North West Fund hits £50m Merseyside milestone

The North West Fund has reached a new milestone in Merseyside after investing £50m in the county’s businesses since it launched five years ago.

The organisation, which invests between £25k and £2m in growing businesses, has now provided funding to more than 145 Merseyside enterprises, creating or safeguarding 1,040 jobs and leveraging a further £28m of finance from the private sector.

The North West Fund’s CEO, Cliff Maylor, said: “The Merseyside region has been an important focus for us, as we have always recognised the enormous growth potential there.

“It is a privilege for us to hit this milestone, as well as witness the success of our investees, and the positive impact we have had on upcoming entrepreneurs and business leaders.”

In October 2013, the North West Fund invested £900k in ChargePoint Technology, a Speke-based supplier of containment valves. Since it received the funding, the company has grown its turnover from £4.7m to £7.7m and seen its profits increase threefold.

In the last 12 months, ChargePoint expanded its team from 48 to 65. Between now and 2020, the firm plans to grow its headcount to 100 and hit a turnover of £13m.

The chair of the Liverpool City Region (LCR) LEP, Robert Hough, commented: “£50m is an incredible investment milestone to reach, which will have a tremendous impact on the local community.

“Finance for business growth in the Liverpool City Region is an important priority for LCR LEP - it provides a boost to job creation and helps businesses grow and shape their future.”

He added: “We are committed to working closely with the North West Fund to maximise the uptake of its available funds across the City Region.”

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