Business

Applied Nutrition, the sports nutrition business backed by JD Sports and Coleen Rooney, has posted forecast-beating sales and profits in its first year as a public company, defying concerns over consumer spending.

The Liverpool-based firm told investors that revenues for the year to 31 July are expected to hit £107 million, comfortably ahead of City forecasts of £100 million and up 24 per cent year-on-year. Adjusted underlying profit is also set to be 19 per cent higher than the previous year, excluding exceptional costs linked to its flotation last October.

The strong update comes after a robust second half of trading, leaving the company with a better-than-expected £18.5 million cash position.

Applied Nutrition was founded in 2014 by chief executive Thomas Ryder, 41, who began selling supplements while working as a scaffolder before moving into wholesale and eventually creating his own brand. The company now sells more than 100 products — including protein shakes, energy drinks and vitamins — in over 85 countries.

Its rapid growth has attracted heavyweight backers including Peter Cowgill, the former JD Sports executive chairman; Asda co-owner Mohsin Issa; and Andy Bell, founder of investment platform AJ Bell, who now chairs the company. Rooney, the wife of ex-England footballer Wayne Rooney, is also an investor. JD Sports holds an almost 10 per cent stake.

Applied Nutrition floated at 140p a share in October 2024 in one of London’s biggest listings of the year. On Monday, shares jumped 11p, or 8.5 per cent, to 142.5p, valuing the company at about £328 million. The gains also helped lift JD Sports, which rose 7 per cent to lead the FTSE 100.

Analysts praised the performance. Peel Hunt described the figures as “highly impressive … given the uncertainty at the half-year”, while Panmure Liberum’s Wayne Brown argued the shares “deserve to go much stronger … having not missed a beat since its float and now delivering meaningful upgrades”.

Applied Nutrition said its business-to-business model, focus on product innovation and brand quality would continue to underpin growth. The company added that current momentum meant revenues this year should exceed analysts’ forecasts of £112.4 million.

Ryder said: “Our focus and ambition remain as strong as ever — in delivering for our shareholders, customers and team — and we are excited about the opportunities we have in the pipeline for the year ahead.”

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Sales and profits jump at Coleen Rooney-backed Applied Nutrition

The number of private schools collapsing into administration has doubled in the first half of this year, as the government’s VAT changes bite into the sector’s finances.

Figures released by risk advisory firm Kroll show that 12 private schools went into administration between January and July, compared with six during the same period last year. Four of those failures occurred in July alone, raising fears that closures could accelerate further.

Kroll warned that administrations across the education sector could end the year almost 50 per cent higher than in 2024. Experts attribute the sharp increase to Labour’s decision to apply VAT at 20 per cent to private school fees from January and to abolish the sector’s charitable status in April, which removed business rate relief.

Benjamin Wiles, managing director at Kroll, said: “While there continues to be economic uncertainty, weak business confidence and unwelcome speculation on further taxes, we are not seeing a surge in company insolvencies. Naturally, what is more interesting is the picture within certain sectors. We saw a jump in administrations among education and schools, most likely as a result of the government’s VAT increase that took effect at the beginning of the year.”

The VAT measure was one of Labour’s flagship tax policies, designed to raise additional funds for state education. But critics warned that smaller private schools, particularly those outside major cities and with lower fee structures, would struggle to absorb the additional tax.

Administrations are a formal insolvency process aimed at restructuring businesses or salvaging value for lenders, and they are often viewed as a bellwether of economic health. Their growing use in the education sector is seen as evidence of financial strain on mid-sized and regional independent schools.

The squeeze comes against a broader backdrop of rising business costs. Companies across all sectors are facing higher taxes following a £25 billion rise in employers’ national insurance contributions, alongside a 6.7 per cent increase in the minimum wage. Interest rates, though cut five times in the past year, remain relatively high at 4 per cent.

According to the Insolvency Service, 2,081 companies entered insolvency in July, up from 2,053 in June. Retail continues to be one of the hardest-hit sectors, with 324 retailers collapsing into insolvency in June, including the UK arm of Claire’s, the high street jewellery chain, after its US parent filed for bankruptcy.

While the total corporate insolvency figures remain broadly stable, the pressure on private schools is expected to intensify. Analysts say the combination of higher taxes, reduced reliefs and ongoing cost-of-living pressures on parents could see more schools forced into mergers, restructures or closures in the months ahead.

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Number of private schools going bust doubles after VAT raid

At some point in their history, businesses commonly have need for external funding to help their growth trajectory.

However, acquiring investment has its dangers and pitfalls and the last thing the Board will want is to invest time and money getting to the point of securing the funding only for it to be pulled.  As a commercial lawyer with decades of handling funding rounds, James Fulforth, Senior Partner and Partner in Kingsley Napley’s Commercial, Corporate and Finance team explains some of the reasons why fundraises can go wrong and therefore how best to avoid such a scenario.

Valuation and financials

Investors will wish to see a credible valuation for the company which is raising investment, and the more substance that lies behind this, the better. Is the company already trading? If yes, what financials are available? If any year end accounts have been finalised, these should be disclosed, but ideally they will be accompanied by up-to-date management accounts.

If initial trading is modest, then the focus will be more on forecasts for future periods. These will generally be incorporated within the company’s business plan.

Even if the company has researched the position carefully, financial projections are by their nature highly speculative which is why they are rarely supported by warranties in the transaction documentation. If investors do invest in an early round, future relations between founders and investors will be happier if trust is established early on. If the initial valuation proves too frothy, relations may start to sour quickly, and founders will spend more time on managing relations with grumpy stakeholders than on building their business.

Far better to take a realistic, even conservative, approach to valuations and projections, to avoid overselling the idea, and to then exceed those expectations.

Proposition

The credibility of the company’s business plan will depend on the nature of the product or service, the market, and the degree to which data is available to support the company’s analysis. Investors will consider the extent to which a product or service has already been developed, launched and tested.

Has an expert been engaged to produce a report on the product, service or market, and can such a report be regarded as independent and therefore credible? How original is the business idea, and is it possible to protect the intellectual property underlying it? If there is little substance behind the proposition, then even if the financial performance and valuation is modest, investors will struggle to see future value.

But highly detailed analysis may be of limited value if the founders are unable to articulate the company’s proposition in their pitch. Much will depend on the individuals concerned and the character of the founder team. More introverted individuals may have the technical skills, but they will need to be complemented by those with energy, charisma and leadership.

Many successful businesses are led by gifted individuals, but raising investment involves stiff competition. Balanced founder teams tend to appear a more compelling offering.

Preparation

Careful preparation prior to the fund raising is critical. A well-researched plan and a strong pitch will have little traction with experienced investors if the same level of professionalism has not been applied to the management of the company. The same applies to the organisation of the due diligence process, and the way in which founders engage in the process.

While family and friends may be prepared to rely on their trust in the founders, more sophisticated investors will require detailed answers to detailed questions. Most important is capital structure. Have all share issues and share options been documented properly?

Have terms with key suppliers, customers, employees and consultants been agreed and written down? To what degree are such terms standardised? Has the company acquired ownership or a licence over all key assets, such as intellectual property? What governance is in place around data, cyber security, and regulatory issues? Potential investors may wish to go back to when the company was founded, so ideally founders should start addressing any gaps in these elements early on.

Any obvious issues which are uncovered may be difficult to fix quickly, and may compromise an awful lot of hard work in devising and selling the proposition.

These are not the most exciting elements of running a business, and some founders will simply not have the desire or the skillset to give them much focus but, once again, the key is to have someone in the team who is prepared to understand the detail and to directly address any wrinkles that inevitably emerge.

Other investors

Securing a lead investor is often key to attracting additional investors, especially if that investor is well-known or has significant expertise in a particular sector. Even if that’s not the case, a lead investor is often someone who has already spent time in getting to know the company’s product, service or team, and provided they appear credible and are able to articulate their views to other investors in the course of due diligence, they will help reassure smaller investors and build momentum.

However, founders should be cautious of getting too close to one investor, and again they should carry out their own research on the background and track record of that individual or institution. If a lead investor pulls out of the round, others may follow.

If this happens shortly before completion, the damage may be significant. If a company is fortunate enough to have the option of choosing between investors, it should be strategic about who it collaborates with, and it may not wish to put all eggs in the same basket.

The ideal investor or investors will not only provide capital but also commercial experience and real knowledge of the sector. They may even be a suitable person for the company to have on the board.

Founder terms

Finally, founders should be realistic about their personal compensation and the terms under which they hold shares. Even though they may own a substantial percentage of fully vested shares prior to the fund raise, investors will wish to include appropriate protections, and these may include requiring the founders to offer up their shares for sale in certain circumstances.

Again, the protections required will vary, depending on the nature of the parties involved and their experience, but also on the other elements already touched upon, ie the valuation, track record of the founders, nature of the preparation and dynamic between the investor group.

If a founder can confidently justify the overall proposition, negotiations will be easier. But an unrealistic founder may fall at the last hurdle. These matters need careful consideration alongside advisers and, much like a company’s valuation, the key is to be reasonable and to think long-term.

This also applies to other employees’ compensation. Investors will wish to see that employees are properly incentivised to stay and perform and to add value to the company. Companies that don’t offer equity to their employees (for example, through EMIs) risk losing important talent to competitors.

Securing funding has its pitfalls, and expert advice should always be sought to help guide your business through the process but, if properly managed and executed at the right time, the result can prove transformational for your business.

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5 Reasons Why Fundraising can Go Wrong

Backed by fertiliser giant Mosaic, the Oxford-based venture accelerates field testing of its precision biostimulant technology

SugaROx, a UK-based agricultural technology company developing precision biostimulants, has secured a £1 million seed round extension to accelerate manufacturing and field testing of its flagship product.

The funding includes a £400,000 strategic investment from The Mosaic Company, one of the world’s largest fertiliser producers, with the remainder provided by existing backers including Future Planet Capital, Regenerate Ventures, and UK angel investors.

Biostimulants are among the fastest-growing crop input categories globally, with an estimated compound annual growth rate of 11 per cent. SugaROx is seeking to position itself at the forefront of the market with its proprietary ingredient, Trehalose-6-Phosphate (T6P).

The T6P biostimulant works by inhibiting SnRK1, an enzyme that signals energy scarcity in plants, thereby improving crop yield and resilience. Safety tests completed earlier this year confirmed a favourable regulatory outlook, encouraging potential partners to request samples for large-scale trials.

SugaROx is targeting a UK market launch for its T6P wheat biostimulant in 2027, followed by entry into the EU in 2028. Trials in soybean and maize began this year, with ambitions to expand into the US and Brazilian markets shortly after.

Mark Robbins, chief executive of SugaROx, (pictured) said the new funding was critical in meeting demand for product samples. He said: “In response to increasing demand, we decided to accelerate our manufacturing timeline, fast-tracking the shift from in-house lab production to a pilot facility,” he said. “The Innovate UK grant and additional investment allow us to do exactly that.”

The deal also builds on a £2.4 million Innovate UK grant awarded last year to help scale manufacturing of T6P. Mosaic’s involvement gives SugaROx access to its US trial network and digital platform TruResponse, which allows field results to be visualised and analysed at scale.

Dr Cara Griffiths, chief technical officer and co-founder of SugaROx, said: “With Mosaic we gain access to an established network of trial sites for validation of our first product in the US at scale. Mosaic will also provide us with access to TruResponse, a digital platform to visualise field results, which will be extremely valuable for our research.”

Founded to commercialise research into plant biochemistry, SugaROx aims to bring science-backed innovation into a market increasingly focused on sustainable crop production.

Robbins added: “We have the ambition to transform the biostimulants industry with science-based solutions – something that is only achievable in collaboration with other players.”

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UK biostimulant startup SugaROx raises £1m to fast-track crop trials

Amazon is facing a multibillion-pound legal challenge in the UK after being accused of artificially inflating prices paid by tens of millions of British consumers.

The Association of Consumer Support Organisations (ACSO), a non-profit group, has applied to launch a collective legal action on behalf of 45 million customers who bought products from Amazon since 2019. It alleges that the e-commerce giant prevented independent sellers from offering cheaper prices on their own websites, thereby restricting competition and driving up costs for consumers.

If successful, the “opt-out” claim could see millions of Britons automatically entitled to refunds, without having to join the action individually.

Matthew Maxwell-Scott, founder and executive director of ACSO, said: “Millions of people in the UK make purchases on Amazon every day. Despite the company’s assurances that it is above all else ‘customer-obsessed’, we consider there are strong grounds to argue that UK consumers have paid higher prices because of Amazon’s pricing policies. This action will ensure that consumers can obtain redress for the considerable losses they have suffered.”

The lawsuit echoes long-running battles between Amazon and regulators abroad. In the US, the Federal Trade Commission filed a case in 2023 claiming Amazon used its “monopoly power to inflate prices” by penalising sellers who offered discounts elsewhere. Although parts of that claim were dismissed, the case is proceeding to trial.

The move underlines the growing prevalence of US-style class actions in Britain since reforms under the Consumer Rights Act 2015. Collective cases have become a mounting risk for multinational corporations, with researchers at the European Centre for International Political Economy warning in June that mass litigation could cost the UK economy £18bn by deterring investment.

Amazon has faced scrutiny in Britain before. A 2013 probe into its pricing practices led to voluntary changes to address regulator concerns. But ACSO argues its business model continues to prevent “healthy price competition”.

Amazon has rejected the claims. A spokesman said: “This claim is without merit and we’re confident that will become clear through the legal process. Amazon features offers that provide customers with low prices and fast delivery. In fact, according to independent analysis by Profitero, Amazon has maintained its position as the lowest-priced online retailer in the UK for the fifth consecutive year.

“We remain committed to supporting the 100,000 independent businesses that sell their products on our UK store, which generate billions of pounds in export sales every year.”

The case will be closely watched by retailers and investors given its potential scale. Amazon’s UK business serves more than 45 million customers and supports around 100,000 third-party sellers. A ruling against the company could open the door to one of Britain’s largest ever consumer compensation awards.

It also comes at a delicate time for the company’s regulatory standing in the UK. Doug Gurr, Amazon’s former UK boss, was earlier this year appointed to lead the Competition and Markets Authority, the very watchdog that has previously examined its pricing practices.

Read more:
Amazon faces multibillion-pound legal action over alleged price inflation for UK shoppers

The Giro d’Italia generated $36.1 million in sponsorship revenue in 2025, a sharp fall from the previous year as the number of brand partners dropped, according to new figures from GlobalData.

The latest Post Event Analysis – Giro d’Italia 2025 shows that the race, which ran from 9 May to 1 June between Durrës, Albania and Rome, Italy, secured 54 sponsors this year compared with 65 in 2024. The decline in backing meant overall sponsorship value fell by $12.5 million year on year.

Thirteen new companies came on board for the 2025 edition, including Red Bull, Suzuki, Tudor and Continental, alongside firms in food, clothing and IT services such as Conad, Sanmarco Informatica and PharmaNutra. However, 24 brands failed to renew their partnerships from last year.

Olivia Snooks, sports analyst at GlobalData, said: “The 2024 Giro d’Italia accumulated an estimated $48.6 million in sponsorship from 65 companies. In comparison, the 2025 edition had 11 fewer sponsors and saw a notable decrease in annual sponsorship revenue.”

The overall prize purse for this year’s event was estimated at €265,668 ($308,334), collected by winner Simon Yates.

The Giro’s broadcasting arrangements also contributed to challenges for fan engagement. Discovery, which owns Eurosport, is in the final year of a five-year global rights deal valued at around $90 million, or $18 million annually. However, with Eurosport discontinued in the UK, coverage has shifted to TNT Sports via the Discovery+ platform, raising subscription costs for British fans.

Snooks noted: “UK viewers faced a significant change in accessing live coverage, and the shift to Discovery+ with TNT Sports has affected accessibility for cycling fans.”

Despite the sponsorship shortfall, the race remains one of cycling’s marquee events, drawing crowds of spectators along its route, where roadside viewing is free. Organisers RCS Sport and partners such as Sportive Breaks also market premium hospitality packages, priced from around $220 at stage starts to $700 at grandstand finishes.

Attendance figures for 2025 have not yet been released, but host cities typically record a surge in visitor numbers during stage starts and finishes, underlining the event’s broader economic impact.

The challenge for organisers now will be to balance the Giro’s enduring global appeal with a more sustainable sponsorship and broadcasting model as competition for sports marketing budgets intensifies.

Read more:
Giro d’Italia 2025 sponsorship revenue falls to $36.1m as race loses 11 partners

WH Davis, the UK’s last surviving independent railway wagon manufacturer, is set to expand its workforce by a quarter after securing a €44 million export contract with Ireland.

The Derbyshire-based company, part of Buckland Rail, will supply 150 freight wagons to Iarnród Éireann, Ireland’s state-owned rail operator, in a deal supported by UK Export Finance (UKEF). Production is due to begin at its Shirebrook facility, with deliveries scheduled to start in 2026 and the full order completed by the end of 2027.

The agreement, enabled through UKEF’s Bond Support Scheme, marks WH Davis’s return to exporting after two decades. Barclays, the company’s long-standing banking partner, issued the required capital after UKEF guaranteed 80% of the contract bond.

The contract is the first under a ten-year framework agreement that could eventually see as many as 400 wagons delivered. Management said the deal would allow WH Davis to increase its headcount from 80 to 100, creating new jobs in an ex-mining village where skilled employment opportunities have been scarce.

Andy Houghton, managing director of WH Davis, described the deal as a “landmark export contract” and said UKEF’s backing had provided the confidence and liquidity to grow. “We are proud to be shaping the future of rail freight. This is a significant milestone for WH Davis and reaffirms the strength of UK manufacturing on the international stage,” he said.

The new wagons will offer a third more carrying capacity than Ireland’s existing fleet and operate at speeds of up to 110km/h, compared with 80km/h at present. The upgrade is expected to support the Irish government’s efforts to expand rail freight as a greener alternative to road transport.

Gareth Thomas, Minister for Exports and Small Businesses, said the deal underscored the growth potential of British manufacturers. “WH Davis’s breakthrough into this market is a perfect example of how the right support can help unleash this potential,” he said. “Through our Plan for Small Businesses and Trade Strategy we’re removing barriers for SME exporters, creating high-paying jobs and supporting local economies.”

Tim Reid, chief executive of UKEF, said the deal demonstrated “the transformative power of export finance in revitalising local manufacturing and creating skilled jobs in communities like Shirebrook”.

Barclays has provided €28.7 million of UKEF-backed bonding facilities over three years to support the project. James Guthrie, UK head of mid-corporate trade at the bank, said the arrangement gave WH Davis “the flexibility and confidence to deliver on this contract and pursue further growth in Europe”.

The contract is seen as a major boost for the UK’s rail supply chain and could pave the way for WH Davis to target new European and international markets. Discussions are already under way for a second phase of orders, alongside potential product development.

Founded in 1908, WH Davis has remained a rare survivor of Britain’s once-dominant rail engineering sector. Its latest success comes amid renewed political focus on boosting exports and manufacturing as part of the government’s industrial strategy.

UKEF’s latest annual report shows it provided a record £14.5 billion in new financing in 2024/25, supporting 667 companies and up to 70,000 jobs. Ministers have billed such deals as central to their “Plan for Change” to stimulate growth and raise living standards across the UK.

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WH Davis secures €44m export deal and plans 25% workforce expansion

Britain’s retailers are losing more than £146 million each year by failing to modernise their estates in line with net zero targets, new research has warned.

Analysis by Mitsubishi Electric found that outdated heating, ventilation and air conditioning (HVAC) systems are leaking energy and inflating costs across one of the UK’s most energy-intensive industries. Despite recognition that sustainability can boost financial performance, almost half (43 per cent) of retail operations managers said net zero was not treated as a business priority because returns on investment fall outside immediate trading years.

The study, which surveyed 500 retail facilities managers, suggests that the industry is at risk of falling badly behind government climate goals. More than a third of shops are expected to remain non-compliant by 2030, leaving them vulnerable to becoming “stranded assets” – too costly or impossible to rent due to poor environmental performance.

HVAC accounts for up to 60 per cent of a store’s energy use, yet just over half of facilities managers (54 per cent) said they had already upgraded their systems. The rest remain reliant on ageing equipment that is draining budgets and undermining sustainability commitments.

Chris Newman, Zero Carbon Design Manager at Mitsubishi Electric, said the retail industry accounted for around 16 per cent of the UK’s non-domestic building space – representing both a challenge and an opportunity.

“This offers a substantial chance to decarbonise at scale, starting with identifying the ‘easy wins’ now and reviewing the systems responsible for heating, ventilating and cooling these spaces,” he said. “In-depth understanding of how this equipment operates means facilities managers are uniquely positioned to support the delivery of net zero estates in future.”

While many managers understand the case for action, the report highlights that they are often constrained by corporate structures. More than a third have no control over budgets or decision-making for net zero projects, while 42 per cent said they had received no clear direction from senior leadership. One in five said net zero was not included in their performance targets at all.

This lack of empowerment, the report argues, is stalling progress at a time when investor expectations on sustainability are increasing and regulations such as the Minimum Energy Efficiency Standards (MEES) are expected to tighten.

Already, 35 per cent of operations managers believe more than a third of their estate could become stranded assets if MEES thresholds are raised. That prospect is already having financial consequences, with £146 million in annual energy losses linked to equipment that should have been replaced with modern, efficient alternatives.

Despite the scale of the challenge, experts argue that adapting estates need not be complex. HVAC systems, often responsible for the lion’s share of a retail building’s energy consumption, can be upgraded with relatively simple interventions such as replacing indoor and outdoor units while retaining existing pipework.

Such upgrades, Newman said, could deliver immediate energy savings, ensure compliance with incoming regulations, and protect asset values.

“The longer we leave it, the harder adapting these buildings is going to get,” he added. “Now is the time for retailers to be creating long-term strategies that align business as usual with concrete commitments for energy reduction.”

The findings underscore the mounting pressure on retailers to align operational resilience with environmental responsibility. With consumers, investors and regulators increasingly focused on sustainability, the research warns that those who delay risk higher costs, reduced competitiveness, and the erosion of asset value.

As Newman concluded: “This is about future-proofing the industry. Acting now will allow retailers to stay compliant, competitive and operational in an increasingly sustainability-minded market.”

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UK retailers risk £146m annual losses without net zero upgrades

Britain’s small and medium-sized enterprises are falling behind on climate commitments, with just one in eight classed as “net zero ready” as tougher sustainability reporting rules approach.

According to Aldermore’s latest Green SME Index, progress towards decarbonisation has stalled among small businesses despite looming deadlines and potential financial gains. From 2026, some firms will be required to comply with new UK Sustainability Reporting Standards, which are expected to align closely with international climate disclosure rules.

Yet only 13 per cent of SMEs have so far put in place the formal measurements and commitments needed to cut emissions to net zero by 2050. The figure has not improved since Aldermore’s last survey in 2024, prompting concern about a growing “net zero divide” between more proactive companies and those yet to take any action.

The research found that while a quarter of SME leaders (24 per cent) are still assessing their environmental goals, more than three-quarters remain at an early stage or are actively disengaged.

A lack of knowledge appears to be a major barrier: two-thirds of respondents said they had never heard of Scope 1, 2 or 3 emissions – the internationally recognised categories that underpin greenhouse gas reporting requirements.

Meanwhile, 82 per cent of SMEs said sustainability demands felt like a barrier rather than an opportunity for their business.

Despite such concerns, the findings also point to significant upside potential. SMEs estimated they could generate an additional £52,000 in income each year by improving their sustainability credentials. However, on average they had spent only £5,500 exploring greener practices and just under £24,000 implementing them.

Lauren Pamma, head of energy and infrastructure at Aldermore, said many smaller firms had the ambition to decarbonise but lacked the resources or expertise to do so.

“Our research shows genuine ambition among SMEs to decarbonise, but a lack of knowledge, resource and access to capital is holding many back,” she said. “With reporting deadlines approaching, now is the time for government, industry and finance partners to step up their support. By closing the skills gap and providing targeted funding, we can help SMEs unlock the substantial growth, energy security and cost-savings that sustainability delivers.”

Aldermore highlighted its own efforts to support the transition, including a £25 million funding package for Osprey Charging Network, one of the UK’s fastest-growing electric vehicle charging operators.

But with 5.5 million SMEs accounting for 99 per cent of British businesses, industry leaders warn that without broader action, the UK risks missing its climate targets while small firms lose out on efficiency savings and growth opportunities.

Read more:
SMEs face widening net zero divide as 2026 reporting rules loom

Maven Capital Partners has invested £2.6 million in PowerPhotonic, the precision optics specialist whose technology underpins high-power laser systems used in aerospace, defence, healthcare and semiconductor manufacturing.

The deal, which includes backing from the Maven Income and Growth VCTs and IFS Maven Equity Finance – part of the Investment Fund for Scotland, managed by Maven and delivered by the British Business Bank – will support PowerPhotonic’s ambitious growth plans on both sides of the Atlantic.

The fresh capital follows £2.7 million in previous funding from Archangels and Scottish Enterprise over the past two years, and will enable the Dalgety Bay-headquartered company to scale up its operations, expand its Arizona manufacturing base and strengthen its sales and marketing activity.

Founded in Scotland and now serving a global customer base, PowerPhotonic has carved out a niche in designing and manufacturing freeform micro-optics that boost the performance and reliability of high-power laser systems.

Its proprietary process allows for the production of highly complex glass optics with exceptional accuracy – a step-change from traditional manufacturing methods. These components are increasingly critical in industries that rely on lasers for innovation and efficiency, from semiconductor fabrication to medical devices.

Amanda Robertson, who recently joined as group chief executive, said the investment marked “a real privilege” and a pivotal moment for the business. “The momentum created by this funding opens the door to cutting-edge innovation and deeper collaboration,” she said. “I’m looking forward to building on the company’s strong foundation and working with our exceptional team to shape the next chapter of our growth.”

David Milroy, a partner at Maven, described PowerPhotonic as “a highly scalable business with significant global potential”, pointing to its strong intellectual property portfolio and proven technology.

“The company operates in sectors where demand for precision optics is accelerating, and its ability to deliver complex, high-performance components sets it apart,” he said. “We are excited to support PowerPhotonic’s next phase of growth and believe the business will significantly benefit from the value-add of a strategic investor with significant experience in growing businesses globally.”

Roy McBride, founder and director of strategy and growth at PowerPhotonic, said closing the funding round was “a significant milestone” as the company accelerates its push in both the US and UK.

“With a strong and loyal customer base and access to high-growth markets, we’re now in a prime position to unlock new opportunities and deliver even greater value,” he said. “This investment reinforces our strategic vision and the confidence our partners have in our trajectory.”

Archangels and Scottish Enterprise have been longstanding supporters of the business. Niki McKenzie, joint managing director at Archangels, said the firm had helped PowerPhotonic unlock the potential of its deep intellectual property.

“Both the team and technology have developed at pace in recent years, attracting world-leading customers and being agile to support new applications,” she said. “With strong foundations and an array of opportunities ahead, we are excited to continue supporting PowerPhotonic in the next stage of growth.”

The British Business Bank also welcomed Maven’s role in supporting the expansion. “With rising demand across high-growth sectors like aerospace and life sciences, expertise in delivering complex, high-precision components means the business is well-positioned to meet this need,” said Sarah Newbould, senior investment manager at the bank’s Nations & Regions Investment Funds. “We look forward to backing its growth in the UK and US, helping to create skilled jobs and strengthen Scotland’s advanced manufacturing sector.”

PowerPhotonic’s growth push comes at a moment when lasers are becoming embedded in a widening range of industrial processes, from advanced manufacturing to defence systems. The company’s optics are seen as critical in enhancing laser efficiency, durability and output – attributes that are increasingly in demand.

For Maven, one of the UK’s most active private equity firms, the deal reflects a continued focus on companies with strong intellectual property and exposure to global growth markets. The investment in PowerPhotonic follows a string of deals across advanced manufacturing, life sciences and technology.

For Scotland’s economy, meanwhile, the expansion of PowerPhotonic represents another vote of confidence in its high-tech manufacturing base, with the promise of further skilled jobs in Fife and a growing footprint in the US.

Read more:
Maven backs laser optics pioneer PowerPhotonic with £2.6m investment