Bay Business Angels hits £1m investment milestone

Bay Business Angels, a group that matches start-ups and new businesses with angel investment, has reached more than £1m of funds raised.

The group, which supports businesses in North Lancaster and South Cumbria, is only in its second year.

Of the businesses that pitch for money, which span a wide variety of sectors, an average of 60 per cent receive investment offers.

The group is backed by some of the leading businesses in Cumbria and Lancashire including Lancaster University and its Management School, as well as commercial law firm Baines Wilson, accountants MHA Moore and Smalley and Baldwins, NatWest, Barclays and Manchester based Access to Finance.

Pete Cornwall, of Lancaster University Management School, said: “To have such a high percentage of businesses generate serious financial interest from some of the North’s leading investors demonstrates the high quality of businesses and entrepreneurs in the Bay area.

"We have excellent, innovative and vibrant young companies in the North West and the high number of investments secured show we can rival the traditional major centres for business start-ups."

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