As 2025 draws to a close, NEL Fund Managers is strengthening its position as a leading force for business growth, fuelled by strategic investments spanning a broad mandate and across a range of sectors across the North East, the fund manager has delivered key investments through NPIF II – NEL Smaller Loans Fund and NPIF II – NEL Debt Finance Fund, as part of the Northern Powerhouse Investment Fund II (NPIF II).

James Katirai, Head of Investments at NEL Fund Managers comments on the recent investment activity: “2025 has been a record year for NEL with 34 investments completed across the year for a range of growing SMEs. As we are sector agnostic and offer funding from £25k to £2m, we have supported a wide range of businesses from multi-million-pound Management Buy Outs to start up restaurants. We are focussed on supporting entrepreneurs on their growth journeys and are proud to work with businesses from Berwick down to Teesside. The team have done an excellent job over the last 12 months, and we are ready to support as many businesses as possible as we move into 2026.”

EV Smart

A six-figure investment from the NPIF II – NEL Smaller Loans Fund has been made into County Durham-based EV Smart to support the expansion of its team and accelerate delivery of public EV charging infrastructure. The funding, led by Investment Executive, Rachael Munro, is enabling the creation of new roles across operations, project delivery and customer support, helping the business to scale capacity in line with a rapidly growing pipeline. EV Smart has already made its first hire through the investment, with more recruitment planned.

Neil Bowater, CEO of EV Smart, said: “Working with NEL has been straightforward and collaborative from start to finish. They took the time to understand both our business and the wider opportunity in EV charging and have structured an investment that allows us to keep growing at pace while retaining control of our strategy. Their funding will help us bring more reliable EV charge points to drivers across the North East and beyond and create new skilled jobs in the region.”

EV Smart is a charging point operator focused on delivering simple, reliable and affordable public EV charging. The company provides an end-to-end service, from feasibility and design through to installation, operation, maintenance, and customer support. EV Smart holds a 10-year contract with Newcastle City Council to operate one of the region’s largest public charging networks and already manages more than 450 charge points nationwide, including major installations at Wembley Stadium, Ramside Estates, Mercure. and Ramada hotels.

The business has a growing pipeline of ultra-fast charging hubs in development with regional and national property partners. Alongside infrastructure rollout, EV Smart is investing in community and educational programmes supporting EV adoption and sustainability. Its strategy is to build a widespread mix of ultra-fast hubs, destination charging and on-street solutions, supporting the transition to zero-emission transport and reducing range anxiety for drivers.

Advantex

Working with FRP Advisory and Mincoffs Solicitors, NEL invested a seven-figure sum from the NPIF II – NEL Debt Finance Fund into award-winning, highly accredited IT, security, and communications provider, Advantex.

With 20+ years’ experience, Advantex is the North East’s only single-source integrator, working to keep organisations secure, connected, and operating with confidence. The NEL investment, led by Senior Investment Executive, Jane Siddle, enabled a successful management buyout, supporting the planned exit of one of Advantex’s founding brothers and allowing the business to move forward under the leadership of David O’Connell, Managing Director and remaining founder. This has positioned Advantex to accelerate their growth strategy, powered by a dedicated team and their continued commitment to delivering high quality work across the UK.

David O’Connell commented: “NEL were very efficient and provided a great customer experience, quickly understanding our needs and shaping their offering to fit. Securing the required funding in a timely manner has given Advantex the ability to focus fully on our growth strategy and capitalise on the opportunities ahead.”

The Sole Guyy

NEL partnered with John Forth, Business Advisor from the North East BIC, to invest a five-figure sum from the NPIF II – NEL Smaller Loans Fund into Sunderland-based The Sole Guyy to support the growth and development of the independent trainers business. The investment, which was led by Investment Executive, Susan Snowdon, will enhance marketing activity, expand stock levels, strengthen the online presence, and create capacity to bring in part-time support as the business scales. This will allow increased focus on product research and longer-term strategic growth.

Elliott Usher, Founder of The Sole Guyy said: “Partnering with NEL has been an extremely positive experience. The team took the time to understand both my business and my ambitions for the future. This investment provides the platform to increase sales, reach a wider customer base, and take meaningful steps toward expanding the business as demand grows.”

MI-Say

A significant investment from the NPIF II – NEL Smaller Loans Fund has been made into Northumberland-based MI-Say. Led by Investment Executive, Rachael Munro, the funding will support the next phase of the platform’s growth. The investment will be used to further develop the company’s technology, strengthen reporting and insights capabilities, and expand marketing and business development activity.

Maureen Brown, Founder of MI-Say said: “My experience with NEL was great. Exploring investment options is confusing and complicated when you are doing it for the first time and NEL provided clarity and support to guide us through the options and process successfully.”

MI-Say is at a pivotal point in its growth journey. As more employers recognise the importance of amplifying employee voice and the impact of dynamic listening on engagement and performance, MI-Say is uniquely positioned to support them. The investment arrives at a crucial time, enabling the business to progress both product improvements and commercial expansion, unlocking its full potential for the future.

McLean Cleans

A significant investment from the NPIF II – NEL Smaller Loans Fund has been made into Whitby-based McLean Cleans to support the business’s expansion into new, larger premises. The funding, led by Investment Executive, Jonathan Armitage, will enable an increase in machinery capacity and ensure the upgraded unit’s electrical and gas supply can meet growing operational demands. This development will allow the business to extend its service reach, take on larger clients, and create additional jobs in the region.

Founder Stacey McLean said: “This investment will help enable us to expand our services to a larger area and larger businesses in the region, helping to provide more jobs. The biggest feedback from potential customers was that our old premises was too small. This funding has allowed us to ensure the new premises can manage the workload more efficiently.”

Sarah Newbould, Senior Investment Manager at British Business Bank, said: “These investments highlight the breadth of ambitious businesses that are being supported through NPIF II across the North East and beyond. It has been an incredibly strong year for the Fund, and our Fund Managers play a key role in this. By providing access to finance at key points in their growth, they are helping businesses to scale, create jobs and strengthen local economies. I look forward to seeing how these businesses will continue to scale.” 

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

For more information about NEL, please visit www.nel.co.uk or contact the investment team on 0345 369 7007.