Investment service plans to inject £10m a year

A NEW angel investment service is hoping to put £10m into North West businesses each year.

The Co-Angel Investment Service will work with companies to attract angel investment which can be matched by loans from the Government’s British Business Bank.

It is being led by Business Finance Solutions, another Government-backed business support body, and will be launched in Manchester today.

Paul Breen, director of Business Finance Solutions, said: “Greater Manchester is a thriving entrepreneurial base but the level of business angel activity and success here falls below expectation, with the South East currently scooping 74% of angel investment.

“Co-Angel Investment is a completely new concept that creates better and lower risk opportunities for angels that supports businesses that are struggling to find funding. We want to build an early stage market with the capacity and impact to match that seen in the US and to capitalise on the unique match funding agreement from the British Business Bank.”

The service is being launched at an event at the Victoria Warehouse in Trafford Park attended by city council chief executive Sir Howard Bernstein; Tim Mills, investment sirector at the British Business Bank; Neil McArthur, the entrepreneur behind Talk Talk; and Bruntwood chairman Michael Oglesby.