A scheme to provide growth funding for Lancashire firms has invested more than £2m in the past year.
Rosebud Finance supported 16 firms in the year to the end of March 2015 – up 25 per cent on the previous year and its highest ever amount.
We’re pleased that Rosebud has been helping businesses to unlock other sources of funding. As well as finance, Rosebud also helps you to find the right advice and support that you need to develop your business.Andy Walker
The Rosebud funding helped the companies to secure a further £2.3m in finance from other sources.
The investment is expected to create 126 new jobs in Lancashire in the next three to five years.
Rosebud supported two acquisitions during the year – the £1.4m buy-out of WS Rothband, the Haslingden-based supplier of x-ray protective gear, by its former sales manager, and the acquisition of the Barrowford-based food hotplate manufacturer Sugden by Baldwin Engineering Holdings.
Other companies which received finance for growth included Chorley software business Logma Group, Leyland’s Tilemaster Adhesives, and Chorley-based financial advisers Cheetham Jackson.
Rosebud provides loan and equity finance for businesses in growth sectors such as aerospace and advanced manufacturing, creative and digital, energy and environmental technology, and financial and professional services.
It is managed by Enterprise Ventures, on behalf of Lancashire County Developments Ltd (LCDL) – the county council’s economic development company.
Andy Walker, Lancashire County Council’s head of business growth, said: “We’re pleased that Rosebud has been helping businesses to unlock other sources of funding. As well as finance, Rosebud also helps you to find the right advice and support that you need to develop your business.”