The North West Fund hits £50m milestone in Merseyside
December 3, 2015
£50m invested into the Liverpool City Region…
The North West Fund has surpassed the £50m investment mark, funding over 145 businesses across the Merseyside and Liverpool City region.
Since its launch in 2010, The Fund has created and safeguarded in excess of 1,040 jobs across Merseyside, and has leveraged a further £30m of private sector finance. Its impact has been felt throughout the region, evidenced by the recent successes of Speke-based ChargePoint Technology.
ChargePoint is a supplier of precision containment valves to some of the world’s largest pharmaceutical companies. Having originally received £900,000 from The North West Fund for Mezzanine in October 2013, the business has since increased turnover from £4.7m to £7.7m, with profits growing threefold.
In the last year alone, ChargePoint has expanded its team from 48 to 65, and is set to move to its new facility next year. It plans to increase its headcount to 100, with turnover expected to hit £13m within the next five years.
Liverpool has recently witnessed a boom in the life sciences sector. Contributing £170m per annum to the local economy, the sector is also responsible for around 10,000 jobs in the region. Liverpool Science Park houses a number of businesses that have been funded by The North West Fund for Biomedical, including Evgen Pharma plc, which was recently admitted to the AIM market of the London stock exchange. The Fund is pleased to have played a part in creating a cluster of Biomedical companies, which has helped Liverpool’s life sciences sector to grow.
Cliff Maylor, CEO of The North West Fund, said:”The Merseyside region has been an important focus for us, as we have always recognised the enormous growth potential there. It is a privilege for us to hit this milestone, as well as witness the success of our investees, and the positive impact we have had on upcoming entrepreneurs and business leaders.
“Following the recent devolution talks, Liverpool is in an excellent position to target significant growth, so there has never been a better time to work with SMEs across Merseyside to help them achieve their long-term objectives.
“I would like to thank each of our fund managers for their hard work over the last few years, as well as our partners and stakeholders in the Liverpool business community for their continued support.”
Robert Hough, chair of Liverpool City Region LEP, said:”£50m is an incredible investment milestone to reach, which will have a tremendous impact on the local community. Finance for business growth in the Liverpool City Region (LCR) is an important priority for LCR LEP – it provides a boost to job creation and helps businesses grow and shape their future.
“We are committed to working closely with The North West Fund to maximise the uptake of its available funds across the City Region.”