How Ward Hadaway and Mercia are inspiring growth in Yorkshire

In the new series ‘Inspiring Growth in Yorkshire’ Deputy Business Editor Greg Wright, in association with Top 100 law firm Ward Hadaway, talks to companies leading the way in the region.
Tribosonics Limited, Sheffield L-R Glenn Fletcher, Mark Wallace, Ari Bastian, Christina King, Sarah Sandle, Janelle Harper, Janet Pryke, Phil Harper.
Picture: Shaun Flannery/shaunflanneryphotography.comTribosonics Limited, Sheffield L-R Glenn Fletcher, Mark Wallace, Ari Bastian, Christina King, Sarah Sandle, Janelle Harper, Janet Pryke, Phil Harper.
Picture: Shaun Flannery/shaunflanneryphotography.com
Tribosonics Limited, Sheffield L-R Glenn Fletcher, Mark Wallace, Ari Bastian, Christina King, Sarah Sandle, Janelle Harper, Janet Pryke, Phil Harper. Picture: Shaun Flannery/shaunflanneryphotography.com

The series conceived and commissioned by the Leeds-based law firm Ward Hadaway celebrates entrepreneurialism, and shines a spotlight on business success.

This week we talk to Mercia’s Will Clark, alongside Adrian Ballam, partner in the corporate team at Ward Hadaway.

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IT’s known as Steel City, but Sheffield is also home to a fast-growing technology company that aims to improve productivity and reduce the world‘s energy consumption.

Adrian BallamAdrian Ballam
Adrian Ballam

Tribosonics is just the sort of dynamic business that will help Britain’s economy recover when the pandemic finally eases.

By embedding sensors within bearings and other moving parts, Tribosonics creates ‘intelligent components’ which can monitor friction and wear and tear. This remote monitoring helps to extend plant life, prevent critical failures and reduce energy use.

It’s just one of a number of fast-growing Yorkshire companies which have received backing from SME finance provider Mercia.

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The downturn linked to Covid-19 will have more significant consequences than previous recessions, according to senior figures at Mercia.

Will ClarkWill Clark
Will Clark

History shows that ‘emergent threats’ such as pandemics and wars accelerate new discoveries and the rapid adoption of new behaviours.

Will Clark, the managing director of Mercia’s Regional Venture Funds, believes we are living through a period of transition.

He added: “We can already see the way that the pandemic is changing the way we shop, work, interact with other people, the type of entertainment we choose, and our attitudes to health and wellbeing.

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“It will hasten the demise of some businesses, but it will create new opportunities for others – and not just digital start-ups.

“Many established businesses will successfully pivot and adapt. It’s worth noting that some of today’s most successful companies emerged in the wake of the last recession.”

“If we want a strong regional economy, we need Yorkshire businesses to be at the forefront in the recovery. The good news is that today there is a lot more funding in place to help regional businesses to adapt and grow.”

Mercia offers a range of loans and equity investment to Yorkshire SMEs – including money from the Northern Powerhouse Investment Fund (NPIF), its own funds, and government-backed CBILS loans.

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Mr Clark said that healthcare businesses are experiencing growth, with firms focusing on biotech, digital health and medical devices, delivering expansion.

He added: “The pandemic has put a new perspective on the value of healthcare. It has also accelerated the move to online shopping and remote working and is driving uptake of digital technologies across all industries.

“Traditional sectors like manufacturing, which Yorkshire is renowned for, are reinventing themselves by adopting smart technologies. There has also been a boom in online gaming.”

The burgeoning tech sector is an area of opportunity. Ward Hadaway partner Adrian Ballam,works closely with Mercia, acting as an adviser for a number of clients.

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He said; “Digital transformation has been accelerated during this period and it’s driving wholesale business change in Yorkshire, even amongst more traditional industries.

“We’ve completed a number of deals with Mercia in recent months accessing the NPIF fund, many of them involving digital technologies.

“It’s interesting that certain historic parts of Yorkshire such as Saltaire are reinventing themselves as real hubs of innovation; perhaps in time, they can become the Silicon Valley of the North – we certainly have the talented individuals and businesses to make it happen.”

Mr Clark added: “All of these companies will need funding and investors, and advisers are collaborating to help them to access it.

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“We work closely with Ward Hadaway to ensure every business has a clear understanding of the process and the funding package. We consider ourselves as a trusted partner to a business and make sure advisers do the same, something Ward Hadaway is very good at.”

Here are five companies who have recently received funding from Mercia to support their expansion:

1. Advanced Digital Innovation (ADI), Saltaire

ADI’s app MyPathway allows hospital consultants to communicate with patients remotely and keep track of their condition, and removes the need for appointment letters. Already in use in Leeds, the app has proved a boon during the pandemic.

2. Bimsense, Hull

Bimsense’s smart building software allows construction projects to be created digitally before being built to identify any problems and risks. It also provides a digital audit trail in line with the

recommendations of the Grenfell Tower report.

3. Tribosonics, Sheffield

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By embedding sensors within bearings and other moving parts, Tribosonics creates ‘intelligent components’ which can monitor friction and wear and tear. Remote monitoring helps extend plant life, prevent critical failures and reduce energy use.

4. Abingdon Health, York

A specialist in rapid diagnostics, Abingdon recently struck a deal to supply the government with Covid-19 antibody tests, which can produce results in 20 minutes and could play a key role in mass testing to assess nationwide immunity levels.

5. Red Star 3D, Sheffield

This award-winning animation studios creates its own films which are shown in cinemas and theme parks, the most recent being StarDog and TurboCat which is available on Amazon. It is now taking on contract work from film companies and plans to create 40 new jobs.

Ward Hadaway operates from three offices in Leeds, Newcastle and Manchester. It has more than 450 members of staff and 85 partners.

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