Hotbed to raise £10m EIS

Investment network Hotbed has launched a £10m Enterprise Investment Scheme (EIS) designed to give investors a 22% saving on their capital gains tax (CGT) in the two years to April 2008.

The firm plans to raise up to £10m for the portfolio to invest £1.5-2m in up to seven companies. Under the scheme Hotbed will have two years to invest in companies, rather than the 12-month limit for a conventional EIS fund.