High profile finance provider Mercia has opened a new office in Hull.
The SME specialist delivers part of the Northern Powerhouse Investment Fund, and has already provided more than £10 million to Humber-based businesses.
Moving into the C4DI campus, the team aims to provide firms with direct access to help them find backing for growth. Regulated by the Financial Conduct Authority, Mercia specialises in debt funding and equity investment, with a mix of both already benefiting companies.
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Will Clark, managing director of Mercia’s regional venture funds, said: “Investment from the Northern Powerhouse Investment Fund has played an important role in supporting the growth of existing firms across the region and nurturing a new generation of start-ups and early-stage businesses. With funding still available throughout this year and the next, the new Hull office will help ensure that Humber firms make the most of it.”
AIM-listed Mercia has delivered equity finance for building software specialist Bimsense, itself based on the Hull tech campus, and Grimsby payment innovator Card Industry Professionals. Debt funding was secured by Hull contractor GW-Powersafe and city energy broker River Business Services.
Paul Taberner, who heads up Mercia’s debt funds, added: “The launch of the Hull office means that Humber businesses can have their very own investment manager in the heart of their region who will work with them to achieve their goals. A key benefit is that instead of applying online, they can deal directly with a Mercia expert who understands their needs.”
The Hull team includes Paul Arthur and Rebecca Pickering who deal with debt funding, and Maurice Disasi and Charlotte Scott who deal with equity investment. It is an eighth office for the organisatin, with £1.4 billion of assets under management, and a total of £90 million invested since it floated in 2014.
Sean Hutchinson, senior investment manager at British Business Bank, the financial institution that has collaborated with 10 local enterprise partnerships to form the Northern Powerhouse Investment Fund, supported by the European Regional Development Fund, said: “With a recent round of appointments and now a new office space, the Mercia team is truly displaying its dedication to bringing investment opportunities to exciting businesses in Yorkshire and Humber. We know how important it is to bridge funding gaps in the North, and Mercia’s growth in the region is an important part of achieving this goal.”
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