Acceleris launches maiden EIS fund

NORTH West corporate finance  firm Acceleris has launched its first EIS fund for investors to back privately-owned entrepreneurial small businesses.

The Manchester firm, which has a strong track record of raising finance for early-stage businesses – including RedX Pharma in Liverpool –  launched the Acceleris EIS Fund – Sheffield Region – after hosting a series of meetings with potential investors this week.

Deputy Prime Minister Nick Clegg has backed the Fund, which gives investors tax breaks under the Enterprise Investment Scheme.

Mr Clegg said he was keen to support Acceleris’ efforts in helping small businesses in the Sheffield area, adding: ” The Enterprise Investment Scheme is intended to provide tax relief for those who seek to foster the growth of small businesses, and this will be a crucial component of our economic recovery.

“I am delighed that Acceleris are coordinating a group of Sheffield-based entrepreneurs in order to make this growth possible in our area.”

Norman Molyneux, founder and chief executive of Acceleris told TheBusinessDesk.com: “There is clearly a need from established companies with good products and services for funding to take them to the next level.

“We will look to invest in companies that have established a market for their products and that can deliver growth through an additional injection in capital.

“We will look for opportunities to invest in earlier-stage businesses supported by robust Intellectual Property rights, a good management team and strong indications of securing revenues in markets with exceptional growth opportunities.

“From an investors’ perspective the EIS scheme offers high-net worth UK taxpayers a number of attractive tax incentives. Our plan is to launch funds for other regions as we believe there’s a clear gap in the market.”

Acceleris had worked closely with corporate lawyer Bob Harrap from Lupton Fawcett in the run up to the launch of the fund.

The Manchester-based firm’s team includes David Youngman, former managing director of stockbroker WH Ireland.