Northwest Vision and Media invests £500,000 into creative industries

Northwest Vision and Media has invested over GBP 500,000 into creative and digital companies across the region in a bid to stimulate growth in the TV, films, games, interactive and digital sectors.

The funds have been provided to small and medium sized companies by the Regional Attraction Fund (RAF) and distributed in partnership with the Northwest Development Agency.

Funding packages have ranged from GBP 10,000 - 50,000 and have gone to a range of companies. Those include videogames company Citrus Suite, which plans to invest in the development of a new WiiWare title; Liverpool-based games production service Catalyst Outsourcing; and Studio Liddell, which will use the funds to help create a Wii game prototype for one of two IPs it's in the process of developing.

"Investment in development is essential for all businesses if they want to grow, but difficult for many to finance, particularly at this scale," said Paul Taylor of Northwest Vision and Media.

"It is often considered too risky for bank debt but too small for equity. The aim of this funding is to stimulate growth in the sector so that our creative and digital businesses can take full advantage of the significant opportunities regionally with MediaCityUK, nationally and globally."

"Support such as this from Northwest Vision helps our growth immensely," added Ian Liddell, MD of the Manchester-based Studio Liddell.

"The RAD award enables us to accelerate our company development plans in two key areas which will lead directly to job creation and new IP generation as well as indirectly attracting further projects to the region."

Since the RAF was established, it has assisted 211 companies and helped to create 225 jobs. A total of GBP 900,000 of funding was provided this year in addition to private investment, business advice and mentoring.