British Business Investments (BBI) is investing £20m in Manchester-based TDC, formerly known as Tosca Debt Capital, a regional debt fund that invests in SMEs and smaller corporate businesses.
“The recent pandemic has adversely impacted every sector of the UK economy and there is no question that smaller businesses have been hit the hardest,” said Gary Davison, founding partner, TDC.
The investment was made in TDC’s Impact fund, which has already closed £40m to make investments between £1m-£5m. Focusing on Northern companies, TDC makes investments geared towards creating new jobs.
The TDC fund, led by Vicki Daly and Gary Davison, invests across all sectors.
Founded in 2015, the investor’s portfolio includes Catalis, Silentnight and Plimsoll Productions.
Davison added: “We are committed to staying invested in our community and we hope this new fund will help to address post-pandemic regional imbalances creating new jobs and stimulating growth in the North.”
BBI is a subsidiary of the British Business Bank, the UK government’s economic development bank. According to the company it has invested over £3bn since 2014.
Judith Hartley, CEO, British Business Investments, said: “This £20m commitment from British Business Investments to TDC’s Impact Fund will help growing smaller businesses in the North to access the additional investment capital they need to scale up.
“British Business Investments’ objectives are to ensure smaller businesses can access as diverse a range of finance options as possible and to reduce regional imbalances in access to finance.”