City News: IP Group, Animalcare, Servelec

INTELLECTUAL property business developer the IP Group has secured a £30m, 8-year debt facility from the European Investment Bank.

The facility will be disbursed in two tranches after IP Group fulfilled criteria set out by the EIB, which will help it continue to source UK university spin-out companies as they develop.

Alan Aubrey, chief executive of IP Group, said: “This facility is a clear indication of the EIB’s support for the group’s activities in working with leading UK universities to commercialise the outstanding intellectual property that emanates from their scientific research across all our sectors.”

Jonathan Taylor, vice president of the European Investment Bank, said: “IP Group has an impressive track record of enabling innovative ideas to be transformed into world-leading companies.
“The European Investment Bank recognises the essential need to invest in innovation across Europe and we are pleased to work with IP Group to unlock the potential of spin-out companies from UK universities to turn the latest ideas into commercial success.”

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VETERINARY medicines supplier Animalcare has had a “solid” performance with revenues across the group up

The York based firm has reported that revenues were up to £13.54m, compared to £12.88m in 2014.

The firm said that overall underlying operating profits for the full year are at least £3.0m.

A statement from the firm said: “Following the solid trading performance in the year, particularly from the Licensed Veterinary Medicines group, the board remains confident about the prospects for the new financial year and is encouraged by the gaining momentum in the product development pipeline. “

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SERVELEC’S Technologies business has announced two contract wins as well as the progress of its business optimisation software.

Servelec Technologies was awarded a four-year framework contract with Belgian railway firm InfraBel, worth around £1.6m.

The division has also won an assessment contract with Irish Water, as well as Wessex Water for a cost-saving project. 

Alan Stubbs, chief executive of Servelec Group plc, said: “We are delighted with this progress with both new and existing customers.

“The new contract with InfraBel broadens our relationship with this important customer over the next four years and confirms the benefit already delivered by Servelec’s RTU offering. The contract with Irish Water is a fantastic opportunity to demonstrate our extensive expertise