BGF, one of the largest growth capital investors in the UK and Ireland, has invested £60 million in businesses in Yorkshire and the Northeast in 2023.
Across the North of England in 2023, BGF reported strong momentum, investing £115 million in small and mid-sized businesses. In total, BGF invested £430 million across the UK and Ireland in 2023.
Investments in Yorkshire and the Northeast have spanned a range of sectors including technology, healthcare, property and manufacturing. Notable deals in Yorkshire include an £8.25 million investment in Leeds-headquartered healthcare specialist Primary Care Physio, £3.25 million in Harrogate-based IDR Law, which specialises in wills, probate and trust matters, and £10 million in Yorkshire housebuilder Newett Homes.
Further Yorkshire investments include £12 million in acquisition software provider Tribepad, and most recently a multi-million investment in Akula Living – a marine-grade outdoor furniture manufacturer to the world’s largest hospitality and cruise operators.
Exit activity in Yorkshire and the Northeast in 2023 has generated a Money Multiple (MM) of 2.5x.
BGF continued to invest in its own team in 2023 following the appointment of Becky Odam who has joined the portfolio team.
As of January 2024, Barry Jackson (pictured), who is responsible for BGF in Yorkshire and the Northeast will now also lead the Northwest 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.
Barry said: “Our 2023 investments have demonstrated the scale of opportunity to continue backing high-quality businesses in the North of England. We are positive about investment activity in the coming year and will continue to provide minority, long-term and patient capital to a diverse range of high growth and high-quality businesses so that they can maximise their potential.”
“I’m looking forward to expanding my remit into the Northwest, working even more closely with colleagues across our regional teams.”
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.
