Mercia accredited to deliver Recovery Loan Scheme

RNS Number : 0648I
Mercia Asset Management PLC
10 August 2021
 

Reach

10 August 2021

 

Mercia Asset Management PLC

 

("Mercia", the "Group" or the "Company")

 

Mercia accredited by BBB to deliver the Recovery Loan Scheme

 

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£940 million of assets under management, is pleased to announce that the British Business Bank ("BBB") has accredited the Group to deliver its Northern Powerhouse Investment Fund ("NPIF") debt mandate under the new Recovery Loan Scheme ("RLS").  

 

Launched on 6 April 2021, the Recovery Loan Scheme provides financial support to businesses across the UK as they recover and grow following the coronavirus pandemic.

 

Dr Mark Payton, CEO of Mercia Asset Management , said: "Having already provided NPIF loans successfully through the Coronavirus Business Interruption Loan Scheme, we are pleased to now be accredited to lend under the Recovery Loan Scheme. Mercia has played an important role in supporting our portfolio of over 400 companies through the pandemic, and this accreditation will enable us to continue helping these businesses manage the impact of the COVID-19. Furthermore, as economic forecasts allow us to look ahead with increasing optimism, this accreditation will enable Mercia to help additional regional businesses recover and capitalise on the increasing growth opportunities many of them are now seeing." 

 

About Mercia, British Business Bank and RLS

 

Mercia currently manages c.£191million on behalf of the British Business Bank. The Group's relationship with the British Business Bank expanded in 2016 when Mercia was awarded debt and equity mandates for the Northern Powerhouse Investment Fund, having successfully managed previous JEREMIE Funds launched in 2010.

 

Mercia can provide term loans from £100,000 up to £750,000 to SMEs under its Northern Powerhouse Investment Fund RLS mandate.

 

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank. 

 

-Ends-

 

For further information, please contact:

Mercia Asset Management PLC

Mark Payton, Chief Executive Officer

Martin Glanfield, Chief Financial Officer

www.mercia.co.uk  

 

+44 (0)330 223 1430

 

Canaccord Genuity Limited (NOMAD and Joint Broker)

+44 (0)20 7523 8000

Simon Bridges, Emma Gabriel

 

 

 

N+1 Singer (Joint Broker)

  +44 (0)20 7496 3000

Harry Gooden, James Moat

 

 

 

FTI Consulting

+44 (0)20 3727 1051

Tom Blackwell, Louisa Feltes, Shiv Talwar

 

mercia@fticonsulting.com

 

 

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 footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£940million of assets under management and, since its IPO in December 2014, has invested c.£111million gross into its direct investment portfolio.

 

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NRAEAKPNEEAFEFA
UK 100

Latest directors dealings