Redbus goes to sea

Redbus - the investment outfit set-up by Demon Internet founder, Cliff Stanford, has made its first foray into the marine industry by backing the designers of a twin-hulled boat.

Redbus - which was created with £15m of the £66m Stanford made from the sale of Demon - has set-up a new company with the boat's design team, and will take a 60 per cent stake in the venture, which will be called Redbus Workboats.

Keith Lewis, managing director of Redbus Workboats, said in a statement: "Finding investment for this venture has shown us the highs and lows of the investment community in Britain today. There is no shortage of companies who come under the investment banner but few who actually understand the requirements and long-term perspective needed for the funding of innovative ideas."