The current economic climate requires a new approach to investment – speed, experience and innovation are key.
DYNAMIC £20M BUSINESS TURNAROUND FUND LAUNCHED
A £20 million investment fund to salvage distressed UK businesses has been launched with the promise that it will provide a dynamic and flexible alternative to traditional private equity sources.
The Eternitas Fund will deliver a fast and individually tailored source of finance and management expertise to struggling businesses across the UK at a time of unprecedented economic upheaval.
The fund has been established and will be managed by five leading turnaround and insolvency experts, including Andrew Redmond – founder of the UK’s leading debt advice company Debt Free Direct (now part of Fairpoint Group plc), and brothers Andrew and Neil Duckworth – former CEO and MD of SHM Smith Hodgkinson, which they successfully sold to Gordon Brothers International.
An investment commitment of up to £20m is being sought from investors over a five year period (2009-2014).
The fund will focus primarily on:
business turnaround, business restructuring, distressed property portfolios, assets including plant, stock and receivables in litigation, and the purchase of impaired debt.
Andrew Redmond said: “The current economic climate requires a new approach to investment – speed, experience and innovation are key.
“As the number of distressed companies continues to rise, we are ideally positioned to provide a responsive source of flexible funding and management.
“Beyond turnaround and restructuring we will also be looking at acquisition opportunities – in particularly, distressed property, asset and debt portfolios.”
Andrew Duckworth added: “Our unique combination of expertise and contacts will enable us to generate a flow of immediate opportunities for the Eternitas Fund. We are anticipating an extremely busy 12 months.”
Photo: The Eternitas Fund Management Team (from left to right: Neil Duckworth, Andrew Redmond, Andrew Duckworth, David Shaw)
Notes to Editors
• The Eternitas Fund is a new investment fund that will deliver a fast and flexible source of finance and management expertise to distressed businesses across the UK. The Fund – official title Eternitas Investment Fund Limited Partnership - will be a collective investment scheme, as defined by the Financial Services and Markets Act 2000.
• An investment commitment of up to £20m is being sought from investors by the fund over a five year period (2009-2014).
• The fund will focus primarily on investments in: business turnaround, business restructuring, distressed property portfolios, assets including plant, stock and receivables in litigation, and the purchase of impaired debt.
• The fund has been established and will be managed by five of the North West’s leading insolvency and business turnaround experts: Andrew Redmond, Andrew and Neil Duckworth (brothers), Alec Craig and David Shaw. Between them the team hold or have held senior positions at: Fairpoint Group PLC; Winterhill Asset Management; Halliwells LLP and Tenon Group PLC.
• The Eternitas Fund is managed from offices in Lancashire. Mazars Corporate Finance Limited, based in London, is appointed as the Partnership Operator to the fund and Halliwells LLP, Manchester, are appointed as principal legal advisers to the fund.
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