Fund manager's joy after record performance

An investment company is celebrating a record quarter.

NEL Fund Managers has secured its largest deal to date.

Bosses say the operator has also boosted its market presence with a “series of investments across diverse sectors and locations”.

Spanning Northumberland to Tees Valley, the fund manager has delivered investments through NPIF II – NEL Smaller Loans Fund and NPIF II – NEL Debt Finance Fund through the Northern Powerhouse Investment Fund II (NPIF II) alongside British Business Bank.

Investments have included five-figure support for cocktail bar group Canny Folk to open a new Mother Mercy bar in Heaton, Newcastle, through the NPIF II - NEL Smaller Loans Fund.

It backed Duo Global Consulting with a six-figure investment through the NPIF II - NEL Smaller Loans Fund to support expansion plans, and helped Greener Solutions Group with a six-figure sum through the NPIF II – NEL Debt Finance Fund to drive forward a growth blueprint.

And it provided a five-figure investment to Durham-based WL Distillery to upgrade manufacturing capacity and delivered funding to Durham-based JH Partners through the NPIF II – NEL Debt Finance Fund to support working capital and growth.

Paul Scott, NEL chief executive, said: “It’s been a fabulous performance by the team in a volatile business environment. 

“With the support of British Business Bank as an investor, it’s great to see NEL’s value proposition resonating with SMEs and intermediaries.”

He added NEL has worked on a number of further investments, which include five-figure support for financial services marketing agency GrowthProvision from the NPIF II – NEL Smaller Loans Fund to support recruitment and service development.

Elsewhere, Middlesbrough-based Achieve Hospitality and Achieve Professionals have secured a six-figure investment from the NPIF II – NEL Debt Finance Fund to fuel expansion across hospitality recruitment and professional services.

And Pulse Accountants has received a six-figure investment from the NPIF II – NEL Smaller Loans Fund to push forward an efficiency project.

Sarah Newbould, British Business Bank senior investment manager, added: “From businesses aiming to create a more sustainable future through increasing energy efficiency to a distillery brand anchored in the North East, NPIF II is proud to help entrepreneurs achieve their ambitions across the North.”

The £660 million Northern Powerhouse Investment Fund II covers the North of England and provides loans from £25,000 to £2 million, as well as equity investment of up to £5 million, to small and medium-sized businesses.

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