NPIF achieves £30 million milestone for Lancashire’s region

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The Northern Powerhouse Investment Fund has announced it has hit a milestone of over £30 million invested in Lancashire’s businesses, over £14 million has been invested directly by the Fund itself with the remainder leveraged from the private sector.

Published: Nov 10, 2020
Focus: NPIF Maven Equity Finance

These investments have been made across 60 transactions to 57 small and medium sized businesses across the region, including equity, debt finance and microfinance loans that range from £25,000 to £2m.

Recent investments include Skelmersdale-based manufacturer of connected electrical solutions, Extreme Low Energy (ELe), from NPIF – Maven Equity Finance, managed by Maven Capital Partners. Following a £750,000 equity investment, ELe was able to pivot its product offering to meet this years’ surge in demand for UK staycations. With this funding, the company was able to develop its innovative Eco Off Grid Leisure Kits, which provide individuals with lighting, heating and power in remote locations, such as glamping pods.

Other businesses that have benefited from NPIF funding include Airship Images, a gaming artwork studio based in Lytham St. Annes. The business received a £350,000 investment from NPIF – FW Capital Debt Finance, which will be used by the organisation to take on 11 new team members during the next year.

NPIF has been working hard to support businesses across Lancashire in a wide range of sectors. This includes Burnley-based door hardware manufacturer, Loxta Hardware, which has moved its headquarters and increased its stock following a £50,000 investment from NPIF – BFS & MSIF Microfinance, managed by GC Business Finance and MSIF.

Alex Rothwell, Senior Investment Manager at Maven comments: "Lancashire is a key hub of the Northern Powerhouse with modern expertise in aerospace and advanced manufacturing complimenting the traditional strengths of hospitality and engineering. We are keen to invest in growing companies in Lancashire, irrespective of sector, with NPIF investment of up to £2m available."

Steve Fogg, Chair of the Lancashire Enterprise Partnership said: “It is fantastic that nearly 60 of Lancashire's SMEs have taken advantage of the Northern Powerhouse Investment Fund to help grow or adapt their business through expansion or by capitalising on diversification opportunities. Lancashire has a strong heritage in identifying and applying innovative approaches to satisfy the needs of their markets. The resilience shown by some of our businesses during these extremely challenging times has been phenomenal and is attributable to a strong entrepreneurial and creative flair which is evident throughout the county.”

Grant Peggie at British Business Bank, said: “Lancashire has a thriving, innovative business community, with hotspots emerging all over the county. We are proud to work with Lancashire LEP and County Council and our Fund Managers to support Lancashire’s small businesses as they continue to grow, despite the challenges of this year. The number of small businesses in Lancashire that have responded flexibly to the pandemic and continue to grow is testament to Lancashire’s tenacity, agility and innovative thinking.”

The investment, facilitated by NPIF Maven Equity Finance, a fund managed by Maven, is a co-investment deal alongside Catapult Cheshire Life Sciences Fund.

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