The Northern Powerhouse Investment Fund II (NPIF II) has completed its first investments in the North West, Yorkshire & Humber and North East since the launch of the £660m fund in March this year.
Based in Liverpool, BioGrad Education, a specialist laboratory education provider, has raised a six-figure investment from NPIF II – FW Capital Debt Finance, managed by FW Capital.
Run by industry leading scientists, the business offers a unique set of laboratory and clinic-based training courses that inspire and train the next generation of people working in STEM. Courses range from Level 3 (A Level) up to Level 7 (Postgraduate) in its state-of-the-art facilities at Liverpool Science Park.
The investment is also providing working capital to enable the delivery of Skills Bootcamps across the UK. These will include practical and theory sessions to help students to apply the techniques learnt into a practical laboratory setting, preparing them for the workplace.
The Skills Bootcamps are free courses for adults, co-designed and shaped with employers to respond to skills shortages through flexible training.
“We’re offering students the opportunity to access cutting edge science,” said Dr Natalie Kenny, CEO of the BioGrad Group. “There isn’t a ‘one size fits all’ route into research, science and medicine but our training courses provide students with pre-experiences, spending time in laboratories with scientists.
“We’re excited about developing the Skills Bootcamps and are focused on further business growth. The support from NPIF II and Caroline Turley at FW Capital has been instrumental. She’s really taken the time to immerse herself in our business and understand our future goals.”
In Newcastle-upon-Tyne, dynamic storytelling brand agency, B7 has secured an investment from NPIF II – NEL Smaller Loans, which is managed by NEL Fund Managers.
B7 will use the investment to bring in new talent by recruiting three more team members over the next six to eight months, doubling its team size.
Whilst the business remains sector agnostic, it plans to leverage expertise into specific sectors to create specialised offerings in construction, as well as expanding their existing recruitment, retail technology and financial services offerings.
The business plans to grow strategically and sustainably, with early stage plans to expand its geographical reach via a US expansion.
Meanwhile, over in Harrogate, ‘free from’ ready meals provider Kirsty’s has raised £2m from NPIF II – Mercia Equity Finance, which is managed by Mercia.
Kirsty Henshaw founded the business in 2009 after discovering that her son Jacob had multiple food allergies, including to nuts, as well as dairy intolerance. Entering Dragons’ Den in 2010, she secured backing from Peter Jones and Duncan Bannatyne before buying back their shares three years later after launching her meals into supermarkets across the country in 2012.
In 2020, Kirsty’s opened a state-of-the-art 100% allergen-free factory in Harrogate, bringing all its manufacturing operations in-house.
Building on the first Northern Powerhouse Investment Fund, businesses across the North can now access up to £5m in equity finance with NPIF II to start up, scale up or continue on their growth journey.
“We are pleased to announce that the Northern Powerhouse Investment Fund II has completed its first deals in the North of England since the launch of the £660m fund in March this year,” said Simon Cunnington, director of nations & regions investment funds at the British Business Bank.
“These investments show that the Northern Powerhouse Investment Fund II is open for business and available to support ambitious businesses across the North.”
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