12 IN VIEW
ANGELS SPREAD THEIR WINGS
angel syndicate network.” Work is currently underway in County Hall to develop the way the network will operate and to ensure it meets the regulatory framework and the correct governance is in place.
The early-stage investment board brought together by the county council has the remit to look at areas of support and access in Lancashire that need addressing and to act as a strategic platform.
Nikki Whittle, partner and Lancashire head of corporate at law firm Brabners, is a board member. She said: “The aim is to create a thriving eco- system where early stage and scale-up businesses know where to go for help and support.
Amin Vepari Exclusive by Ged Henderson
Plans are progressing to create the first council-led angel investor syndicate network as part of a major overhaul of business finance support in Lancashire.
It includes a new early-stage investment board, which is already up and running, and the relaunch and refocusing of Rosebud, changing its current role as a business loans provider.
The angel syndicate network is being developed to bring investors and Lancashire start-up and early-stage businesses together.
Angel investors are typically high net worth individuals who invest some of their own money into start-ups, typically in exchange for equity.
Amin Vepari, the business finance and scale up lead at Lancashire County Council, says the network will support early-stage operations and to give them access to the funds they need to develop within the county.
He told Lancashire Business View: “We are looking to develop a community of investors and by the end of the year our aim is to get approval to launch the first council-led
“It is a strategic, joined up approach to growth, bringing the public and private sectors together and attracting money to the area.
“A lot of tech businesses, if they don’t get the investment they need here go to Manchester and Liverpool. This is about making sure Lancashire doesn’t lose out.”
As part of this increased focus on attracting investors, FHundED, the venture capital initiative developed in Lancaster, is currently being rolled out in other parts of the county.
Preston is hosting a series of FHundED events aimed at introducing tech founders to venture capital funding bodies. Events in East Lancashire are set to follow.
The idea is to foster collaboration and investment in tech and digital businesses in Lancashire. The earlier events in Lancaster have been hailed a success, attracting the attention of growing numbers of potential investors, including major venture capital funds.
Rory Southworth, investment ecosystem manager, said: “FHundED was created to give Lancashire’s ambitious and growth-hungry tech founders a platform where they could meet VCs and institutional investors face to face.
“We are now seeing great momentum in the county across all types of early-stage finance activity, with investors realising Lancashire is a region they can navigate more easily due to initiatives like this being in place.”
Other changes happening, or in the pipeline, include the county council’s Access to Finance becoming an “impartial finance brokerage service”.
Earlier this year it launched its investment academy to help prepare Lancashire businesses for equity investment.
Mark Gibbons, lead adviser, said: “Since relaunching the Access to Finance service in February as part of Boost, our expert team has been helping Lancashire businesses find and secure funding through our one-to-one support.
“Equity investment is one of the most difficult forms of funding for businesses to secure but having a deep understanding of your business finances and funding strategy significantly increases your chances of success.
“Our new academy has been designed to provide businesses with this knowledge by working with the very best experts from across the county.”
Rosebud Finance, which has operated as a business loans provider in the county since 1986, is also getting a makeover and a changed role after being brought in-house by County Hall.
It will move from being a transitional debt fund to “an economic growth enabler” for early-stage businesses, with an equal focus on the debt and equity markets – putting both on the table as options.
In its current role Rosebud has injected £5.8m into 43 businesses across the region since July 2019.
Amin said: “True growth comes from equity whether angel, venture capital or private equity. We want Lancashire to be a place where people want to stay to grow their businesses and to attract new investment.
“Investors are drawn to the big cities; the eco- systems are there. A lot of our focus is being directed at early-stage investment because the statistics show that is an area where we need to do more.
“The aim of the work we are doing is to create a set of products and services so we can grow Lancashire’s economy.”
AIRPORT’S NEW FLIGHT PATH
Blackpool Airport bosses are looking to increase its use by corporate and executive aircraft.
Plans for a new office, security and small passenger handling building have been submitted to Fylde Council.
The proposed new buildings would allow a combined service offering an enhanced arrivals and departures area, as well as a larger security checkpoint to host new X-ray and scanning equipment.
The passenger facility would allow the airport to grow the number of corporate aircraft, executive and charter flights it can handle up to 45 passengers at a time.
Steve Peters, airport managing director, said:
“This is a major step forward in the future of Blackpool Airport.
“Over the last five years we’ve done a lot of work internally to make Blackpool an attractive airport once again and we’re seeing the rewards of that with increased corporate and executive aircraft flights accommodating larger cabin class aircraft, and welcoming new customers to the airport for the first time.
“This new facility will allow us to grow these executive flights by numbers of movements and increased aircraft size by offering more space as well as improved security, while a new building will provide a modern and welcoming environment that is more suitable as a first impression for departing or arriving visitors.”
It is the latest in a range of plans submitted to
upgrade airport infrastructure, including a new road and hangars. Future plans include new executive hangars at the west of the airport, and a solar farm south of the main runway.
A new fuel farm enabling the use of sustainable and alternative aviation fuels and battery storage are also under consideration.
Once old airport hangars are relocated, almost 20 hectares of land around the north of the airport can be unlocked for the Silicon Sands development, a data centre-led business park powered by renewable energy.
Blackpool Council reacquired the airport from Balfour Beatty in September 2017 for £4.25m, saving it from risk of closure and securing its future as part of the Blackpool Airport Enterprise Zone. Around 39,000 flights took off and landed in 2023.
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