None of the information provided is investment or tax advice. You should always read the associated risks before deciding whether to invest. These can be found on the product pages as well as in our risks overview. Please confirm you have read the information above.
Downing exits satellite earth station business following £5 million investment
No items found.
Downing
What’s a Rich Text element?
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
asdasd
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
Investment manager Downing LLP announced on 14 May 2018 the successful exit by its funds from a Cornwall-based satellite station site, managed by Goonhilly Earth Station Limited.
Downing has worked closely with Goonhilly since early 2014, investing some £5 million through its Venture Capital Trust (VCT) funds, to allow the business to acquire its historic Cornwall-based satellite earth station and undertake an investment programme to expand capacity for its telemetry and communications services.
The Goonhilly business provides satellite command and control services to a number of satellite operators. Since Downing’s investment, Goonhilly has gone on to sign a £8.4 million deal with UK and European Space Agencies to deliver deep-space communications that will be able to support future missions to the Moon and Mars.
The business has also signed a further collaboration agreement with the European Space Agency and Surrey Satellite Technology Limted to provide support for commercial lunar missions.
The Cornwall area itself is also considered a centre for excellence in the UK’s space and aerospace industries and it is currently bidding to be selected as Europe’s first spaceport.
A new investor, Peter Hargreaves, one of the founders of the quoted financial services firm, Hargreaves Lansdown, has now agreed to provide a substantial investment as the company embarks on the next stage of its journey, and is also acquiring Downing’s stake, delivering a healthy return to the Downing VCTs.
Jonathan Boss, Partner and Head of Lending at Downing LLP, commented:
"The commercial space sector is a burgeoning market and helping facilitate the important role that Goonhilly has played as part of this has been a fascinating and very worthwhile journey for our investors. I wish the team every success as they continue to take a leading role in the UK’s ambitions to participate in both scientific and commercial space missions.”
