Lord Lamont to advise turnaround fund Eternitas

FORMER Chancellor Lord Lamont, has been appointed as an adviser to the recently launched North West turnaround fund Eternitas.

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

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 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 commercial law firm Halliwells, and Andrew Duckworth, former chief executive of asset management specialists SHM Smith Hodgkinson.

Mr Duckworth 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.”