Established in 1997, Jendev has refreshed its entire business operation, including a contemporary brand identity, revitalised digital presence and a new office development at The Powerhouse, Queen’s Road.
The company’s eight-strong team is now in the final stages of redeveloping its flagship billing solution, Jenworks, using the latest Microsoft technology.
Targeting small and medium-sized utility companies, the new Jenworks billing solution is flexible and designed to meet utility company needs now and in the future in what has become an increasingly dynamic marketplace.
A Microsoft-certified Dynamics NAV partner, Jendev primarily serves external utility customers in Guernsey, the Isle of Man and the UK and is a valuable in-house asset for Jersey Electricity, bringing the latest best-practice IT solutions to the energy provider.
Jendev has also played a crucial role in JE’s preparations for introducing smart meter technology and automated processes and systems.
Jendev’s renewal process has been a collaboration between several well-known Jersey companies, including The Idea Works (brand design), Waddington (architects), McGarragle & Co Ltd / Jersey Electricity Building Services (building contractors), and Webreality (web design).
Jendev business manager Gary Parsons said: ‘The relocation to our new offices coincided with our rebrand and with the redevelopment of Jenworks, our flagship billing product.
‘With new offices, new products and a strong brand identity, the future looks bright for Jendev.’
Ravenscroft turnover up 40% to £11m
RAVENSCROFT Ltd saw a 40 per cent increase in turnover last year, according to its 2014 results.
The company, which is the only locally owned independent stockbroking and investment management company in the Channel Islands, saw turnover grow from £8.1m at the end of 2013 to £11.37m at the end of 2014. Profit before tax increased 55% to £2.35m with assets under administration increasing 26% to £1.62bn.
The board is proposing an 8p per share dividend in addition to the 4p interim dividend – 3p more in total than was paid in 2013.
Group chief executive officer Jon Ravenscroft said: ‘We had an extremely successful 2014 and seeing significant increases across turnover, profit before tax and assets under administration is testament to the hard work and loyalty of our staff and to the approach the company takes.
‘The company is now ten years old and is almost unrecognisable from when it began, but our commitment to having a simple investment approach that delivers results remains, and is the foundation of our success.’
In the annual report, Ravenscroft highlights a number of achievements during 2014. As investment manager to Bailiwick Investments Ltd and the Channel Islands Property Fund, Ravenscroft was involved in a number of major transactions. These included the sale of the trust and fund administration businesses of Legis Group Holdings, the acquisition of Aircraft Servicing Guernsey Ltd, the raising of £42m in equity and bank finance to acquire Jacksons CI Group and the raising of £51m in equity and bank finance to acquire Glategny Court Guernsey and 40 Esplanade Jersey. avenscroft itself also acquired a 75% stake in A Vartan Ltd, a Peterborough-based private client stockbroker with £282m worth of assets under administration, which gives the company access to the UK market.
‘Our investment management team continues to deliver a quality product to our investor base and launched a well-supported direct equity fund during the year,’ said Mr Ravenscroft. ‘Our advisory and execution-only businesses, based in Guernsey and Jersey, remain the engine room of the group, and allowed Ravenscroft to push forward in other areas.
‘It’s also pleasing that our Jersey operation produced a profit after the 2013 loss, and under Haydn Taylor’s leadership we are sure we will continue to see growth in 2015. The appointment of Charlie Roger as chief executive officer, Channel Islands, will also be invaluable as we take the company to the next stage of its development.’
Mr Ravenscroft added that the signs for 2015 were positive. ‘There are signs that the increased levels of activity at the end of last year are continuing.
‘We have a good pipeline of transactions which we expect to complete in the first half of this year, and through the newly named Vartan Ravenscroft Ltd, we will be looking at new opportunities in the UK.’
Ogier plays key role in setting up firms fund
OGIER Jersey has acted as Jersey legal adviser for Intermediate Capital Group plc, a specialist investment firm and asset manager, in relation to the establishment of its tenth Jersey fund, ICG Europe Fund VI, which has held its first close having raised 2.5 billion euros to date.
This includes a contribution from ICG’s balance sheet of 500 million euros, along with two billion euros of third-party subscriptions.
Further closes are expected in the coming months, towards the three billion euro hard cap. The predecessor fund, ICG European Fund V, was closed in December 2012 at its hard cap of 2.5 billion euros, also including a subscription of 500 million euros from ICG’s balance sheet.
Niamh Lalor, who led the Ogier Jersey team, said: ‘This is a very strong first close for ICG and we are delighted to have assisted them in the launch of their tenth Jersey fund.’
The fund, which was established as a Jersey Expert Fund, has a five-year investment period and carry-on investment and ancillary activities with the objective of delivering attractive risk-adjusted returns by making investments which may be both debt and equity (and which may include without limitation mezzanine loans, senior and subordinated notes – including shareholder loans – second lien, high yield bonds, convertible instruments, equity and preference shares, warrants and options) for the purpose of funding management buy-outs and buy-ins, refinancings and recapitalisations, sponsorless, development, growth and expansion capital, acquisitions of credit portfolios and other transactions on both a primary and secondary market basis.
Ms Lalor was assisted by senior associate Alexandra O’Grady, associates Tatiana Collins and Chloe Vaughan and trainee solicitors Ben Vickers and Stephanie Edge. Ogier worked with onshore legal advisers Ashurst LLP on the transaction.
