A flying start for bird feed takeover
birds and breeds – including corn feed designed to optimise the performance of racing pigeons. The company operates under brand names Country Wide and Willsbridge.
Leeds-based Ignite Capital was formed last year by managing director Paul Thompson. The corporate finance boutique offers a range of services relating to the sale and purchase of businesses and is currently in the process of developing its own portfolio through the acquisition of a handful of UK SMEs.
Management buy-in candidate Joe Mogg invested alongside Ignite as part of the transaction and is now Eloïse Keating, of MODUS Research and Innovation, was presented with one of the University of Huddersfield’s 2018 Chancellor’s Prizes, awarded to the year’s best-performing students. She received the prize from the university’s Chancellor, HRH The Duke of York, at a special ceremony responsible for the day-to-day running of the specialist bird feed manufacturer as managing director.
Andy Redman, joint managing director at ABL Business, said: “Albert E James &Son is a successful business with much potential for the future, so we were delighted to be able to support Ignite Capital to complete the purchase, ensuring that it can now go on to be developed to even greater heights.
“This is an excellent example of how we get to know our clients’ businesses and provide the appropriate funding, chosen from a broad range of options, then tailored to suit their specific needs.
“We felt that an asset-based lending package was most suitable in this case as it is a very flexible funding arrangement. It enables a business to raise the large amount of capital required to purchase a highvalue company by securing the loan against a variety of different assets that they already own.”
Ignite Capital managing director Paul Thompson said: “ABL Business were quick to recognise the potential of the business and were able to identify a selection of potential funders to support the transaction. Now the acquisition is complete, we look forward to developing and growing the business.” N MBA from the University of Huddersfield will help ensure that Eloïse Keating’s company becomes increasingly successful.
Impressive marks – averaging 80 per cent – in her studies meant she earned one of the university’s 2018 Chancellor’s Prizes, awarded to the year’s best-performing students. She received the prize from the university’s Chancellor, HRH The Duke of York, at a special ceremony.
Afterwards, Eloïse did not have far to go to return to her office as her company MODUS Research and Innovation is based at the 3M Buckley Innovation Centre in Firth Street, part of the university’s campus.
The firm provides specialist assistance to universities, companies and other organisations that bid for UK or European research funding, from sources such as Innovate UK and Horizon 2020.
Eloïse’s role as director includes the development of detailed proposals for funding and once it has been secured, MODUS then helps to implement the project, disseminate the results and fulfil its commercial potential.
The company has worked with universities throughout Europe and firms ranging from global leaders to ambitious SMEs, involved in a wide range of sectors, including healthcare, social sciences, photonics, space applications, nanomaterials and metrology.
Eloïse’s background as a student of chemistry and bio-chemistry in her native France has aided the scientific dimension of her work.
Early in the company’s development, it was agreed that Eloïse should boost her skillset by studying for her Master’s in Business Administration (MBA) and she enrolled at the university.
Eloïse said: “The MBA has given me frameworks and platforms for thought. It is scaffold on which you can hang your ideas, and others can bounce off it as well.
“It has also helped me deepen understanding of specific subject matters, such as finances.”
MODUS now has a staff of nine – most being based at the company’s office in Dundee – and Eloïse said that the determination is to grow the company further, with some emphasis remaining on European funding sources.