relief, which is an incredibly attractive way for eligible companies to obtain substantial financial benefits. This relief can reduce Corporation Tax liabilities, generate refunds
for prior year payments or, for loss-making companies, create a tax credit from HMRC. Typically, every £100,000 of identified costs can lead to a tax benefit of almost £25,000. As claims can be made retrospectively for the previous two years, there are considerable amounts of cash to be unlocked by innovative companies. With HMRC expediting payments through at this time, completing a
claim as quickly as possible could be very beneficial. Eligible companies are those making ‘appreciable’ improvements to
science or technology, which can include product development, process improvement or advances in software. The Chamber’s specialist R&D relief provider, Shorts’ Radius, is ready
to help with any questions you may have about accessing this relief. Radius will ensure that the method of preparing a claim is
straightforward and unburdening for you, initially working with you to identify the qualifying projects and costs to include within the claim, before producing a technical report to submit to HMRC. If you think you might be eligible to make a claim, please contact
your membership account manager at the Chamber, who will introduce you to a member of the Radius team.
62 business network June/July 2020
incredible aptitude for innovation. I’m delighted that we’re able to support David with his journey and wish him the best of luck in the future.” Sajeeda Rose, Chief Executive at the D2N2 Local Enterprise
Partnership, said: “I’m delighted to see another strong example of the MEIF being utilised by innovative start-ups across the D2N2 region, especially during the current pandemic.” The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The strategy for financial recovery
Jillian Thomas (pictured), Managing Director of Chamber Patron Future Life Wealth Management, gives her view on the current economic climate: “For the financial planning sector, like any other, talk is slowly turning to just what are we going to do post-lockdown. “I believe we are going to need to
change focus to supporting companies and individuals with debt management, much more than with wealth management. This will include education and mentoring, not only for business owners and leaders, but employees too. “In the short-term, I see our role
as being the truth and stability against rumour and conjecture. “We need to support businesses
at all levels, owners, and staff, as this could make a significant difference to the health and future profitability of business and the UK economy. If we can help each person in a small way, together this will become a bigger movement,
which will help us all emerge from this medical emergency in a healthier and wealthier manner. “My team and I have accepted our
professional responsibility to be part of the post-Covid-19 financial and personal recovery, and we are aiming to work with charities and businesses to this end. We can survive and thrive if we plan. As you know, I love planning, and it has never been so important as now.”
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