Published: Feb 02, 2018
Focus: Finance Durham Fund, North East Development Capital Fund
With £550 million of funds under management or available for investment for a range of client funds, Maven enjoyed a record year for new deals and realisations across private equity and regional funds. The Maven venture capital trusts (VCTs) invested in nine high-growth businesses, closed a successful fundraise for Maven VCT 6 and there is currently a £30 million open offer for Maven VCT 3 & 4. Funding from Maven’s Investor Partners network also supported the growth of a range of established private companies across the UK.
Last year, we tendered for and were successful in securing the £57 million equity mandate for the Northern Powerhouse Investment Fund (NPIF) in the North West of England, in a process administered by the British Business Bank. Maven also bid for and won the mandate to manage two debt funds of £50 million and £40 million across the West Midlands and East and South-East Midlands respectively, as part of the Midlands Engine Investment Fund (MEIF), supported by the European Regional Development Fund.
Locally, we tendered for and won the mandate to manage the £20 million Finance Durham Fund, now managed by Maven on behalf of Business Durham, the economic development company for Durham County Council. Opening new offices in Durham and Newcastle last year added to Maven’s strong presence across the North of England. Now operating from a network of 11 regional offices across the UK, Maven recruited over 20 new employees last year to join the existing team of dedicated private equity and commercial property professionals.
Maven’s property business also had a strong 2017, working extensively with Hong Kong based IPIM on several projects to fund hotel and PBSA (Purpose Built Student Accommodation) projects across the UK.
Maven’s property portfolio has expanded significantly and the team now manages 19 property investments including hotels, student accommodation and office refurbishments with a combined Gross Development Value in excess of £250 million. Maven’s eighth hotel development, Manchester’s first Hampton by Hilton, a £17.5 million new build development of a 221 guest-room hotel was announced late last year and expands Maven’s hotel portfolio which includes hotel Indigo, Ibis Styles and Travelodge hotels.
Locally, Maven completed a £15 million transaction for the purchase and refurbishment of the Grade II listed Shire Hall in Durham. Originally built in 1890s as the headquarters for Durham County Council, Shire Hall is being renovated into a Hotel Indigo, the up-market, boutique brand of InterContinental Hotels Group (IHG), with a 150-cover Marco Pierre White Steakhouse.
In the North East, Maven has the capacity to invest in a wide range of companies in private equity transactions of up to £15 million, and on behalf of a range of funds. One of the most active and best resourced VCT managers in the industry, Maven manages six VCTs, which offers retail investors access to a diversified portfolio of high-growth UK private businesses.
Locally, Maven invested £1.1 million of VCT funding in Durham-based Fintech firm, Growth Capital Ventures (GCV), a developer and operator of specialist online investment and alternative finance platforms. Funding enabled GCV to launch a new P2P lending platform, develop its existing online platforms and grow its team to service its expanding investor base.
Maven also invests on behalf of its established co-investment network, Maven Investor Partners, including around 300 High Net Worth individuals, family offices and institutional investors. Maven recently invested £1 million via Investor Partners in Newcastle-based app designer and technology consultancy, hedgehog lab, to support the next phase of growth. Funding allowed the company to invest further in its sales and marketing function, boost its delivery capabilities and broaden its presence overseas.
For businesses across County Durham, an exciting funding opportunity is available through the £20 million Finance Durham Fund. Maven has already supported one of the North East’s largest small-batch craft distilleries, Durham Gin, to open a visitor centre in Durham city centre and launch the production of Durham Whiskey, whilst Seaham-based Moralbox, an innovative technology start-up, received the fund’s first incubator investment to fuel its growth plans.
The North East is home to some of the UK’s fastest growing, innovative private companies with impressive growth potential. Our local team is actively seeking exciting businesses, based in the region, looking for funding to help achieve their growth plans.