Strong start for Investment Fund for Northern Ireland Fund as it deploys £10 million in its first 12 months

British Business Bank Senior Investment Manager, Sue Barnard with Clarendon Fund

From supporting award winning hospitality businesses and female entrepreneurs to investing in a medtech company which is tackling some of the world’s major healthcare challenges, the Investment Fund for Northern Ireland has enjoyed a strong first twelve months.

Since its launch last November, the fund has deployed £10 million in debt funding and equity investment to local businesses at differing stages of their growth journey.

With a firm commitment to supporting smaller businesses right across Northern Ireland, the fund has already invested in over 20 businesses.

They include corporate gifting business, Needi in rural Armagh, medtech company Cirdan in Lisburn which received an equity investment of £2.5million and Cookstown headquartered wireless intercom business with plans for global expansion, AES Global.

Harrison Chambers of Distinction owner, Melanie Harrison pictured with British Business Bank Senior Investment Manager Sue Barnard

The £70 million investment fund offers businesses a range of commercial financial options including debt finance and equity investments to support businesses from all sectors in Northern Ireland and at different growth stages.

The fund has also invested £1million in an equity deal to Pilates company ReformRX and a £750,000 equity funding to data solutions company INQDATA.

It also supported fasteners and fixtures firm Profast Group with a £500,000 facility for working capital following a Management Buy Out (MBO) which was funded by a Bankand a £100,000 loan to help refurbish the Bucks Head restaurant in Dundrum under new owners, Alex Greene and Bronagh McCormick.

Mark Sterritt, Director Regions and Nations Investment Funds at the British Business Bank, said: “The Investment Fund for Northern Ireland was launched to tackle an identified funding gap and with the aim of driving sustainable economic growth, by supporting innovation and creating local opportunities for new and scaling businesses.

Yvette and Neal McGaffin, Founders of Reform RX, Clarendon Fund Managers Investment Manager, Claudine Owens and British Business Bank Nations and Regions Investment Funds Director, Mark Sterritt pictured at Reform RX’s Belfast Studio

“It is great to see the fund has already distributed £10m to businesses across Northern Ireland and there is a strong pipeline of deals still to come which is very encouraging.”

Sue Barnard, Senior Investment Manager added: “Northern Ireland has a deserved reputation for being home to some highly innovative businesses and business owners with a great entrepreneurial spirit.

“It’s been a very busy first 12 months for our fund managers, Clarendon Fund Managers and Whiterock who really hit the ground running to agree deals with a series of very exciting local businesses.

“As awareness of the fund continues to grow, we are looking forward to supporting even more businesses in the years ahead and to evolving the fund to ensure it continues to provide the right support.”

The £70million fund offers a range of commercial finance options including debt finance and equity investment to support businesses from all sectors in Northern Ireland and at different growth stages.

Whiterock manages the debt fund, offering loans of £25,000 up to £2million, while Clarendon Fund Managers provide equity stakes in smaller businesses up to £5million.

To find out more about the Investment Fund for Northern Ireland visit http://www.investmentfundnorthernireland.co.uk