BGF, one of the largest growth capital investors in the UK and Ireland, has invested more than £55 million in small and mid-sized businesses in the North West in 2023.
Across the North of England in 2023, BGF reported strong momentum, investing over £115 million in small and mid sized businesses. In total, BGF invested £430 million across the UK and Ireland in 2023.
Investments in the North West have included £10.5 million in high-growth guest WiFi technology business, Purple; £9 million in Salford-based software provider, Voicescape; and £5.3 million in Leigh-based technology group, KCA Holdings.
Positive exit activity in the North West in 2023 has delivered a combined Money Multiple (MM) of 2.7x.
BGF-backed businesses in the region have continued to thrive in 2023, despite challenging economic conditions. Altrincham-headquartered BSE (formerly R&D Specialists) experienced strong growth last year, opening a new office in Nottingham and making new appointments to add to its tax capabilities. Award-winning social media business KOMI moved to new Manchester offices and hospitality group Mission Mars continued to expand its presence across the UK with the launch of a new flagship venue on London’s Shaftesbury Avenue.
As of January 2024, Barry Jackson who is responsible for BGF in Yorkshire and the North East will now also lead the North West team in Manchester following the departure of Neil Inskip, who is leaving BGF after a 12-year tenure. Barry will continue to report to Richard Taylor, head of growth investments at BGF.
BGF expanded its North West team over the past 12 months following the appointments of Jill Williams into BGF’s portfolio team and Helen Bartley in origination. Jill works with the entrepreneurs leading BGF’s portfolio companies, delivering and maximising value creation as a board member, and supporting with their long-term growth plans. Helen is responsible for forging new relationships with BGF and ambitious North West businesses looking to attract growth investment.
Barry Jackson, BGF’s head of the North, said: “BGF’s 2023 investments in the North West have included a number of high-growth and high-quality businesses. Despite the economic backdrop which will continue to create headwinds for many entrepreneurial companies, we are positive about new investment activity over the next 12 months and are confident in the resilience and dynamism of the growth economy in the North.
“I am pleased to be leading BGF’s exceptional investment team in the North West and looking forward to working even more closely with colleagues across our regional offices. On behalf of BGF, I’d like to thank Neil for his many contributions to the organisation.”
In December 2023, BGF achieved B Corp status,further bolstering its long-standing commitment to creating a positive impact both within the organisation and across the wider economy.
