Two Yorkshire businesses fuelled by Northern Powerhouse funding

Two Yorkshire businesses have received funding as part of the first round of investments from the £400m Northern Powerhouse Investment Fund.

The Sheffield and Leeds businesses received a share of the first £240,000 that was invested in four SMEs.

Manufacturer Blake UK, a Sheffield-based TV/AV company received a £100,000 Enterprise Ventures debt finance loan of £100,000 to diversify its product range into new lines including CCTV equipment.

Leeds-based Vulcan Passive Fire Systems, a fire protection company received £40,000 as part of a package which has allowed Vulcan to employ four staff, with vehicles and accompanying equipment.

The other two businesses include Red Security Solutions of Greater Manchester and Birkenhead-based AEV Limited, a manufacturer of resins, varnishes and compounds for the electronics sector.

Keith Morgan, CEO at British Business Bank, said: “While there is work ahead to fully unlock the potential of businesses across the Northern Powerhouse region, the announcement of these first investments shows significant momentum and is cause for great optimism. We are confident that we can build on this strong start to provide funding across the range of geographies and sectors, making a real difference to the Northern Powerhouse region.”

Paul Blake, managing director at Blake UK, said: “The support on offer from NPIF -Enterprise Ventures Debt Finance was quick, straightforward, and provides a solid platform from which we can expand and achieve our growth ambitions for the future. These funds will allow us to increase our product range and bolster stock to meet strong customer demand for our products, and we are delighted that with the support from Enterprise Ventures we can take our business to the next level.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Image features: Pete Sorsby (investment manager, Enterprise Ventures), Paul Blake (managing director, Blake UK), Cavin Carver (operations director, Blake UK) and Ken Cooper (MD, Venture Solutions, British Business Bank)