Gateshead-based NEL Fund Managers has established a new office in Teesside to help maximise its investment presence across the North East of England.
NEL has opened a new office in the LevelQ building on the Surtees Business Park in Stockton-on-Tees after being chosen to manage two of the funds that form part of the Northern Powerhouse Investment Fund II.
The NPIF II – NEL Smaller Loans Fund offers investments from £25,000 to £100,000 to entrepreneurs looking to fill the funding gap for growth and development projects, while the NPIF II – NEL Debt Finance Fund provides investments from £100,000 to £2m to more established businesses that can demonstrate growth potential.
NEL’s investment team is also expanding as part of its management of the new funds, with two new jobs set to be created.
Founded in 1989 and headquartered in Gateshead, NEL Fund Managers provides financial products to small and medium-sized businesses right across the region.
Since becoming regulated for the conduct of investment business in 1993, it has managed 15 different funds and has made over 1,100 investments across the North East.
NEL Fund Managers CEO Jonathan Luke said: “We’ve invested in dozens of Teesside businesses over the last three decades and are re-establishing our presence on the ground to help further increase this number.
“The two NPIF II funds that we’re managing open up a wide range of new opportunities for businesses across the North East to realise more of their growth potential, create more jobs, launch new products and services, and contribute more to the health of the regional economy.
“The LevelQ building provides everything we need in terms of modern office space, first-rate facilities and excellent transport links, and we’re looking forward to welcoming local businesses to our Stockton base to talk about how we might work together.”
Sarah Newbould, Senior Manager, British Business Bank, said: “The North East is a region primed for growth, and NEL’s widening reach is a great opportunity to tap into the potential of the region.
“We’re looking forward to working with them as they deliver the Northern Powerhouse Investment Fund II to entrepreneurs across the entire North East, marking a new chapter for the local economy.”
North East Chamber of Commerce CEO John McCabe said: “Our vision at the Chamber is to ensure the region is a place where people and businesses thrive, and NEL’s increased reach is a big step in the right direction for entrepreneurs and SMEs.
“We know the North East is the ideal place to create and grow a business, and I look forward to seeing the positive impact the two NPIF II funds have on business growth in Teesside and the wider North East.”
James Robson MBE, a member of NEL’s investment committee and founder of Hartlepool-based Exwold Technology Limited, adds: “NEL’s new office in Stockton showcases their commitment to Tees Valley businesses.
“From my own experience of receiving multiple investments to grow my first company, Exwold Technology, I know the exceptional backing that NEL provides.
“As a member of NEL’s investment committee, I now see their dedication to providing solutions focussed investment and support to empower the growth of ambitious businesses throughout the North East and Tees Valley.
“The Tees Valley region has remarkable talent and potential, and I’m thrilled that NEL is here as a strategic investment partner to help unlock it.”
The overall Northern Powerhouse Investment Fund II covers the entire North of England and provides smaller loans from £25,000 to £100,000, debt finance from £100,000 to £2m and equity investment up to £5 million, to help a range of small and medium-sized businesses to start up, scale up or stay ahead.