ROYAL Bank of Scotland is taking over management of a business accelerator that it has run jointly with Entrepreneurial Spark for the past three years as the latter looks to alter the scope of its advisory activities.
Since launching in 2014 the incubator has supported close to 4,000 businesses across the UK, offering everything from mentoring and the use of business premises to award funding via competitions.
During that time the businesses it supports have created 452 jobs at its Edinburgh hub and 422 at its Glasgow one. Between the two hubs businesses have raised over £45 million in investment and are turning over in excess of £52m.
While Entrepreneurial Spark helped RBS set up the scheme and has provided much of the mentoring, the entire programme is now transferring to the bank. Subsidiary NatWest will take over the accelerator’s English hubs while Ulster Bank will take control of the one in Belfast.
All staff associated with the hubs will be given the opportunity to transfer to the banks, while the eight staff working at Entrepreneurial Spark’s Glasgow headquarters will remain with the body.
Alison Rose, chief executive of commercial and private banking at NatWest, said the accelerator has “revolutionised the way we support entrepreneurs”.
She added that the banks “will support and continue to change the lives of entrepreneurs by providing full wrap-around care”.
A spokesman for Entrepreneurial Spark said the organisation is aiming to work with a wider cross-section of entrepreneurs and not just those involved in start-ups.
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