Funding for growth

MORE than 40 representatives of some of the region’s leading firms gathered at a business networking dinner, hosted by RMT Accountants & Business Advisors, NEL and Aldermore.

The Funding For Growth event was designed to showcase the role that the region’s intermediaries can play in encouraging and supporting private sector growth.

Between courses at the evening event – which was held at Irvins Brasserie in the North Shields, North Tyneside – attendees listened to Simon Johnson of NEL, David Fish of RMT and Peter Cromarty of Aldermore speak about the work they’re undertaking with firms across the region to encourage expansion, and about the central role that North East intermediaries have to play in driving the recovery of the private sector.

Simon Johnson said: “The firms represented in our audience have a crucial role to play in facilitating the development and success of the North East business community, and this event set the scene for how they can make even more of a difference to the region’s recovery from recession.

“Many of our investments are initiated through company advisors, and further strengthening links with them in this way will hopefully lead to more investment opportunities.

“Interest in the Growth Fund has been particularly strong over the last few months, and we’d very much encourage businesses with development plans that they’d like to put into place to get in touch.”

David Fish, corporate finance manager at RMT, adds: “The combination of a fantastic meal, great surroundings and some interesting presentations made for an excellent evening.

“The level of interest in the finance focus seminar demonstrates there is a desire for funding in the region to enable businesses to grow and prosper, and businesses are considering alternative forms of finance.”

The event was hosted by regional fund management firm NEL Fund Managers, business advisors RMT Accountants and Aldermore Bank,

NEL is responsible for the management of the £20m Finance For Business North East Growth Fund, which is aimed at regional businesses that are at a development and growth stage.

The company is looking to make 130 investments over the five-year life span of the Growth Fund, and has made 28 investments with a value of £4.79m in expanding businesses across the North East in 18 months.