Northern Powerhouse Minister hails £10m investment fund milestone

Businesses across the North have now received over £10m through the Northern Powerhouse Investment Fund (NPIF).

Launched in February and operated by the British Business Bank, the NPIF said it has provided support for over 90 companies as it hit the eight-figure investment milestone.

Once recent deal that pushed the NPIF towards the £10m figure was an investment of £100k in Manchester-based social media marketing agency Engage Hub, secured through NPIF – Maven Equity Finance, a product fund managed by private equity firm Maven.

Other recent transactions include £250k for Teesside-based engineering firm ENEX Group, £175k for Manchester cloud consultancy Steamhaus Ltd, £250k for Blackpool electrical wholesale supplier Omega Product Services and £500k for Sheffield generator company Libertine FPE Ltd.

Northern Powerhouse Minister Jake Berry said: “It’s fantastic to see that so soon after we launched the Northern Powerhouse Investment Fund it’s already provided £10m to support Northern businesses.

“The Fund is a great example of what can be achieved when the Government and businesses work together and is all part of our plan to boost the Northern economy, creating more jobs and attracting investment in the region.”

Greater Manchester Mayor Andy Burnham commented: “The Northern Powerhouse Investment Fund is supporting local entrepreneurs and business owners to grow their companies here in Greater Manchester and across the North.

“As we look to rebalance our country’s economy, this fund’s approach can show the benefits that investment in the North has locally and across the UK.”

He added: “The showcase of innovative businesses at Venturefest Manchester last week, shows the breadth of potential in the region.”

British Business Bank CEO Keith Morgan said: “The North of England has long been a key region for innovation and economic growth in the UK. The Northern Powerhouse Investment Fund is now providing the financial backing to tap the growth potential of businesses across the North, helping both the regional and the national economy.

“Passing this £10m funding milestone in such a short space of time since launch is a fantastic achievement for the fund, our fund managers, and our partners in the 10 participating Local Enterprise Partnerships.”