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01.05.07 Rescu contract packing joint venture with TDG goes live
22.02.08 TDG Contract Packing Update
01.02.07 Rescu launch Rescu Spend, a spend management service
01.01.07 And then there were 3 Rescu recruits new director
08.03.05 The UK Drinks Industry - RFID Taskforce is launched
04.02.05 "Can you RESCU us?" asks major Distiller
13.12.04 RESCU announce RFID Joint Venture with Spartan Solutions
26.11.04 RESCU Solutions Procurecard provides greater guaranteed revenue
27.09.04 RESCU help Dewars with their new product introduction process
19.08.04 Improved customer satisfaction and cost reduction
26.07.04 RESCU Solutions Procurecard identifies potential 4% profit increase
15.06.04 RESCU introduce world class supply relationship to Dewars
24.02.04 Pi Capital completes £3m first round investment in Procurecard Ltd
20.02.04 Hookson to the RESCU
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London,
24 February, 2004
Pi Capital, the independent venture capital firm investing in growing unquoted
UK businesses, has today announced the completion of a £3 million
development capital investment in Procurecard Ltd. Over 70 of Pi Capital’s
private investor members participated in the deal. Procurecard provides
a unique solution for small and medium sized companies ("SME's"),
that unlocks the hidden value within their non-core procurement spend, to
directly increase profit through the introduction of a new revenue stream.
Vincent Tchenguiz, Chairman of Consensus Business Group, provided the seed
capital and incubation to take Procurecard from concept to the high growth
proposition that appeals to Pi members today.
The fundraising was led by Pi Capital's Managing Director and Chief Investment
Officer, Paul Thomas who commented, "Procurecard is the rare example
of a new and simple but clever business model that is eminently scalable.
It is just the type of transaction and business where Pi members can add
significant value."
SME's spend an estimated £40 billion on "non-core" business
products according to data from the Office of National Statistics and services
in the UK each year - a market which is coveted by suppliers but notoriously
difficult for them to secure. Procurecard has registered early successes
in giving top tier suppliers access to the aggregated spend of an increasing
number of SME's, who in turn benefit from an on-going monthly cash rebate.
The capital raised will allow the company to fund the necessary recruitment
and infrastructure to manage the expected fast growth.
The Board will now include David Giampaolo, noted entrepreneur and CEO of
Pi Capital, and Pi members, Damien Harte and Walter Goldsmith, who together
bring a wealth of experience. Damien was a founding director of Channel
5, and was CFO of Somerfield, Whitfield and Group Finance Manager at Rover,
and will bring his strong background in strategy, finance and operations
to bear as Chairman. Walter was the former CEO of Black and Decker and held
board positions at Trusthouse Forte, Korn/Ferry International and was the
Director General of the Institute of Directors.
David Brown, Chief Executive of Procurecard, said, "Our unique trading
model provides commercial benefit to all parties, and has proved very popular
with Pi Capital members who are amongst the most astute investors in the
UK. The company has reached a pivotal point in its growth and this injection
of capital, coupled with the Pi member experience, is invaluable to us."
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| If UK companies adopted
on the average best practice levels of leading competitors, the UK’s
GDP would increase by £300 billion per annum. |
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| “ |
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| Drive thy business or
it will drive thee.” - Benjamin
Franklin |
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