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HR specialist raises six figure investment

10/07/2007

Leicestershire-based Management Advisory Limited, has re-branded as HR4UK.com following a significant cash investment from East Midlands Early Growth Fund, managed by E-Synergy Ltd and funded by East Midlands Development Agency (emda). The investment, worth an undisclosed six-figure sum, was sealed on June 29th at The Innovation Centre at Silverstone racetrack.

Based in Hinckley, HR4UK.com is a specialist provider of comprehensive online human resources software and services. The company has been supplying state-of-the-art personnel systems and HR legislation advice for over 27 years. Today, HR4UK.com is the only computerised personnel system on the Internet that holds employee personnel records and can guarantee to meet all the current legislative requirements of UK employment law.

Companies using the system can manage their entire HR requirements online, knowing that their data is secure, encrypted and backed up daily, and that they comply fully with the latest UK employment legislation. The system can generate all the necessary HR paperwork from employment contracts to general correspondence and automatically sends prompts for certain HR activities such as regular appraisals.

Peter Abraham, Managing Director of HR4UK.com, said: “This is an exciting step forward for the company. We have a great product and a solid and mature customer base but the additional investment will allow us to take the concept to a much wider market and to develop it still further. We are delighted that the potential of the system has been recognised by the East Midlands Early Growth Fund.”

The East Midlands Early Growth Fund is a £5million venture capital fund that has been set up by emda to invest in regional start-up and early-stage businesses. The Fund, managed on behalf of emda by E-Synergy Limited, specifically targets companies with real growth potential, valid intellectual property and ambitious management teams.

Jonathan Lowe, emda’s Head of Investment, commented:  “HR4UK.com is an example of an innovative company which shows real commercial potential, and such businesses are vital to the economic prosperity of the region. We're delighted that this investment has been made – particularly since the Regional Economic Strategy highlights Information Communications and Technology as key growth areas for the East Midlands.’’      

A number of unique features led to the decision to back the HR4UK.com, which has already invested over £250,000 in the development of the current internet-based system.  In particular, its availability as an online system means the service can be provided at a fraction of the cost of other HR systems available today, giving it a wide appeal for businesses of all sizes.

Nick Wright of the East Midlands Early Growth Fund said: “We saw the potential of HR4UK.com straight away. Failure to comply with employment legislation can be critically damaging for small businesses and keeping abreast of all the latest changes, like the new holiday entitlement being introduced this October, is almost impossible. HR4UK.com represents the simplest and most cost-effective way for an SME to make sure their HR practices comply with all current and changing legislation. The fact HR4UK.com includes insurance against any tribunal costs demonstrates just how serious the company is about keeping their customers 100% compliant. No other company or organisation comes close to this.”

The deal was led and structured by Luke Mulligan, Corporate Finance Partner at Shire Chartered Accountants. Mr. Mulligan commented: "HR4UK.com is already a successful company with many well-known clients.  This investment will take the business to a national level and the number one name in web-based HR programmes."

ENDS


For further information on this press release, or to request any interviews, please contact Sheila Lashford (Splash PR & Copywriting) on sheila@splash-pr.biz or 07986 514240

Notes to editors

About HR4UK.com
Formerly Management Advisory, Leicestershire-based HR4UK.com is a specialist provider of a comprehensi