Tenon seeks fund management go-ahead
Tenon is applying for FSA go-ahead for fund management to invest in distressed businesses with potential
Tenon is applying
for FSA authorisation for fund management through Tenon Capital Management
(TenonCap), aiming to invest in distressed businesses with turnaround potential
and turnovers between £5m and £30m, initially through the unregulated T-Fund.
Tenon will invest up to £1.5m in TenonCap and directors will contribute
another £250,000. The firm is looking to aggregate commitments of between £15m
and £20m, , IFA online reports.
‘Having seen several economic downturns we are greatly aware of the
opportunities they can produce’, TenonCap CEO Matthew Bowker said.
‘We believe we are well placed to identify the best opportunities and to
achieve successful turnarounds and profitable exits for our investors.’