BGF Expands Investment Team for the North of England and Northern Ireland

December 2011

Manchester - Business Growth Fund (BGF), established to help Britain's fast growing smaller and medium sized businesses, today announced that it has appointed David Colclough as Investment Director and Neil Inskip as Investment Manager to expand its presence in the North of England and Northern Ireland and to help drive investment in the region.

David and Neil join Regional Director, Andy Gregory, at the Manchester office, which opened in September. Their appointment brings the BGF team to 50 people, working from six regional offices across the UK.

David was formerly a Director with 3i with responsibility for the Manchester office and has over thirteen years experience of investing in SMEs across the northern region. Neil was an Investment Manager at ANZ Private Equity in Sydney, and formerly located in the North of England with PriceWaterhouseCoopers

Since its launch in May, BGF has scaled its local capabilities so as to be able to meet its long term objective of offering equity investment to up to 40 businesses a year and contributing to the growth of the UK economy.

BGF makes long-term equity investments to fund a wide variety of requirements, including: increasing working capital, capital to make a strategic acquisition or to grow capacity; delivering a step change in sales and marketing; launching an export drive; or, developing new products. BGF operates in partnership with businesses, investing between £2m and £10m in return for a minority equity stake.

David Colclough, Investment Director at BGF, commented:

“The current outlook for small and medium sized business is undoubtedly challenging, but BGF has been set up to provide much needed support and long term funding to companies with the ambition to grow. I am confident BGF can make a real difference to the northern region and more broadly across the UK, and I am delighted to be joining the team.”

Andy Gregory, BGF Regional Director for the North of England and Northern Ireland, commented:

“It is great to welcome David and Neil to the team and to strengthen our presence in this region. We are seeing a strong pipeline of opportunities across the region and are keen to put our capital to work so that businesses in this region have access to the finance they need to grow.”

“We urge business owners in the North of England and Northern Ireland to act on their growth ambitions and consider how best they can be financed for the future. At BGF we believe that equity has always been one of the most effective ways to fund a growing business and as equity investors, with interests aligned with those of business owners, we will work hard to further the growth potential of our investee companies.”