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A fund like this can play a valuable role in saving vulnerable businesses and jobs.

Former Chancellor of the Exchequer, The Rt Hon Lord Norman Lamont, has been appointed as an advisor to the recently launched turnaround fund, the Eternitas Investment Fund Limited Partnership

Lord Lamont is the first member to be appointed to the Fund’s independent Credit Committee. The Committee will appraise investment opportunities and oversee the activities of the Eternitas fund management team.

Commenting on his first appointment to a turnaround fund, Lord Lamont said: “During these difficult times, it is important to maintain the flow of investment to businesses.”

“A fund like this can play a valuable role in saving vulnerable businesses and jobs. Of the 4,941 businesses that failed in the first quarter of this year, undoubtedly some could have continued to trade with the support of turnaround initiatives and revised management plans.”

“I look forward to working with the other, very experienced members of the investment team in the months and years to come.”

The Eternitas Fund was launched in January 2009 by five leading turnaround and insolvency experts to deliver fast and flexible finance and management expertise to distressed businesses across the UK. The management team includes Andrew Redmond, founder of the UK’s leading debt advice company Debt Free Direct (now part of Fairpoint Group plc), Alec Craig, Senior Partner with the UKs fastest growing commercial law firm Halliwells, and Andrew Duckworth, former CEO of asset management specialists SHM Smith Hodgkinson.

Andrew Duckworth, Eternitas, said: “We are delighted that Lord Lamont is taking on this very important role for us.

“He brings with him a wealth of experience and a macro economic view to inform the opportunities in front of us. His advice should prove to be a formidable asset to the Fund.”


Notes to Editors

The Rt Hon Lord Norman Lamont of Lerwick

Lord Lamont served as a Conservative MP for 25 years for the constituency of Kingston Upon Thames. He was appointed Chancellor of the Exchequer from 1990 – 1993 and prior to that held the post of Chief Secretary to the Treasury. Other ministerial roles included Minister of State, Department Trade and Industry and Minister for Defence Procurement.

• The Eternitas Fund is a new investment fund created to 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 - is a unregulated 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 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 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.

Insolvency Statistics
• There were 4,941 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the first quarter of 2009 (on a seasonally adjusted basis). This was an increase of 7.1% on the previous quarter and an increase of 56.0% on the same period a year ago.
• This was made up of 1,579 compulsory liquidations, and 3,362 creditors voluntary liquidations.
• Additionally, there were 1,783 other corporate insolvencies in the first quarter of 2009 (not seasonally adjusted) comprising 316 receiverships, 1,311 administrations and 156 company voluntary arrangements.

Media enquiries to:
Suzanne Judge, tel. 07936 410933 email
or Libby Howard tel. 07879 446277 email

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