Why the North West shouldn’t be worried about Brexit just yet

The Millennium Bug-like hysteria surrounding Britain’s decision to leave the EU and sail off alone into uncharted economic waters is now over, leaving in its wake a quieter, more reflective sense of uncertainty.

Many of those in this neck of the woods who voted to remain part of the bloc will no doubt be shaken, and yet over the course of August and the beginning of September, investor appetite in the North West seems to have been as high as ever.

I’ve reported on a swathe of promising investments in recent weeks, involving companies from a host of industries and sectors. Activity really doesn’t seem to have let up at all.

Foresight Group, the private equity investment manager, ploughed £2.75m into the buy-in management buyout (or BIMBO – easily one of my favourite acronyms) of Chorley-based e-commerce business Euxton Group Limited.

Similarly NorthEdge Capital, perhaps one of the most active players in the region’s thriving private equity sphere, backed a management buyout at Chester-based tour operator ITC Luxury Travel Group.

Support from private equity firms has stimulated job creation in the North West, as was the case with investor LDC and its backing of Chester-based business services provider Ellis Whittam earlier this month, or the Greater Manchester Combined Authority’s £1.6m investment in Accrington-based network marketing firm Kleeneze and Salford’s Optimise Hiring.

Together, these three deals alone will create nearly 220 new jobs.

Just the other week, Warrington tech company Mini-Cam announced 40% revenue growth driven by increased export sales. The firm was backed by mid-market investor LDC last year.

Print and document technology enterprise Apogee Corporation is another firm with a strengthened foothold in the business community thanks to recent investment. With backing from Equistone Partners Europe, the company is now looking to increase its market share through organic and acquisitive growth.

Therefore I think in the short term, the North West economy will be fine. Sure, post-Brexit PM Theresa May is yet to trigger Order 66 or whatever it’s called and get the withdrawal process underway. So technically, yes Britain is still operating under the same economic conditions as it was before the Referendum. But at least we’re sure-footed and on even ground for the time being.

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