Five of the North West’s leading turnaround and insolvency experts have joined forces to launch a £20m investment fund to salvage distressed businesses.

The Eternitas Fund will deliver a fast and flexible source of finance and management expertise to struggling businesses across the UK, during a time of unprecedented economic upheaval.

The fund has been established and will be managed by leading North West figures Andrew Redmond, Andrew Duckworth, Neil Duckworth, Alec Craig and David Shaw – all respected names from the region’s top financial and legal institutions. 

An investment commitment of up to £20m is being sought from investors over a five year period (2009-2014).  

Well-known North West entrepreneur Andrew Redmond – the founder of leading debt advice company Debt Free Direct –  said: “We have entered a year of unprecedented change for UK plc, a time when innovative new approaches will be needed if we are to prevent solid businesses going to the wall.

“Business turnaround and restructure are at the top of our list of investment priorities; 
our structure will enable us to move quickly to deliver management strategy and flexible funding to ailing businesses, and to safeguard jobs wherever possible.

 “We will also be looking at acquisition opportunities – in particular, distressed property, asset and debt portfolios – in order to maximise returns for our investors.“

Andrew Duckworth – partner in specialist distressed asset investor Winterhill Asset Management – 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.”

http://www.eternitas.co.uk/