25th September 2023
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In the dynamic landscape of Northern business, innovation and impact stand as the cornerstones of progress. The Northern Powerhouse Investment Fund has emerged as a catalyst for innovation, job creation, and industry transformation, especially in areas that are beyond its major cities and are often overlooked. Alderley Lighthouse Labs, The One Point, and Southern Asset Management are three companies that have benefited from NPIF investments and highlight how the Fund has not only revitalised local economies but is providing investments that resonate into each industry.
Reinvigorating Medical Testing
In Cheshire, Alderley Lighthouse Labs (ALL) has taken a significant stride towards addressing industry needs in medical testing. Its growth was fuelled by a £1.035 million investment, comprising £800,000 from NPIF-Maven Equity Finance, and a £235,000 investment from Seneca, a venture capital investor.
The lab facility employs cutting-edge technology to accelerate diagnosis and research. The company provides a solution to the rising prevalence of chronic diseases by offering early preventive diagnostics aimed at reducing long-term healthcare costs. The impact of the investment in ALL extends far beyond Cheshire. As the company accelerates its services in preventive diagnostics that reduces long-term healthcare costs, ALL is making an impact that resonates in its industry both now, and in the future.
The rapid and accurate testing facilitated by Alderley Lighthouse Labs is a model for diagnostic excellence. The company has recently secured a UKAS ISO:15189 accreditation, demonstrating the gold standard of diagnostics testing and reassuring customers on the quality of the laboratory. It has also successfully registered with the Care Quality Commission, to ensure health and social care services provide people with safe, effective, compassionate, high-quality care and encourage continual care services to improvement.
The NPIF-backed investment not only elevated local healthcare capabilities but has also spearheaded advancements in medical technology and diagnostic testing on a national scale. The development of cutting-edge medical services, such as next generation genome sequencing will not only improve the accuracy and speed of diagnosis but will open the doors to personalised treatment plans.
These advancements have not gone unnoticed on the national stage, further positioning the North as a hub for medical innovation and attracting global talent and investments, further amplifying the positive impact of the NPIF support.
Hull’s beacon of technology support
Hull’s technology landscape has seen a paradigm shift with NPIF’s investment in The One Point. The innovative tech company has integrated various digital solutions, from IT support to cybersecurity, under one umbrella, streamlining processes for businesses of all sizes by offering a one-stop shop for all major technological services. It has also become a hub for development, offering work experience for local students and encouraging them to explore a career in the IT industry.
The £700,000 NPIF-Mercia Debt Finance funding propelled The One Point’s expansion, creating an additional 20 job opportunities by the end of 2025 and securing its future growth trajectory which had already seen an increase to its turnover by around 65 per cent in the past five years. The growth and ambition of the company spotlights Humber as a thriving area, playing a substantial role in the health of the overall regional economy.
However, the true impact of this investment is in its ripple effect. By enhancing operational efficiency for numerous businesses, The One Point has indirectly contributed to elevating industry standards across various sectors. Its success story showcases how local businesses can permeate regional boundaries, fostering technological innovation and reshaping industry practices far beyond their initial scope.
Elevating Financial Landscapes in Tees Valley
Stockton-on-Tees-based Southern Asset Management (SAM), a specialist structural testing and asset management firm, is celebrating new contract wins and job creation after securing a six-figure investment from NPIF-FW Capital Debt Finance.
SAM is also investing in JCB plant machinery and its state-of-the-art innovative testing software, and the development of an online data asset management portal which will give clients a never-before-seen level of data capture alongside unparalleled control over their own assets and data.
This is a great example of the impact of NPIF investment beyond an individual business and into various industries. SAM’s investment into the testing software is the first step towards remodelling the way data is collected and used in the construction industry and is only one of many ways it will go on to impact businesses and industries nationwide.
Transforming Industries Beyond Borders
The Northern Powerhouse Investment Fund’s investments in Alderley Lighthouse Labs, The One Point, and Southern Asset Management are emblematic of the Fund’s goals —to ignite innovation, drive economic growth, and shape industries in profound ways.
They exemplify how NPIF investments have acted as catalysts, not just for localised benefits but for broader transformations. By driving job creation, technological innovation, and improved industry practices, NPIF has sown seeds of progress that have flourished beyond the regions of their inception; fostering innovation at a local level can lead to a cascade of positive changes that reverberate across industries.
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 Investment Bank.
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