Braveheart’s shake-up as it merges Yorkshire fund managers

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INVESTMENT group Braveheart has brought together its two Yorkshire fund managers while its subsidiary Envestors has acquired the rights to operate the Yorkshire Association of Business Angels.

The announcement of the acquisition comes as part of a reorganisation of Aim-listed Braveheart’s Yorkshire businesses, which has been completed without loss of jobs nor offices. Braveheart acquired fund manager Neon a year ago, which manages the Finance Yorkshire Equity Fund.

Neon recently acquired the fund management business of its sister company, Viking Fund Managers. Braveheart’s CEO, Geoffrey Thomson, said: “In the 12 months since the group acquired Neon, we have invested in a good team to deliver Neon’s fund management operations in Yorkshire and it was a natural decision to bring together our two Yorkshire fund managers. Viking Fund Managers has a proud history of supporting businesses in Yorkshire and is the brand we have chosen to continue to operate under, in the region,” Mr Thomson said. Neon will now be known by the Viking Fund Managers name.

Braveheart’s subsidiary, Envestors, has acquired the rights to operate the Yorkshire Association of Business Angels. The company announced it will combine this with the YABA secretariat, previously operated by Viking Fund Managers,

The Viking Fund is a Yorkshire-wide co-investment venture capital fund, specialising in providing finance for early-stage technology companies. It was set up with UK government capital, In three years of trading, Viking Fund has received more than 48 investments in 23 companies, totalling £3.4m plus an additional £4.6m in match funding.

Braveheart Investment Group formed in 1997. It has around £120m of funds under management and provides equity, loan and mezzanine funding to small and medium-sized enterprises.

It also provides SMEs with advisory services, particularly in corporate finance and investment readiness. Neon Capital Partners manages the £48m Finance Yorkshire Equity Fund which invests in SMEs in the Yorkshire and Humber regions.

Scott Haughton, a director of Envestors, said: “YABA has been adapting its business model to develop its longer term sustainability.

“Envestors is ideally placed to power the growth and sophistication of YABA with increased deal flow and syndication opportunities for its members alongside Envestors’ private investor network.”

Braveheart provides debt and equity advisory services to small and medium enterprises as well as helping business angels with investments. The company also works with high net worth individuals, family offices and public sector organisations. Company chairman Garry Watson recently stepped down and was replaced by Jeremy Delmar-Morgan,