NW Fund wooing ‘lagging’ Lancashires
THE North West Fund is targeting Lancashire, in a bid to encourage more business to finance for growth.
The organisation – which has £185m to lend to start-ups and established SMEs in the region across a wide range of sectors – says Lancashire is “lagging behind” compared to other parts of the North West.
Andy Leach, who heads the fund says Lancashire businesses are riskuing being being left behind.
Statistics from The North West Fund show that Lancashire is lagging behind Greater Manchester, Merseyside and Cheshire by number and value of investments secured.
The North West Fund has made 95 investments since its launch for £25m of funding. Only 17 of these investments were achieved by Lancashire businesses, with an aggregate value of just over £4.5m.
Andy Leach, chief executive of North West BusinessFinance, which manages The North West Fund, said: “Lancashire is a county with a rich business heritage and a vital part of the North West economy.
“However, given its size and significance, it is surprising that a small proportion of investments are in the county. We have £185m that must be invested before January 2016, so it really is a case of use it or lose it.”
In a bid to raise awareness and attract more Lancashire applications, the Fund and the IoD in Lancashire are holding an event on June 26 at the Barton Grange Hotel.
The breakfast-time ‘Inspiring Entrepreneurs’ event will hear from
Guy Cookson, founder and managing director of Lancaster software house, Azullo, the firm behind innovative advertising system, Respond.
Mr Cookson will tell his business growth story and how he made two successful pitches for investment from The North West Fund for Digital and Creative, managed by AXM Venture Capital.
Tony Attard OBE, founder and chief executive of Burnley flame retardant fabrics designer and manufacturer, Panaz, will also speak at the event, which will provide entrepreneurs with an insight into equity finance.
The Inspiring Entrepreneurs event in Preston will begin at 7.45am and close at 9.30am. Attendees are asked to contact andrea.lowe@iod.com or 0161 247 7634 to register for free.
