Regional Business Information for the North West
16% of North West Fund sent back to Europe
1st November 2012
By James Graham - Deputy Editor, North West
FreeDigitalPhotos.net
THE North West Fund has lost a further £15m for investing too slowly, taking its total to £155m - down from £185m at its launch.The cash has been trimmed from the £45m Development Capital sub fund which must invest sums of £100,000 to £2m in growth companies by 2015. It is understood only £5m has been invested since December 2010.It has been returned to the fund's backers - the European Investment Bank and the European Regional Development Fund.Some £15m was sent back to Europe in Sep......for the full story register now for free or login below...
"The Fund is now on stride and on track to meet its targets by the end of the year and we are confident of investing £155m by the end of 2015.” H'mmm: there could be shades here, of that old local authority/public body silliness, of having to invest money that's in their budget, but not being able to identify suitable recipients for it, so they end up spending/investing it in unwise ways.
Michael Blank