Voucher company secures finance injection
21st May 2014
A COMPANY making money-off voucher books for local goods and services has secured backing from the Finance for Business North East Fund.
Teesside-based Your Entertainer is being backed by from the Finance for Business North East Angel Fund, managed by Rivers Capital Partners, who were advised on the investment by law firm Ward Hadaway.
Set up by entrepreneur Amanda Duckworth, Your Entertainer produces and sells voucher books offering a wide range of discounts and special offers for goods and services from local businesses in sectors including food and drink, leisure and entertainment and health and beauty.
Your Entertainer is now on to its second edition in the Tees Valley area, offering 2 for 1 deals from 132 venues in the area, each with three vouchers, with sales already racking up. Books are sold via the website www.yourentertainer.co.uk tourist information centres and various retailers across Tees Valley.
The undisclosed amount of funding from the Finance for Business North East Angel Fund will be used to help expand the business to cover County Durham and four other regions.
Amanda Duckworth said: “This is a concept I initially saw work in the Middle East and I thought it had real potential to take off here in the North East since it gives businesses a chance to expand their customer base and gives consumers the potential to save thousands of pounds.
“The funding will not only help to expand the business to other areas, but it is also a valuable endorsement of the concept that investors like Rivers Capital Partners can see its potential.”
Michael Dickens, Investment Manager at Rivers Capital Partners, said: “Consumers are increasingly looking to get good deals on the things which they buy and businesses are keen on getting more customers through their doors so this is a concept which marries up both those things.
“Amanda has worked extremely hard to build up her business and has a very clear idea of where she wants to take it.
“We hope that this investment will enable her to help fulfill those ambitions and, along the way, it is also likely to help a range of other companies in the North East to boost their sales.”
Richard Butts, Corporate Partner at Ward Hadaway, led the firm’s team providing legal advice to Rivers Capital Partners on the investment.
Richard said: “We are delighted to have assisted Rivers Capital Partners on making this latest investment from the Finance for Business North East Angel Fund.
“Money-off vouchers are becoming increasingly popular both for businesses and consumers and Your Entertainer has already made an impact in this sector.”
Ward Hadaway has previously advised Rivers Capital Partners on a wide range of investments, including over 20 investments from the Finance for Business North East Angel Fund last year alone.
The Finance for Business North East Angel Fund invests in start-ups and existing businesses with growth potential in the region.
It forms part of the £125m Finance for Business North East investment fund established to provide debt and equity funding to SMEs based in North East England.