Invest Newcastle: record number of investments during pandemic

24 May 2021

Invest Newcastle said it has facilitated a record number of new investments and expansions during 2020, despite the year being blighted by the coronavirus pandemic.

The investment group, which is tasked with attracting investment to the North East and helping local firms grow through financing packages, said it had supported 26 new businesses to invest and locate their business in Newcastle and Gateshead.

Invest Newcastle says its work has helped secure and create 2,500 jobs in the region.

The figure, which covers the 12 months from March 2020 to April 2021, represents an increase of 13% on the previous year.

The increase was achieved despite inward investment visits being put on hold because of the pandemic. Instead, Invest Newcastle promoted the region to global investors.

Of the investments, a total of 84% were made in the life sciences, creative, digital and tech sectors. These sectors continue to be major growth sectors in the North East.

Invest Newcastle added that there had been a rise in investment across the fintech space. This was most noticeably seen last year when global fintech firm Xplor chose Newcastle over nine other UK cities as its newest location. The move will create more than 200 jobs.

Scottish firm Digital Technologies Group (DTG) also set up an office in The Catalyst on Newcastle Helix.

Along with helping firms move to the North East, Invest Newcastle also helped 18 businesses to expand and grow their business – an increase of 80% on 2019/20.

Originally Posted: Business Live