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NPIF II loan will help accountancy firm boost growth

Press release 29 July 2024

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A York accountancy firm has secured a six-figure loan from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II), to support its continued growth following its acquisition of another local practice.

The funding for Change Accountants is the first deal in York by the £660m Northern Powerhouse Investment Fund II. The Fulford-based firm has recently doubled in size with the acquisition of Sunley & Co in Acomb. The two practices - which between them employ 12 staff and serve around 800 clients - will continue to operate as separate brands under the direction of Change Accountants’ founder Stacey McVeighty. The funding will enable her to strengthen the management team and invest in technology and training to continue the growth of the business.

A qualified accountant with over 25 years’ experience, Stacey established the practice in 2014. Change Accountants has been paperless from the start, and prides itself on keeping up to date with the latest technology and on being a fair employer, offering staff benefits such as unlimited holidays.

In addition to the standard services such as accounts, tax, VAT and payroll, it produces specialist data to enable clients to create reports such as carbon calculations to comply with the requirements of tender frameworks.

The acquisition of Sunley & Co will boost our growth through the addition of an experienced team and enable us to benefit from economies of scale. The funding will allow us to build on that by investing in new technologies and skills to ensure we stay at the forefront of developments in the changing accountancy landscape.” Stacey McVeighty
Stacey has built up a successful practice that has been growing steadily and has now doubled in size following the recent acquisition. The loan will enable her to further develop the expertise and services the business can offer as Change Accountants begins a fresh chapter in its growth story. Andy Clough Mercia

NPIF II covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The Northern Powerhouse Investment Fund II is designed to help small business owners achieve their ambitions and, through this loan, Change Accountants will be able to expand the business’ presence in York and service growing demand across the city. Lizzy Upton British Business Bank

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Further Information

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Notes to editors

About Mercia Ventures

Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.

Mercia Ventures is a trading name of investment funds managed by Mercia Fund Management Limited and Mercia Regional Ventures Limited, part of the Mercia Asset Management PLC Group, and sits alongside the Group’s wider private equity, debt and proprietary balance sheet operations. The Group has 11 offices in the UK, and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. As at 30 September 2023, Mercia Asset Management PLC has c.£1.5billion of assets under management. Mercia Asset Management PLC is quoted on AIM with the epic "MERC".

The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds, and details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic "MERC" and includes the following wholly owned subsidiaries -

  • Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
  • Mercia Regional Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
  • Mercia Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
  • Frontier Development Capital Limited is authorised and regulated by the FCA under firm reference number 829697

www.mercia.co.uk

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, NPIF II provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Greater Manchester, Lancashire, Cheshire & Warrington, Cumbria, Liverpool City Region, Leeds City Region, South Yorkshire Combined Mayoral Authority, York & North Yorkshire, Humber and East Yorkshire, Northumberland, County Durham, Tyne & Wear
  • Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
  • For investment by NRIL at the sub-fund level - The investment from the Nations and Regions Investments Limited into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
  • For investment by NPIF II sub-fund at the investee company level - The investment from the Northern Powerhouse Investment Fund IInto [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom

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