Currie’s hot for Rapid success

MANAGERS of Rapid Realisations, the growth business investment fund run out of the North West, will look at a new round of fund-raising this year as
ambitious firms seek funding.

Although based registered in the Channel Islands, AIM listed RRF is managed in Haydock by Cenkos Fund Managers.

Deal-maker Ian Currie, managing director of Manchester-based Zeus Capital, and a joint venture partner in Cenkos FM, said: “Demand is strong and later in the year, as we get fully invested, we’d like to look at increasing the fund.”

Rapid Realisations has invested £40m of its original £60m fund. Mr Currie said his team were in talks regarding four new investments, totalling £14m. One of the target businesses is in the North West, he added.

RRF’s portfolio companies include Manchester-based Mexican dining chain Barburrito and Preston betting shops chain Taylormade.

Mr Currie said: “Both of these businesses are performing really well and are in a period of growth. Barburrito has three sites and seems to have massive appeal and we’ll look to double it in size in the next year.

“Taylormade has 16 shops and I think we’d look to get to 25 in the same timeframe.”

He said Rapid Realisations’ profit of £3.6m for 2008 was less important than the fund’s Net Asset Value, which he said had dipped since the year end as a result in the plunge in value of Canada-focused oil and gas exploration group Enegi Oil.

NAV rose from 98p to 104p during the year, but is now at around 102p.