Midlands Engine Investment Fund – Interim Evaluation Report

SQW, supported by the Centre for Enterprise and Economic Development Research (CEEDR) at Middlesex University, Belmana and BMG Research, has been commissioned by the British Business Bank (the Bank) to evaluate the Investment Funds across the Northern Powerhouse, Midlands Engine, and Cornwall and Isles of Scilly. This report covers the interim evaluation of the Midlands Engine Investment Fund (MEIF) which took place between March 2022 and August 2022.

This interim evaluation report builds on the early assessment of MEIF, which was completed between June 2019 and March 2020. The interim evaluation explores the effectiveness of delivery processes, performance against targets (spend and outputs), and learning around what is working well (or not) and why. It also revisits evidence on the relevance of, and demand for, the intervention, alongside finance additionality. As the interim evaluation is taking place approximately four and a half years after the initial investment, the emphasis in this report is on net outcomes and impacts, and an overall assessment of performance and value for money.