Mercia Asset Management PLC announced that it has been appointed to manage two further new British Business Bank fund mandates under its 'Nations and Regions Investments' Northern Powerhouse Investment Fund II initiative ("NPIF II"). The two new NPIF II mandates, representing a total of £153.0million in new funds under management, are as follows: NPIF II - Equity YH LP - £100.0 million to be invested in Yorkshire and the Humber, managed by Mercia Regional Ventures; and NPIF II - Debt YH LP - £53.0million to be lent in Yorkshire and the Humber. As with the £207.0million of new BBB fund mandates announced on 29 February 2024, these two new mandates have also been awarded following a highly competitive selection process.

The funds will be managed and deployed by the Group's staff based largely across three of its existing offices in Sheffield, Leeds and Hull. They will be focused on supporting businesses across the entire Yorkshire and the Humber region, where the Group has already established a strong track record in supporting SMEs. The five new BBB mandate awards represent a combined £360.0 million of new Funds under Management and Mercia anticipates that the incremental annual revenues, net of revenue reductions as Mercia's existing BBB mandates enter their five-year realisation phase, will be £4 million.