Sue Summers, CEO of Frontier Development Capital
Frontier Development Capital (FDC) has invested £12.2m in SMEs and scaling firms across the North West and Yorkshire over the last 12 months.
Achieving an average deal size of £2.3m, FDC has used its office in Manchester as a base to deliver investment activity across the North - helping support the creation and safeguarding of more than 200 jobs.
Companies that have benefited from FDC investment include Harrogate-based digital agency Ingenuity Digital Holdings Ltd (IDHL), which received finance to help the completion of a management buyout of the business following a period of consistent growth and a record financial performance in 2016. FDC invested alongside HSBC to support the MBO.
In addition, Liverpool-based procurement consultancy Inprova Group, acquired Energy & Carbon Management Ltd following a £5million investment, and specialist property developer Irwell Chambers Estates received a £700k investment from Frontier Development Capital, alongside £1.4m from Lloyds Bank Commercial Banking, to aid the firm’s ambition to create 20 new homes in the heart of Liverpool.
Commenting on deal flow, Sue Summers, CEO of Frontier Development Capital, said: “The businesses we’ve backed to date are varied in their strategies, sectors and investment needs, but the common denominator is that they are well established fast-growing SMEs - the lifeblood of the UK economy. By committing to providing these firms with flexible investments, we are helping many expand, recruit and unlock greater levels of innovation.”
Since launching in 2016, FDC aims to increase the alternative funding options open to SME businesses across UK regions. Early success and the momentum of its initial deal flow has seen the team welcome three new recruits in the last five months across its offices in Manchester, Nottingham and the West Midlands.
Sue Summers added: “The team here at FDC has flourished since making our first investment last year, growing in size as we put more resources into meeting the increasing demand from regional businesses for alternative finance.
"Our investment success has been the result of a talented team, who boast a collective experience of over 100+ years in banking and private equity finance. This expertise allows us to deliver in-depth sector knowledge and add a multitude of value beyond initial capital injection.”
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