FW Capital marks £10m Northern Powerhouse Investment Fund milestone
The total value of investments made from the Northern Powerhouse Investment Fund (NPIF) made by fund manager FW Capital has passed the £10m mark in less than a year.
In February 2017 when the British Business Bank launched NPIF, FW Capital was appointed as fund manager of NPIF – FW Capital Debt Finance with funds totalling £102m to support expanding businesses across North West and the Tees Valley.
Since then, it has invested more than £10m across the region in 45 small or medium-sized businesses which operate across a broad range of sectors.
In the same period, FW Capital has opened new offices in Billingham and Penrith and recruited ten more staff. Twenty-five people now work for the fund manager across the North of England.
Gary Guest, FW Capital fund manager, says: “Our teams have been meeting businesses across the region, finding out what they need and how this fund can support them to grow.
“Our investments are being used for many different purposes, which shows the variety and innovation of companies across our region.”
NPIF – FW Capital Debt Finance offers loans of between £100,000 and £750,000. The fund gives ambitious businesses access to the capital they need to realise their growth plans through investing in new equipment, premises, staff, systems, product lines and a variety of other uses.
Companies to benefit include Blackpool-based electrical wholesaler Omega Product Services, which used a £250,000 loan to help them take on new sales staff and diversify its product range.
These loans have also helped dozens of other businesses across the North West, such as Premplus Dental Labs based in Atherton and Middlewich-based Duttons Builders Merchants.
Guest added: “We know there are many more firms out there that could benefit from our involvement and we want to help as many of them as we can to scale up, succeed and create sustainable jobs. Our message is clear, if you think we could help your business – get in touch.”
Grant Peggie, director at British Business Bank, said: “It is fantastic to see FW Capital reach this important milestone so soon after passing the £5m mark five months ago. It demonstrates the demand for funding in the northern SME community and underlines that the Northern Powerhouse Investment Fund is actively making a difference to small businesses in the North and supporting wider economic growth.”
