More than 80 North East business leaders and intermediaries took to the water as guests at regional fund management firm NEL Fund Managers’ summer reception.
NEL hosted guests on board the River Escapes Fortuna, sailing along the Tyne from Newcastle’s Quayside to North Shields harbour and back, as part of an event to recognise the contribution of the North East’s professional services community, in identifying and supporting businesses in which NEL has made investments.
The event also encourage attendees to put new names forward who might become part of NEL’s portfolio, to receive investment from the Finance For Business North East Growth Fund that it manages.
The fund managers have so far invested £18.5m in 76 businesses from the Growth Fund since its launch in spring 2010, with an average investment value of £210,000.
The first half of the year has NEL achieve its two biggest consecutive quarters of investments from the Growth Fund, with more than one million pounds worth of completions realised in both April and June, but the investment team is continuing to look for further names to add to its portfolio of North East investees.
Simon Johnson, senior investment executive at NEL Fund Managers, said: “The region’s intermediary community has always had a very strong entrepreneurial outlook, which is crucial to the work that we do. They understand how outside investment can be used to help businesses put development plans into action, and are very important in identifying client companies that could be suitable Growth Fund candidates, as well as then helping them secure investments from us.
“After such a busy first half of the year, it was very useful to be able to catch up with all our guests about what we think the rest of the year will hold, and find out more about further business plans that might be coming our way.”