‘Significant’ progress made at Braveheart

THE capture of Neon, the company that manages the £48m Finance Yorkshire Equity Fund, has been hailed as a factor that has moved Braveheart Investment Group forward over its last financial year.

Chief executive Geoffrey Thompson said Braveheart, which owns Yorkshire-based Viking Fund, had completed its transformation from an investment company to a SME focussed fund and services management provider.

Commenting on Braveheart’s financial year ended March 31, chairman Garry Watson said: “Two things have moved us forward significantly this year. Firstly the successful consortium bid to manage a £50m growth loan fund aimed at supporting small to medium sized enterprises in Northern Ireland.

“Secondly the acquisition of Neon Capital Partners, which manages the £48m Finance Yorkshire Equity Fund. With regard to the portfolio, we remain confident of material realisations in a more benign business climate.”
 
Mr Thomson added: “This year has seen a major transformation of our business and we are now an SME focussed fund and services management provider. The next few years will see us consolidate our market position as a leading manager of equity and equity linked products to the SME market.”

Braveheart paid £380,000 for Neon. The Finance Yorkshire Equity Fund is scheduled to run until 2018 and invests equity and/or debt in SMEs in Yorkshire and the Humber.

Braveheart’s regional managing director Andrew Burton has assumed responsibility for both Neon and Viking, which are expected to operate under one brand in the future.

Revenues increased from £925,000 to £1.265m. Total loss at the group increased to £1.7m. Funds under management at the year end were £110m.
 
Since the year end, Braveheart has raised £500,000 after placing more than 3m shares.