A multi-million investment in a technology hub in Nottingham could create hundreds of jobs, it was announced this week at MIPIM.
The investment team behind one of the city’s most successful technology firms want to develop the equivalent of London’s Silicon Roundabout in Nottingham.
They have already put £40 million into setting up three new businesses, which are currently based in an office building on Wilford Street.
But they want to buy bigger premises which would enable the firms to grow while also attracting other technology companies which require similar skills.
The project is being led by entrepreneur Mark Onyett, a former Capital One executive who went on to launch TDX Group, which supplied specialist software and services to utility companies and local authorities.
Though the Fletcher Gate business was only launched in 2004, it was sold for £200 million last year.
Now, Mr Onyett and his colleagues in investment business Blenheim Chalcot are looking to grow more technology companies in Nottingham because they believe the city has become a national hotspot for software and technology skills.
He told the Post: “We started three businesses fairly recently, we’ve got around 50 people already and we are looking to double that.
“The big thrust for us is to build a big hub with a bunch of businesses. We want to create something big here in Nottingham which could really move the needle for both us and the city.”
“History tells us that this is a great place for building businesses – we can find great staff, the presence of the two universities is a big help, there is a core of data analytics companies, and our experience has been that if you can find the right people here they will stay loyal and stay longer because of the quality of life.
“London is a place where it’s easy come, easy go for people, but when you’re looking to build a business you want people to stay together.”
The three companies which Blenheim Chalcott is backing are Oakbrook Finance, which specialises in consumer lending; Sequensis, which develops specialist software for financial services firms; and Bizfitech, which is developing software aimed purely at lending to small businesses.
Mr Onyett said: “We are putting £40 million into those three businesses. We have room for around 65 people where we are, so space is already getting tight. We would like to buy a building which could make a kind of home for innovation in Nottingham.
“Could we have 500-1,000 people in this space? Quite possibly – places like Silicon Roundabout and Shoreditch (in London) become like a virtuous circle. People hang around there because they know that lots of cool stuff goes on.
“This is definitely happening in Nottingham and if we can get a real buzz around coding, analytics and how you use it, and around a building which is branded for it then I think people could come and take leases.”
He added: “How you build a pool of tech talent is an interesting question for Nottingham. The universities give us a great start, but in coding, analytics and the digital space generally you can also bring in kids who are not so fortunate.
“Nottingham is definitely pulling in people from Sheffield, Derby and Leicester. We can do with more but you can make them as well as employ them if you mentor people with the right aptitude.”
