City council pleads for investors to bolster Innovation Birmingham
Birmingham City Council is hunting for a new investor to ensure the pioneering work conducted at Innovation Birmingham Campus can continue.
The cash-strapped authority has appointed KPMG Corporate Finance to review strategic options for the facility as it seeks to maintain the viability of the incubator.
It is offering an equity state in the campus to organisations willing to invest.
During the past 12 months, Innovation Birmingham, which incubates digital start-ups and nurtures the growth of tech firms with two to 50 employees, has opened two new buildings; the 5,812 sq ft Universities Centre and the flagship 42,149 sq ft iCentrum building.
There are now more than 150 technology businesses located across the 104,000 sq ft campus, which is based in Holt Street.
Cllr John Clancy, leader of Birmingham City Council, said: “The continued expansion of the Innovation Birmingham Campus is vital to the needs and continued growth of this entrepreneurial city.
“The organisation requires a new investor to bring clarity and certainty to its development programme, which benefits from being one of the 26 sites within the Birmingham city centre Enterprise Zone.”
The Innovation Birmingham Campus masterplan identifies a further 90,000 sq ft of proposed development before January 2020, as it seeks to create the largest dedicated technology campus in the UK.
Dr David Hardman, CEO of Innovation Birmingham, said: “The opportunity for us to seek fresh investment comes at a very exciting time. We have opened two state-of-the art innovation buildings within the past 12 months which are already almost fully occupied.
“Our ambition and vision for Innovation Birmingham reflects the scale of opportunity this city presents. We are the hub for innovative digital businesses from start-ups to scale ups and beyond. The entrepreneurial businesses that are based on the campus grow faster than if they were based elsewhere.
“We must continue to develop out our masterplan to satisfy the demand from our existing tenants, those who wish to relocate here, and be able to accommodate new digital businesses of the future.”
In order to deliver this ambition, Innovation Birmingham Ltd, which is wholly owned by the city council, is actively seeking investment in exchange for equity to support the continued development of the organisation and the campus as a next generation innovation community.
Khush Purewal, partner and head of KPMG’s Corporate Finance practice in the Midlands, said: “Innovation Birmingham is the region’s leading location for digital and tech companies. This is a unique opportunity for partners to support a successful campus in the medium term, with a clear strategy for growth led by David Hardman and supported by Birmingham City Council.”
KPMG’s advisory team is led by Khush Purewal, Simon Heath and Stuart Pilgrim.
