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The North West Fund has recorded its busiest ever quarter after
investing £9.6million in 30 businesses during the first three
months of 2012.
The figure, the largest investment in a quarter by The North
West Fund since it was launched in December 2010, represents 88% of
the total amount invested during the whole of 2011.
To the end of March, The North West Fund, a £185million
evergreen fund that provides debt and equity funding, had invested
£20.5million of funding into 83 businesses, of which 14 have
received more than one round of funding. The investments are spread
across the region and across the six sub-funds.
Andy Leach, Chief Executive of North West Business Finance,
which manages The North West Fund, said the pipeline of future
deals was strong for the remainder of 2012, with investments likely
to be made across the region and its dedicated sub-funds for
Business Loans, Venture Capital, Development Capital, Energy &
Environmental, Biomedical and Digital & Creative.
Key deals completed during Q1 of 2012 included:
Andy Leach said: "2011 was all about establishing The North West
Fund, creating awareness and inspiring the region's entrepreneurs
to apply for funding to grow their businesses. 2012 is now
about delivering a step-up in investment completions as we
capitalise on the momentum established in 2011. As our
investment rate over the past four months is more
than five times that of the previous 11, we are demonstrably
moving through the gears".
"We are delighted with how the first quarter went and
particularly with how each sub-fund has made key investments in
exciting businesses. Crucially, we are confident about the rest of
the year. Our new investment pipeline is very strong, and we
expect to provide increasing amounts of follow-on funding to those
portfolio businesses that have achieved their initial plans and
have further growth potential."
In March alone, The North West Fund invested £5.5million in 17
businesses, including seven follow-on investments.
To the end of March, The North West Fund's total of £20.5million
investment was supplemented by £18.6million of funding from the
private sector. To date, some 30% of investment by value has been
The North West Fund is a £185million evergreen fund provided by
the European Investment Bank (EIB) and European Regional
Development Fund (ERDF) 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.
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