Fund has seen £50m invested in SMEs across the North
More than £50m has been invested in business in the region by the Northern Powerhouse Fund.
The NPIF has supported over 260 small and medium growing companies across the region in its first year.
The milestone was announced by Ken Cooper, managing director of Venture Solutions, at the British Business Bank as he spoke to investee businesses, key stakeholders, partners and fund managers at NPIF’s one-year anniversary event in Leeds.
The £400m Fund, which is supported by the European Regional Development Fund, the Government, and the European Investment Bank, was launched by the British Business Bank as a key part of the government’s Northern Powerhouse vision.
To date, NPIF investment – provided through appointed fund managers – has already supported Northern-based SMEs across a range of sectors.
The funding has been used to launch new products, employ new staff, enter new markets and launch new facilities.
Recent deals include:
• A £250,000 investment from NPIF – Maven Equity Finance into Preston-based eOrigen, a digital media production company producing award winning training and educational content. The investment, facilitated by Maven Capital Partners, will support the firm’s aim to be at the forefront of digital learning by assisting with research and development of emerging technologies and learning innovations.
• Leeds-based photography company Powerhouse, whose clients include major supermarkets and food producers, received a £250,000 investment from NPIF – Mercia Debt Finance. This has enabled the company to purchase and fit out new premises which they will be moving into imminently.
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• A £125,000 investment made by NPIF – FW Capital Debt Finance is helping Darlington-based craft supplier and manufacturer Debbi Moore Designs Ltd on its industry-leading position to break into the lucrative US market and create four jobs in Tees Valley.
• Cheshire-based CSols Labs Ltd, which develops software for the international laboratory instrument industry, received a £50,000 loan from NPIF – BFS & MSIF Microfinance. The finance, delivered by MSIF, will provide the business with the working capital needed to develop two innovative software products set to disrupt the analytical laboratory market.
• A £25,000 loan from NPIF – BEF & FFE Microfinance to Derbyshire food specialist Original Recipes in order to fulfil its growing order book for its range of pâtés and terrines.
Speaking at NPIF’s one-year anniversary event, Ken Cooper, managing director at British Business Bank, said: “NPIF investments have impacted all corners of the Northern Powerhouse area, unlocking finance for businesses across the North West, Yorkshire and the Humber and the Tees Valley.
“With deals ranging from a design, engineering and project management business in Grimsby to a cheese maker in Cumbria and advanced manufacturing businesses in Hull and Liverpool.
The Northern Powerhouse Investment Fund provides microloans, debt and equity investments, ranging from £25,000 to £2m to help a range of small and medium sized businesses.
The Northern Powerhouse Investment Fund is delivered by The British Business Bank.
