Member Article

Ward Hadaway play instrumental role in £125m fund

Ward Hadaway have played a key role in the distribution of the Finance for Business North East Fund, advising on over 60 investments since the start of 2010.

Since the £125 million venture capital fund was established, the Newcastle-based law firm has been involved in a string of investments, which aims to help a number of businesses access investment and support over 5000 jobs.

The corporate finance team at Ward Hadaway have advised on a wide range of investments, frequently calling in specialist support from other departments within the firm on issues such as intellectual property, tax, commercial contracts and state aid.

Leading the team were Katherine Hay-Heddle, Imogen Holland and Richard Butts. Commenting on the fund, Richard said: “The Finance for Business North East Fund has provided a significant source of funding for growing SMEs across the region since it opened for business at the start of 2010.

“Access to funding is key to growth and the availability of this funding, backed up with the expertise of the fund managers in deciding on the investments, has made a real difference.”

Transactions which Ward Hadaway have advised on include investments in cycle hire business Scratchbikes Limited, technology company Applied Super Condictors, and design firm Deadgood.

For Katherine Hay-Heddle, the vast range of investments is indicative of the wealth of talent here in the North East. She continued: “We have some extremely clever and creative people in the North East doing excellent work and working with our clients on these investments has enabled
us to get a detailed picture of what is being done in the region.

“We look forward to using our expertise to help conclude further investments from the Fund.”

Finance for Business North East is a collaboration between the European Investment Bank, European Regional Development Fund and regional development agency One North East .

The Finance for Business North East Fund aims to support 850 businesses through loans and equity investments before 2014.

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