NEL investment tailored to specialist HR consultancy’s growth plans
Uploaded by Suzanne Smith in Recent Investments, Small Loan Fund on June 27, 2023
A specialist HR consultancy which helps companies positively attract, motivate and retain high-performing people is looking to build a bigger team itself with the help of a five-figure investment from the North East Small Loan Fund Supported by The European Regional Development Fund.
Tailored Thinking provides positive psychology, well-being and HR consultancy services to clients right around the world which help them to manage issues around attraction, retention, performance and leadership.
The Durham-based business uses the concept of ‘jobcrafting’ to help individuals find ways to personalise their working lives, align their roles more closely with their strengths, skills and interests, and so enhance their resilience, engagement and job performance.
The business has worked with regional fund management firm NEL Fund Managers to obtain the investment, which is being used to support the wider roll-out of its services and implement industry-specific marketing campaigns, including in the further and higher education sectors.
Two new jobs are expected to be created in the first instance, with more to follow as the business works towards its target of increasing its annual turnover by around 40 per cent.
Founded six years ago by Rob Baker, Tailored Thinking was named as the Chartered Institute for Personnel and Development’s UK’s HR Consultancy of the Year in 2020.
It already works with a growing number of well-known businesses and education institutions, including Virgin Money, Royal Bank of Scotland, PWC, Durham University and Bernicia.
The company recently ran its first online jobcrafting training seminar, attracting delegates from as far afield as the US, New Zealand and continental Europe, and is planning further follow-up events for later in the year.
Rob Baker, who is a chartered fellow of both the CIPD and the Australian HR Institute and a TEDx speaker, says: “Our purpose is to help create enriching work which allows individuals, teams and organisations to perform better for themselves, their colleagues and their customers.
“Enabling employees to take more ownership of and personalise their roles in ways that appeal to their strengths and interests given them a greater degree of ownership of their work and helps to create a positive working environment that they don’t want to leave.
“Our first online jobcrafting seminar went really well, with clients from all over the world providing terrific feedback on the impact of our ideas, and we’re already setting out plans to hold more events later this year.
“The success we’ve achieved so far gives us great confidence in the strength of our business model and there’s a clear opportunity for us to increase our presence in industry sectors where we know our expertise will deliver tangible results for both employers and employees.
“Accessing capital from within our home region was an important factor in choosing to work with NEL, and their team has stayed close to us as we’ve begun to put our development plans into effect.”
Susan Snowdon, Investment Executive at NEL Fund Managers, adds: “Tailored Thinking’s carefully-crafted approach to enhancing clients’ workplaces has already proven to be a success and they’re now well set to realise more of the business’s growth potential.”
Part of the £120m North East Fund and aimed predominantly at smaller SMEs, the £9m North East Small Loan Fund typically offers loans of up to £100,000 to businesses in Tyne & Wear, Durham and Northumberland.
It is designed to assist with the creation of over 1,200 new regional jobs in more than 320 SMEs over the life of the fund.
The overarching £120m North East Fund will provide financial support for more than 600 businesses, creating around 2,500 jobs and delivering a legacy of up to £80m for further investment into the region.
NEL Fund Managers is also responsible for managing the £18m North East Growth Capital Fund, which offers unsecured investments of up to £500,000 to established businesses looking to realise their growth potential.
For more information about NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0345 369 7007.