£20m fund to invest in creative industries

Budding British fashion firms will soon be eyeing up a £20m fund that will invest in up-and-coming businesses across design, creative and media industries. Ingenious Ventures, whose parent company has a stake in the Creamfields music festivals, said its Media Opportunities Fund will start investing from April. Among the targets are mobile commerce, fashion e-commerce operators, advanced digital marketing providers and high-end fashion designers. Patrick Bradley, Ingenious's chief executive, said: "The [fashion] sector remains an important, vibrant asset within the UK economy. Look at the success of London Fashion Week. We want to tap into this country's raft of exciting companies." The fund is an Enterprise Investment Scheme, so, investors are eligible for 30 per cent tax relief on investments made of up to £500,000. Ingenious has invested £6bn in the creative industries since its launch in 1998.