The funding holding arm of regional alternative finance lender South West Investment Group (SWIG) has appointed Malachy McReynolds as its new chairman.
Malachy, pictured, who spent 12 years as managing director of Bristol-based chocolate manufacturer Elizabeth Shaw, joined the SWIG board in January. He takes over as chairman from Lloyds Bank South West area director David Beaumont. 
Since 1996 the group has invested £15m in to more than 1,500 small and medium-sized businesses and start-ups.
He said: “SWIG Capital has the opportunity to continue to develop its portfolio of funding, providing access to finance for South West businesses and I look forward to continuing to deliver on this growth strategy into the future.”
Malachy is also the chief executive of the not-for-profit home improvement agency West of England Care and Repair, chair of Arnos Vale Cemetery Trust in Bristol, and was a member of the West of England Local Enterprise Partnership (LEP) until stepping down from the post in May.
While at Elizabeth Shaw he led a £6m management buy-out from Dutch owner Leaf and stayed on after two subsequent transfers of ownership.
Mr Beaumont, who remains a non-executive director of SWIG Group, said: “Malachy has considerable experience as a successful businessman and chairman and I am sure he is the right person to take over as chairman of SWIG Capital.
“I wish him and SWIG Capital every success in the future and will continue to support their growth from the SWIG Group board.”
South West Investment Group offers start-up loans with free business advice and mentoring, loans for new and existing businesses unable to access sufficient finance from the banks, and for businesses with viable plans for growth unable to secure all the finance needed to put plans into practice. Finance can take the form of loans, equity or mezzanine products.
It does not compete with banks but works closely with them to provide clients with the support they need for the success of their business.
SWIG Capital is responsible for holding the capital of the funds, procuring fund managers and monitoring and reporting on the performance of the funds to the SWIG group board and to the original funders including local authorities, the British Business Bank, central Government, the European Commission and private investors.
