Pete Sorsby (L) and Ken Cooper (R) with the team from Blakes
Enterprise Ventures has completed its first investment from the Northern Powerhouse Investment Fund (NPIF). The transaction, which was led by Investment Manager Pete Sorsby, was £100k of debt finance into Sheffield-based TV/AV reception and distribution specialist Blake UK from the £51million debt fund which Enterprise Ventures manages. The funding will enable Blake UK to diversify its product range into new lines such as CCTV equipment and increase stock levels.
Paul Blake, Managing Director at Blake UK, said: “The support on offer from NPIF - Enterprise Ventures Debt Finance was quick, straightforward, and provides a solid platform from which we can expand and achieve our growth ambitions for the future. These funds will allow us to increase our product range and bolster stock to meet strong customer demand for our products, and we are delighted that with the support from Enterprise Ventures we can take our business to the next level.”
Paul Taberner, Fund Manager of NPIF – Enterprise Ventures Debt Finance said: “We are delighted to have completed our first investment from NPIF. The level of interest which we have seen across both our debt and equity teams has been incredible, we are now just five weeks in since the launch and the teams have received close to 300 enquiries. The quality of the businesses we have looked at in the debt team has been high and we are particularly keen to work closely with banks if additional capital is required to make deals happen. The pipeline of opportunities is excellent and we expect to make further announcements of new deals over the next few weeks”.
Enterprise Ventures, which is part of Mercia Technologies PLC, plans to adopt the Mercia name later this year.