23.03.06
Finance Cornwall chief steps down to pursue political career

Robin Teverson, chief executive of Truro-based business finance company Finance Cornwall, has today announced his decision to step down after three and half years in the post.

Robin, the former Liberal Democrat MEP for Cornwall and West Plymouth, said having established Finance Cornwall as a leading provider of investment finance in the region, he had decided to step down to pursue his political interests.

Robert Seymour, Finance Cornwall's investment director, will take over as managing director of Finance Cornwall Fund Managers Limited, which administers the company's investment fund. Robin said: "I have been involved in Finance Cornwall for over six years and in that time have seen it grow from an initial concept into a significant business finance company and Cornwall's only home-grown provider of equity funding. We recently celebrated our 100th business investment deal, and with a strong investment team in place, I felt now was the right time to step down and pursue new challenges."

Tim Jones, chairman if Finance Cornwall, said: "Under Robin's stewardship, Finance Cornwall has directly invested more than £5 million into Cornish businesses, helped attract more than £15 million of additional funding, and created more than 330 jobs. Naturally we are sad to see him go but we understand his decision. Robin leaves the business with an excellent team led by Robert Seymour and I have no doubt that Finance Cornwall will continue to make a real difference to businesses in Cornwall and the isles of Scilly."

Robert Seymour will be supported by investment executive Victoria Holroyd, who is a specialist in corporate finance, and consultant David Furse, formerly of Alliance Fund Managers which helped set up Finance Cornwall in 2002. The fourth member of the investment team is Mike Wall, who manages Finance Cornwall's Business Loan Fund.

Finance Cornwall provides commercial finance from just £10,000 to £1 million whether buying, selling, starting or growing a business in Cornwall and the Isles of Scilly. The company also offers business planning services and mentoring through a network of qualified professionals and a panel of non-executive directors to help businesses achieve their goals.

For further information please contact Jason Clark of Deborah Clark and Associates Ltd on 01872 276276 or email: jason@dclark.co.uk.

The Objective One Programme for Cornwall and the Isles of Scilly has invested in Finance Cornwall through the European Regional Development Fund (ERDF).

Editor's notes:

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

Finance Cornwall's funds are administered by Finance Cornwall Fund Managers Limited, which is authorised and regulated by the Financial Services Authority.

For more information visit www.financecornwall.co.uk.

Clare Morgan
Media Relations Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Mobile: 07973 813647
Telephone: 01872 223439

cmorgan@cornwall.gov.uk

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