THREE North-East businesses have secured investments worth a total of £650,000 from the Finance for Business North East Growth Fund.

Newton Aycliffe-based manufacturing firm ALM Engineering Solutions, Durham-based road sweeper operator Admec, and high-end tracking equipment provider Succorfish, in North Tyneside, have secured the funding from the fund’s administrators NEL Fund Managers.

All three were advised by accountants Baker Tilly, led by partner Steve Railton.

The investments are being used for different purposes, from expanding into new markets and increasing product ranges to improving production processes, recruiting expert new staff and enhancing workplace training provisions.

All are designed to help the investee firms achieve ambitious commercial goals over the coming years which will help secure and create employment in the region.

NEL recently reached the £10m mark for the total value of investments it has made since the launch of the £20m Growth Fund, which is aimed at regional businesses which are at a development and growth stage.

Simon Johnson, senior investment executive at NEL, said: “The relationships we have with the regional professional services community plays a crucial role in first helping to identify north east companies that might benefit from investments from the Finance for Business North East funds, and then supporting these firms’ management teams in bringing the money through the door.

“Baker Tilly introduced all three of these investments to us in the first instance and were central to the successful completion of each one – the team clearly knew the workings of each firm inside out, and their commitment and expertise helped each deal reach the end of the investment application process in good time.”

The Growth Fund forms part of the wider £125m Finance for Business North East Fund, which is managed by North East Finance.

NEL is looking to make around 130 investments over the five-year life span of the Growth Fund.

For more information about NEL’s investment criteria, visit nel.co.uk/ or call 0845-111-1850.