North East fund manager boasts “busiest ever” year with £5.5m investments

A North East fund manager has made investments worth over £5.5m in regional firms during what has been its busiest ever year.

NEL Fund Managers has completed 61 separate investments in businesses across Tyne & Wear, Northumberland and County Durham during 2021, despite the team having to predominantly work separately and remotely through the year.

As a result of the investments made by NEL since the North East Fund was launched in 2018, an additional £4.8m of private sector leverage has been secured this year, while almost 250 new jobs have also been created.

Dr Yvonne Gale, chief executive at NEL Fund Managers, said: “There is never a shortage of strong business ideas coming out of the North East business community, and despite the many and varied challenges that we’ve all faced this year, we’ve been able to invest more than we ever have before in helping to bring these ideas to fruition.

“The impact that this year’s investments are having in terms of creating and sustaining regional employment, supporting new ideas and innovation, and unlocking further sources of capital is already clear to see, and we’re expecting to see that impact grow next year and beyond.

“The North East’s low carbon economy is developing at a very impressive rate, and we’ve been able to support a growing number of robust growth strategies that place just as much emphasis on environmental responsibility as they do on commercial success.

“Our aim now is to carry this momentum on into the new year and to maximise the number of ambitious regional firms that we can help on the next stage of their growth journeys.”

Jason Hobbs, CEO of The North East Fund, added: “While conditions over the past year have remained difficult for many businesses across the region, it is encouraging that they have continued to find and to fund opportunities to pursue growth.

“We look forward to 2022 with optimism, when the North East Fund and NEL will continue to offer guidance and finance to businesses at all stages of their development.”