Thriving Manchester gaming and tech publishing house By Gamers For Gamers (BGFG) has secured over £1 million in angel funding – embarking on a major recruitment drive as a result.
The local firm captured the imagination of several high-net-worth individuals during an investment round in 2020 – acquiring a seven-figure sum that’s funding significant expansion.
BGFG is now looking to attract a bigger team of talented people to its Manchester-based HQ – creating 35 multimedia and digital content roles in the process.
The firm specialises in PC tech, gaming and Esports news as well as reviews and tech advice – attracting millions of readers every month.
Founded in April 2019 by brothers Andrew and Craig Kirkcaldy and Will Blears, BGFG quickly turned the heads of some noteworthy entrepreneurs including Bill Holroyd – one of the original investors in appliances firm AO.com.
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Founder of Usespace David Walter has also put money into the firm – with institutional investment coming from GC Angels.
According to BGFG owners, the funding will fast-track the firm’s growth and support its mission to enhance Manchester’s reputation as an economic powerhouse in digital and creative industries.
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Co-founder Craig Kirkcaldy said: “Securing the angel investment is a massive step forward for BGFG as we approach the second anniversary of the business.
“Our growth trajectory has been incredible since we launched and that has enabled us to recruit some of the best people in the UK gaming marketplace.”
BGFG currently employs 20 people but despite reporting a £545K turnover during 2020, growth so far has been self-funded.
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Craig stated: “Pitching to investors is a challenge at the best of times but the landscape is very different under the various lockdown restrictions we have seen over the last few months.
“We found a specialist broker who was able to make the right introductions, which was very important to our success, and then most of our pitches were over Zoom.
“Pitching can be nerve-wracking but it’s all about preparing well, knowing your numbers and your business plan and sticking to the script.
“You’ve probably only got 15 minutes and you have to be concise and to the point and you have to stand out. You have to understand that the investor may be listening to 15 pitches a day so yours needs to be memorable – for all the right reasons.”
The BGFG pitches indeed proved to be a huge success – and an exciting future lies ahead for the company as a result.
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“We have some exciting and ambitious plans for how to develop,” Craig explained.
“We have found some great investors who share our vision and see the potential in where we can take this business.”
To view the roles currently available at BGFG, head over to the company website.
Business
WeWork is closing its enormous office in Spinningfields, with tenants told to move out
Daisy Jackson
Co-working giant WeWork has announced the shock closure of its flagship space in Manchester, an enormous unit in the heart of Spinningfields.
Those who rent desks or offices within the space have been served notice to move out by the end of the month.
It’s understood that WeWork’s three remaining locations in Manchester are unaffected.
The US-based workspace company first moved into the 60,000sq ft unit at No.1 Spinningfields in 2017, offering flexible solutions to businesses of varying sizes.
But in the last few years it’s faced major financial difficulties, with WeWork eventually filing for bankruptcy in the States.
It was previously valued at $47 billion before its bankruptcy overseas.
On the closure of its huge Manchester office, a WeWork spokesperson said: “As part of WeWork’s efforts to achieve a sustainable capital structure and profitable business to serve our members for the long term, we have made the decision to stop operating at No1 Spinningfields in Manchester.
“We look forward to continuing to provide our members with flexible space solutions across our other locations in the city and the rest of the UK, which remains a key market for us.”
An email sent to tenants said: “After carefully evaluating our offerings in Manchester, we have made the decision to stop operating at WeWork No 1 Spinningfields… the move out will occur by 31 May 2024.
“We understand this may cause disruption to your business and are very sorry for any inconvenience this may cause.”
Have you been affected by WeWork’s Manchester closure? Email [email protected] who can help with central, flexible office spaces.
Business
Premier League agrees new spending cap after ‘majority of clubs’ vote in favour
Danny Jones
The Premier League has reached an agreement in principle on a new spending cap for all teams as the English top flight looks to replace the current Profitability and Sustainability Rules (PSR).
Set to be installed from the 2025/26 season onwards once fully ratified, revised spending limits will placed on teams in the first division, the number for which will be calculated in relation to a multiple of the money earned in prize money and TV rights by the lowest-earning club in the Premier League.
If approved at the AGM (annual general meeting) this June, the new model will replace the existing PSR system under which multiple clubs have broken FFP and been charged with other breaches over recent years, with Everton and Nottingham Forest having already been deducted points this season.
Although 16 of the 20 Premier League clubs reportedly agreed to the newly proposed regulations, four clubs were not in favour, with Manchester City, Man United and Aston Villa all said to have voted against the decision, while Chelsea chose to abstain.
The new max-spending model is being referred to as ‘anchoring’ or ‘tethering’, which will take into account total amounts spent on buying players, weekly wages, agents’ fees and more.
If successful following a final vote in June and brought through the season after next, the aim is to curb the increasing financial gap between the top and bottom of the table by preventing things like big sponsorships which may otherwise see clubs assert massive spending power during transfer windows.
According to the Independent, cost controls will now “limit club expenditure on salaries, signing and fees to 85 per cent of total revenue” for those not competing in European competitions.
This comes after Premier League teams previously the latest UEFA rules that will see those playing in the likes of the Champions, Europa and Conference League only allowed to spend 70% of that revenue, given the added financial uplift from qualifying for these tournaments.
While 16 yeas were enough to see the initial vote move forward, it will only require 14 out of 20 clubs to agree to the rule change in June for the motion to be fully passed.
A Professional Footballers’ Association (PFA) spokesperson said: “We will obviously wait to see further details of these specific proposals, but we have always been clear that we would oppose any measure that would place a ‘hard’ cap on player wages.
“There is an established process in place to ensure that proposals like this, which would directly impact our members, have to be properly consulted on.”