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Back to Northern Powerhouse Investment Fund News – Issue 17

Foreword

As part of my new role as CEO of British Business Bank, I am delighted to welcome you to the 17^th edition of the Northern Powerhouse Investment Fund (NPIF) quarterly newsletter.

It’s hard to believe that we are at the close of another year, but what a year it has been for regional investment. In real terms, through its fund managers NPIF has directly invested more than £70m into 150 businesses this year, whilst attracting an additional £163m in private sector co-investment.

Within that, there have been countless success stories. NPIF funding has enabled companies to invest in new technologies, create new jobs, introduce new products to market, invest in R&D, and open new premises.

There have also been several exits for NPIF in 2022, with Sheffield-based companies Azzure IT, an IT services provider, and Airship, a hospitality technology company, both being acquired. Completion of these deals exemplifies the impact that support from NPIF can have, in enabling these companies to grow, fulfil their ambitions, and contribute to the regional economy.

There have been two key themes dominating the portfolio this year. The first is centred around equity investment, which has surged in popularity. The British Business Bank’s Nations and Regions Tracker 2022 Report recognised an increase in equity investment value in every region outside London with the exception of West Midlands during 2021.

The second theme is centred around sustainability. Each year, we are seeing more businesses utilise investment from the British Business Bank’s regional funds to launch or develop a green product or service, or decarbonise their existing operations.

For example, NPIF equity-backed clean technology firm Nova Pangaea Technologies signed an agreement this year to base its new commercial plant and headquarters – NOVAONE – within the Teesside Freeport. The facility is expected to play a considerable role in decarbonisation of the transport sector, whilst also creating 45 full-time, green, local and highly skilled jobs once in operation.

In what has been a challenging economic period for businesses generally, it is encouraging to see so many businesses from across the North of England engage with the Northern Powerhouse Investment Fund to make their growth ambitions a reality. From the bustling tech clusters in our major cities, such as Leeds and Manchester, to traditional businesses in rural and developing areas, it is inspiring to see the innovative spirit of the North in full effect.

I hope you enjoy this special edition of our newsletter, where you can learn more about support provided by the Northern Powerhouse Investment Fund and the impact it continues to make in building a stronger north.

Finally, on behalf of British Business Bank and NPIF, I’d like to wish all our investee businesses, fund managers, partners and stakeholders a safe and happy holiday this year.

Louis Taylor, CEO at British Business Bank

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.

Editors Notes