£20m fund available to invest in high growth SMEs across the North

INVESTMENT manager Seneca Partners has earmarked £20m to invest in exciting small businesses this year.
 
The group – which invests on behalf of its high net worth clients using the tax-efficient Enterprise Investment Scheme – expects demand to be high as many small firms are still struggling to access finance from traditional sources.
 
Seneca Partners, part of the wider Seneca stable which has more than £400m of assets under management, is based in the North West and also has offices in Leeds and Birmingham.
 
In 2014 it invested in 15 businesses, and says it has significant funds available for immediate investment this year and is ready to invest between £1m and £3m into the right opportunity.
 
One of its most recent investments was taking a £1m stake in multi-channel car retailer Rockar, a pioneering concept which offers an integrated online and physical service that allows customers to research, test-drive, purchase and service a new car without ever having to speak to a salesperson.
 
Richard Manley, director at Seneca Partners, said: “We specialise in identifying well-run companies with exciting growth prospects in which to invest, and do so whilst securing tax reliefs for our high net worth clients.
 
“We are looking to add to our portfolio of investee companies over the coming months, with a particular focus on those companies whose funding requirement is between £1m and £3m. We are excited about working with more high growth companies in 2015 and supporting them on their journey as they continue to grow.”