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First round of investments for NPIF

The appetite from Northern businesses was phenomenal in the four weeks following the launch and our fund managers witnessed more than 500 enquiries from SMEs seeking finance. This enabled NPIF to get off to a flying start, investing a combined total of £240,00 into the following four businesses:

·        A £100,000 loan to Sheffield-based Blake UK, which has grown to become one of the largest manufacturers and suppliers in the TV/AV sector. The company employs 24 staff and reported turnover of £2.2m in the year to March 2016. The loan was provided by NPIF – Enterprise Ventures Debt Finance to fund product development and invest in new equipment.

·        £100,000 worth of funding to Greater Manchester-based Red Security Solutions, a mobile CCTV solutions provider. The funding was provided by NPIF – BFS & MSIF Microfinance, along with an additional £100,000 from NatWest, to support the continued expansion of the business and create and safeguard 12 jobs.

·        £40,000 worth of funding to Leeds-based fire protection company Vulcan Passive Fire Systems from NPIF – BEF & FFE Microfinance. The company, which produces a range of fire protection products and systems, will use the funding to take on four staff and invest in new equipment.

·        Investment in Birkenhead-based AEV Ltd, which manufactures varnishes, resins, compounds and insulating products for the electrical and electronic sectors. The funding, provided by NPIF – FW Capital Debt Finance, will help to create 13 new jobs in an area of low employment in Merseyside, bringing the total headcount to 36.

We have continued to make strong progress across all LEP areas and the funding is already starting to have a positive impact on businesses in the region.

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.

Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363)
EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560)

FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719

The Merseyside Special Investment Fund Limited group of funds are managed by Alliance Fund Managers Limited which is regulated by the Financial Conduct Authority in the course of investment business. Financial Conduct Authority Registration Number is 180891.

BFS Funding Managers Limited is regulated by the Financial Conduct Authority as a Small Authorised UK AIFM under firm reference number 608682

Editors Notes