The Country Food & Dining Approved Asset-backed EIS Fund

The Country Food & Dining Approved Asset-backed EIS Fund ("CF&D Fund") is seeking up to £10 million to invest in a spread of businesses combining dining and farm shop retail on stand-alone out of town freehold or long leasehold sites, thereby gaining the benefit of asset-backing.

The Management team will be headed by David Bruce, previously Chief Executive of the Capital Pub Company PLC, who has been involved in the international brewing and leisure industry for 40 years and was responsible for developing the Slug and Lettuce brand in the 1990s.

The business concept will be to acquire existing, single operating units such as farm shops or garden centres in affluent rural areas within two hours of London. The concept is already being successfully applied to Cobbs Farm Shop & Kitchen near Hungerford and Springleaze Farm Shop near Bath. An investment in the Fund should provide exposure to these two units, since the Fund intends making top-up investments into the first two companies.

The proposed term of the Fund is likely to be between three and a half and five years and the exit is likely to be by way of a trade sale. It is anticipated that all of the investee companies should be disposed of as one, thus creating a "lotting premium" on exit.

We hope to be able to issue tax certificates to enable investors to obtain tax relief before the end of 2009. EIS relief at up to 20% should be available on funds invested of up to £500,000.  The minimum investment will be £10,000 and the offer will be limited to £10 million and will close on the earlier of full subscription or 15 December 2008, unless extended.

This is not an offer to apply to invest in The Country Food & Dining Approved Asset-backed EIS Fund. Applications must be made solely on the basis of information contained in the offer document dated 29 September 2008 and the Risk Factors contained therein.

For copies of the Offer documentation and Hardman & Co. research report, please contact us on (020) 7131 4325 or e mail tes@smith.williamson.co.uk.