A group of leading consumer goods executives are forming a Dragons' Den style £10m fund that will invest in small companies and provide them with strategic advice.

The Spayne Lindsay Consumer Brand Fund will identify successful small companies that need extra finance in order to take their business to the next level.

"A lot of small companies are having their credit facilities questioned or cut, so equity is all the more precious," said John Spayne, co-founder of Spayne Lindsay.

The fund has already raised around £2m to invest in SMEs and is seeking another £8m. Spayne Lindsay have said that they plan to invest in six to eight companies in their first year of trading.

The 20 executives in the company include Ken Pringle the former chief executive of Tetley Tea, Adam Bolden, one of the founders of Innocent Drinks and the founder of Charles Tyrwhitt shirts, Nick Wheeler.