A developer of AI-driven software used by the defence and intelligence communities and backed by a fund which employs the former defence secretary, Sir Ben Wallace, is racing to secure millions of pounds of new funding.
Sky News has learnt that Adarga, which was founded in 2016, is in detailed talks with a prospective investor about injecting between £6m and £8m into the company.
A board meeting is understood to have been scheduled for Wednesday to discuss the potential capital injection.
The accelerated fundraising comes several weeks after Sir Donald Brydon, the City grandee who has chaired companies including Royal Mail Group and London Stock Exchange Group, stepped down as Adarga’s chairman.
He has been replaced in that role by Rob Bassett Cross, the former Army officer who founded and runs the software business.
Sir Donald took up the role in May 2022.
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Adarga announced a $20m funding round exactly two years ago to facilitate its expansion.
That round was led by BOKA Group, a so-called deeptech investor which now employs Sir Ben as a partner.
Adarga describes itself as specialising in information intelligence, providing data and insights to corporate and other clients to aid their decision-making in often-complex and dangerous situations.
It declined to comment on its fundraising talks on Wednesday.
The co-founders of the Ben & Jerry’s ice cream brand are demanding the brand be given its independence back amid a long-running row with its current UK owner.
Ben Cohen and Jerry Greenfield have written an open letter demanding that it be “released” from its parent firm.
Mr Cohen told Sky News he would give back the money he received in the sale of the business to Unilever in 2000 if it meant the brand could be independent.
Ben & Jerry’s is set to spin off all its ice cream brands under The Magnum Ice Cream Company (TMICC) name in a deal set to be fully completed before the end of the year.
“You’re saying, would I give it back? Absolutely. If we could still have Ben and Jerry’s independent, any day”, he said.
“It seems like the board of Magnum has been Trumpified”, Mr Cohen told Sky News as he protested the “silencing” of Ben & Jerry’s social mission.
The consumer goods firm Unilever has never enjoyed an easy relationship with Ben & Jerry’s – a brand known for its activism on many political and social issues.
As part of the original merger deal, an independent board was set up to protect the ice cream brand’s mission.
But a series of disputes have followed.
The most high-profile spat came in 2021 when the US brand took the decision not to sell ice cream in Israeli-occupied Palestinian territories on the grounds that sales would be “inconsistent” with its values.
The independent board is currently locked in a legal dispute with Unilever, claiming in March that its then-chief executive David Stever was improperly sacked.
Image: Ben Cohen. File pic: AP
For its part, Unilever has always argued that it “reserved primary responsibility for financial and operational decisions” as owners of Ben & Jerry’s.
In another example of the frostiness between them, an ice cream flavour launched in support of Democrat presidential candidate Kamala Harris went down badly in London.
Ben & Jerry’s claimed Unilever had demanded it stop public criticism of Donald Trump.
Image: Mr Cohen was one of seven people arrested during the Senate protest in May
Ben Cohen himself was arrested earlier this year over a protest in support of Gaza during a US Senate hearing.
He and Mr Greenfield intervened in the ownership row as TMICC briefed investors on their plans at a so-called capital markets day. They say the independent board and many consumers and employees “no longer support the trajectory on which it is set”.
Mr Cohen, who is attending the event to protest, said: “Ben & Jerry’s was founded on a simple but radical premise: that our business could thrive and make outstanding products whilst standing up for progressive values.
“We fought to ensure our social justice mission was protected by Unilever when the company was acquired, but over the past several years, this has been eroded, and the company’s voice has been muted.
“We won’t be silent anymore. Authenticity has always been at the very heart of what we do, and stripping this away risks destroying the very value of Ben & Jerry’s. We urge the board and potential investors to rethink the inclusion of Ben & Jerry’s in Magnum’s future makeup and establish a Free Ben & Jerry’s.”
The new ice cream division, which will also comprise other brands such as Wall’s, is based in the Netherlands and will have a primary stock market listing in Amsterdam.
A spokesperson for The Magnum Ice Cream Company told Sky News: “Ben & Jerry’s is a proud part of The Magnum Ice Cream Company and is not for sale.
“We remain committed to Ben & Jerry’s unique three-part mission – product, economic and social – and look forward to building on its success as an iconic, much-loved business.”
Direct debits and standing orders are working normally, and customers can still use cards online and in shops, withdraw money from cash machines and receive payments.
Initially, Nationwide said some customers were unable to access the app or internet banking and told users to try again later.
At 2.44pm 1,900 users reported issues with Nationwide services on the Downdetector website.
This breaking news story is being updated and more details will be published shortly.
The co-founders of the Ben & Jerry’s ice cream brand are demanding the brand is given its independence back amid a long-running row with its current UK owner.
Ben Cohen and Jerry Greenfield have written an open letter demanding that it be “released” from its parent firm.
Unilever bought Ben & Jerry’s in 2000 but is set to spin off all its ice cream brands under The Magnum Ice Cream Company (TMICC) name in a deal set to be fully completed before the end of the year.
The consumer goods firm has never enjoyed an easy relationship with Ben & Jerry’s – a brand known for its activism on many political and social issues.
As part of the original merger deal, an independent board was set up to protect the ice cream brand’s mission.
But a series of disputes have followed.
More from Money
The most high-profile spat came in 2021 when the US brand took the decision not to sell ice cream in Israeli-occupied Palestinian territories on the grounds that sales would be “inconsistent” with its values.
The independent board is currently locked in a legal dispute with Unilever, claiming in March that its then-chief executive David Stever was improperly sacked.
For its part, Unilever has always argued that it “reserved primary responsibility for financial and operational decisions” as owners of Ben & Jerry’s.
In another example of the frostiness between them, an ice cream flavour launched in support of Democrat presidential candidate Kamala Harris went down badly in London.
Ben & Jerry’s claimed Unilever had demanded it stop public criticism of Donald Trump.
Ben Cohen himself was arrested earlier this year over a protest in support of Gaza during a US Senate hearing.
Image: Mr Cohen was one of seven people arrested during the Senate protest in May
He and Mr Greenfield intervened in the ownership row as TMICC briefed investors on their plans at a so-called capital markets day. They say the independent board and many consumers and employees “no longer support the trajectory on which it is set”.
Mr Cohen, who is attending the event to protest, said: “Ben & Jerry’s was founded on a simple but radical premise: that our business could thrive and make outstanding products whilst standing up for progressive values.
“We fought to ensure our social justice mission was protected by Unilever when the company was acquired, but over the past several years, this has been eroded, and the company’s voice has been muted.
“We won’t be silent anymore. Authenticity has always been at the very heart of what we do, and stripping this away risks destroying the very value of Ben & Jerry’s. We urge the board and potential investors to rethink the inclusion of Ben & Jerry’s in Magnum’s future make-up and establish a Free Ben & Jerry’s.”
The new ice cream division, which will also comprise other brands such as Wall’s, is based in the Netherlands and will have a primary stock market listing in Amsterdam.
Unilever and TMICC have been contacted for comment.