Ed Miliband’s view on Private Equity

After his flagship ‘new bargain’ conference speech earlier this week, the labour leader Ed Miliband is attracting accusations of being anti-business, given the speech included an attack on corporate ethics. He described Private Equity companies as ‘asset strippers’ with the ‘wrong values’ who do not create jobs.

I have been given a different ‘bargain’. We were pleased to announce yesterday that PrivateFly has achieved its goal of reaching £2 million of investment funding, which will fund our expansion into international markets.

£1 million of this was from Private Equity company Foinavon Credit Fund. The capital injection will allow us to start exporting our unique, online private jet booking software into new European markets and will generate employment for 10 new UK-based staff and additional UK agency spend (we are currently looking at bringing back some of our outsourced agency resource to the UK).

Thanks to Private Equity, PrivateFly.com has been given a flying start. Maybe Mr Miliband would prefer other UK start ups were left queuing at the gate.

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