AN angel investor group plans to open bases in Sheffield and Hull in June, after enjoying a successful launch in Leeds.
Angel Groups Yorkshire has been established to introduce high growth businesses across Yorkshire to angel investors and other funding options. It was founded by Martin Avison with the aim of building on the work of the Yorkshire Association of Business Angels (YABA), which closed recently. The supporters of Angel Groups include Colin Glass, who is a founding partner of WGN, the business advisers and chartered accountants.
Mr Glass, who has experience of mentoring and advising tech start-ups and SMEs with growth potential. said: “Angel groups are very important, they can help start-ups, particularly with access to finance.”
Mr Avison said: “The angels are people who typically invest anything from £25,000 and invest as part of a syndicate, or we have individuals who will invest £500,000 on their own merit to support a particular investment because they were interested in it. YABA closed and we decided to set up as a replacement.
“Angels typically invest within a 35 to 40 mile radius. The only way to service the angels is to give them separate groups around Yorkshire.
“The reason for going to Sheffield and Hull is that we can’t treat everywhere as the extension of a business angel group here in Leeds. We’re looking to service the individual needs of both the business and the angels.”
In the longer term, Mr Avison wants to take the group across the North of England, and potentially into the Midlands.