Legal eagles help land £125m fund

Jan 27 2010 By Peter McCusker, The Journal

LAW firm Ward Hadaway has played a major role in bringing a £125m venture capital fund to the North East.

Experts in the firm’s commercial and corporate finance teams gave legal advice on the operational set-up of the company which will hold the £125m fund and oversaw the final stages of the appointment of the individual fund managers.

The Finance for Business North East Fund (formerly known as the JEREMIE fund) is the first of its kind in England and has been set up by regional development agency One North East with funding from the European Investment Bank, the European Regional Development Fund and the agency.

It will give hundreds of businesses in the North East access to investment backing, potentially supporting more than 5,000 jobs.

As well as advising on the operational set-up of the fund-holding company, Ward Hadaway also acted for the holding company to help secure the £125m funding and to agree and finalise agreements for how the funds are distributed and managed.

The firm, which has offices in Newcastle and Leeds, was appointed to carry out the work by North East Finance after winning a competitive tender.

Colin Hewitt, partner and head of commercial at Ward Hadaway, led the firm’s team on the project, alongside corporate finance partner Mike Spetch.

Colin said: "This is a giant leap forward for the North East in terms of securing capital funding at such a challenging time for the economy.

"We are committed to supporting the region and its economy so it was a real privilege for Ward Hadaway to be chosen to work on the project.

"The importance of the scheme and the complexity of the various arrangements involved within it posed a number of challenges so it was vital that we had the experience and expertise to tackle the project.

"I believe JEREMIE will make a real difference to North East business in 2010 and is a reason for ambitious businesses in the region to look forward to the New Year with increased confidence."

Ward Hadaway corporate finance partner Mike Spetch said: "It has been a very rewarding project to work on and being chosen by North East Finance for the work is a substantial endorsement of the quality Ward Hadaway possesses and our ability to field cross-departmental teams to work together on important projects."

After the official launch of the venture capital fund, Ward Hadaway will continue to advise the fund holding fund company on issues as and when required.

:: For more information about the fund and to register interest, businesses can go to www.onenortheast.co.uk/jeremie