Moodbeam, which is also based in Hull, was founded in 2016 by the Gadget Shop founder and Red5 co-founder, Jonathan Elvidge, and former journalist Christina Colmer McHugh, who devised Moodbeam after her daughter became anxious at school.

The device won the Innovation Partnership Award at the 2019 Barclays Entrepreneur Awards in London. The relationship between The 55 Group and Moodbeam dates from 2019, when its brand Pagabo ran trials of the then-wearable wristband format of Moodbeam on construction sites for schemes procured through its frameworks. Almost 400 participants were involved from 13 businesses.Moodbeam’s wearable device and companion app allows users to log their mood and monitor their emotional wellbeing. The device, which links wirelessly to a paired device, gives insights into how moods change over time, showing patterns and trends that can be shared with trusted family, friends and colleagues.

Moodbeam, which featured on ITV’s This Morning and Channel 4 during the first coronavirus lockdown, expanded its services dramatically throughout the pandemic. With the acquisition now complete, it will join The 55 Group’s portfolio of digital-first brands along with Pagabo, Sypro and Loop. It will integrate with Pagabo’s procurement software, My Pagabo, which operates largely within the construction industry.

Gerard Toplass, group chief executive of The 55 Group, said: “Moodbeam is a unique piece of technology, so we’re really pleased to be announcing this acquisition and bringing it into our suite of software at The 55 Group.

“Our mission is to utilise technology to create a better world, with our structure providing a platform for growth and integration between our brands.

"This will be no different as we bring Moodbeam into our wider portfolio, where it will have a significant impact on the construction industry and seek to remove the taboo that still sadly exists.

“The construction sector goes the distance when looking after physical health due to the close association with safety, but our wider understanding of mental wellbeing cannot be ignored.

"The scale of this is only truly understood when examining statistics, which show that two people working within the industry die by suicide every working day. Simply put, it’s something we have to tackle now, breaking down taboos and making a marked difference to support our people.”

In September, it was revealed that The 55 Group had implemented a payment scheme for staff to help alleviate pressures from the ongoing cost of living crisis. Mr Toplass has introduced the new programme to support staff with energy, food and transport costs. The scheme saw every member of staff with a standard salary under £50,000 per year receive £60 per month for the next year.

Mental health tech brand Moodbeam which featured on ITV’s This Morning is acquired by The 55 Group