03 05 2016

North East Finance's £17 Million extension of JEREMIE programme

Ward Hadaway has advised North East Finance on the operational set-up of the JEREMIE holding company and oversaw the final stages of the appointment of the individual fund managers.


The Finance for Business North East (FBNE) fund - also known as the JEREMIE programme - has secured a £17m top up to enable it to continue investing in the region's fastest growing businesses through to the end of this year. The programme, established by North East Finance in 2010, anticipates investing the new money in well over 100 of the region's most ambitious SMEs during the next nine months. Sources of funding include a £4.5m contribution from the North East Local Enterprise Partnership (NELEP) and returns from earlier funds in the region; this has been matched by the European Investment Bank, with a further loan of £8.5m, on top of the £60m + committed to the programme so far.  Of this additional funding, £9m will be invested exclusively within the seven local authority districts covered by the North East LEP, and the remainder will be available to companies across the North East including the Tees Valley region. Colin Hewitt, Partner and Head of Commercial at Ward Hadaway, led the firm’s team advising North East Finance on the latest FBNE fund extension, alongside Corporate Partner Richard Butts (Picture) and Banking & Finance Partner Julie Harrison. Involved fees earner: Colin Hewitt - Ward Hadaway; Richard Butts - Ward Hadaway; Julie Harrison - Ward Hadaway;

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