Maven Capital Partners has been awarded the new contract to manage the £20 million Finance Durham Fund.
Business Durham, the business support service for Durham County Council, once again appointed Maven’s experienced investment team to support the growth of both local businesses in County Durham and companies relocating to the region.
Since being appointed Fund Manager in 2017, Maven has invested over £12.5m and raised an additional £65m in private sector leverage. These investments have had a significant impact on the local economy, driving innovation across the region and safeguarding over 1,100 jobs and supporting 28 local businesses to date.
County Durham has a strong reputation for manufacturing and engineering, with the area home to many leading businesses. Among those supported by Finance Durham is Roman Showers, the UK’s largest shower manufacturing plant, which secured £1.5m funding from Maven to purchase new machinery and materials to meet its growing customer demand.
The biggest independent engineering business in County Durham, Dyer Engineering, also secured investment from Maven to expand its market reach and create new jobs in the region.
The Fund has also supported a number of relocation opportunities for businesses that have opened operations in County Durham including Power Roll, a developer of ultra-low-cost and lightweight flexible film for energy generation and sustainable thermoformed packaging manufacturer, iPac Innovation.
To date, Maven has helped over 500 businesses via funding clinics and its access to finance support programme, and to support the next generation of high-growth businesses Maven works closely with the Durham City Incubator (DCI) Programme, a partnership between Business Durham, Durham University and New College Durham, as well as offering various other start-up support initiatives.
Cllr James Rowlandson, Portfolio holder for resources, investment and assets at Durham County Council, said: “We are delighted to have appointed Maven to manage the next five year phase of the £20m Finance Durham Fund following their exceptional performance in managing the fund since 2017.
“Maven’s track record of investments and their commitment to supporting local businesses perfectly aligns with our vision of fostering growth and prosperity across County Durham as outlined in the County Durham Inclusive Economic Strategy. By partnering with Maven, we aim to attract and retain innovative companies, drive job creation, and strengthen our business ecosystem.”
Sarah Slaven, managing director at Business Durham said: “The Finance Durham Fund’s remarkable achievement of surpassing the £12.5m milestone in investments is a testament to the vibrant business landscape in County Durham. Maven’s successful management of the fund since 2017 has not only safeguarded over 1,100 jobs but also fuelled innovation and growth across the county.”