The Richardson family has announced plans to invest in ambitious West Midlands businesses with the launch of the Richardson Enterprise Fund (‘REF’), providing a boost to the region’s post-covid economic recovery.
The programme is aimed at established West Midlands businesses from all sectors who require capital for growth and there will be individual investments available between £2million-£10million.
Investments can be minority or majority positions, alongside existing management teams, founders or owners looking to grow and develop businesses. A flexible deal by deal approach enables an investment structure that will facilitate growth and create strong alignment.
This commercial initiative will be lead by Paul Faulkner, who is the newly-appointed Chief of Staff and Operations at Richardson, and former CEO of Greater Birmingham Chambers of Commerce. He will be supported by an experienced team of in-house investment professionals.
The fund will be managed through Richardson Capital with up to £100 million available for investment in established businesses who are seeking funding to fuel their growth.
The independent family-led ethos that runs through the Richardson business lays the foundation for the fund to offer a flexible approach to private sector investment, based on partnering with exceptional and ambitious entrepreneurs and management teams with strategic vision. Each investment will be structured in a way that is best aligned to suit the economic interests of all parties.
Carl Richardson, who heads the Richardson family business with his 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. A recent example would be the West Midlands Designer Outlet Centre that we opened this month in Cannock with our partners McArthurGlen. Our hope with this fund is to align our experience, ambition and passion for the region with likeminded businesses who are in the market for patient capital, meaningful strategic advice and access to our network.”
Paul Faulkner said: “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 activity we are already undertaking, such as a recent investment into Birmingham based CCSS LTD, and back established businesses in the area who demonstrate ambitious plans to grow.
“We want to speak with businesses who are either already, or are starting to think about, actively seeking investment in order to help them grow and develop further. One of our great strengths is our flexibility, both in the way we can structure investments and our unrestricted investment time horizon, and with the launch of this fund we are now looking forward to exploring new opportunities in the West Midlands with interested parties.