BAILIWICK Investments has not been created solely for the benefit of government, insist the businessmen behind it.

It was revealed recently that the company had been formed after raising £26.6m. from private investors and that it had eyes on possibly using its cash to help fund public works in Guernsey and Jersey.

However, that is not its primary goal, said Jon Ravenscroft (pictured), who sits on its investment committee.

He said that because of the present economic climate and the financial constraints on the islands’ governments and the need in Guernsey for example to upgrade the airport and invest in waste-disposal facilities, some people had wrongly assumed that Bailiwick Investments was simply attempting to cash in.

‘It’s not the case at all. I started talking about this a while ago with Tom Scott and we agreed it was a shame there was no longer anything Channel Islands-based people could invest in.

‘Channel Island Traders was the last one really like that. But as we moved things along with Bailiwick Investments it coincided with the financial difficulties you read about in the papers every day and it was an option we wanted to possibly look at.’