Member Article

Top financial team for North East 'superfund'

A team of leading financiers is getting ready to help North East firms make the most of a new £125m ‘superfund’.

The JEREMIE fund (Joint European Resources for Micro to Medium Enterprises Initiative) brings together investment from the European Investment Bank, European Union and One North East totalling £125m, and is planned to go live early next year.

Leading venture capitalist Robert Drummond is heading the JEREMIE Investment Advisory Board with support from deputy chairman Sir David Chapman and board members Dr Anthony Henfrey, Richard Green, Peter Yendell and Robert Davies.

Mr Drummond, a former chairman of the British Venture Capital Association, said: “In the last few years we have seen the North East flower with new enterprise and industry and I have no doubt that there are many great small businesses which will put these new funds to good use.

“The new JEREMIE project heralds a challenging and exciting new era for venture capital in the region. This point in the economic cycle is an excellent time to start a business. If you have the right skills and good business plan and can find the right investor then the advantages of lower costs, realistic expectations and less aggressive competition will help to ensure success.”

The government approved the fund last week, after the JEREMIE team spent 18 months formulating the scheme.

JEREMIE is the first scheme of its type in England. It is intended to “simplify the North East public sector investment funds landscape”, and any returns made on investments from the fund will be channelled back into further investments in the region.

Malcolm Page, One North East Deputy Chief Executive, said: “JEREMIE allows far greater flexibility than in the past to be able to support companies at key stages of their evolution. It is planned tolever in more than £60m in support from the European Investment Bank - a real stamp of approval for our investment programme.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .