New venture for departing Co-op director Lord Myners

Released from his Co-op battle, Lord Myners yesterday launched a powerful takeover vehicle in the mould of previous ventures that include taking a substantial stake in Burger King.

The latest vehicle, Nomad Holdings, listed in London having raised $500m (£300m) through a share placing. Offered at $10, the shares closed at $10.575 yesterday.

Nomad brings together Noam Gottesman, the founder of the GLG hedge fund, who dated actress Lucy Liu; the US entrepreneur Martin Franklin, and the former Avis Europe boss Alun Cathcart. Lord Myners is chairman.

Nomad is targeting an unspecified takeover in the Middle East. It said that Mr Gottesman, an American-Israeli, has "deep ties and strong... financial interests with certain countries in the Middle East". The target, Nomad said, would have a competitive industry position, strong cashflow and be an established business with experienced management.

Previous Myners and Franklin ventures have included Justice Holdings, which in effect took over Burger King in 2012.