Jeremy Middleton, CEO of investment firm Middleton Enterprises

NEWS RELEASE ISSUED ON BEHALF OF MIDDLETON ENTERPRISES

Investment firm Chief Executive Jeremy Middleton has said Government plans to give tax incentives to people investing in social enterprises could act as a funding catalyst for thousands of North East businesses.

Mr Middleton, who runs Newcastle-based firm Middleton Enterprises, has said the new piece of legislation, which will see financiers given a 30 per cent tax relief on all investments into social enterprises, could have a particularly dramatic impact in the North East, where there are thousands of these organisations, potentially helping millions to be invested in social enterprises.

Mr Middleton, who does philanthropic work with St Oswald’s Hospice and homelessness charity Changing Lives, established a Community Enterprise Fund in 2007 which was focused on helping charities establish commercial ventures. He has more recently championed the establishment of a Social Enterprise Investment Fund, led by the Northern Rock.

Social enterprises are businesses which trade for the purpose of fulfilling social and environmental objectives. Rather than maximising returns for shareholders, the main aim of a social enterprise is to generate and reinvest profit to advance their social and environmental agenda.

The new incentives will apply to investments made after April 6, 2014, in a community interest company, a community benefit society or a charity. Each social enterprise will be able to raise £290,000 over a three year period through this relief.

Mr Middleton believes that the new incentives, alongside additional funding sources, such as the Northern Rock Foundation, could transform the region’s economy.

Mr Middleton said: “This new legislation is extremely important for social enterprises. The incentive is an extremely attractive enticement for people who have money to invest and who want to put it into an organisation which has strong and positive values which will help to build society. It could potentially unlock millions of pounds of funding for this type of organisation, enabling investors to put more money into businesses with a social conscience, helping companies which make a tangible and sustainable difference to society to grow and prosper.”

ENDS
CONTACT: Lauren Pyrah on 01325 363436
Notes to Editors:

Middleton Enterprises Ltd is a private investment company that has made a substantial contribution to the North East’s economy by investing in and providing business advice to entrepreneurial businesses.

During recent years, it has supported a number of North East businesses, generally from start-up, usually taking a minority stake and offering strategic advice to support growth.

Jeremy Middleton

Mr Middleton is a high-profile entrepreneur and philanthropist based in Newcastle. He started his career as a Brand Manager at Proctor & Gamble before working for PriceWaterhouseCoopers as a Marketing Consultant. He co-founded HomeServe, now a FTSE 250 company which operates in the UK, the USA, France, Spain and Italy, and remains a shareholder with a seat on the Executive Committee.

Mr Middleton is a board member of homelessness charity Changing Lives and has served on the Promotions Board of St Oswald’s Hospice since 2005. Mr Middleton and his family are active supporters of the Variety Club Northern Region, which aids sick, disabled and disadvantaged children, and World Vision, an international charity which works to improve the lives of people in developing countries.

Mr Middleton has carried out a range of sponsored fundraising for a variety of charities which to date include the North Pole, Mount Kilimanjaro, Mont Blanc, The Haute Route, Mount McKinley, Mount Elbrus and a cycle ride from London to Paris.

In 2007, Mr Middleton established a Community Enterprise Fund to help charities establish commercial ventures and has championed the establishment of a Social Enterprise Fund, which is led by the Northern Rock Foundation.

Mr Middleton has been a Board Member of the North East Local Enterprise Partnership (LEP) since 2011 and is Chairman of the North East LEP Investment Fund, which makes recommendations to the LEP Board for the £25m Growing Places Fund and the £30m Infrastructure Fund.
In 2012 Jeremy was awarded a CBE in the Queen's Birthday Honours List for Services to Politics and Charities.

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Jeremy Middleton, CEO of investment firm Middleton Enterprises
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