How the Business Growth Fund is reshaping the North West

Since it was established four years ago, the Business Growth Fund (BGF) has been investing in enterprises across the North, but how much of that has been channelled into the North West and which businesses have benefitted?

With the recent completion of its 20th investment, which saw Durham-based Altec Engineering receive a £6m boost, the BGF revealed that it has so far invested £123m into northern companies.

North West ventures have seen £50m of that cash, which is £10m more than the North East and £20m more than Yorkshire, and this is certainly great news for a region that’s shaping up to be one of the UK’s most economically robust.

The list of businesses to benefit from the cash is diverse. Manchester’s Barburrito, the mexican restaurant, has seen BGF investment, as has smoothie chain Boost Juice Bars, which also operates in the city. Elsewhere in the North West, the Better Bathrooms showroom in Warrington and Bolton-based medical supplies firm Medicina both expanded with BGF backing. Another was Hobs Reprographics in Liverpool.

The BGF’s regional director for the North, Northern Ireland and North Wales, Andy Gregory, said: “Over the past three or four years the North West become a hub of enterprise activity, with more and more businesses in the region looking for equity growth in order to grow and scale-up their operations.”

The growth plans of businesses in this region aren’t limited to the North West, according to Andy.

He continued: “One local business we’ve backed, Hobs Reprographics, is using our £7m investment for the national roll-out of ‘Hobs Studios’, which house state-of-the-art 3D printing services for architectural, engineering, construction and product designers.

“The first studio opened in Manchester in December 2013, followed by Clerkenwell in London in May 2014 and most recently in Scotland.”

The same can be said for Better Bathrooms and Barburrito which, after receiving BGF support, both launched their first sites in Cardiff.

Andy added: “It’s been great to see the national aspirations of the business owners we have invested in come to life and we’re excited to see more of the same over the next year as their ventures continue to grow.”

Hopefully, BGF investment will see the North West’s economic health continue to strengthen, as businesses expand and employment opportunities increase for those living in this exciting region.