£100 million fund to bolster Peterborough firms in need of support after pandemic
A £100 million growth fund could help Peterborough businesses as they strive to rise to the challenges posed by the Covid-19 pandemic.
This is the message from the investors at the Foresight Group who are looking to invest between £1 million and £5 million in small and medium-sized enterprises.
Matthew McLoughlin, senior investment manager at the Foresight Group, said: “There are a lot of opportunities arising from the disruption that we have all been through.
“It is not all gloom and doom. While some businesses have struggled there are others that have been well placed to benefit from new challenges.
“Some may have used up cash reserves or taken out new loans while others may have adapted quickly and be looking to take advantage of new opportunities and need support, guidance and capital.”
He said the fund with its focus on SMEs in the East of England was seeking to fill a gap left by other national equity providers.
Mr McLoughlin said: “We see ourselves as a long term part of the regional economy and we want to make contact with as many SMEs in the region as we can and hope people will get in touch.”
The growth fund was launched in 2019 and its successes include a £5 million investment in Peterborough-based McIntyre Electrical.
Mr McLoughlin said: “We made three investments after the launch. Since the Covid-19 outbreak we have been looking after our investments.
“But the investment pipeline is as strong now as it was when we launched.
“Peterborough has enormous potential for growth.”
There are several Peterborough and North Cambridgeshire firms that we are talking to about investments.”