Finance Cornwall launches Nnew 'Succession
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
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
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:
Objective One Partnership Office
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
back to top