North East firm backing buyout
5 things we learned yesterday
1 Newcastle property and investment business Adderstone Group has backed a buyout that will see the management team take control of AIM-listed Turbo Power Systems Plc from Brazilian mining giant Vale.
Turbo Power Systems Plc specialises in the design and manufacture of power conversion systems to the likes of Eaton, Bombardier and UK Power Networks.
Its technology, designed and built in the Team Valley, is used in many high-profile projects, such as the Boeing 787 Dreamliner, Chicago Transport Systems and Saudi Arabian Monorail.
2 North East onesie maker the All-in-One Company has created special sensory clothing for children on the autism spectrum.
The Ashington company teamed up with the North Northumberland branch of the National Autistic Society to work up a design for a onesie suitable for autistic children.
Now the Sensory Onesie has gone on sale through the firm’s website, differing from others in that children and adults can create their own design.
The company, set up nine years ago by Kate Dawson, also sends out a fabric swatch sample pack so customers can decide which material feels more comfortable, from soft fleece, sweatshirt and cotton T-shirt to organic cotton and bamboo towelling.
The company – which will donate 5% from the sale of the onesie to the Autistic Society – says it knows the new products will be popular because the whole process was put together with the help of autistic children in the region.
3 Frank Recruitment has been named as one of the UK’s fastest growing companies by profit growth after making £15m in three years.
The recruitment specialist came 77th in the annual Sunday Times BDO Profit Track league table, which charts the profit growth of Britain’s private companies over three years.
Newcastle-based Frank Recruitment specialises in IT recruitment and places candidates in companies such as Microsoft, Dynamics, Netsuite, and Salesforce.
4 An adventure park with zip wires, trampolining, soft play and climbing walls is heading to the North East as part of a new venture launched by leisure company boss David Lloyd.
The former professional tennis player founded the UK-wide David Lloyd Clubs – which has centres in Newcastle and Stockton – but now has no affiliation with the company.
He is returning to the leisure sector by tapping into the £4bn UK sports and recreation sector, creating David Lloyd’s Adventure Parks, a chain of three-acre sites with a mix of fun sporting activities to keep guests of all ages happy.
5 Newcastle won prizes and played host when the Northern Tech Awards took place on Tyneside.
Virtual reality company Zerolight was presented with the Judges’ Innovation Award, while regional tech body Dynamo received the Local Hero Award.
Held at the Boiler Shop, the event was the first to take place in Newcastle, after previously being held in Manchester and Leeds.