Lancashire Rosebud Finance – which provides growth funding for businesses in the county – helped to create over 80 jobs in the year to the end of March 2017.
Rosebud provided debt finance totalling £1.6m to eight Lancashire businesses during the year to support their expansion plans, which in turn helped them to raise a further £3.9m in finance from other sources.
The figures come from Enterprise Ventures, which is part of Mercia Technologies PLC and which manages Rosebud on behalf of Lancashire County Developments Limited (LCDL) – the economic development arm of Lancashire County Council.
The companies include Gaist Holdings, a Lancaster-based digital highways specialist which provided planning and logistics for the Tour de France in Yorkshire; Ribchester-based Omega Sky Ltd, which is the company behind Wallsauce.com website, a leading online supplier of custom-made wall murals; and NuBlue, a Lancaster digital marketing and web hosting agency.
Others which secured finance during the year include Burnley-based digital agency Door4, which has successfully used Rosebud funding in the past, and Ormskirk-based energy consultancy Clean Power Solutions.
Rosebud, which celebrated its 30th anniversary in 2016, has helped to create hundreds of new jobs in recent years.
Paul Taberner, Investment Director at Enterprise Ventures, said it had supported many of the county’s rising stars. “Rosebud Finance continues to be a key ingredient in supporting businesses which want to expand but have difficulty in sourcing the funding from other lenders,” he said.
“Over the years we have helped some of the brightest and most innovative companies in Lancashire to put their growth plans into action, with a significant proportion going on to become award winners in their field. Companies clearly appreciate the support which Rosebud provides as many come back to us at a later stage when they seek subsequent rounds of finance to continue their growth journey.”
Andy Walker, Lancashire County Council’s head of business growth, said: “Rosebud has a long record of support and advice for businesses based right here in the county. The past 12 months have been no exception.
“Rosebud’s support directly creates new jobs here in Lancashire. Thanks to our support, companies get help to expand and develop their businesses, as well as advice and support on relocation. Our backing can help to bring in other funding for your business.
“Rosebud can also get you support through Boost, the county’s business growth hub. Our aim over the next 12 months is to continue working with companies to enhance their offer and maximise their potential.”