A family firm has launched a new £100 million fund aimed at investing in West Midlands companies.
The Oldbury-based Richardson group has unveiled its plans for the Richardson Enterprise Fund which is targeted at established businesses in all sectors requiring capital for growth.
Investments of between £2 million and £10 million can be minority or majority positions, alongside existing management teams, founders or owners looking to grow and develop businesses.
This new initiative will be spearheaded by Paul Faulkner who has just joined the group as its chief of staff and operations after spending nearly six years as chief executive of Greater Birmingham Chambers of Commerce.
The fund will be managed through Richardson Capital.
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The family is renowned for its work in property development, having led the creation of the Merry Hill centre in the 1980s, but is now active in growth capital investment with interests in businesses both domestically and around the world.
Carl Richardson, who leads the business alongside brothers Martyn and Lee, said: “Our family is very proud of our West Midlands roots.
“While our business interests now extend around the globe and include significant private growth capital investments alongside our work in property development, our headquarters have always remained in the heart of the UK.
“As a family-run business, we have extensive experience operating in a range of sectors and a host of different structures, with the common thread being that we look to work with excellent people.
“Our hope with this fund is to align our experience, ambition and passion for the region with like-minded businesses who are in the market for patient capital, meaningful strategic advice and access to our network.”
Mr Faulkner added: “I am incredibly excited by the launch of this fund.
“Through my years leading the chamber and interacting with thousands of brilliant businesses across the region, I well know the size of ambition and drive that exists within so many of these companies, and their desire to grow and scale up.
“While the covid pandemic might have temporarily halted the economic renaissance that was so evident throughout the West Midlands in recent years, we fully expect the region to recover strongly.
“Our intention is to build on the activity we are already undertaking.”