Northern Powerhouse: 1,800 new jobs to be created from NPIF investments

Since its launch just over four weeks ago, the £400m Northern Powerhouse Investment Fund (NPIF) has seen a plethora of companies submit applications from across the Northern Powerhouse region.

Enterprise Ventures, which has been appointed to manage NPIF Debt and Equity funds in the region, has also received dozens of enquiries during the same period.

These enquiries are in addition to the pipeline of companies that have already been identified, and as a result, Enterprise Ventures is set to make the first investment from the funds over the coming weeks.

Enterprise Ventures will invest £108.5m on the regional economy over the next five years.

The deals ware anticipated to attract over £220m in private sector investment which will generate around 1,800 jobs.

Enterprise Ventures will be working with Local Enterprise Partnerships (LEPs), Growth Hubs and advisers across the region and is seeking applications from SMEs from all sectors.

Enterprise Ventures is managing a £57.5m NPIF Equity fund, which will provide finance of up to £2m for businesses in Yorkshire, the Humber and Tees Valley and a £51m NPIF Debt fund, which offers loans of £100k to £750k to SMEs in Yorkshire and the Humber.

Part of Mercia Technologies PLC, Enterprise Ventures’ NPIF teams will be led by fund managers, Julian Viggars, Will Clark and Paul Taberner. They will be joined by more than 20 investment professionals and support staff who are based around the region, with offices in Sheffield, Leeds, Teesside and Hull, will ensure a strong foot print across the local geographies.

Paul Taberner said: “We are delighted to have been selected to manage these two key NPIF funds, which will play a leading role in the development of innovative businesses. Our team is highly experienced and is well known to many in the regional business community and has expertise across the full range of industries.

“We have a strong track record of supporting companies with high growth potential and have delivered several notable successes for similar funds, including York-based Optibiotix Health plc and Rotherham-based Xeros Technology Group plc, Harrogate Spring Water and global award-winning Panache Lingerie.

“We look forward to working with the British Business Bank and other partners to identify and support new rising stars in the region.”

Grant Peggie, director of Venture Capital Solutions at British Business Bank, commented: “The number of companies to have already made enquiries about accessing these funds is testament to the enormous untapped potential across the North.

“Funding small businesses is more important than ever before and ensuring the right Fund Managers are in place to deliver this is crucial.

“Enterprise Ventures has demonstrated the experience and expertise needed to ensure this fund works for everyone. In particular, the firm’s experience across Yorkshire and the Humber gives us great confidence in its ability to make a real difference to SMEs.

“The North is already home to a diverse, dynamic and thriving economy – in partnership with our fund managers we can ensure this £400m will help the North go even further.”

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