Law firm helps to seal deals worth more than £7m

Jun 4 2008 by Peter McCusker, The Journal

LAW firm Ward Hadaway has helped to seal a raft of deals that have injected more than £7m into regional businesses.

The Newcastle-based firm says it has advised on eight investments in growing companies across the region and expects to see a further seven venture capital deals concluded in the coming weeks.

Duncan Reid, partner in the corporate finance team at Ward Hadaway, said: “It is fantastic for the firm to be able to play a part in the growth of these businesses.

“These investments are great news for the region as they encourage enterprise and attract funds and people to the North-East.

“They also demonstrate the high calibre of ideas and aptitude which the region can boast and which continue to attract investment even in the current economic climate.”

The deals Ward Hadaway advised on included a £500,000 investment in Evince Technology Ltd led by specialist technology venture capital firm NorthStar Equity Investors (NSEI) with London-based Low Carbon Seed Fund and Imperial Innovations also investing.

Evince is pioneering a semiconductor device with the potential to make sustainable energy generation more efficient and commercially viable.

The technology has the potential to dramatically improve the performance of sustainable energy sources such as wind turbines and fuel cells by enabling the direct connection of power electronic systems to the main electricity grid.

Ward Hadaway has advised NSEI on a range of early stage venture capital deals in the region including a £800,000 investment in 3D games and learning company Caspian Learning.

As well as helping companies making investments, Ward Hadaway has also advised businesses on receiving funding. The firm advised BioFresh on receiving a £300,000 investment from various investors for developing the company’s sophisticated range of environmentally-friendly food storage solutions.

This was the latest in a series of investments on which Ward Hadaway has advised the company, a spin-out business from Newcastle University.

Professor Jerry Barnes, one of the company’s founders, said: “Securing funding for the company has been vital as we look to develop our technology and exploit a variety of growing markets at home and abroad.”