Money flowing to businesses from £400m Northern Powerhouse Investment Fund
The £400m Northern Powerhouse Investment Fund (NPIF) has
announced the first investments following its launch in February,
with more than £240,000 going to four SMEs.
The transactions, which are spread across the Northern
Powerhouse region, include:
NPIF – Enterprise Ventures Debt Finance, provided a £100,000
loan to Sheffield-based TV/AV reception and distribution products
manufacturer/importer and supplier Blake UK. The funding will allow
the company to diversify its product range into new lines such as
CCTV equipment and increase stock levels required for new product
Red Security Solutions
Business Finance Solutions has invested £100,000 in Greater
Manchester based mobile CCTV solutions provider Red Security
Solutions Limited (RSS). The money, sourced from NPIF – BFS &
AFM Microfinance, will allow RSS to invest into a range of new
hybrid and solar powered security solutions.
Vulcan Passive Fire Systems
NPIF – BEF & FFE Microfinance, provided £40,000 to Leeds
based fire protection company Vulcan Passive Fire Systems. The
company produces a range of fire protection products and systems.
The money is part of a package which has allowed Vulcan Passive
Fire Systems to employ four staff, with vehicles and accompanying
NPIF – FW Capital Debt Finance, supported Birkenhead-based AEV
Limited, a manufacturer of varnishes, resins, compounds and
insulating products designed for the electrical and electronic
sectors. The funding will support the company’s continuing growth
strategy, particularly in emerging markets outside the European
Operating from the British Business Bank’s Sheffield head
office, the Northern Powerhouse Investment Fund provides capital to
fund managers who will offer Microfinance (£25,000 - £100,000),
Business Finance (£100,000 - £750,000) and Equity Finance (up to
£2m). NPIF works alongside 10 Local Enterprise Partnerships (LEPs),
bringing together unprecedented partnerships with LEPs on both
sides of the Pennines.
NPIF also works with combined authorities and Growth Hubs, as
well as with local accountants, fund managers and banks, to provide
a mixture of debt and equity capital to Northern-based SMEs at all
stages of their development.
Northern Powerhouse Minister Andrew Percy
said: “Our efforts to build the Northern
Powerhouse are delivering real results for local people. More than
one million businesses are already involved and foreign direct
investments are up by a quarter.
“This dedicated £400m fund will help us go even further. As part of
our Plan for Britain to create a stronger economy, it will help
smaller businesses across the region.
“These first investments show how this fund is already making a
great impact. It’s delivering the resources local businesses need
to reach their potential.”
Keith Morgan, CEO at British Business Bank,
said: “While there is work ahead to fully unlock the
potential of businesses across the Northern Powerhouse region, the
announcement of these first investments shows significant momentum
and is cause for great optimism. We are confident that we can build
on this strong start to provide funding across the range of
geographies and sectors, making a real difference to the Northern
Paul Blake, Managing Director at Blake UK,
said: “The support on offer from NPIF -Enterprise Ventures
Debt Finance was quick, straightforward, and provides a solid
platform from which we can expand and achieve our growth ambitions
for the future. These funds will allow us to increase our product
range and bolster stock to meet strong customer demand for our
products, and we are delighted that with the support from
Enterprise Ventures we can take our business to the next
We’re delighted to support AEV Ltd as they continue to grow their business with our first loan from the Northern Powerhouse Investment Fund.
“We have a team of experienced investment professionals, used to tailoring bespoke funding packages for companies across the North of England. We’ve had a large volume of enquiries since the Northern Powerhouse Fund was launched and we’re currently working with a number of talented and ambitious businesses to help support the region’s economy.
Gary GuestFW Capital North West Fund Manager
The Northern Powerhouse Investment Fund project is supported
financially by the European Union using funding from the European
Regional Development Fund (ERDF) as part of the European Structural
and Investment Funds Growth Programme 2014-2020 and the European
For more information about Northern Powerhouse Investment Fund,
please visit www.npif.co.uk.