Maven boss hails ‘best ever year’ as property drives growth

Glasgow-based Maven Capital Partners says it is eying further expansion after posting a record year for equity investment.

Maven invested about £70 million in equity in transactions worth more than £120m over the course of a year which managing partner Bill Nixon hailed “our best ever year in terms of pounds invested.”

The private investor runs six venture capital trusts (VCTs), including the £113m, Holyrood-backed Scottish Loan Fund, along with a base of wealthy individual clients.

Having started out with funds under management of about £160m at its founding in 2009 this now currently stands at about £400m, including £109m of property funds, the firm said.

The business now employs more than 50 people across six offices in the UK, including more than 30 full-time professional staff in Scotland 25 of whom are based in Glasgow.

Noting the potential for further growth in hotel development business where Maven has enjoyed recent success such as in the case of the 100-bed Street Ibis Styles in Miller, Glasgow Mr Nixon said the business will look to further capitalise.

In the case of the Ibis Styles, Mr Nixon said: “In line with the Glasgow market, it is enjoying trading very materially ahead of expectations.”

He added: “On the back of the Hydro and the Commonwealth Games, Glasgow has become a destination, and the hotel and restaurant sector is benefiting accordingly. Glasgow is a great place to be at the moment if you are in the hospitality industry.”

Mr Nixon said Maven now employed 10 full-time professionals in its property business and the business has plans to further expand the team.