The Background – Finance for Business North East Fund
Between 2010-2016, the Finance for Business North East Fund (also known as the JEREMIE programme) invested £160m in around 950 companies across the north east of England and the Tees Valley, with investments ranging in size from micro-businesses to those now listed on the London Stock Exchange.
Key statistics
- 7 year investment period (2010-2016)
- 4,500 new jobs created
- 3,600 jobs safeguarded
- £300m of private sector funding secured
The capital was provided by the European Regional Development Fund, The North East Local Enterprise Partnership, British Business Bank, Local Legacies and the European Investment Bank. Please click here for further details on investors and stakeholders
The £70m loan from the European Investment Bank was fully repaid in September 2019, allowing all subsequent returns to finance investment initiatives in the region.
Whilst the fund is no longer actively investing, North East Finance remains responsible for managing the portfolio of investments, including some of the most exciting and innovative businesses in the north of England.
Current Opportunities
Tender for Group Legal Services
We are inviting law firms to tender to provide legal services to NEA2F and its group companies including North East Finance Holdco Limited. We will need a mixture of general commercial advice and more specialised advice relating to public sector investment funds. Details of the application process and the full specification of requirements are set out in the Invitation to Tender document.
This is a sub-threshold procurement for a three year contract, commencing November 2024. The contract term could be extended, but we will have the right to terminate on three months’ notice. We reserve the right to procure other legal support if necessary.
NEA2F’s remit includes:
- Stewardship of returns from publicly backed investment funds in North East England, including overseeing the realisation of investments.
- Working with stakeholders and policy makers to provide a coordinated strategy on Access to Finance in North East England.
- Planning and supporting the implementation of new funds and overseeing the deployment of returns from previous programmes into new initiatives to support SMEs.
The group includes North East Finance Holdco Limited which, as holding fund manager for Finance for Business North East, invested £160m in SMEs across the North East. These investments are now generating a cash legacy to fund future programmes.
Closing date 10 October 2024
