Tag Archives: start-up funding

News

New chairman takes the helm at WeDo Business Services

The former chief executive of a division of Close Brothers has been appointed as the new chairman of ambitious WeDo Business Services.

James Broadhead spent more than 20 years at Close Brothers Motor Finance. He joined in 2000 as operations director and later spent nearly 14 years as CEO of its UK and Ireland business.

Before joining Close Brothers, he worked at Abbey National in a number of roles, including heading its debt recovery business.

He succeeds Hugh Fell as non-executive chairman of the WeDo group. Hugh stepped down after nearly four years in the role.

Mark Lindsay, chief executive of the WeDo group, said: “The board extends its sincere thanks to Hugh for his support of the business over the years and we all wish him well for the future.

“James joins us at an exciting and pivotal time. He has a wealth of experience of leading senior management teams in the lending sector and understands the markets in which we are active and looking to grow, such as asset finance.

“He has operated in regulated environments and has managed stakeholder expectations from shareholders and investor boards alike. His knowledge, experience and skillset will be invaluable to WeDo as we develop the business.

“We have new investors on board, and are shaping our strategy and structure to drive the growth opportunities we have identified, while at the same time ensuring our processes and rigour remain robust.

“James is an excellent fit for WeDo and he is already adding value to the board structure, board reporting packs and development of the team. He will continue to add a new level of professionalism, which he has been used to working at group level in his previous roles.

“Above all, he is excited by our vision and culture, and understands our desire to drive strong sustainable growth.”

The WeDo group has its headquarters in Greater Manchester and additional offices nationwide. It provides invoice and trade finance, asset finance, loans and start-up funding to a growing client base, as well as accountancy, HR, back-office and IT services.

Mark and Chris Robinson founded WeDo in 2019 with just four staff and the business has grown rapidly through organic expansion and acquisition. It currently has over 70 staff across its Oldham headquarters and its network of offices.

Its overall lending now exceeds £50m, and it aims to reach £100m within the next three years. The group’s current nationwide client base spans sectors including recruitment, engineering, manufacturing, logistics and wholesale distribution.

WeDo recently secured £50m in funding which will enable the business to significantly expand its support of small and medium-sized companies across the UK. The funding has come from alternative investment manager Waterfall Asset Management.

James said: “WeDo is a dynamic business which has the ability and means for further substantial expansion. I’m excited to play a part in its growth strategy.

“The team are young and keen to be part of this journey. I was involved in Close Brothers’ growth for over 20 years, and hope I will be able to bring my experience to bear to help WeDo to achieve similar success.”

James is also executive chairman of GT Hub, a Leeds-based independent provider of bespoke vehicle finance to high-net-worth individuals and business owners for sports cars, supercars, classics and collections.

News, North of England

Fast-growing WeDo Business Services moves to new headquarters

A fast-expanding business services group with revenues soaring towards £10m has moved to new headquarters to accommodate its growing team.

WeDo Business Services has relocated to Meadowbank House, on the Meadowbank Business Park in Chadderton, Oldham.

The group previously had its head office at the nearby Hollinwood Business Centre.

WeDo provides a range of services to small and medium-sized companies, including invoice and trade finance, start-up funding and HR, back office, IT, digital and payroll support, with a focus on the recruitment sector.

The business was founded by Mark Lindsay and Chris Robinson in 2019 as WeDo Finance with just four staff and has grown rapidly through organic expansion and acquisition.

Turnover for the year to July 31 is forecast to be £9.5m, an increase of nearly 60 per cent.

The group has offices in Colchester, Sheffield and Swindon as well as at MediaCityUK in Salford and at Chadderton, and employs 95 staff in total.

Its new HQ gives the group scope to accommodate more recruits as well as staff visiting from its other offices.

Group chief executive Mark Lindsay said: “The move to Meadowbank House is transformational for the business. We had been at Hollinwood since our creation in 2019 but our expansion meant we required more space for our head office team.

“Many of them live in and around Greater Manchester, so it was important that our new base was close to the Metrolink and the motorway network, with plenty of available free parking for staff and visitors. Most staff have a short commute, and some can even walk to our new offices, which is great.

“We are easily accessible and can be in the city centre quickly if necessary, so it’s an excellent location for us.

“The new office also gives us scope for further growth as we look to continue our organic expansion and seek acquisitions to bolt on new services.”

WeDo’s new office features breakout areas with a pool room and a PlayStation.

Mark said: “We encourage staff to get away from their desks regularly and create a social environment that supports creativity, positivity and productivity as well as positive wellbeing.”

He said the pandemic and its lockdowns had presented growth opportunities for the group, as clients sought additional areas of support such as HR advice, business forecasting, business advice and investment.

“We’ve developed rapidly by becoming a true business service partner to our clients, helping new and existing businesses to significantly improve their cash flow, their operations and their earnings potential,” he added.

“Our strategy is to continue to expand the range of services we are able to offer and to further strengthen our relationships with existing clients as well as helping us to attract new ones across the country.”