Lancaster University Management School has helped North West businesses gain new investment worth more than £1m over two years as part of the Bay Business Angels programme.

Bay Business Angels provides start-ups and new businesses in South Cumbria and North Lancashire with ‘Angel’ investment, and is the only such network in the area.

Leading businesses in Cumbria and Lancashire, such as commercial law firm Baines Wilson, accountants MHA Moore and Smalley and Baldwins, back the group. The partnership with those businesses and with Lancaster University enables the network to offer unique support and opportunities to the start-ups and new companies with which it engages.

Businesses to have pitched at events cover a high quality and diverse range of sectors, including manufacturing, digital, food & drink, agriculture and technology. In a reflection of the high quality of pitches, 60% of businesses receive investment offers.

Pete Cornwall, Business Liaison Officer in LUMS, said: “We are really pleased with the success of the Bay Business Angels group. To have such a high percentage of businesses generate serious financial interest from some of the North’s leading investors demonstrates the high quality of businesses and entrepreneurs in the Bay area.

“We have excellent, innovative and vibrant young companies in the North West, and the high number of investments that have been secured show we can rival the traditional major centres for business start-ups.

“The University and the Management School are pleased to be involved in the Bay Business Angels group to further engage with and support young and growing companies looking for investment in the area.”

Other leading businesses involved in the group are NatWest, Barclays and Manchester-based Access to Finance.