The hunt is on to find some of the region's most innovative businesses with the launch of the 17th annual Merseyside Innovation Awards.

The awards are open to individuals or companies with fewer than 50 employees and have prizes worth more than £14,000 up for grabs. They aim to recognise and reward the use of innovation as a means of boosting growth and profitability.

Brian McCann, of MC Vanguard Corporate Finance and founder of the awards, said: "We are now entering the 17th year of the Merseyside Innovation Awards and all of the sponsors are looking forward to the supporting the region's exciting and innovative businesses.

"Our aim is to foster not just existing innovative companies, but also develop innovative ideas that will generate economic growth and the formation of new businesses. We've already had a handful of applicants, even before the awards are open for entries, so the signs are very encouraging."

Each month, a winner will be selected and given the chance to compete in the grand final in July, when three shortlisted contestants will present to a distinguished panel of judges from across the commercial spectrum.

The overall winner will receive £10,000 in cash, £4,000 worth of legal, business, PR, accounting or design consultancy, with support from some of the region's leading business advisors as well as publicity for the idea.

Knowsley-based Nurock, which has developed an innovative hydraulic concrete mixing system, was crowned the winner of last year's Merseyside Innovation Awards. It beat off competition from fellow finalists Weir and Carmichael, Human Recognition Systems and Learn About Finance to take the award.

The deadline for entries is 27 April and the final will take place in July at the Crowne Plaza in Liverpool. More information on how to enter is available on the Merseyside Innovation Awards website or by contacting Jean Hughes.

Insider is once again proud to support the ceremony and is acting as media partner with the BBC. Other sponsors of this year's awards are: Amatica, BBC Radio Merseyside, Brabners Chaffe Street, Liverpool Chamber of Commerce, NatWest, Paver Smith, University of Liverpool, MC Vanguard, The North West Fundand WP Thompson.

MC Vanguard Corporate Finance is to start operating from within the Mitchell Charlesworth group of companies after Mitchell's corporate finance division merged with Liverpool-based Vanguard.

Vanguard's four-strong team is set to work across Mitchell Charlesworth's offices in Liverpool, Manchester, Warrington, Chester and Widnes. Vanguard's founder Brian McCann is set to join Mitchell Charlesworth as a partner together with corporate finance managers Robin Gower and Jean Hughes and assistant Duncan McCann.

Mitchell Charlesworth chairman Clive Plummer said: "This is a hugely exciting new venture which will thrust Mitchell Charlesworth further into the corporate finance market. "Brian and the Vanguard team are bringing a wealth of contacts and a huge amount of experience and expertise to Mitchell Charlesworth and we are already working on a number of exciting deals together.

"The breadth and depth of Mitchell Charlesworth's services for the SME market is now even more formidable and comprehensive." MC Vanguard Corporate Finance partner Brian McCann added: "This merger is about bringing talent, skills, contacts and experience together to create one of the best corporate finance firms in the region.

"With Mitchell Charlesworth's depth of experience in key areas such as tax and due diligence we can market our services more widely and extensively." Mitchell Charlesworth was formed more than 125 years ago and claims to be one of the largest independent practices in the North West.

It has more than 150 staff in five offices in Chester, Liverpool, Manchester, Warrington and Widnes. The firm of chartered accountants and business advisers provides a range of services in the areas of financial and taxation advice.

In the first of a series of blogs by 42 under 42 alumni, Secured Mail’s Mark Bigley talks through the lessons learned whiles raising finance for his business.

There’s a reason why I embarked on the process of raising finance – quite simply, the business had a clear need for it. In order to capitalise on our vision, we need external capital to grow the business. However, as much as there is a real need for this to happen, it took considerable time and effort – we went to great lengths to do our homework and understand the rationale behind what we wanted to do.

It goes without saying that there are requirements for external funders. They need to know the story of the business, believe in the senior management team, see a track record of success and witness a clear vision. When you first get together, it’s a case of sitting down and working through the plan to identify avenues you want to explore. Unsurprisingly, it can take three to four months to detail that plan in sufficient depth, with as much forward thinking and well thought through financial models as possible.

Corporate finance advisers are critical. You would find it difficult, if not near impossible, to do it alone. Their support is invaluable. They essentially project manage the process while you run your business. It must remain your job to keep the business on track. Funders looking to invest not only want to understand the potential, but also need to understand day-to-day running of the business.

In my view, the days of raising cash in a few short months are well and truly over. Typically, this type of deal can take six to nine months – any sensible external funder will want to get under the skin of the business and see how it is trading against your projections over a period of time.

At the same time, you need to be transparent. We were lucky to find a few investors that were interested, but we never lost sight of the fact that it could be five to six months down the line before we had a confirmed offer. Once an offer is on the table and accepted, the due diligence begins and again, it was essential that we maintained our absolute focus on the business. Never make the mistake of over egging your projections, as you will quickly lose all credibility if you don’t meet them – stay truthful to what you’re saying and hoping to deliver.

I was delighted with our own referencing that we did of our investors – it was our job to make sure we have aligned interests and the potential to form a strong relationship. That is critical for good times and bad times – it’s not always going to be bed of roses and there will always be times where things don’t go to plan. The partnership needs to be supportive and built on a solid foundation.

I can now look back and say it feels fantastic to know we have a strong, loyal, mature private equity investor on board. I am also fortunate enough to be surrounded a by fantastic staff and an exceptional senior management team. Calm heads are key. Every business needs experience, wisdom, the ability not to panic and the ability to navigate through turmoil. This applies to us, the banks, advisers, investors and every individual involved.

This is my second time going through this process and this one was pleasantly smooth. But, anyone who thinks it’s easy, is nuts. Never enter into a process like this lightly. Despite the draining, tiring, stressful months of work, however, I’ve actually found this process quite an uplifting experience. Our success is a reflection of everyone’s efforts.

Knowsley-based Nurock, which has developed an innovative hydraulic concrete mixing system, has ambitious growth plans after being crowned the winner of this year's Merseyside Innovation Awards.

The company's managing director Graham Jones said the win would allow the business to expand into new markets. It beat off competition from fellow finalists Weir and Carmichael, Human Recognition Systems and Learn About Finance to take the award.

Jones told Insider: "Winning this award will have a big impact on the business and will help us to develop a new compact concrete mixer. We currently sell in the UK and overseas and we now hope to further target customers in utilities and the public sector."

The business has developed a system that increased hydraulic mixing speed and efficiency. Its technology allows an increase in the cement content of the mix by increasing the input of cement not by reducing aggregates.

Ian Meadows, the chairman of RS Clare and chairman of the judging panel, said: "It was a very difficult decision, but we ultimately made the award to Nurock because of the impact this will have on their business."

Nurock has now won a prize package worth £14,000, including a £10,000 cash prize and £4,000 worth of legal, business, accounting or design consultancy, as well as publicity for their idea.

The Merseyside Innovation Awards were established in 1996 and were set up to recognise and reward the use of innovation to boost growth and profitability. They were open to companies with less than 50 employees.

Previous winners have included manufacturing company Kleen and Green, soil inversion technology business Landlife Group and heating elements manufacturer 2D Heat.

The awards this year were sponsored by Amatica, BBC Radio Merseyside, Brabners Chaffe Street, C-Tech Innovation, Insider, Liverpool Chamber of Commerce, Liverpool Science Park, Paver Smith, NatWest, The University of Liverpool Business Gateway, WP Thompson and Vanguard.

The Ellesmere Port based process automation company has been sold to XL Group, a provider of integrated technology solutions to the global oil, gas, utilities and petrochemical markets.

Simon Bennett, who will continue to lead the business within the XL Group said “Bennett Engineering has a great track record of working with major blue chip customers, who value highly the support we are able to give them.  Our business has grown rapidly and we are excited about the opportunities for further growth, which becoming part of XL Group will bring”.

Bennett employs nine people, most of whom are specialist engineers, engaged in the design and development of electrical and instrumentation based process control systems for customers in the petrochemicals and industrial gases sectors.

XL Group operates from two facilities in Aberdeen, with additional operations in Canada, Columbia and Qatar, as well as a third UK office in Runcorn.  With a target of £20m turnover for 2011/12 and over 60 staff the group is active in a range of technology sectors, including process control and safety systems, telecommunications power management, subsea systems, I.T. as well as flow measurement and hydrocarbon accounting for the on-shore Petrochemical, industrial, Utilities and off-shore oil and gas sectors.

Bennett Engineering Solutions were advised by Brian McCann of Vanguard Corporate Finance and Corporate Partner Kieran Donovan and Corporate Associate Robin Gill of Bermans Solicitors.  Advisers to XL Group were Stronachs Solicitors and Infinity Accountants of Aberdeen.

Southport based Inter-Group Communications has acquired the business of Chrome Ltd, a telecoms reseller operating primarily in the Yorkshire area. IGC’s latest purchase follows the acquisition of Bristol based Budd Communications last December and consolidates the group’s position as one of the UK’s leading independent telecommunications providers with annual turnover approaching £4m.

The IGC business was established 33 years ago by Brian Barclay. Current Managing Director, Cliff Barclay said “Adding the Chrome business will significantly strengthen our position in Yorkshire and the North East and also bring additional high quality customers” The founder of Chrome. Mark Longley will continue to work with the business and he added “We have always been a service based business and I am convinced that joining with Inter Group will enable us to serve our customers even better”.

IGC were advised by Brian McCann of Vanguard Corporate Finance, Kieran Donovan, Corporate Partner and Kyle Quinn, Corporate Assistant of DWF.

Media Enquiries to:

Jean Hughes

Vanguard Corporate Finance

Tel: 0151 705 3520

e-mail: jean@vanguardcf.com

Mitchell and Wright, one of the North West’s longest established printing businesses has been sold to its management team.

Keith Mitchell, whose father founded the business in 1935, and his wife Nicky, who are the current shareholders are retiring from the business.  Keith said: “The Company has been acquired by Graham Byrne and Andy Gibbons who have had a combined 20 years career with Mitchell & Wright. We have been taking a ‘back seat’ for the last 2 years and have allowed Graham and Andy to be heavily involved in the running and decision making of the company. This has meant that they are well aware of our high standards of quality and delivery to each and every one of our customers. We are delighted that they will continue with the ethos ‘the customer is king’.”

Mitchell & Wright is an established name throughout Merseyside and the North West, the business employs 28 people and has a turnover of approximately £2m.  The company operates from a modern fully equipped 12,000 square foot factory in Southport.  Keith Mitchell and Nicky Mitchell have been working with Brian McCann of Vanguard Corporate Finance on a succession plan over the last 4 years and were also advised on the transaction by the corporate lawyers O’Connors LLP.

The MBO team was advised by Champion Accountants and Aaron & Partners Solicitors.

Gage Engineering employs around 40 people manufacturing pipework and structural steelwork for the food, chemical and petrochemical industries. The company also has extensive experience in making ladders, platforms and staircases and in plant and machinery installation. Clients include divisions of Unilever and Shell, which outsource parts of their internal pipework requirements.

Established in 1974, Ardeth is based in Elland, West Yorkshire and is one of the UK's leading multidisciplinary engineering companies with an extensive blue-chip client base across a wide range of industries. It produces pressure vessels, pipework and plastic equipment.

Brian McCann of Vanguard Corporate Finance who led the deal said: "The successful sale of Gage shows that good buyers can be found for companies of real quality even in the current market"

The DWF team was led by partner Kieran Donovan and included solicitor Kyle Quinn, both from the Liverpool corporate team, and real estate lawyer Christopher Morris.

Kieran Donovan said: "Tony Roylance and Ray Evans have built a successful business with a skilled workforce and a reputation for quality The sale will allow them to step down while safeguarding the future of the business. Gage’s expertise in hygienic pipework will also allow Ardeth to expand its skills and its customer base and provide it with cross-selling opportunities."