Business
Two major contracts for Northern Powerhouse Funds
Two major contracts for Northern Powerhouse Funds.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 4808X Mercia Technologies PLC 22 February 2017 \n\n\n\n\n\nFor immediate release\n\n\n22 February 2017\n\n\n\n\n \nMercia Technologies PLC\n(\"Mercia\", \"the Company\" or the \"Group\")\n \nTwo major contracts secured for Northern Powerhouse Funds\n \nMercia (AIM: MERC), the national investment group focused on the creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce that it has been successful in its bids, via its wholly-owned subsidiary Enterprise Ventures Limited, to manage two of the British Business Bank's (\"BBB\") new Northern Powerhouse Investment Funds (\"NPIF\").\n \nFollowing a highly competitive procurement process managed by the BBB, the Group has secured £108.5million across two mandates; a £57.5million equity fund and a £51.0million debt fund. \n \nThe funds will be deployed via Mercia's North of England offices, which will be focused primarily on investing in SMEs in Yorkshire, the Humber and Tees Valley regions, where the Group already has a successful track record of supporting start-up and later stage companies that have high growth potential. \n \nThese new fund mandate wins represent further strategic progress for Mercia. As a result of the two awards, Mercia has increased its third party funds under management by nearly 50% to over £336.5million, which over time will further increase the pipeline of potential direct investment opportunities for the Group.\n \nDr Mark Payton, CEO of Mercia Technologies PLC, said:\n \n\"We are delighted that, in a highly competitive field, the Group has been selected to manage two Northern Powerhouse Investment Funds. The new funds are strongly aligned with Mercia's 'Complete Capital Solution' and our strategic aim to invest in the UK's underserved regions, supporting the next generation of businesses with high growth potential, where we are already very active.\n \nThese two new funds will play a leading role in the development of innovative small businesses located in the North of England. The Group is well placed to manage these new mandates having already delivered several notable successes for similar public and private funds, including Blue Prism Group PLC, Optibiotix Health PLC, Xeros Technology Group plc an...