A North East-based innovation support organisation has been acquired by UMi Holdings in a move which will enhance the opportunities for businesses and stakeholders across the UK.
The Durham-based business support service has snapped up Innovation SuperNetwork, which has helped more than 1,700 businesses by simplifying and improving access to finance and support.
Since 2007, UMi has worked with in excess of 600,000 businesses across the UK, defraying £300m in grants and loans, leveraging £650m of private investment, creating or safeguarding 40,000 jobs and facilitating contract wins worth £185m.
Nicki Clark, chief executive at UMi, said: "The addition of Innovation SuperNetwork and its specialisms to UMi's portfolio strategically and practically enhances our collective ability to create an even bigger impact.
"Both organisations have very clear and aligned purposes - to help SMEs do more and go further by taking the hard work out of accessing and using expertise and finance. I'm incredibly excited about the additional impact and success that will be achieved because of the immensely talented teams across the SuperNetwork and UMi joining forces. It is a perfect example of something I believe passionately in, which is that we can achieve more by working together as individuals and enterprises than we can apart."
Estelle Blanks, who has been chief executive of Innovation SuperNetwork since April 2021, took the decision to step down from the role in January.
Speaking about the partnership with UMi, she added: "It has been an incredible privilege to play a leading role in establishing and growing the Innovation SuperNetwork, alongside a talented team of innovation specialists. As we stand today, we have successfully navigated a changing funding and governance landscape in the North East to secure and deliver a broad portfolio of innovation and access to finance support programmes across the North East and Tees Valley.
"I decided to take up an exciting new career opportunity at the beginning of the year. Alongside the directors of the board, we explored several options to continue the SuperNetwork's growth as an anchor-point for innovation in the region. The decision to go ahead with an acquisition plan was a timely opportunity to align with UMi. It recognises the strengths of both organisations and increases the potential for the SuperNetwork to grow and enable sustainable and inclusive economic growth through the provision of exceptional innovation and access to finance support."
