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Press releases — 4 March 2004

Unilever spin-out raises funds to finance roll-out across Sainsbury’s stores

Persil Services Ltd, a spin-out company from Unilever Ventures, has recently completed a multi-million pound deal with Uberior Equity Ltd, the venture capital arm of Bank of Scotland. The funds will be used to finance the roll-out of the business across Sainsbury's stores.

Persil Services, which provides high quality dry cleaning, laundry and photo processing services, started life in 2002 in eight Sainsbury's trial stores. By the end of 2003, it had grown into a business with 34 stores, over 250 employees and an annualised turnover of circa £5 million.

Bank of Scotland was introduced to Persil Services by Oxfordshire Investment Opportunity Network (OION). Unilever Ventures, the original investor in Persil Services, had previously raised funds through OION for an early stage technology business developing wound care products.

Andrew Lane, a director of Unilever Ventures, said:

"Raising capital from outside Unilever for our portfolio companies is a key element of our business model. It gives the company access to experience and networks of contacts from outside Unilever as well as ensuring that we establish good corporate governance. We are delighted that Bank of Scotland decided to invest in Persil Services and grateful to OION for making the introduction. We are keen to develop our links with OION further."

Stephen Campbell, a director of Bank of Scotland Equity Investments, said:

"We are impressed by the quality of the investment opportunities coming through the OION Network, which provides an easy and effective route for us to invest in high growth potential companies. We were attracted to Persil Services by their enthusiastic and experienced management team, together with the unique proposition of convenience and quality they offer to the customer."

Alastair Cavanagh, Manager of OION, said:

"I congratulate Persil Services on their successful fund raising. This deal shows that the OION Network can leverage substantial institutional finance - in addition to our main role of helping entrepreneurs raise angel funding (typically, £250,000 - £500,000) to expand their businesses so they can attract VC investment. The Network often selects companies that appeal to both business angels and corporate investors, and we frequently broker co-investment deals. In 2003 we helped 14 companies raise about £4million and we look forward to building on that record in 2004."

Press Release Ends

NOTES FOR EDITORS

Press enquiries to: Margaret Henry, OION PR Manager.
Tel: +44 (0)1865 811199  E-mail: Margaret Henry

  1. ABOUT OXFORDSHIRE INVESTMENT OPPORTUNITY NETWORK (OION) www.oion.co.uk

    Oxfordshire Investment Opportunity Network is Europe’s most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2m. OION holds monthly meetings where selected companies can pitch their proposals to OION’s members, which include over 150 active business angels, VCTs and venture capitalists.

    Many of these companies are university spin-outs and OION is uniquely positioned to help them. OION holds regular joint presentation meetings, and has strong links with, universities with a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

    OION is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by HSBC, Grant Thornton, Laytons, Frank B Dehn & Co, NESTA and Business Link.

  2. PERSIL SERVICES LTD

    Press enquiries to: Trevor Gorin, Unilever Press Office.
    Tel: +44 (0)20 7822 6010 Email: Trevor.Gorin@Unilever.com

  3. BANK OF SCOTLAND EQUITY INVESTMENTS

    Press enquiries to: Stephen Campbell, Director.
    Tel:+44 (0)131 659 0549 Mobile: +44 (0)7876 475850 Email: Stephen_Campbell@bankofscotland.co.uk
    Website: www.bankofscotland.co.uk