As you know, we have been busy establishing Newable Capital over the past year.

Newable Capital will provide investment to help profitable, well-established UK SMEs through their succession journey. Created early in 2019, Newable Capital has already screened nearly 350 investment opportunities and is looking to close its first transactions imminently.

There are over 70,000 family owned / privately held companies seeking to exit their business each year via a retirement sale. Despite many businesses being fundamentally sound, the overwhelming majority in the c £10m valuation category often fail to attract funding because they are considered to be ‘sub-scale’ by a range of banks and private equity firms who used to operate in this space

Newable sees great potential in businesses working at the heart of the economy and in delivering additional investment into this sector. Newable is ideally positioned to provide on-going support to its investee companies through its platform of HR, Digital, Finance and Marketing expertise and, where appropriate, International Trade advice.

Given our good progress to date in Newable Capital, we have been looking at how to establish the business on a firm footing for its next stage of growth.

I am therefore delighted to announce the appointment of Peter Barrand as Managing Director of Newable Capital. Peter will build out the Strategic Business Plan for Newable Capital, including potential future financing arrangements. He will join Newable’s Leadership Team.

Formerly of PricewaterhouseCoopers, Peter joins Newable from Ignition Corporate Finance LLP where he was a Founding Partner. Ignition is a highly successful London based Corporate Finance Advisory firm focused on sell-side advice for UK SME private companies and shareholders, and MBO advice to Private Equity investors and management teams.

I am also delighted to announce the promotion of Azim Hosein to the new position of Managing Director of Strategy and Acquisitions. Azim has played a key role in the exciting acquisitions we have made over the last couple of years. Azim has also been instrumental in getting Newable Capital established as a thriving unit. Once we close our first deals, Azim will be able to focus on driving the Newable platform offer forward through corporate development activities.

I am sure you will wish to join me in welcoming Peter when he starts this Wednesday and in congratulating Azim on his new role.