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13 February 2013

The North West Fund reveals new fund managers for restructured Development Capital Fund

Press Release 13th February 2013

North West Business Finance Ltd, which manages The North West Fund, is pleased to announce that it has completed the reorganisation of its Development Capital Fund. As a consequence, two new Funds have been created, The North West Fund for Loans Plus, managed by FW Capital and The North West Fund for Mezzanine, managed by Enterprise Ventures. 

The new funds have been closely tailored to the investment needs of established SMEs based in the North West.

The £35 million North West Fund for Business Loans will be renamed The North West Fund for Loans Plus and will build on FW Capital's success in the SME loan market. FW Capital will now be able to provide loans of £50,000 to £750,000 from the newly increased £45 million fund.

Enterprise Ventures will manage the newly created £15 million North West Fund for Mezzanine which will offer established, growing businesses mezzanine loan and equity investments of between £750,000 and £2 million.

Both FW Capital and Enterprise Ventures are keen to hear from established businesses with growth funding needs but have been unable to attract funding from traditional sources.

Cliff Maylor, chief executive officer at NWBF, said: "The North West is home to a broad range of highly successful, established businesses, with ambitious plans for growth. It is essential that we ensure our Fund is accessible to these businesses. We believe that this re-structure of our former Development Capital Fund will provide a transparent and flexible option which allows businesses to grow rapidly, while benefiting from the experience and guidance of our supportive fund managers.

"Adopting what amounts to a joint venture relationship is a commercially astute approach, providing a funding solution for many North West businesses. We are pleased that both fund managers are part of our existing fund management team and we look forward to hearing about their continued success, supporting businesses with the new funds."

Gary Guest, FW Capital's Fund Manager in the North West, said: "The North West Fund for Business Loans has been a great success since launch, so we are delighted to extend its reach with larger loans up to £750,000. This is excellent news for established SMEs who may be having difficulty raising growth funding from traditional sources. It increases our flexibility and FW Capital now has the potential to lend to many more established SMEs."

Jonathan Diggines from Enterprise Ventures, manager of The North West Fund for Venture Capital and The North West Fund for Mezzanine, said: "We have worked with NWBF and FW Capital to broaden the scope of The North West Fund - in offering mezzanine funding to qualifying North West businesses in the range from £750,000 to £2 million. We will now be offering mezzanine business loans alongside our well-established venture and growth fund offerings - the aim being to improve access to capital for small and medium sized companies in the North West."

The North West Fund is a substantial evergreen fund supported by the European Investment Bank and European Regional Development Fund to supply debt and equity funding to growing small and medium-sized enterprises in the North West of England, or those wanting to move to the region.

Businesses looking to ontact fund managers for the re-structured Fund should contact:

The North West Fund for Loans Plus:

Gary Guest, Fund Manager

0161 638 9206


The North West Fund for Mezzanine:

Jonathan Diggines

0161 838 5200




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