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21.07.03
Finance Cornwall launches Nnew 'Succession Fund'

Finance Cornwall, the £20 million investment fund for businesses in or locating to Cornwall and the Isles of Scilly, has launched a new Succession Fund specifically aimed at family-owned businesses that are looking to grow and whose owners want to realise value from their companies.

The fund is tailor made to suit the characteristics of the Cornish economy, which has one of the highest proportions of owner-managed businesses in the country, and to protect the long term future of businesses in Cornwall.

Robin Teverson, Chief Executive of Finance Cornwall, said: "There are scores of business owners out there who have invested a lifetime's work in their company but now want to realise some of their investment while allowing the business to continue and expand.

"The Finance Cornwall Succession Fund provides a practical way to sell a minority or majority stake in the business without increasing bank debt. This could be because a family shareholder wants to raise cash or retire, or they have decided to sell the company to a long-term manager or management team.

"Our interest is in securing the future of Cornish businesses in Cornwall by valuing the contribution of the people who helped build the business, and providing their successors with a firm foundation for expansion. The Succession Fund will only invest where the long-term management acquires or maintains a significant equity interest, and we can then help the business prosper by providing strategic, financial and operational expertise."

To promote the fund and the opportunities it creates for owners and managers, Finance Cornwall will be holding a Succession Seminar in Cornwall, details of which will be published shortly.

The Succession Fund sits alongside Finance Cornwall's existing portfolio of products which between them provide loans and equity investments ranging from £5,000 up to £650,000 to viable small and medium-sized businesses that cannot source all the funding they need from elsewhere.

Funding is available to businesses whose principal place of operation is, or will be, in Cornwall or the Isles of Scilly. The funds are managed by Alliance Fund Managers Ltd, which is regulated by the Financial Services Authority in the course of investment business.

For more information on the Succession Fund and Finance Cornwall's other funds, visit www.financecornwall.co.uk

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Editor's notes:

Finance Cornwall background

Finance Cornwall is a £20 million investment fund which is backed by £9 million from the Objective One European Regional Development Fund.

For more information contact:

Robin Teverson
Chief Executive
Finance Cornwall
01872 272288
www.financecornwall.co.uk

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Jason Clark
Communications Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
jason@dclark.co.uk

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