The North West Fund is now into its final year of investment for their current round of funding, having supported 333 business with more than £112 million, as well as private sector co-funding contributing a further £70 million to the local economy, bringing the total value of investments through the North West Fund to more than £180 million.
The impact of The Fund on the North West economy is becoming increasingly clear, with many of the businesses that have benefitted over the last four years moving into new markets, launching new products or services, diversifying or recruiting more staff. The North West Fund’s portfolio of over 330 businesses has created or safeguarded approximately 3,000 jobs in the region – a figure which will only increase as those companies grow.
The pipeline of investments is also looking strong for the final year, with some already underway across the region by the North West Fund’s dedicated sub-funds.
The sub-funds have made investments in a broad range of high quality businesses throughout 2014, including:
- Oldham-based manufacturer, Quantum Profile Systems Limited received a seven-figure funding package from Lloyds Bank Commercial Banking and The North West Fund for Loans Plus.
- The North West Fund for Mezzanine‘s investment into Winning Pitch, the rapidly growing national coaching and business support specialist, headquartered in the North West.
- A husband and wife team from Cumbria who run, ethical outdoor lifestyle brand, Millican, secured a six-figure investment from The North West Fund for Venture Capital and private investors.
- Franklin Energy Limited which installs electrical vehicle charging systems was set up with investment from the newly launched North West Fund for Micro Loans.
- Liverpool-based Videregen, which is attempting to create the World’s first commercially available tissue engineered stem cell organ replacement product, received investment from The North West Fund for Biomedical.
- The North West Fund for Digital & Creative‘s investment into Manchester-based Rormix, which helps users discover music videos by independent and emerging artists via a mobile app and YouTube multi-channel network.
- Merseyside-based business, ULEMCo which is in the process of exploiting its hydrogen diesel combustion technology in commercial vehicles, secured a £150,000 investment from The North West Fund for Energy & Environmental.
A representative of the North West Fund said:
“We are proud of the positive impact our funding is having on the region, in terms of economic growth and employment. Businesses here will need to be able to access alternative finance in the years ahead if this growth is to continue.
This year is hugely important for The North West Fund, we must invest the remaining capital before 31st December 2015 and we are aware that this date is fast approaching. Therefore, we continue to work closely with our stakeholders at the European Regional Development Fund and the European Investment Bank as well as each of the North West Local Enterprise Partnerships.”
The details of a successor North West JEREMIE programme are still being finalised but the initial feedback has been positive with strong demand for alternative forms of loan and venture capital finance across the North West. It is clear that a second successor programme akin to “The North West Fund” would boost the funding available to North West businesses and help to ensure continuity and stability in economic growth.
If you are interested in finding out more about equity/loan funding to help grow your business, visit: http://www.thenorthwestfund.co.uk/funds
Words: Peter Cribley