Jonathan Rowland, the young entrepreneur who shot to fame as the founder of Jelly-Works, the internet incubator, is to return to the stock market with a new investment vehicle.
Mr Rowland, the 26-year-old son of David "Spotty" Rowland, the property-to-casino financier, is to float a group that will seek investments among companies that find themselves in trouble in the current economic climate.
He will be chief executive of Resurge, which will be listed on the Alternative Investment Market by broker Durlacher on 10 September. It already has firm commitments for the £2.5m it is seeking to raise through a placing. The Rowland family will be the biggest shareholder with a 25 per cent stake.
Mr Rowland, said: "We're looking to invest in distressed companies in a broad range of sectors but we're looking for a track record, not some dot.com which has been around 10 months and been through £10m without achieving anything."
Resurge pitches itself as a recovery specialist rather than a vulture fund. After proving itself, the company will look to tap the market for more funds.
"I'm taking advantage of the cycle," said Mr Rowland. "Jelly-Works was right for its time. Resurge is the right thing at this time."
JellyWorks, which was 70 per cent owned by the Rowland family, listed in 1999 and was sold in August last year to the finance house Shore Capital for about £42m in shares.
The Rowlands are the biggest shareholders in Shore.Reuse content