Published: Apr 06, 2021
Focus:
Insights
Since 2017 the Northern Powerhouse Investment Fund has supported ambitious businesses across the region to accelerate growth. We have completed over £13 million of deals and helped to create over 150 new jobs in Lancashire, backing a number of companies across the region's key growth industries.
At Maven, we recognise the importance of having a genuinely local presence so we can forge a strong working relationship with the businesses we back. Tom Parton is our dedicated Investment Manager for Lancashire and works with high growth local businesses that are seeking capital to develop strategic plans.
Read Tom's Q&A to understand his role in the Lancashire business community and what opportunities are available for local businesses based in the region.
1. What are your roles at Maven? What do you do for local businesses?
With a passion for supporting businesses, from early start-ups to well established businesses, at Maven there is focus on anything from a pre-revenue start-up, all the way up to a business generating a profit of c£5m.
At Maven we identify and transact with businesses that will benefit from equity investment to accelerate their business plan. As a national business we are specialists at supporting businesses that are going through rapid growth and that’s an area that we can support in as well as challenging business strategy and direction and introducing individuals from our vast network.
2. What do you think are the advantages to growing businesses operating in Lancashire?
Lancashire is a region that is very keen to support good quality businesses established in the region. We have already made a significant investment into a number of Lancashire based businesses, including Relative Insight. There are also several business support groups, including UCLAN’s investor readiness programme, Access2Finance and Boost.
3. What would you say to a business that is put off by taking on investment and would prefer to grow organically?
While equity finance isn’t for everyone, it can bring expertise, guidance and acceleration of the business plan. Unlike with other types of secured funding, a private equity partner shares the risks and rewards by investing directly alongside the management team.
The decision to make an investment is an indication of our belief in what a business has achieved to that point, and our vision for its further growth and success.
We have a number of investee companies that with our support have grown to become multi-million-pound turnover businesses operating internationally. Local Lancashire business, Relative Insight has secured investment from Maven to expand into the US market.
4. What do you think are the main obstacles to accessing finance to grow that businesses face today?
A well thought out business plan is key; it maps out the growth journey for both the business and the prospective investor. For those businesses who need additional support when raising finance, we always recommend that you reach out to your regional growth hub – whether that be Access2Finance, Boost or UCLAN’s Investor Readiness programme. These portals and hubs are available to provide support to a range of businesses regardless of stage or size.
5. What’s your top tip for a business that’s looking to raise funding?
Where possible, look to surround yourself with other experienced individuals as part of the wider management team – whether that be additions to the executive team or the non-executive team (e.g. an experienced Chairman). Look to bring in those individuals who have specific skill sets that you don’t already possess or an individual that has experience in scaling and potentially exiting a similar business.
This goes a long way in providing an investor with confidence that you are willing to seek out the appropriate level of support and partially de-risk the investment proposition.
Maven always work collaboratively with each investee company, with one of our investment or portfolio executives typically appointed to the Board to provide financial, strategic and operational input as required.
6. As a national company, what other funding and support opportunities does Maven bring to the LEP region?
At Maven, we have offices across the UK, to provide local businesses with a genuinely local presence in each of the areas we operate. This means that our investment executives are able to work effectively with management teams across the UK.
Our experienced investment and portfolio executives have a wide range of professional and commercial backgrounds enabling us to work in close partnership with key executives in each of our investee companies.
