Fund hits £50m Merseyside milestone
THE North West Fund has reached a fresh milestone, hitting the £50m investment mark in the Liverpool city region.
In the five years since its launch, the fund has supported more than 145 small firms, creating and safeguarding some 1,040 jobs across Merseyside. It has also helped unlock a further £28m of private sector finance.
One of its major success stories has been Speke-based ChargePoint Technology, which supplies precision containment valves to some of the world’s largest pharmaceutical companies.
Having originally received £900,000 from The North West Fund for Mezzanine in late 2013, the business has since increased turnover from £4.7m to £7.7m, with profits growing threefold.
In the last year alone, ChargePoint has expanded its team from 48 to 65, and is set to move to its new facility next year. It plans to increase its headcount to 100, with turnover expected to hit £13m within the next five years.
The Fund, via its dedicated fund for Biomedical, is also an investor in Evgen Pharma, which floated on AIM this year, and is one of a number of bioscience companies in the city.
Cliff Maylor, chief executive of The North West Fund, said: “The Merseyside region has been an important focus for us, as we have always recognised the enormous growth potential there. It is a privilege for us to hit this milestone, as well as witness the success of our investees, and the positive impact we have had on upcoming entrepreneurs and business leaders.
“Following the recent devolution talks, Liverpool is in an excellent position to target significant growth, so there has never been a better time to work with SMEs across Merseyside to help them achieve their long-term objectives.
Robert Hough, chair of Liverpool City Region LEP, said: “£50m is an incredible investment milestone to reach, which will have a tremendous impact on the local community. Finance for business growth in the city region is an important priority for the LEP – it provides a boost to job creation and helps businesses grow and shape their future.
“We are committed to working closely with The North West Fund to maximise the uptake of its available funds across the city region.”
