NEL hits £25m milestone

NEL hits £25m milestone

North East fund management firm NEL Fund Managers is celebrating after the Finance for Business North East Growth Fund hit the £25m landmark.

Since the fund launched in early 2010, NEL has made 125 investments with an average deal value of around £204,000.

The landmark was reached with NEL's recent six-figure investment in County Durham-based cable manufacturer ATAG Cable Solutions.

The fund is aimed at businesses at a development and growth stage based anywhere in the North East, and was set up with a view to creating 1,500 new jobs in the region, as well as safeguaring a further 1,300 jobs.

Yvonne Gale, chief executive at NEL, said: "Having a flow of investment capital available to support ambitious North East businesses as they work through different stages of their development is absolutely vital.

"There is never any shortage of business plans landing on our doormat, and after another very positive year, it's great to see that the appetite for the type of mezzanine funding we offer remains strong.

"The announcement late last year that the JEREMIE2 funds will remain exclusively available to North East businesses as was always planned is extremely positive news for the region, and we have no doubt that demand will be just as strong when they come on-stream next year as it has been for the Growth Fund over the last five years."