BGF invests £3.4m in Jumpstart to support R&D tax relief claims


UK-based Business Growth Fund (BGF) has made a £3.4m growth capital investment into Edinburgh-based Jumpstart, which supports businesses make HMRC Research and Development (R&D) tax relief claims.

This is BGF’s tenth investment in Scotland since it was established in 2011 to help the UK’s growing businesses and its fifth investment in Scotland in the past three months.

The investment will support the company’s further growth across the UK through the expansion of its in-house sales, marketing and delivery functions and a strengthening of the management team, the company said. It has also bolstered the Board with the appointment of marketing services veteran Jim Faulds as chairman and David Evans, a former Mazars senior partner as non-executive director.

BGF senior investment managers Patrick Graham has also joined the board.

Jumpstart was founded in 2008 by Stuart Wyse, Don Galloway and Richard Edwards to address to help guide UK businesses through HMRC’s R&D Tax Relief application process. They were joined in 2010 by Brian Williamson, the company’s current managing director.

Graham said, “BGF was established to help growing UK businesses that need long-term capital to drive their future success, so it is especially rewarding to be investing in Jumpstart who share the same business ethos. The quality and integrity of service that it provides helps other companies to maximise their investment in R&D, making the UK more competitive internationally.

“With around 10,000 SMEs and 2,500 large companies currently claiming more than £1.1bn in R&D Tax Relief each year in the UK, we believe that there is a large opportunity for the business to grow.”

Backed by five of the UK’s main banking groups, BGF targets businesses with a turnover between £5m to £100m, investing between £2m and £10m for a minority equity stake and a seat on the board.

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