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13 July 2012

The North West Fund

A statement from The North West Fund

The board of North West Business Finance (NWBF), the company set up to deliver The North West Fund, today announces the departure of CEO Andy Leach. Having joined the company in early 2010, Andy has overseen the creation, launch and early stage development of The North West Fund, which has to date invested more than £29million into over 100 businesses.

The board thanks Andy for his professionalism, his technical expertise and the commitment he has always demonstrated during his time with the company, and wishes him well for the future.

The process of appointing a new chief executive is underway. In the meantime, NWBF director John McGuire will act as interim CEO. John was previously managing director at RBS until 2005 and latterly chairman of Corporate Banking.

The North West Fund is provided by the European Regional Development Fund (ERDF) and European Investment Bank (EIB) and will continue to provide debt and equity funding from £50,000 to £2million to small to medium sized enterprises in the North West of England to start, develop and grow.




Media contacts: Joe Dixon, Alastair Henry or Chris Hopper @ MC2 - 0161 236 1352


The North West Fund

The North West Fund is a substantial 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 North West Fund addresses an identified gap in the lending, venture capital and private equity markets. It is one of the largest public sector funds of its kind in Europe and the largest in the UK.


The North West Fund is financed by the European Regional Development Fund (ERDF) 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.


The North West Fund is the umbrella name for the six funds that are available to businesses in the form of debt, equity and quasi-equity. These funds are managed by six fund managers under contract with North West Business Finance Limited (NWBF), which has been established to oversee the delivery of The North West Fund.  £170m has been allocated to the six fund managers, as outlined below:


Fund manager

Name of fund

Fund committed

YFM Private Equity

Development Capital         


FW Capital Ltd

Business Loan  


Enterprise Ventures Ltd

Venture Capital


Spark Impact Ltd



CT Investment Partners LLP

Energy & Environmental 


AXM Venture Capital Ltd

Digital & Creative






Each fund manager has a mandate to invest their allocation into the specific product or sector they manage, until 31st December 2015. NWBF is a private, not for profit company, established to oversee the delivery of The North West Fund.


Between December 2010 and June 2012 The North West Fund has invested over £29m in more than 100 businesses. Further funding has also been earmarked to support these businesses as they grow and many more new investments are planned over 2012 and the three years ahead to 2015.


For further information please visit www.thenorthwestfund.co.uk


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 by means of equity, loans or guarantees, through a revolving umbrella fund. The initiative was developed by the European Commission and the European Investment Fund, which is part of the European Investment Bank 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

ERDF is making a real difference to people and businesses in the North West. 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 North West is managed by the Department for Communities and Local Government - for further information visit www.communities.gov.uk/erdf.



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.


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