The Business Growth Fund (BGF), the corporate venturing fund backed by Barclays, HSBC, Standard Chartered, Lloyds and RBS, has appointed John Eggleston as its information technology (IT) strategy director and Jenny Chandler as human resources director.
In addition to their work helping to manage the fund, both Eggleston and Chandler will work in mentoring roles for BGF’s portfolio companies, with BGF citing the directors’ corporate expertise as the key reason for their appointment. Chandler has worked for Switzerland-based chocolate maker Nestlé and investment bank JP Morgan in the past while Eggleston has held senior IT positions at financial services provider Skipton Building Society and consumer information company Callcredit Information Group.
BGF was set up following the conclusions of a task force set up by the British Bankers Association and chief executive officers of several large banks to find ways of stimulating the UK economy. Equipped with up to £2.5bn ($4.1bn) of capital, BGF will take minority equity stakes in established small- to medium-sized, UK-based businesses.
Stephen Welton, chief executive officer of BGF, said: "As highly experienced professionals, John and Jenny will enhance the capabilities that we have under our roof – both in terms of the insight they bring to the investment process, and making a positive contribution to our investee companies. Ultimately we are seeking to offer fast growing UK businesses significant capital combined with superb counsel. The BGF is more than just about money. Our approach is unusual at this end of the market, and offers smaller growing companies what they need most."
The appointments come three weeks after BGF opened its fourth UK office, in Bristol, and appointed Paul Oldham as regional director for South-West England and South Wales.