Investing in Yorkshire and the Humber: A catalyst for Northern economic development

Since its launch, the Northern Powerhouse Investment Fund II (NPIF II) has empowered businesses across the North by providing vital finance and support to foster business growth and development. The Yorkshire economy is evolving and full of potential, with 140 businesses created per day in Yorkshire and the Humber in the first half of 2023.

Harnessing the potential of Yorkshire’s diverse economy 

Yorkshire and the Humber is home to a range of diverse and thriving industries, from the financial centre in Leeds, the advanced manufacturing industry in Sheffield, to the ports in Hull and the tourist industry in North Yorkshire, with its impressive national parks. It is great news that NPIF II has now completed deals across all four counties in the region. The businesses reflect the forward-looking focus of Yorkshire entrepreneurs, with each one pushing innovation and growth in similar ways, despite being different in nature and industry.

NPIF II-backed businesses like Harrogate-based Kirsty’s is pioneering the ‘free-from’ food market with their state-of-the-art 100 per cent allergen-free factory. Meanwhile in Hull, Wild Intervention is bringing the benefits of outdoor education to young people by providing outdoor activity programmes to develop self-confidence, improve wellbeing and learn essential life skills. In Sheffield, FinLegal is leveraging AI and automation to expand its international legal technology platform, whereas in the Yorkshire moors, Thornton Park Farm is diversifying its income by constructing a luxury glamping site.

These businesses are different in a number of ways, however, one commonality they share is they have all received crucial finance from NPIF II. They are prime examples of the ambitious and entrepreneurial minds of business owners in Yorkshire, empowered by the Fund to go further and reimagine the future of their businesses and the wider Northern economy.

By providing a range of finance options between £25k and £5 million the Fund increases the supply and variety of early-stage finance for the North’s smaller businesses, offering funding to firms that might not otherwise receive investment and helping to break down barriers in access to finance.

Driving growth and prosperity across the North

Outside of Yorkshire, NPIF II is equally committed to businesses across the rest of the North.

In the North East, NPIF II is boosting technology enabled businesses such as B7. Through the funding, the Newcastle brand agency is venturing into new industries using disruptive and advanced technologies such as AI. In Northumberland, NPIF II is supporting LBM Group which specialises in solar photovoltaic (PV) technology, accelerating installation of battery storage and electric vehicle charging points. These deals reflect how NPIF II is helping to drive net zero ambitions in the UK by unlocking essential finance for Northern business owners.

Meanwhile in the North West, NPIF II has so far completed deals across Merseyside, Lancashire, Cheshire and Greater Manchester. The companies span from small, family run manufacturers like eco-friendly wood finishings producer Littlefair’s Wood Finishings, to up-and-coming sports brands such as The Padel Club. The Fund is dedicated to generating inclusive growth for everyone in the North, promoting collaboration, innovation and ambition.

The economic backdrop for small businesses in the North is shifting, with the Northern Powerhouse Investment Fund II providing a springboard to businesses who face obstacles to securing finance and addressing regional imbalances in the UK. If you want to learn more about what NPIF II can do for you and your business, get in touch here.