LONDON — The Vardy Venture Capital (VVC) fund which was set nearly a year ago with £50million might be closed down due to lack of suitable investments according to a report in The Journal, a Newcastle based newspaper.

Sir Peter Vardy, who made £80million from the sale of a chain of motor dealerships for £506million, on launching the VVC fund said, “There is a gap in the market for investment between £500,000 and ££2million which we are in a position to fill to help those businesses that cannot get funding from other sources.”