The Cornwall & Isles of Scilly Investment Fund Reaches £100m Investment Milestone
Since its launch (by the British Bank and the Cornwall and Isles of Scilly Local Enterprise Partnership in 2018) the fund has to date invested £21m and attracted a further £80m of private investment. This has vastly improved access to finance for SMEs in the area, which in turn has helped unlock potential for growth in the local economy, improved skills and innovation and boosted business resilience. For more detail, please read the bulletin below issued today by Insider Media.
Roger Mundy, Managing Director, Beardsley Theobalds, 30th June 2023
CIOSIF reaches £100m milestone
The Cornwall & Isles of Scilly Investment Fund (CIOSIF) has reached a major milestone having made a total investment into the region of £100m.
Since its launch by the British Business Bank and the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) in 2018, the fund has been providing market-gap loans and equity investment to SMEs with high-growth potential via appointed fund manager, The FSE Group.
A recent CIOSIF evaluation showed businesses supported by the fund have strengthened their skills base, improved efficiency, become more innovative and reduced their environmental impact.
It has invested more than £21m to support the growth of more than 55 businesses, creating or safeguarding almost 1,000 jobs and attracting a further £80m of private investment.
Ken Cooper, managing director of the British Business Bank, said: "The Cornwall and Isles of Scilly Investment Fund has been a catalyst for over £100m of total investment in local businesses since its launch, driving growth, skills and innovation while boosting business resilience.
"We are building on that success with the launch of our £200m South West Investment Fund next month to increase the supply and diversity of early-stage finance across the region."
John Acornley, chair of the CIOSIF Advisory Board and until recently a LEP non-executive director, added: "When we developed the Cornwall and Isles of Scilly Investment Fund with the British Business Bank the aim was to break down barriers in access to finance for SMEs in the region.
"Five years later, we have seen how successful it has been in unlocking the potential of growth businesses and demonstrating the transformative impact of external finance."
Ralph Singleton, Cornwall head of fund at The FSE Group, said: "It has been a real pleasure to support the rich and diverse range of growing businesses across the whole of the Cornwall and Isles of Scilly region."
CIOSIF will continue to provide debt and equity funding between £25,000 and £2m until the end of 2023.