NatWest Group is helping to bring together ambitious mid-market businesses from across the North of England through the Northern 500, a new programme designed to unlock investment, tackle barriers to growth and create new opportunities for northern businesses to scale.
Led by The Great North partnership of Mayors, the Northern 500 will create a new growth community for some of the North’s most ambitious mid-sized businesses. NatWest Group will act as founding strategic banking partner and secretariat, with Chief Executive Paul Thwaite serving as business co-chair of the Northern 500 Partners Council with Mayor of North East England Kim McGuinness for the first six months.
An initial cohort of around 80 to 100 businesses will be identified through Northern mayoral strategic authorities ahead of the programme’s planned formal launch in January 2027.
Backing the businesses powering the UK economy
Mid-market businesses play a crucial role in the UK economy. NatWest Group’s Critical Middle report found that while they represent just 0.5% of UK companies, more than 13,000 mid-market firms employ 7.3 million people and generate around £420 billion in economic value each year – and unlocking just 1% additional growth among these businesses could generate an extra £24 billion for the economy outside London and the South East by 2030.
But many ambitious firms face challenges as they look to take their next step, from accessing investment and skilled workers to adopting new technologies and reaching international markets.
The Northern 500 will help address those barriers by bringing businesses together with mayors, government and delivery partners, connecting them with the expertise, networks, finance and opportunities they need.
Paul Thwaite, Chief Executive of NatWest Group, said:
“The North is home to some of the UK’s most ambitious mid-market businesses, and we want to help them go further and faster. These companies create jobs, drive investment and play a vital role in the economies and communities around them.
“That is the opportunity at the heart of the Northern 500: bringing business and the public and private sectors together to unlock growth, increase investment and help more Northern companies deliver on the opportunities.
“Alongside our £20 billion funding commitment over the next ten years, our relationship managers are supporting customers to realise their ambitions across the North every day. The Northern 500 reinforces our determination to back the businesses driving the North’s economy forward.”
Bringing together expertise from across the North
The Northern 500 will combine the experience of businesses themselves with support from the public and private sectors.
Kim McGuinness, North East Mayor and Chair of The Great North, said:
“Through the Northern 500, we’re bringing together the collective strength of the North’s mayors with some of the biggest names in banking, business and technology to unlock that potential.
“This is about turning Northern ambition into economic growth – helping our businesses expand, compete internationally and create more good jobs for people across our communities.
"And the businesses themselves will have an important role to play, helping to identify the practical challenges that can stand in the way of growth and shape solutions that can make a difference."
Claire Whelan, Chief Executive Officer of Burnley-based BCW Group, attended the launch representing mid-market businesses and said:
“Business leaders know first-hand both the opportunities that come with growth and the challenges that can sometimes stand in the way.
“The Northern 500 creates an opportunity for businesses to help shape practical solutions that enable more of us to scale.
“When ambitious Northern businesses are able to grow, that success reaches far beyond the business itself, creating opportunities for employees, suppliers and the communities right across the North.”
