2009 RECOVERY DRIVES GROWTH FOR MIDDLETON ENTERPRISES
NEWS RELEASE: ISSUED ON BEHALF OF MIDDLETON ENTERPRISES
North East-based investment company Middleton Enterprises experienced a 41% growth in 2009 driven by the recovery in equity and property prices.
Starting the year at £39m, the net asset value of the company and its associated businesses rose to £55m by the end of 2009.
Middleton Enterprises Ltd represents the investment interests of Jeremy Middleton, a Tyneside-based businessman. The company comprises private equity and property, as well as listed equities.
Mr Middleton was one of the founders of HomeServe plc in 1990, which represents the company’s core investment. A FTSE250 support services company, HomeServe has a market capitalisation in excess of £1bn.
During the last five years, Middleton Enterprises Ltd has invested in nine North East businesses, generally from start-up, generally taking a minority stake and offering strategic advice to support growth.
Among Middleton Enterprises Ltd’s key private equity investments in the region are:
• Ethical Superstores Ltd, the UK’s largest ethical online retailer, in which Mr Middleton is a significant shareholder. In April the Team Valley business underwent a merger with a leading competitor, Natural Collection.
• Consett-based gourmet foods-to-go business Tanfield Foods Ltd, which supplies supermarkets such as Tesco. Mr Middleton was an early stage investor in 2005. The companys core brand “Look what we found” has made excellent progress in both sales and distribution in 2009..
• Leading North East training company Business Impact Ltd, based in Team Valley. The initial investment was made earlier this year and sales have grown to circa £5m.
Jeremy Middleton said: “The recovery in equity and property prices has really driven my investments forward in 2009. As well as a strong growth in HomeServe plc, which saw its share price increase from 980p in December 2008 to 1719p in 12 months, the new and existing private equity investments have also proved successful in 2009.
“Reflecting on the year, whilst some businesses have struggled with poor availability of credit, it is heartening to see strong performance from businesses which have found clearly-defined positions in their market places and provide high quality products and services to strengthen those positions.
“The right investments can thrive in any climate and as we move forward into 2010, I hope to continue to grow my investment in North East businesses.”
CONTACT: Helen Logan on 01325 363436
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