Erstwhile EMAP finance director Gary Hughes and Foresight Venture Partners founder Peter English join Miller, who will act as chairman on the powerhouse board.

IBIS Capital is keen to raise a combined £30 million for its twin trusts, which founder David Forster confides will look to back a multitude of businesses right across the media sector. The emphasis, Forster adds, will be ‘post-start-up. Investee companies won’t necessarily have to be already profitable, but they will need to have a clear route to profitability within one or two years and trends will have to be moving in the right direction.’

Businesses with market valuations of between £5 million and £30 million will be considered and Forster reveals they are running the rule over three or four potential investments.

The twin trust structure, previously adopted by Octopus for its Eclipse 3 & 4 VCTs, will enable IBIS to invest up to £2 million in portfolio companies each year.