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FW Capital exceeds £10m Northern Powerhouse Investment Fund II funding milestone

Press release 18 December 2024

Fund manager FW Capital, is celebrating a key milestone after providing £11m in funding to businesses across the North of England from NPIF II - FW Capital Debt Finance, which is managed by FW Capital as part of the Northern Powerhouse Investment Fund II (NPIF II).

Jonny and Charlotte Heyes, owners of Nell's Pizza

Since the launch of NPIF II earlier this year, FW Capital has provided £11m in funding to 29 companies. The majority of businesses supported have been in the North West and have covered a wide range of sectors including manufacturing, technology, hospitality and construction. 

Businesses that have benefitted from the funding include Greater Manchester based Nell’s Pizza, Kennelbuild which is located in Cheshire, Central Group and Biograd, both operating in Liverpool City Region, as well as Teesside firm JH Mechanical & Engineering which required investment to support a new contract win in Yorkshire. 

Gary Guest, Fund Director at FW Capital said:

We’ve seen significant demand for investment from NPIF II from a wide range of high quality businesses in the region. The fund has enabled us to back ambitious businesses of all shapes and sizes and help them fulfil their potential. It’s been great to see how the fund is helping businesses in the hospitality sector such as Nell’s Pizza as this area wasn’t supported by the first NPIF Fund. It means we can give entrepreneurs in this industry the opportunity to seek valuable investment.

Providing finance is just the start of our journey with the businesses we work with. Many tell us the key difference is that we take the time to understand their vision and become a trusted partner. We’re passionate about helping local SMEs throughout their journey and have a great pipeline for 2025. Our teams are actively working with many businesses across the region who are applying for funding from NPIF II. This is key to the continued growth of the local economy and we’re looking forward to supporting more success stories next year.

Sue Barnard, senior investment manager at the British Business Bank, said: 

Following its launch earlier this year, it’s been great to see so many businesses in the North West reaching out and seeking Northern Powerhouse Investment Fund II funding. With a variety of businesses and sectors supported, from restaurants to engineering firms and more, we look forward to seeing how FW Capital continues to support businesses across the new and existing sectors and regions covered by the fund.

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The Northern Powerhouse Investment Fund II aims to build on the success of the initial fund, with the purpose of driving sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England.

The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.  FW Capital will provide debt finance options from £100,000 to £2million to businesses based in the North West of England.

NPIF II - FW Capital Debt Finance can provide loans in the NPIF II area with a primary focus on the North West regions of Cheshire, Cumbria, Greater Manchester, Lancashire and Merseyside.

Further Information

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Notes to editors

About FW Capital

FW Capital is a fund management company currently managing UK-based funds of £390.8m

For further information visit fwcapital.co.uk.

About the Northern Powerhouse Investment Fund II (NPIF II)

NPIF II is a £660 million investment fund to support the growth of small and medium-sized businesses across the North of England launched in March 2024.

The Northern Powerhouse Investment Fund II is one of a series of new Nations and Regions Investment Funds launched by the British Business Bank delivering a £1.6 billion commitment of new funding to drive sustainable economic growth.

The Northern Powerhouse Investment Fund II offers a range of commercial finance options with loans from £25,000 to £2 million and equity investment up to £5 million. The fund covers the entire North of England including Greater Manchester, Liverpool City Region, Lancashire, Yorkshire & the Humber, Cheshire & Warrington, Cumbria, County Durham, Tyne & Wear, and Northumberland.

It aims to tackle an identified funding gap between the North and South of England and increase the supply and diversity of early-stage finance for smaller businesses.

FW Capital manages the £75 million NPIF II – FW Capital Debt Finance fund, part of the Northern Powerhouse Investment Fund II on behalf of the British Business Bank. Finance of £100,000 to £2 million is available to businesses in the North of England with a focus on Cheshire, Cumbria, Greater Manchester, Lancashire and Merseyside.

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