FW Capital passes £10 million Northern Powerhouse Investment Fund milestone
The total value of investments made from the Northern
Powerhouse Investment Fund (NPIF) by fund manager FW Capital has
passed the £10 million mark in less than a year.
In February 2017 when the British Business Bank launched NPIF,
FW Capital was appointed as Fund Manager of NPIF - FW Capital Debt
Finance with funds totalling £102 million to support expanding
businesses across North West England and the Tees Valley.
Since then, it has invested more than £10 million across the
region in 45 small or medium-sized
businesses which operate across a broad range of sectors - and it
continues to seek out growing,
ambitious businesses that want to benefit from the fund.
In the same period, FW Capital has opened new offices in
Billingham and Penrith and recruited ten more staff. Twenty-five
people now work for the fund manager across the North of
Fund Manager Joanne Whitfield, who looks after funds
across Tees Valley, said: “Our teams have been meeting
businesses across the region, finding out what they need and how
this fund can support them to grow.
"Our investments are being used for many different purposes,
which shows the variety and innovation of companies across our
NPIF - FW Capital Debt Finance offers loans of between £100,000
and £750,000. The fund gives ambitious businesses access to the
capital they need to realise their growth plans through investing
in new equipment, premises, staff, systems, product lines and a
wide variety of other uses.
Companies to benefit include Blackpool-based electrical
wholesaler Omega Product Services, which used a £250,000 loan to
help them take on new sales staff and diversify its product
range..These loans have helped dozens of other Northern businesses.
Such as Atherton based Premplus Dental Labs, Duttons Builders
Merchants in Middlewich in the North West. Other to be supported
include Darlington food manufacturer Myco Foods and Stockton
engineering firm ENEX Group in the Tees Valley.
Cenergist, an energy consultancy, has also received investment
from the fund. They used a £515,000 loan to set up a new Tees
Valley office in Billingham and take on skilled staff as they plan
to increase turnover significantly in the next 18 months through
their work with major energy suppliers.
Gary Guest, FW Capital Fund Manager, said:
"There's been a lot of interest in the Northern Powerhouse
Investment Fund since its launch, and we’re delighted to have
passed the £10 million mark in under a year.
"We know there are many more firms out there that could benefit
from our involvement and we want to help as many of them as we can
to scale up, succeed and create sustainable jobs. Our message is
clear, if you think we could help your business - get in
Grant Peggie, Director at British Business Bank,
adds: “It is fantastic to see FW Capital reach this
important milestone so soon after passing the £5m mark five months
ago. It demonstrates the demand for funding in the northern SME
community and underlines that the Northern Powerhouse Investment
Fund is actively making a difference to small businesses in the
North and supporting wider economic growth.
“We look forward to continuing our work with FW Capital and to
further support more ambitious businesses in the region as we
approach the fund’s one-year anniversary.”
Operating from the British Business Bank’s Sheffield head office,
the Northern Powerhouse Investment Fund provides a mix of debt and
equity funding (£25,000 to £2m). It works alongside ten Local
Enterprise Partnerships (LEPs), the combined authorities and Growth
Hubs, as well as local accountants, fund managers and banks, to
support Northern-based SMEs at all stages of their development.
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