Member Article

North West Fund invested £32m in 2012

Investments totalling £32m were pumped into businesses by the North West Fund last year, leading to 850 jobs being made or protected.

Since its creation in 2010, the fund has distributed £43m to 146 North West companies, and supported more than 1,000 jobs.

Six sub-funds fed by the fund have given out funding across the region’s companies, including businesses in Merseyside, Greater Manchester, Lancashire, Cheshire and Cumbria.

The fund is managed by North West Business Finance, who indicated there will be a strong pipeline for deals over the coming 12 months.

Key investments made in the region in 2012 included a £190,000 loan granted to Cheshire-based furniture supplier Mattroe, a £550,000 investment made by the North West Fund into metal recovery firm, Ultromex, and a six-figure investment into Liverpool software company, Setgo.

Cliff Maylor, North West Business Finance chief, commented: “We are beginning to see the significant impact that The Fund is having on the North West’s economy with several sub-funds already making follow-on investments.

“Last year was all about inspiring entrepreneurs and encouraging them to apply for funding to achieve their growth aspirations.

“This year, while our focus is still to make sound investments in the region’s SMEs, we are committed to safeguarding and creating many more jobs in the North West.

“Given the high quality of our investment pipeline we are extremely optimistic about the prospects for 2013 as a whole and we are currently anticipating investment levels of approximately £35 million for the year.”

Sir Howard Bernstein, Vice Chair of the North West European Regional Development Fund Local Management Committee added: “The North West Fund, under its new leadership, is now on track and delivering finance where it needs to be - with local businesses in key sectors within the region.

“Investments are now being made on a significant scale with more of the same promised in 2013 and beyond.”

The North West Fund is supported by the European Investment Bank and the European Regional Development Fund.

This was posted in Bdaily's Members' News section by Miranda Dobson .