The Business Growth Fund's north team, based in Spinningfields, announced that it has just completed its seventh deal for its fund. The company said it has now invested around GBP40 million in a number of companies across the fund.

Business Growth Fund was created to provide firms an alternative source of financing. Some of the startup firms it has so far supported include Barburrito, a Manchester fast food chain, Boost, a juice bar enterprise and, Better Bathrooms, the MEN Business of the Year winner.

Andy Gregory, Business Growth Fund north operations chief, said he hoped that before the end of this year his team would be able to execute at least two more deals."Manchester is where the bulk of our team is and is our main office in the north. What is encouraging for me is that the range of businesses we are investing in goes from those with revenues of GBP4 million to GBP75 million, which is nice and broad. At the same time, the money going in is for anything from acquisitions and capital expenditure to releasing cash for shareholders," Mr. Gregory explained.