NCS was founded 4 years ago as a specialist training provider focused on helping mature career changers to acquire the skills and qualifications they need to secure employment within the construction and property sectors.
 
The company currently provides all of the training, certification and support required to become a successful plumber, electrician or domestic energy assessor. The training programmes are designed to be flexible, allowing students to arrange their training timetable around existing family and work commitments. Practical training is provided in NCS’s own dedicated training facility in Southampton.
 
Bridges Ventures invests in businesses that can achieve positive social impacts as well as attractive financial returns.  It invests in companies based in the most deprived areas of the UK, where its money will help to bring prosperity and create jobs, and also in companies that offer a strong intrinsic social or environmental return in sectors such as healthcare, education and the environment.  This investment falls under the education sector.
 
With an estimated 88,000 new recruits needed every year to fill the construction industry’s skills shortages, NCS has ambitious plans to expand its operations nationally while simultaneously launching additional courses.
 
To date, NCS has successfully trained over 2,000 students of whom a significant proportion go on to start their own businesses. In the current year the company has a turnover of £5.5m and recorded a profit in excess of £1m.
 
The business will continue to be led by its co-founders Trevor Dormedy, Managing Director, and Tim Addison, Development Director, supported by their Finance Director, Sebastian Church.
 
Carolyn Maddox, director of Bridges, commented:
 
“New Career Skills offers us the perfect opportunity to build on our strategy of pursuing educational investments. This investment allows us to make a substantial commitment in the vocational training sector which has significant growth opportunities and back a strong management team with a proven track record. We very much look forward to working closely with the team to build on the success they have created so far.” 
 
Trevor Dormedy, Managing Director of New Career Skills, said:
 
“I am very excited about the future as our aim is to double the size of our business in the next 3 years. We have exciting plans to expand our reach across the country by opening up training centres in the Midlands and North of England. We are keen to provide training opportunities for even more communities throughout the UK and I believe the additional expertise that Bridges will bring to NCS will help us achieve our goals."
 
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Notes to editors:
The deal was led for Bridges by Carolyn Maddox and Anne-Marie Harris, who will both join the Board at completion, with support from Huw Edwards. The value of the transaction was undisclosed but has enabled the management team to realise cash proceeds whilst retaining a significant minority stake.
 
Bridges’ Advisers
Bridges’ legal advisers were Ward Hadaway (Martin Hulls); Financial Due Diligence was completed by HW Corporate Finance (Richard Hall); and Management Due Diligence was completed by ER Consultants (Martyn Sakol).
 
Vendors’ Advisers
The Vendors Legal advisors were Thomas Eggar (Leon Arnold); Corporate Advisors were Alaris Capital (Nick Stone); Public Relations advisors BIG Strategies Limited; and Financial Advisor was Church & Co. Chartered Accountants (Sebastian Church).
 
Bridges Ventures
Bridges Ventures is a venture capital company with a social mission set up in 2002. As an investor, it harnesses its commercial expertise to achieve social aims as well as making the highest possible returns.
 
Bridges Ventures invests in the most deprived 25% of areas in the country, as defined by the Index of Multiple Deprivation. Bridges Ventures’ second fund can also invest in businesses outside these target areas if they demonstrate strong social benefits in healthcare, education or the environment.
 
Bridges Ventures was founded by Sir Ronald Cohen, co-founder and former chairman of Apax Partners, Tom Singh of the retail chain New Look, and 3i.
 
Bridges Ventures invests up to £10m per company in growth companies at the early and expansion stages, as well as management buy-outs and property-backed businesses. Entrepreneurs can find out whether their business is eligible for investment by going to the website www.bridgesventures.com or calling 020 7262 5566.
 
This is Bridges’ first dedicated educational investment from Bridges CDV Fund II. Investors in Fund II include banks and financial institutions such as HSBC, Co-operative Financial Services, Lloyds TSB, Barclays Business Banking and Citigroup. Other investors include pension funds such as the Universities Superannuation Scheme and the West Midlands Pension Fund, a number of trusts and endowments such as the R&S Cohen Foundation, Comic Relief, Merton College and All Souls College, and private equity companies such as Doughty Hanson & Co and 3i as well as individuals and trusts.
 
Bridges was presented with the fundraising award at Unquote’s Private Equity Awards in November 2007 in recognition of the successful fund-raising of its oversubscribed second fund, Bridges CDV II in June on £75m, surpassing its original target of £50m by 50% and its original hard cap of £60m.