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11 February 2011

The North West Fund for Venture Capital completes first deal

The North West Fund for Venture Capital managed by Enterprise Ventures Ltd has completed an investment of £100,000 in Manchester-based early stage Glamorous Travel, in return for an equity stake.

The North West Fund for Venture Capital completes first deal


The North West Fund for Venture Capital managed by Enterprise Ventures Ltd has completed an investment of £100,000 in Manchester-based early stage Glamorous Travel, in return for an equity stake.

Glamorous Travel, founded by Yan Zhang, is a tour operator that specialises in providing tailor-made special interest tour packages and programmes for Chinese nationals visiting Britain and continental Europe.

Richard Young, Fund Manager, Enterprise Ventures Ltd, said:
"This is a great first investment from The North West Fund for Venture Capital and demonstrates our commitment to supporting the region's exceptional entrepreneurs".

"Yan has demonstrated her business flair in both the Chinese travel industry and here in the UK. This funding will support the business to allow it to take advantage of a market in Chinese inbound tourism, which is growing at a rapid rate".

Andy Leach, Chief Executive Officer of North West Business Finance said:
"I'm delighted that The North West Fund for Venture Capital is officially out of the blocks. Having spent time with EV understanding its investment strategy, it is fitting that the team's first investment embodies in Yan the entrepreneurial drive that will be key for The North West Fund in supporting SME growth in the region".

Enterprise Ventures Ltd manages The North West Fund for Venture Capital which sits under The £185m North West Fund, coordinated by Northwest Business Finance Ltd (NWBF).

The Northwest Regional Development Agency (NWDA) led the development and creation of NWBF and The North West Fund from drawing-board (2008) to launch (2010) and Agency funding continues to support The Fund until 2015 as one of its major legacy projects.

ENDS

Notes to Editors:

The North West Fund:
The North West Fund is a £184.8m evergreen investment fund established to provide debt and equity funding (from £50,000 to £2 million) to small and medium sized enterprises based in, or relocating to, the North West of England. The Fund addresses an identified gap in the lending, venture capital and private equity markets.

The North West Fund is financed by the European Regional Development Fund and the European Investment Bank (EIB) under the European Commission's Joint European Resources for Micro to Medium Enterprises Initiative - otherwise known as the JEREMIE programme.

North West Business Finance Ltd (NWBF) is a private, not for profit, company, established to oversee the delivery of The North West Fund.

Enterprise Ventures Ltd (EV):

EV is a UK-based fund manager which provides venture and growth capital of up to £2million to new or existing SMEs located throughout the UK and trading across technology and non-technology sectors. It operates from regional offices in Birmingham, Leeds, Liverpool, Manchester and Preston and manages a range of investment funds totaling more than £100million and focusing on all stages of development, including proof of concept/early stage, start-up, development capital, replacement capital and MBO/MBIs.

For further information contact Richard Young, Fund Manager
Tel: 07939 585725
Email: ry@evgroup.uk.com
Website: www.evgroup.uk.com


European structure, JEREMIE:
The JEREMIE initiative offers EU Member States, through their national or regional Managing Authorities, the opportunity to use part of their European Union (EU) Structural Funds to finance small and medium-sized enterprises (SMEs) by means of equity, loans or guarantees, through a revolving umbrella fund. The initiative was developed by the European Commission (EC) and the European Investment Fund (EIF), which is part of the European Investment Bank (EIB) Group.

JEREMIE provides for a range of debt and equity financial tools to obtain the most appropriate allocation of funds according to national, regional or local requirements.

ERDF in the Northwest:
The European Regional Development Fund (ERDF) is making a real difference to people and businesses in the Northwest. With €755 million to invest between 2007 and 2013, ERDF is enhancing the competitiveness of the region's economy by supporting growth in enterprise and employment. ERDF in the Northwest is managed by the Northwest Regional Development Agency (NWDA).
For further information on ERDF in the Northwest visit www.erdfnw.co.uk

The European Investment Bank (EIB):
The EIB is the European Union's long-term financing institution and, provides long-term finance for capital projects promoting European economic objectives. The EIB made its first loan in the UK in 1973 and since then has lent around €75bn for investment in the UK economy. In the years from 2004 to 2009, the EIB financed investment in the UK totalling some € 23.5bn - GBP 17.5 billion.

The Northwest Regional Development Agency (NWDA):
The NWDA works to deliver economic success in England's Northwest by building the competitiveness of its businesses, people and places. Utilising our technical expertise and strategic influence, we help the region's 250,000+ businesses to develop and grow, as well as supporting international trade and encouraging inward investment.
For further information on the NWDA please visit www.nwda.co.uk


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