Yorkshire gets share of £123m BGF fund

THE Business Growth Fund has marked a milestone with its 20th investment in Northern businesses, as it reaches the £30m mark in its investment in Yorkshire.

A Leeds office-led deal in precision firm Altec Engineering marked the fund’s 20th investment.

The BGF has now provided £123.5m in seedcorn and follow-on funding to businesses in the North.

Seven North West businesses and seven Yorkshire businesses received funding, as well as six in the North East.

Firms in the North East benefited from investment of £40m, whilst the North West saw £50m in funding committed to the region.

Investments in Yorkshire included a package to help Springfield Healthcare open another care village, converting part of the Terry’s Chocolate Factory in York, and Xercise4Less as it continues its expansion.

Andy Gregory, BGF’s regional director for the North, North Wales and Northern Ireland said: “It’s encouraging to see more and more businesses at the small and mid-sized end of the market with a renewed appetite to pursue growth opportunities after too many years of under-investment.

“Throughout the North, we are continuing to work closely with the advisory community and our shareholder banks as we look to identify companies with strong management teams and potential to scale-up their operations.

“Increasingly, businesses are considering their options for funding and support. As our own portfolio grows, we are delighted to be able to talk to them about the different ways we can invest in order to back their business plans.”