Newspaper article The Journal (Newcastle, England)

NEL Investments Exceed Managers' Expectations

Newspaper article The Journal (Newcastle, England)

NEL Investments Exceed Managers' Expectations

Article excerpt

Byline: Peter McCusker

THE first year of active investments from the pounds 125m Finance For Business North East fund has exceeded expectations for fund managers NEL. The Newcastle firm is responsible for managing the pounds 20m Growth Fund - one of six in the fund's portfolio - and by the end of 2010, it had made 15 investments with a total value of pounds 2.4m in companies across the region.

NEL says the first year's figures are ahead of expectations, demonstrating the regional business community's enthusiasm for the Finance For Business North East initiative, and NEL is still working on a significant number of further applications.

Barrie Hensby, chief executive at NEL Fund Managers, said: "Access to investment capital has always been central to North East companies' ability to implement their growth and development plans, but at a time when obtaining funding from traditional sources remains extremely difficult, it has become more essential than ever.

"The Finance For Business North East Fund has made a tangible difference to regional companies' expansion and job creation in its first year, but its full impact will only be seen over the longer term, both during the remaining four years of its lifespan and the years after that."

Companies which have received investments from the Growth Fund have quickly felt the benefits.

Philip Winspear is finance director at Monitor Coatings, a North Tyneside industrial coatings firm which secured pounds 400,000 last year to help expand the range of services it offers. He said: "The investment we received has already proved hugely useful in aiding the company's short-term progress, and it will make an even bigger difference over the long term.

"We've been able to both secure existing jobs and create new ones, and have the resources in place to execute expansion plans which will make us an even stronger and more successful company. …

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