CHARTERED accountant and business adviser Baker Tilly has helped three of its clients secure investments worth £650,000 from NEL Fund Managers.
The Newcastle-based team has worked with manufacturing firm ALM Engineering Solutions, high-end tracking equipment provider Succorfish and Admec, the largest operator of road-sweeping vehicles in the North, to secure capital injections from the regional fund providers.
The money is being used for a range of purposes, from expanding into new markets and increasing product ranges to improving production processes, recruiting new staff and enhancing workplace training provisions.
Steve Railton, partner at Baker Tilly, said: “Our aim is to work closely with our clients, providing them with proactive and strategic financial advice to help them achieve their commercial and personal goals.
“These three deals were all very different in terms of the sectors in which the businesses operate, but each of them had a clear need for outside investment that we knew was appropriate to the nature of NEL’s Growth Fund.”
NEL recently reached the £10m mark for the total value of investments it has made since the launch of the £20m Growth Fund, which is aimed at regional businesses which are at a development and growth stage.
Simon Johnson, senior investment executive at NEL, said: “The relationships we have with the regional professional services community plays a crucial role in first helping to identify North East companies that might benefit from investments from the Finance For Business North East funds, and then supporting these firms’ management teams in bringing the money through the door.”
NEL is looking to make around 130 investments over the five-year life span of the Growth Fund, and is actively looking to speak to North East companies with robust business plans.