Investor BGF launches £400 million growth pot

An investor has unveiled £400 million plans to bolster North East and Yorkshire firms’ expansion ambitions.

Growth capital provider BGF is rolling out a new finance portfolio.

The Newcastle and Leeds-based operator says the venture reiterates its commitment to “supporting firms with the vision and ambition to grow.”

The move forms part of a £3 billion UK-wide programme focused on backing high-potential businesses over the next five years.

The pledge includes £300 million for female-powered businesses across the UK, which bosses say will build on previous £25 million support for the Invest in Women Taskforce.

They add the new package will add to previous agreements worth £711 million across the North East and Yorkshire since 2011.

BGF’s recent deals include £7 million backing for Hebburn-based ITC Services to help scale operations, and a £9 million deal with Sheffield sensor firm Phlux Technology to create jobs and boost production capacity.

It also supported Gateshead’s Recite Me with a £4.6 million package – which officials say will help the firm take its digital accessibility software further across Europe, the US and Australia – and backed Darlington and Jesmond-based sales and lettings agency My Property Box’s expansion plans.

Chris Boyes, BGF partner – North East and Yorkshire, said: “We’ve seen incredible businesses scale, from engineering and tech firms to innovative manufacturers.

“And this £400 million commitment ensures we can keep supporting those with the vision and ambition to grow.”

Debbie Wosskow, Invest in Women Taskforce co-chair, added: “The £300 million commitment is another historic moment. 

“It builds on our already ground-breaking progress with the Invest in Women Taskforce, and is one of the largest ever made in the UK.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →