Mercia Asset Management PLC British Business Bank increases Mercia's mandate
April 21 2020 - 1:00AM
RNS Non-Regulatory
TIDMMERC
Mercia Asset Management PLC
21 April 2020
RNS Reach
21 April 2020
Mercia Asset Management PLC
("Mercia", the "Company" or the "Group")
British Business Bank increases Mercia's investment mandate by
GBP54.3million taking Mercia's total AUM to c.GBP800million
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused specialist asset manager, is pleased to announce
that the British Business Bank ("BBB") has allocated an additional
GBP54.3million to Mercia's two existing investment mandates from
the Northern Powerhouse Investment Fund ("NPIF"). This takes
Mercia's total mandates from BBB to GBP186.3million and the Group's
total assets under management ("AUM") to c.GBP800million.
Mercia was first awarded investment mandates from NPIF in
February 2017 across two funds; the GBP57.5million NPIF YHTV Equity
fund and the GBP51.0million NPIF Y&H Debt fund. Since then,
Mercia has been successfully deploying these funds to support
regional businesses as part of its Complete Connected Capital
business model. Of the new allocations, GBP23.7million has been
allocated to the existing equity fund and GBP30.6million to the
existing debt fund.
Mark Payton , Chief Executive Officer of Mercia, commented:
"The Northern Powerhouse Investment Fund is playing an important
role in helping unlock the potential of small businesses across the
North of England and we are delighted to build on our successful
partnership through this increased allocation across both funds.
Now is a particularly critical time for regional SMEs and these new
allocations will help us support both existing and new portfolio
companies.
"These additional funds, alongside the GBP38.2million recently
raised for our Northern VCTs, takes our total AUM to nearly
GBP800million, as we continue to progress towards our target of
GBP1.0billion AUM. It is particularly encouraging that we have made
this recent progress despite the current market backdrop, which I
believe reflects continuing confidence by stakeholders in Mercia's
experienced investment team and track record, including their
ability to successfully source opportunities and deploy
capital."
Ends
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Richard Andrews
N+1 Singer (Joint Broker)
+44 (0)20 7496
Harry Gooden, James Moat 3000
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Antonia Powell
mercia@fticonsulting.com
The Northern Powerhouse Investment Fund
The Northern Powerhouse Investment Fund project is supported
financially by the European Union using funding from the European
Regional Development Fund ("ERDF") as part of the European
Structural and Investment Funds Growth Programme 2014-2020 and the
European Investment Bank.
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of balance
sheet, venture, private equity and debt capital: the Group's
'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over
time Mercia can provide further funding to the most promising
companies, by deploying direct investment follow-on capital from
its own balance sheet.
The Group has a strong UK regional footprint through its eight
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP800million of assets under management
and, since its IPO in December 2014, has invested over GBP90million
across its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the epic
"MERC".
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END
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