Derry Tech For Good Company, Elemental Software Receives Investment

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Leeann Monk and Jennifer Neff Co Founders Elemental Software

Leeann Monk and Jennifer Neff Co Founders Elemental Software

Derry Tech For Good Company, Elemental Software, which has developed an award winning social prescribing digital platform that connects patients, health and social care professionals and community health & wellness providers, announced today that it has raised £300,000 with the help of ClearlySo, Europe’s leading impact investment bank. Elemental is using the capital to further develop its software that supports and empowers lifestyle change for communities most at risk, make key staff hires, and expand marketing reach.

Elemental’s platform is the only comprehensive social prescribing solution developed by community development experts that measures the impact of social prescribing and the difference that non clinical solutions can make to the health and wellbeing of communities, which is a growing priority at the highest level in government and rapidly being adopted in the UK.

Elemental Software’s platform was awarded the ‘Best Tech in the 3rd Sector’ of 2016 by Digital DNA and the best enterprise software at INVENT 2016. Leeann Monk and Jennifer Neff, co-founders of Elemental Software, said: “We are absolutely delighted that ClearlySo plugged into the Elemental vision for revolutionising the ability to socially prescribe across the health, social care and third sectors. The investment partnership, created by London based Clearly So, engages social impact investors who each bring a wealth of knowledge, expertise and resource to help us solve one of the most pressing health and social care challenges of our generation.“

More than 80% of the world’s chronic conditions can be avoided by lifestyle change alone. Despite this, chronic conditions such as type 2 diabetes, mental health related illness and heart disease are rising and so too are costs. In the UK alone, the NHS, which has a funding gap estimated at £22bn by 2020, is spending £7 out £10 in treatment of conditions while GPs capacity is strained.

The key aim of Elemental’s Social Prescribing platform is to demonstrate the value and difference that referrals to local exercise, diet and nutrition and mental support can make to peoples’ lives. Further commenting, Stefano Cappanari, investment manager at ClearlySo, said: “We were very pleased to play a role in helping Elemental scale the “more than medicine” approach to health. From grass-roots Jennifer and Leeann built a business around the patient, health and social professionals, community based providers and Commissioners and we are excited that the capital raise, which closed in record time, and capabilities from our network will allow them to take the next step in transforming our care system for better.”

Mary McKenna, Director at Elemental Software, first introduced the company to ClearlySo, and concludes “I look for startups with that magic combination of knowledgeable and credible founders, a great product and a large and ready market opportunity. Elemental Software has all of that and more.

This investment round will allow Elemental Software to reach that huge social prescribing market at lightning speed.

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Londonderry Manufacturers Invest in Growth and New Jobs

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A selection of manufacturing focussed business in Co. Londonderry come together to announce investment of over £6.2million and 51 new jobs. Pictured (centre) are Invest NI CEO Alastair Hamilton and Stephen Kelly, CEO Manufacturing NI with (L – R) Brian McErlain, McErlain’s Bakery, Ross Armstrong and Richard McMullan from Armstrong Medical.

A selection of manufacturing focussed business in Co. Londonderry come together to announce investment of over £6.2million and 51 new jobs. Pictured (centre) are Invest NI CEO Alastair Hamilton and Stephen Kelly, CEO Manufacturing NI with (L – R) Brian McErlain, McErlain’s Bakery, Ross Armstrong and Richard McMullan from Armstrong Medical.

Londonderry Manufacturers Invest in Growth and New Jobs: Manufacturing in Northern Ireland continues to grow as a selection of 30 businesses come together to announce investment of over £22 million and 282 new jobs.

The 30 firms, supported by Invest Northern Ireland, are from a broad range of disciplines: food to chemicals, pharmaceutical to transport equipment. Speaking at an event hosted by Invest NI to recognise the commitment to growth within the manufacturing industry, Invest NI’s Chief Executive Alastair Hamilton said: “Today’s event is an opportunity to highlight some of the investments manufacturing focused businesses are making. The local firms we have here today are from right across Northern Ireland.

“With £1.9 million of support from Invest NI they are making a combined investment of over £22million in our economy. As well as stimulating economic growth there are also new job opportunities, with 282 new jobs being created, which will generate over £6.3million annually in additional salaries for the local economy.”
McErlain’s Bakery, The SkunkWorks Surf company, Dynasty Group, Armstrong Medical Ltd and Gallagher & Mc Kinney Limited are among the manufacturing based firms in Co. Londonderry committed to growing their business, benefiting from combined Invest NI support of over £520,000.

Collectively these firms are investing over £6.2million in projects that will create 51 jobs. Once in place these new jobs will generate over £1.2million annually in additional salaries to the local economy.
“These investments show real commitment from businesses to invest in the future”, continued Alastair. “With investment in new equipment, skills and training, new jobs and export development, it is clear that there is real opportunity for growth in manufacturing.”

Welcoming the investments, Stephen Kelly Manufacturing NI Chief Executive said: “Manufacturing plays a huge role in the Northern Ireland economy generating annual sales approaching £20 billion, directly employing 80,000 people, supporting production and employment in a wider supply chain and creating jobs and strong communities in every constituency across Northern Ireland.

“SMEs make up 98% of all businesses here in Northern Ireland and are at the very heart of what we do in our manufacturing base. Week in, week out, companies like this continue to work very hard to keep moving forward, to build and grow our business economy and build communities.

“It is encouraging to see the progress and developments being made by firms across all disciplines. Invest NI is offering valuable support to enable these businesses to create highly skilled, well paid jobs and drive innovation and growth in export markets.” Northern Ireland manufacturing is rich in knowledge, skills and experience, founded on a strong heritage. A large number of manufacturing businesses account for 15 per cent of all local economic output and one in every nine local jobs.

Speaking about Invest NI’s commitment to helping these businesses, Alastair Hamilton continued: “Growing and strengthening Northern Ireland’s manufacturing business base is core to our strategy. We continue to focus on growing local businesses, increasing investment, and identifying new export opportunities.

“We are working closely with organisations like Manufacturing NI to support the promotion and growth of manufacturing. We have a global reputation in areas such as our Advanced Manufacturing, materials and engineering sectors. By working in partnership with businesses we can continue to support them to capitalise on new opportunities and realise their full potential.”

The investments are underway and over 100 of the new jobs are already in place. Manufacturing plays a huge part in the Northern Ireland economy with the latest HMRC 12 month rolling figures valuing manufacturing exports at just over £8bn.

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EU helps advance manufacturing with a New €8.5 million North West Centre for Advanced Manufacturing ‘Super Cluster” for the North West

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Catalyst Inc welcomes the investment

Catalyst Inc welcomes the investment

The SEUPB has announced that funding of over €8.5 million from the EU’s INTERREG VA Programme has been offered to Catalyst Inc for the creation of a new cross-border ‘super cluster’ within the Health & Life Sciences business sector.

The project is called the ‘North West Centre for Advanced Manufacturing’, and will be led by Catalyst Inc. It will support eight different key Health & Life Sciences companies involved in 15 different research projects based in the North West to develop new products and processes.

The project aims to enhance the level of cross-border research and innovation collaboration within the area of applied advanced manufacturing. It will also significantly increase the the number of Health & Life Science businesses engaged in commercially focused research in order to make them more competitive.

The project will bring together a number of partners in the creation of a new ‘super cluster’ including the Engineering Research Institute at Ulster University, the James Watt Nanofabrication Centre at Glasgow University, the PEM Centre at Sligo Institute of Technology and the CoLab facility at the Letterkenny Institute of Technology. Industry partners include Sphere Global, Randox, Lpe, Armstrong Medical, Nuprint, Abbott and GSK.

A total of 26 PhD level researchers, along with post-doctoral research assistants will be recruited over the life time of the project, to work with the eight participating companies, and create up to 98.5 years’ worth of PhD full time equivalent research.

Match-funding for the project has been provided by the Department of Jobs, Enterprise and Innovation in Ireland, the Department for the Economy in Northern Ireland and the University of Glasgow.

Announcing the funding award Gina McIntyre CEO of the Special EU Programmes Body (SEUPB), which manages the EU’s INTERREG VA Programme said: “This project will make a real impact in terms of providing support for a business sector with strong economic potential. The research produced will be used to strengthen the economic outlook of businesses on a cross-border basis.

“This is one of the core objectives of the EU’s INTERREG VA Programme which has been specifically designed to enhance the levels of Research & Innovation found within businesses across the region,” she continued.

Commenting on the announcement, Dr Norman Apsley CEO Catalyst Inc said:

‘As lead partner for the North West Centre for Advanced Manufacturing, we are delighted that the project has been awarded this EU funding. At Catalyst Inc we are focused on advancing the Knowledge Economy and this project will support the development of new products and services by bringing together industry and academic partners to work on research projects deploying Advanced Manufacturing technologies within the Life and Health Sciences sector.

This will see the development of a virtual cross-border Centre for Advanced Manufacturing with a focus on four cross-cutting thematic areas, enabling our industry partners to benefit from additional research facilities and expertise which will have a positive impact on the companies and the wider economy.

Our aim is to increase the level of cross-border collaboration across the region and raise the levels of innovation both of which are key to the regions future economic success.’

A spokesperson for the Department for the Economy said: “Investment in research and development is critical to future economic growth. Strong collaboration between industry and academia will also contribute to success. The creation of this new super-cluster is a welcome development for the health and life sciences sector and a boost for the North West border region.”

Welcoming the project Ireland’s Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor, said: “I am delighted that this project has been approved and I am very happy that my Department is in a position to co-fund this project. It is a great example of practical cross border cooperation, which will bring strong economic benefits to the eligible regions in both jurisdictions. Manufacturing has been a key sector for us over the years, providing valuable jobs and investment. This new initiative will help drive competitiveness and enhanced value-added, at a time of significant technological change in the industry.”

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Acorn Angels invest in social peer-to-peer finance platform Flender

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Padraig Canavan (Acorn Angels) and Oli Cavanagh (Flender)

Padraig Canavan (Acorn Angels) and Oli Cavanagh (Flender)

Irish-based company Flender has won a funding package including the first investment by the Derry/Londonderry Acorn Angel Group, which included Padraig Canavan, Liam Bradley and Paul McElvaney. Flender is an online platform that creates a marketplace for businesses and individuals in the Republic of Ireland to borrow and lend money safely and at better rates than those offered by the banks.

In a significant development following this investment, Flender was awarded full FCA authorisation to launch in the UK, a market nearly 300 times larger than the Irish Peer-to-Peer market. The Flender UK offering will launch in June.

Flender is the brainchild of Strabane born Oli Cavanagh and business partners Kris Koik and Jeremy Davies Betancourt. They have secured funding of nearly £1M to develop the opportunity. This marks the first investment by the Acorn Angels group, whose focus is on investing in the North West and who hope to attract more businesses to pitch for investment.

As well as the Acorn Angels, which was facilitated by Halo at Catalyst Inc, the funding package includes a number of private investors, including Mark Roden, cofounder of Esat Digifone (sold for over £1Billion) and founder of Ding, the world’s largest mobile top-up network. The company is also ‘backed by the crowd’, having reached their £500,000 funding target on crowdfunding platform, Seedrs, in January this year.

Flender enables businesses and consumers to borrow money through their existing networks of friends, family and customers. This market alone is estimated to be worth £2.9bn per annum and it is the aim of company to be first to formalise and automate it.

The platform has just gone live in Ireland and is launching in the UK in June. The company already has many businesses on their flender.ie site seeking a total investment of over €900,000 plus a pipeline of others ready to go onto the platform.

Flender’s Co-Founder, Oli Cavanagh, explains:

“Flender lets people take advantage of a disruptive marketplace that is seeing triple-digit growth, making access to funds easier and generating better returns for lenders. It is a web and mobile offering that lets borrowers decide the amount they wish to repay over a period that suits them. They are quickly matched with lenders who also get the return they want. Borrowing and lending happens via a smartphone, in a paperless transaction, and with automated payments setup and digital contracts that provide a secure legal framework. It also lets businesses reward their customers by inviting them to participate, and directs the repayments to them rather than to a bank. The knock-on effect of this is increased loyalty from customers.”

Liam Bradley, Acorn Angels, commented:

“The ability of the Flender platform to engage lenders from within a business’ own social circles is what the group identified as a real gap in the market. Within an addressable market of over £5.4bn between the UK and Ireland, we believe that the company has an opportunity for massive growth. With our first investment under our belts, we would welcome more companies from the North West applying to the group for investment. ”

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Qubizm squares up to Boston market

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Boston Trade Mission Success

Franz Schlindwein celebrates Boston Trade Mission Success

Qubizm squares up to Boston market: Local businesses hoping to break into the US market are being encouraged to sign up for a special trade mission to Boston Massachusetts, which is being led by Derry City and Strabane District Council working in partnership with Donegal County Council.

The 2017 Trade and Investment Mission, November 14th-17th, will focus on promoting the North West region as an attractive investment proposition for global companies. The trip builds on strong links established over the years as part of an ongoing programme of activities included in Ireland Northwest’s Gateway to Growth Initiative.

Several local companies are already reaping the rewards from previous trade missions – among them Qubizm, a unique company which is hoping to transform the landscape of traditional education with an innovative and engaging new approach to Maths. Qubizm creates specialized learning tools aimed at improving teaching standards and reviving interest in the subject for primary and secondary school children.

Local innovator and educationalist Franz Schlindwein heads up the company, which is now also making positive inroads into the education sector in Boston, Mass. Having travelled with the delegation last year, Franz will be travelling back to Boston next month to follow up on a series of networking opportunities generated from last year’s trip, and is confident that other companies can enjoy similar benefits. He explained more about the company’s groundbreaking work, and why Qubizm is the ideal company to break into overseas markets.

“International Research in the form of the TIMSS Report 2015, shows that 43% of children here are not confident in Maths by the time they reach the age of 13,” he explained. “Up until age 9, that percentage is only 19% – this downturn is a reality and Boston College did the research. The downturn creates major problems for children entering the transition process between Primary and Secondary school phase and we can offer unparalleled support in this area.

“We didn’t want to enter the US market until we knew our product was right, so we’ve been refining the system to the point where we now have the endorsement of the universities, validation from the Inspectorate and Education Authority and published research completed by QUB and Trinity College. Now we have something that is proven to work, we are confident in sharing it with the American market.

“In the US there is significant underperformance in Maths, which varies state by state, but in general, attainment levels are much lower than here. The TIMSS Report also shows NI to have the highest performance levels in Maths of any English speaking country in the world.

“Teachers here embrace Izak9 and 40% of schools have already adopted our system for a variety of uses so the response has been extremely positive.”

Qubizm’s first learning tool Izak9, has been going down a storm in schools across Ireland and the UK, where the colourful cube based system, which is supported by engaging online learning resources, has been bringing teachers and pupils together in developing exciting new strategies for tackling traditional Maths problems.

“When we took our system to Boston, children in the Boys and Girls clubs had the chance to try out the cubes and for example the pupils and teachers at Newman College – which is Boston Mayor Marty Walsh’s former school – use them already.

“While there we had several initial meetings with a variety of organisations both in the private and education sectors, and the next step is now for us to capitalize on that experience by travelling out there in June. We’ve had fantastic support since the trade mission, both from Council and from Invest NI, who assisted in setting up meetings with the appropriate points of contact for our company.

“It’s also been a great help having a contact on the ground over there, with business consultant Pat Bench setting up meetings for us with the Mayor’s Department, Boston Public Schools etc.”

Franz Schlindwein from Qubizm celebrates Boston Trade Mission Success

Franz Schlindwein from Qubizm celebrates Boston Trade Mission Success

The future is certainly bright for the company which is currently working closely with local education authorities while keeping their sights set on the lucrative US and Asian markets.
“We have lots of plans in the offing at the moment,” Franz reveals. “As well as our trip back to Boston, where we hope to make further inroads in the market there, we also have plans to translate our system into Mandarin and are in channel partner discussions with a company in the Middle East.

“We are supporting the Attainment Challenge initiative in Scotland where they are seeking to achieve equity in education, as disadvantaged children are greatly affected by the massive socio-economic divide over there. It’s become a major priority for the Scottish government to bridge this gap and they are investing heavily in finding ways to improve attainment levels in Maths. We’re working with 50 schools in Scotland already, and we are also initiating a research project with the Welsh Education Authority in September.

“I would really recommend the trade mission to Boston in terms of the support that is offered to anyone unsure of how to establish those first important links. The follow up support is excellent. Of course it does require effort on the part of the company in keeping the momentum going after the trip, but the rewards are definitely there for those who are committed to pursuing their goal of breaking into the US market.”

Places are available for 12 companies from Derry and Strabane with similar aspirations to gain access to key economic and government decision-makers in Boston. Burgeoning enterprises can develop in-market networks and in-market intelligence though business-to-business meetings with potential partners, agents and customers, as well as gain valuable first hand insight into the US market. The deadline for submissions is 9th June 2017.

Anyone interested in finding out more about the 2017 Trade and Investment Mission to Boston should contact: Rosalind Young/Adam Goodall at Derry City and Strabane District Council michael.tunney@leo.donegalcoco.ie 00353749160735

Apply now for the 2017 Mission at www.derrystrabane.com/bostoncalling
Further information on Izak9 can be found on www.izak9.com

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New Green Energy Fund Launched

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Pictured launching the new Green Energy Fund as part of their commitment to helping green energy projects are James Gibbons and Conor Devine of Clearpath Finance

Pictured launching the new Green Energy Fund as part of their commitment to helping green energy projects are James Gibbons and Conor Devine of Clearpath Finance

Clearpath Finance, a lending solutions platform has launched a new private investment fund to provide at least £30m to green energy projects and assist local businesses in Northern Ireland.

The Green Energy Fund will be available for new and existing wind farms and anaerobic digester businesses and projects across Northern Ireland.

To date Clearpath Finance has drawn down over £8m of new capital for green energy projects since the company was established in 2016. More growth is expected as Northern Ireland seeks to meet an increasing amount of its energy needs from renewable sources. The green sector generated more than £43bn for the UK in 2015, figures recently released from the Office for National Statistics showed.

Conor Devine MRICS of Clearpath Finance said; “We are committed to helping green energy projects in Northern Ireland. Continued growth and investment into this sector is vital as we move to harvest renewable energy sources.At Clearpath Finance we have the capacity to support the green energy sector in Northern Ireland and we will ensure that business lending for the sector is through a simplified, uncluttered and expedient path as well as at a competitive rate.”

Clearpath Finance provides an alternative source of lending as a commercial finance broker working with a number of major lenders across the UK. The company has established excellent relationships working with a select number of peer-to-peer lenders, equity and mezzanine funders and private lending consortiums to go some way to solve the current liquity crisis in the local economy.

James Gibbons, Clearpath Finance added; “Obtaining and delivering finance in this current market can be extremely difficult. At Clearpath, we have identified the support and solutions needed for businesses who are seeking to finance or refinance their business or project at more competitive finance rates than those currently on offer. We will continue to provide new finance streams to businesses across Northern Ireland.”

Clearpath Finance are currently attending this year’s Balmoral Show between the 10th to 13th May 2017 where they are available to discuss renewable energy projects and advise on how best to avail of funding. More information can be founds at www.clearpathfinance.com.

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Derry business woman on why she set up her own business in the city

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Derry business woman on why she set up her own business in the city

Jennifer McKeever of Airporter

Jennifer McKeever of Airporter

“Starting a business at 23 with not much experience in the travel industry, but an insight into the inconvenience for families visiting Northern Ireland, meant the first year was very much about hard work, determination and a lot of learning and we were delighted to record a total of 5,000 passengers, an impressive start for any business. We are delighted to announce that last year our figures rocketed to 150,000 passengers.”

“The best thing about being an entrepreneur is having control of your life. There are enormous, terrifying responsibilities to having your own business that you could never appreciate until you’re there yourself. But, you do have control – I don’t think there many people who can say that and I am very aware that this is a great privilege.”

“When asked if she would start up a business again after the experiences of the last decade.

“There have been many times over the years when I would have to think hard about that, but now when I look back at what we have achieved, I would say yes – that it was the best decision I ever made and would 100% encourage everyone who is thinking about this to take the plunge and go for it!!”

For more details on the 10K Business Challenge go to www.derrystrabane.com/10kChallenge
For more information on the Airporter service in Northern Ireland go to www.airporter.co.uk

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Derry business woman on why she set up her own business in the city

airporter-301310/05/2017

“Starting a business at 23 with not much experience in the travel industry, but an insight into the inconvenience for families visiting Northern Ireland, meant the first year was very much about hard work, determination and a lot of learning and we were delighted to record a total of 5,000 passengers, an impressive start for any business. We are delighted to announce that last year our figures rocketed to 150,000 passengers.”

“The best thing about being an entrepreneur is having control of your life. There are enormous, terrifying responsibilities to having your own business that you could never appreciate until you’re there yourself. But, you do have control – I don’t think there many people who can say that and I am very aware that this is a great privilege.”

“When asked if she would start up a business again after the experiences of the last decade.

“There have been many times over the years when I would have to think hard about that, but now when I look back at what we have achieved, I would say yes – that it was the best decision I ever made and would 100% encourage everyone who is thinking about this to take the plunge and go for it!!”

For more details on the 10K Business Challenge go to www.derrystrabane.com/10kChallenge

For more information on the Airporter service in Northern Ireland go to www.airporter.co.uk

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Derry businesses offered chance to take part in cross-border trade trip to Boston

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Local businesses across the North West are being offered the opportunity to become part of a cross-border trade delegation trip to Boston scheduled for November 2017.Expressions of interest are now being sought for the 2017 Trade and Investment Mission to Boston for any local companies with aspirations to break into the US market.

Boston 2017 Trade Delegation. Civic Leaders

Boston 2017 Trade Delegation. Civic Leaders

The trip is being jointly organised by Derry City and Strabane District Council and Donegal County Council.
Mayor of Derry City and Strabane District, Alderman Hilary McClintock, said the trip offered a major opportunity for businesses in the North West.

I would really encourage any up and coming ventures, or existing companies with plans for expansion, to consider the benefits of establishing trade links with the US,” I travelled to Boston last year as part of a similar delegation and I was extremely impressed by the networking opportunities included in the itinerary. We received an extremely warm welcome during the visit and the participating delegates had the opportunity to establish meaningful and fruitful links with business counterparts in Boston.The NW region’s relationship with the US is a vital factor in our long-term strategy for economic growth and as a council we are committed to strengthening those existing relationships and identifying new opportunities for partnership and investment.

Twelve companies in total will be included in the delegation sourced from both the Derry and Strabane and Donegal County Council areas. They will be accompanied by the Mayors and Chief Executives of both Councils and key partners. A number of business sectors have been identified as priority areas for this trip, to include companies involved in Creative Digital Technologies, Advanced Manufacturing, Materials and Engineering (AMME) and Life and Health Sciences.

This will be the second Trade and Investment Mission led by the councils to this region and will endeavour to nurture and develop existing relationships with key economic, business, political and civic connections in the Boston Massachusetts area which have been progressing since 2008.

Cathaoirleach of Donegal County Council, Cllr Terence Slowey said:

The trade mission offers some unique opportunities for local businesses to engage with key economic and government decision makers, as well as market professionals. It’s a great chance to gain some valuable market insight and establish lasting connections through business to business meetings with potential partners, agents and distributors. Those personal connections can prove invaluable when trying to stand out in an increasingly competitive business arena.”

Potential delegates will receive support throughout the trip and will have the chance to participate in a pre-mission assistance programme, as well as post-trip follow up support. A financial support package towards flights and hotel accommodation is available (50% contribution towards flights and up to £100 per night hotel accommodation) and companies will benefit from extensive local media coverage to heighten their presence in the market.

O’Neills Irish International Sports Company Limited joined the 2016 North West Trade Mission to Boston and Massachusetts jointly lead by Derry City and Strabane District Council and Donegal County Council.
A spokesperson for the company said:

We would recommend the trade mission to any company with serious aspirations about doing business in the Boston and Massachusetts area. The Trade Mission provided the opportunity to explore new markets in Boston/Massachusetts while meeting key Irish community contacts. The council’s network of contacts in Boston/Massachusetts is very well developed and we were given the opportunity to meet with key contacts from the business and political communities. The trip certainly helped O’Neills to build our professional networks and provided insight to a market we know will be a key growth area.”

Anyone interested in finding out more about the 2017 Trade and Investment Mission to Boston should contact: Rosalind Young/Adam Goodall at Derry City and Strabane District Council investment@derrystrabane.com 02871 253253 Michael Tunney Donegal Local Enterprise Officemichael.tunney@leo.donegalcoco.ie 00353749160735

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Holiday Inn Invests in Derry~Londonderry

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Holiday Inn Express, Derry, Strand Road

Holiday Inn Express, Derry

Holiday Inn Invests in Derry~Londonderry creating 47 jobs. The Duddy Group is investing £7million to build a new Holiday Inn Express Hotel in Londonderry creating 47 jobs.

The project is being supported by Invest Northern Ireland and the Department for Communities. Announcing the investment, Invest Northern Ireland’s Chief Executive Alastair Hamilton said:

“This new hotel will address a gap in provision of budget hotel accommodation in Londonderry by offering a three-star quality option for visitors.The hotel will have 116 bedrooms, a Marco Pierre New York Italian Restaurant, two meeting rooms and three retail units and will provide accommodation for up to 40,000 visitors a year bringing significant additional revenue to the city

The economic benefit also includes the creation of 47 jobs as well as employment generated during the construction phase and the ongoing benefit to the local supply chain through the purchasing of consumables for use in the hotel.

The addition of this internationally acknowledged brand will underline the city’s position as a quality destination and will contribute to achieving government’s targets to grow tourism revenues to £1 billion and visitor numbers to 4.5 million by 2020.

The new hotel will be located on the corner of Strand Road and Great James Street, not far from the Peace Bridge and close to other key tourist sites such as the Guildhall and the City Walls. Invest NI has offered £724,000 of support and the Department for Communities has offered £475,000 from its Urban Development Grant. The project has also secured £1million of mezzanine funding from Whiterock Capital through Invest NI’s Access to Finance strategy.

Pauline Campbell, Director at Department for Communities stated:

“The £475,000 investment from the Department will unlock significant private and public investment into this project. This new 116 bedroom 3 star hotel will give a much needed boost to the economy as well as regenerating a key site within Londonderry.

Commenting on the development, Brendan Duddy said: “This is an exciting development that will support the wider tourist and hospitality industry in Northern Ireland and provide a new base for visitors to explore the city and surrounding areas. “We wanted to grow tourism in the North West and create employment and business opportunities for service providers in the region. The support from Invest NI and the Department for Communities will enable us to progress our investment plans and we are aiming to have the hotel open for business by early 2018.”

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