The £400 million Northern Powerhouse Investment Fund, announced in the 2015 Autumn Statement and part funded by the European Regional Development Fund, will be used to kickstart growth and support entrepreneurialism.

The Business Enterprise Fund (BEF) group has been selected as joint fund managers for the NPIF Microfinance (£25k – £100k) across Yorkshire and the Tees Valley, with offices in York, Leeds, Bradford, Darlington and Goole. The other joint-fund manager is Doncaster based Finance For Enterprise (FFE), which will be responsible for delivering the scheme across the whole region.

Stephen Waud and Simon Jackson of BEF with Arthur Foreman and Andrew Austwick of FFE

Northern Powerhouse Minister, Andrew Percy, commented: “The £400 million Northern Powerhouse Investment Fund is helping us go even further to support smaller businesses across the region and create an economy that works for everyone.

“To make sure this funding is delivered quickly and effectively, it’s important that local people who know their areas best are able to administer it. These companies have proven history in lending to start-ups, entrepreneurs and small businesses in the North, so it’s great that they are on board to target businesses who will most benefit.”

In a joint statement, consortium heads Stephen Waud (BEF) and Arthur Foreman (FFE), said: “The Northern Powerhouse Investment Fund marks the start of a new era for businesses in the north, and for FFE and the BEF group as lenders. The agreement shows well-deserved confidence in the region and promises support for businesses of all scales and industries.

“We’re seeing a growth across all sectors and demand is up. It’s important that our local business knowledge, with the backing of the Northern Powerhouse Investment Fund, continues to provide the support where it’s required.”

Grant Peggie, Director of Venture Capital Solutions at the British Business Bank, said: “This Fund is a result of a unique and important partnership between the British Business Bank and the 10 Local Enterprise Partnerships across the northern powerhouse regions. Following a successful launch in Manchester, we are incredibly excited about the opportunity this fund represents for those small and medium sized businesses in Leeds that with the right support, could transform the Northern economy. It is important that we now collaborate

with our partners to put this money to work and get in front of those businesses that have a real appetite for growth.”

The British Business Bank is investing £50m into the fund, while the European Investment Bank will invest £180m. The agreement will be supported by the Department for Communities and Local Government to ensure the funds address access-to-finance gaps within the north.

Since its launch BEF has supported 3,000 businesses and created or safeguarded over 2,000 jobs throughout Yorkshire and the north east. In the last 12 months, the organisation has loaned a total of £6.4m.

Finance For Enterprise has been established for more than 30 years and provides loan funding and advice to new start, early stage and established businesses across South Yorkshire, the North Midlands and Lincolnshire. In the last 12 months FFE has lent £7.7m to more than 260 businesses.

Brian then moved overseas before returning to open his latest venture The Little Tanner.

Nestled in an alleyway off the high street the Little Tanner opens into bustling bar featuring live music from local bands and a wide selection of real ales.

Brian was able to open The Little Tanner after he was pointed towards a Start Up Loan from the Business Enterprise Fund. Investment Manager Julie Micklethwaite saw the potential in Brian’s venture.

“He clearly knew the industry and the area very well. Often small businesses need that financial boost to help get the ball rolling” Julie said.

Brian is proud to remain independent from breweries, allowing him to stock the best local beers.

“There’s a massive choice when it comes to local beer. From where we are I can pull in beers from Teesside, York and Ripon easily. We also received a commendation from CAMRA which I’m delighted at.” Brian said.

During the summer months the bar draws in a constant flow of customers who enjoy the outdoor seating while in the winter the bar assumes place as a cosy hideaway.

“It can be non-stop at the weekends, we’re one of the busiest places in town. I have 3 to run alongside me and my wife.”

Looking forward, Brian hopes to offer authentic Thai street food thanks his wife. He also has an eye out for a potential second bar.

“Julie’s been excellent and was very quick to respond. We may come back again soon if an opportunity comes up for another place!”

Dytel Technologies Ltd is a Pudsey based specialist engineer for the manufacturing industry. Founder Charles Adams has over 40 years’ experience in engineering solutions improve manufacturing processes, and with a loan from the Business Enterprise Fund (BEF) has been able to finance new contracts and grow his business.

“There’s so much innovation on your doorstep” explains BEF Investment Manager Jeremy Meadowcroft. “Amongst other things Dytel produce award winning inspection equipment for Rolls Royce aircraft engines, to assist in their manufacturing process – and they’re based in a tiny industrial estate in West Yorkshire!”

Charles is an innovator by nature. One of the bespoke inspection benches his team designs and builds is used to inspect components worth over £10,000. It’s therefore paramount that the equipment is precision engineered to safely deliver components through the manufacturing process.
From a blank canvas, Dytel produce according to the customer’s requirement, building solutions from the ground up.

“We don’t like repetition round here” said Charles. “We provide the solutions for larger companies, but often the payment process is very slow. BEF’s funding really helped fill a stop-gap and we can continue with building contracts.”

“I’m very glad to have had the support to get us where we are” Charles said. “There are only 8 of us here but we are one of hundreds of small businesses that contribute to the big industrial players.”

While studies show that only 15% of adults working in financial services want their child to complete an apprenticeship, recent graduates and former apprentices employed by a business lender are urging students to consider all their options after receiving exam results.

The Business Enterprise Fund (BEF), which specialises in loans for businesses which struggle to access mainstream finance, has invested in the next generation of finance experts by creating new roles for Warrington-born, recent economics graduate Doug Heseltine (21) and two of its former apprentices, Katie Revitt (22) and Ellie Hogarth (20).

Doug has joined BEF as associate investment manager following a two-week placement at the social enterprise last year. A University of Leicester Economics graduate, he has been working closely with the nine-strong team of investment managers.

“I learnt a lot about BEF and how it’s different to other lenders during my placement. Everyone was open to questions and provided me with additional insight into the loans process; I was thrilled to be offered a full time role straight after graduation,” said Doug.

He added: “I am especially looking forward to having a hands-on role in a social enterprise helping the local business community and learning from an experienced team of investment managers. The support I have received so far has been brilliant with one-to-one mentoring, goal-setting and opportunities for future development.”

Further to new recruitment at its Bradford office, BEF is also training Katie and Ellie in accountancy and investment management respectively, following their completion of a business administration apprenticeship. Katie joined the team after completing sixth form in 2013, and went on to study part time for a business management degree at Bradford College, while working at BEF. Finding an aptitude for numbers, she is now undertaking qualifications from ACCA (the Association of Chartered Certified Accountants), while Ellie is finishing her level three NVQ of business administration before progressing to the investment manager training.

Simon Jackson, head of investment at BEF, acts as a mentor for all three recruits. “As a company, we have a lot of experienced and skilled staff who have worked in investment and finance for a number of years. Due to rapid growth, we knew it was time to change the dynamic of the business and pass on some of that experience. We saw fantastic potential in Katie and Ellie to progress further into the company, opening up the doors for future apprentices, while Doug is straight from university with a fresh perspective and ready to be moulded into a fully-fledged investment manager.

“As well as future-proofing the business, bringing in a younger generation complements the increasing number of entrepreneurs and start-up businesses we are lending to. It’s encouraging to see more young people taking this route into finance, it’s something our CEO, Stephen Waud, is especially passionate about as a former apprentice engineer,” added Simon.

1. http://www.telegraph.co.uk/news/2016/08/15/apprenticeships-arent-second-class-degrees—they-are-a-high-pow/

Established in 1996, award-winning Reynolds of Selby has mapped out a new strategy to step its sales up a gear.

After a negative experience with the bank, Reynolds of Selby secured a loan of £80,000 from BEF. Alongside providing new stock to create a wider selection for its customers, funding has led to the re-design and development of its website which re-launched on 19th September.

Managing director since June 2016, Richard Reynolds (34) said: “I grew up working in this business, I’ve worked in every position, and know it inside out. After buying the company when my farther retired, it was my turn to make some changes to progress and modernise the dealership. It’s such a competitive sector, we needed some improvements to set the garage apart.

“The majority of funding from BEF has gone into increasing our sales stock, and this has already had a positive impact on car sales. We have seen a 40% increase on the same period in 2015. To extend our services and meet demand, we’ll be recruiting for three new positions in the next six months.”

Thanks to funding from BEF, which has offices in Bradford, Leeds and Darlington, business hours have also extended to Sundays and a new lease car scheme has been introduced offering a face to face assurance that other providers do not.

“Celebrating 20 years in business, our showroom has also been revamped offering a modern, comfortable and upmarket feel. We want to be the best garage people have ever come to so we’ve considered every little detail. From the seating areas to the coffee machine, we’ve made major improvements – you won’t find any instant around here!”

BEF investment manager John Hall, who assisted Richard in securing the loan, said: “Reynolds of Selby really is a great example of a successful family run business and we’re thrilled to have been part of its recent developments. The introduction of Sunday opening hours is already having a positive impact on car sales, which now averages out at 20 per month.

“With Richard now taking full control and with his extensive sector experience, we are looking forward to watching the business continue to grow.”

Open Arms was established in January 2016 by former teacher, Christine and her husband Nick Barratt-Atkin. Based near Bishop Auckland, it welcomes children who are on the verge of exclusion, or for whom mainstream education does not work. As well as providing hands-on activities with a tailored curriculum, the centre also offers maths and English tuition and a horse care qualification. The entrepreneurial duo has built the business from their successful Riding Centre for Special People.

The loan has already been used to buy mountain bikes for the children, as well as laptops and an interactive whiteboard to aid the learning experience in the classroom.

BEF, a social enterprise, recently began lending to businesses in the North East following a 12-year history in Yorkshire. Since its launch, BEF has helped support 3,000 businesses and safeguarded over 2,000 jobs and in 12 months alone has loaned out the total of £6.4m.

BEF Investment Manager Ian Thompson, said: “The Riding Centre for Special People Ltd and Open Arms NE CIC are very commendable businesses and we are pleased to have supported with the funding. Open Arms has such a high value in the local community and we can see it having a positive effect on the pupils’ lives – we’re honoured to have played a part in it.”

Christine said: “We’re thrilled to have received support from BEF. The mountain bikes enable the children to get out and about and exercise which is fantastic for their state of wellbeing. One of our pupils said that he has really enjoyed coming to the centre since we brought in the bikes which is a direct result of the loan; we’ve also noticed an improvement in the overall behaviour, ethos and skillset of the pupils.”

“What has been really crucial though is the laptops and whiteboard we’ve been able to purchase, as these assist us in our abilities to educate the children effectively, in a hands-on way. These facilities, funded by the loan from BEF, prove the centre’s worth to OFSTED too which is hugely valuable for our future.”

Part of the money will also be put towards making the finishing touches to a brand new cabin that has been built to accommodate more clients at the centre, providing two classrooms, a kitchen and additional facilities, while further teaching jobs have also been created.

Founded by Iaen Bell in May 2014, Venture Cycles offers a wide range of bikes and cycling equipment as well as bicycle servicing and a custom bike building service.

Iaen had worked for a bespoke staircase manufacturer for over 18 years before taking the plunge into opening his own business.

“I’ve been cycling for the majority of my life and had always dreamed of opening my own cycle shop” said Iaen.

BEF’s funding was delivered through the Governments Start Up Loans programme which is designed to assist young and emerging businesses like Venture Cycles.

“The shop needed a lot of work to complete it so I used my own savings to get it just right. I then used BEF’s funding to help fill it with stock.”

2 years on and Iaen has launched a website to help promote Venture Cycles to the cycling community – which over the last 10 years has grown by more than 12%.

Venture Cycles has proved itself as the perfect career change for Iaen.

“I love it when people approach me to build a bike for them, as I then get to be creative” said Iaen.

It’s never too late to fly the corporate nest and begin your own business. Find out how BEF can help today!

Creating 35 jobs and expecting a daily footfall of 700 this summer, Adrenaline International is Yorkshire’s largest trampoline and soft play centre. Based on Halifax Road, Liversedge, the centre features 140 connected trampolines, a giant air-bag, basketball slam-dunk courts, children’s party rooms and an in-house café.

Michael and Debbie Fitzpatrick poured savings and investments into the project which included an overhaul of a 40,000 square foot warehouse. A loan from business lenders, the Business Enterprise Fund, enabled the site to become one of the first in the UK to use Prismatic trampolines; an interactive light feature for use in games and aerobics classes.

“We’d spent so long researching and planning our dream business, that we knew it needed to jump out. The Prismatic feature is the perfect finishing touch and we wouldn’t have it without BEF’s support,” said Debbie.

“Mainstream lenders were unable to help us due to the lack of track record in this type of business, so we were over the moon when John Hall and the team at BEF were able to support us with a £30,000 loan,” she added.

BEF, which has offices across Yorkshire and the north east, provides new and growing businesses with loans of up to £150,000 and is an official delivery partner of the government’s Start Up Loans scheme offering loans up to £25,000.

Stephen Waud, chief executive at BEF, said: “We were delighted to support Adrenaline International to help achieve Debbie and Michael’s business goals. It’s fantastic to see a different concept bouncing into the Yorkshire area aimed at everyone from toddlers and teenagers, to anyone interested in fitness.

“As a social enterprise, it’s important to us to support unique businesses and creative entrepreneurs, and mainstream lenders are often unable to lend their support here.”

Headed by serial inventor of lifting technology, Stephen Weston, the business specialises in modifying manufacturing equipment for efficiency. The company has seen success in the paper industry and has launched its new range of British built Stacker trucks, especially designed for paper roll and materials handling applications.

Thanks to a £50k loan from business lenders BEF, plans are now place to move all manufacturing to the Bradford workshop in Fieldhead Business Park where 30 reel handling trucks will be made each year.

Since receiving its funding, Weston Handling Consultancy has secured sales to adhesive and packaging company 3M in the USA and has plans to grow the business overseas due to sales of his bespoke products increasing internationally. This year also sees Stephen take part in Voom 2016 to pitch his revolutionary seatbelt harness for pregnant women to Richard Branson.

Award-winning inventor, Stephen Weston said: “Around 52% of our clients are from overseas so we needed to increase our warehouse space to provide a facility where we can add the finishing touches to the trucks, test them and showcase our machines to potential customers.

“Our business is based around efficiency, with our homogenised designed trucks allowing larger loads to be carried, which thanks to BEF are now built and distributed quicker than ever before. This loan was instrumental to taking our manufacturing process to the next level.”

Stephen Waud, chief executive at BEF which has offices in Bradford, Leeds, York and Darlington said: “We take pride in supporting fellow Bradford businesses and Stephen has brought innovation to the next level with this business. To see such a successful, innovative company develop from our region and grow on a worldwide basis is fantastic!”

Jodie Beer, General Manager

Everybody’s All Day Social, which offers a menu of all time British favourites with an edgy décor, has been given a seal of approval from its locals in Guiseley. The owners first settled on the up and coming site after identifying a gap in the market for a location to meet, eat and drink that appeals to a wider audience. The bar has created 50 jobs for the local area, 23 of which are full time.

Business partners, Adam Lewis and Paul Glendinning opened the first bar for the Twisted Bars brand on 16 May, following planning support from ABL Business which specialises in bespoke support for companies and a loan of £50,000 from business lenders the Business Enterprise Fund (BEF).

Bar owner, Adam Lewis said: “Guiseley is an expanding town which has been in desperate need for a more upmarket venue and we’ve kicked off with a really positive start!

“Serving craft beers, breakfast, Sunday lunch and cocktails, Everybody’s All Day Social is a modern bar with something for everyone and we’re welcoming all generations from the local area. BEF and ABL Business were instrumental to the start up of this venture by helping us secure the vital funds needed to make a successful business.

“This is just the start for Paul and I, we plan to open 10 bars across the North of England in the next 10 years.” Adam added.

Ali Allawa, Operations Manager

When business partners Adam and Paul exceeded their initial budget, BEF helped by providing funding for part of the £100,000 gap. Following an assessment conducted by ABL Business, additional asset finance was also sourced which allowed the duo to fit the venue with top quality fittings and fixtures.

The bar already greets up to 1000 people on busy days for morning coffees right through to evening drinks. Offering a suburban feel for Leeds commuters, expansion plans are already in place to welcome a large outdoor seating area in summer.

Stephen Waud, chief executive at BEF which has offices in Bradford, Leeds, York and Darlington said: “In only four months, Everybody’s All Day Social has got off the ground successfully and it’s been great to support the duo with a fellow Bradford company.

“We are still witnessing strong signs of development and growth at grass roots level business in our region and at BEF we are keen to continue supporting these companies and the current business trends which see start ups getting the financial support they deserve.”