An angel investment fund has been launched by a group of leading North East businesswomen.

The Gabriel Fund LLP is fronted by Fiona Cruickshank, who is on the board of the Local Enterprise Partnership and founded Northumberland drug firms Specials Laboratory and SCM Pharma, and Caroline Theobald, Swedish consul and founder of Newcastle networking group The Bridge Club.

Cruickshank said she got involved because she wanted to invest in successful businesses which may be struggling to find finance.

“It’s something new and different operating at a different level. It’s almost like the pre-private corporate finance level.

“We’re able to be quite flexible in what we can do, such as loans for family business members wanting to buy in or buy out, or looking for working capital; we are also interested in retail businesses.”

Theobald said Gabriel – named after the archangel – is looking for more female investors.

“That is not to say that we’re just investing in women-led businesses, we’re not,” she said. “It is aimed at ambitious businesses who have sales. We will give either equity or a loan in the band of £5,000 to £100,000.”

Source: nebusiness.co.uk, 22/11/2011