The Investment Group undergoes major changes to streamline its structure
A major reorganisation of an investment group that works with SMEs from the South West has taken place.
South West Investment Group, also known as SWIG, believes that the reorganisation was essential if the company wants to be relevant in today’s environment.
As part of the restructure, there were sweeping changes at the board level, including the appointment Christine Allison as the new chair.
Allison will replace Richard Coombs as Chair, who was the Chair for almost 10 years.
David Brown, a director and chief executive at SWIG Capital, Folk2Folk, Rebecca Pritchard formerly with Triodos Bank, Chris Butters formerly with PwC, Bill Baker formerly with HSBC, and Chris Butters formerly formerly for PwC are also joining the revamped board.
SWIG states that it is making significant improvements to modernise its governance. These include streamlining the boards of SWIG Capital, SWIG Finance and SWIG Capital, with the SWIG board taking over as the main board.
Christine Allison said: “Significant board changes have been necessary to ensure that the board reflects the forward-thinking company that the South West Investment Group is today.
“I am delighted to be leading the refreshed board, and together with the staff of SWIG will work to see SWIG grow its market share and support more SMEs with their finance needs.
“Over the years, we have relied on our experienced and knowledgeable board members to help lead SWIG through some challenging times. I would like to take this opportunity to thank everyone who has played a part in helping SWIG become the growing and ambitious business that it is today”.
Christine Allison has been a director at SWIG since 2017 and chair of SWIG Finance the past two years. She is also a NED.
She spent more than 20 years at the World Bank in Washington DC. She was also a fellow of the Centre for the Study of Financial Innovation in London and a special adviser to the Treasury Select Committee.
She is currently a director for the South West Business Council.
Richard Coombs is a well-known figure within the South West business community. He worked as a corporate attorney and for more than 30 year with Foot Anstey.
SWIG was established in 1989 with funding from the British Business Bank as well as central government.
SWIG Capital has a portfolio of funds totalling £32 million. The portfolio is managed and managed by fund managers who have experience in this type risk finance.
The SWIG Finance Limited’s fund delivery arm handles a lot of this.
SWIG Finance is an independent company that supports viable South West businesses that are often ineligible for bank funding.
Last year SWIG lent £10.8m to 502 businesses, helping to create and secure over 1,000 jobs and generate £32.3m.
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