INVESTMENT management group Braveheart has bought a Yorkshire small business fund manager for £380,000.
Braveheart said it bought Neon Capital Partners Limited, a firm which operates from offices in Barnsley and Leeds and manages the £48m Finance Yorkshire Equity Fund.
The fund provides equity and equity-linked finance to small and medium-sized enterprises in the Yorkshire and Humber region.
Braveheart bought Yorkshire investment firm Inkopo more than years ago in a deal worth up to £1.31m, renaming it Viking Fund Managers. Viking is led by managing director Andrew Burton.
Braveheart said the deal consolidates its position in Yorkshire.
Mr Burton will run the enlarged Yorkshire business.
Geoffrey Thomson, chief executive of Braveheart, said: “This acquisition is an important milestone for the company and is a direct result of our strategy to grow the fee earning side of our business by increasing funds under management.
“Neon comes with a fund management contract that provides us with long term visibility of earnings whilst consolidating our position in Yorkshire.
“We have worked hard on delivering this acquisition, which is the result of the intensive negotiations we referred to in our interim statement made at the turn of the year.
“When taken together with our recent £50m fund management award in Northern Ireland, these new funds under management advance us significantly towards our goal of achieving regular sustainable profits from our fund management operations.”