Chester law firm helps seal landmark business investment
2nd February, 2011
A CHESTER law firm played a key role in the first investment made by a new £185m business investment fund designed to boost the North West economy.
Aaron & Partners LLP, which is headquartered on Grosvenor Court, Foregate Street, advised on the landmark deal completed by The North West Fund.
The £100,000 investment has been made into Manchester-based Glamorous Travel by Enterprise Ventures, which is responsible for managing the £30m venture capital element of the fund. Aaron & Partners, which employs 100 staff and also has an office in Manchester, advised Enterprise Ventures on the deal.
Stuart Scott-Goldstone, partner and head of the corporate commercial team at Aaron & Partners, said: “The legal process for the investment was concluded quickly and smoothly. “This reflects the great deal of experience Enterprise Ventures and Aaron & Partners have in completing investments in early-stage companies.”
The North West Fund, which was formally launched in Liverpool, is the largest public sector fund of its kind in the UK and one of the largest in Europe.
Its initial investment period runs until the end of 2015. By 2022, it is hoped it will have supported 800 businesses and created or safeguarded 14,000 jobs.
The fund has been set up to provide debt and equity funding to small and medium-sized enterprises (SMEs) across the region. Cash from the £185m pot is being made available to start-up companies, firms in the early stages of development and trading businesses looking to expand.
The fund is managed by North West Business Finance Limited, a not-for-profit private sector company, and is financed by the European Regional Development Fund and the European Investment Bank. It was announced at the recent launch that 300 enquiries had already been received, of which 150 are being reviewed by the fund’s managers.
Andy Duxbury, chief executive of Aaron & Partners, said: “The North West Fund will be of enormous benefit to the region and its SMEs, and we are proud to have played a part in its very first investment. “Our involvement shows that Aaron & Partners is at the heart of the North West business community.” Aaron & Partners, Cheshire’s largest commercial law firm, runs thriving matrimonial, wills, trusts and tax departments in addition to its full-service commercial offering.
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