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British Business Bank makes £20m commitment to Northern Ireland’s Cordovan Capital Management Fund III

Press release 04 March 2026

Today, the British Business Bank has announced a new £20m commitment to Cordovan Capital Management’s latest fund vehicle, CCP III LP, with the deal made under the Bank’s new Growth Equity strategy. This represents the Bank’s first commitment to Cordovan.

Founded in October 2011, Cordovan is a Belfast‑based private equity firm that specialises in SME buyouts across the island of Ireland and the UK. As a UK small business private equity specialist, Cordovan takes majority shareholdings in companies, typically via management buy-outs or buy-in transactions, and works very closely with senior leadership teams to help them achieve their growth ambitions.

Led by partners and co-owners Mike Irvine and Daniel Anderson, Cordovan's investment is often a pivotal moment in helping businesses scale, professionalise, acquire or merge with other businesses, and transition or develop SME management teams. The Fund made its first investment in December 2025 via the acquisition of JPS Projects in Manchester.

Adam Kelly, Managing Director and Co-Head of Funds, British Business Bank said: 

We are pleased to make this first commitment to Cordovan Capital Management, which has provided vital support to smaller businesses across the UK and particularly in Northern Ireland. Our commitment will unlock additional capital for UK businesses, addressing regional imbalances and driving further economic expansion across the full breadth of the Nations and regions.

Daniel Anderson, Partner, Cordovan Capital Management said:

The British Business Bank’s mission to enable small businesses to prosper is deeply aligned with Cordovan’s, so we are delighted to partner with what is one of the UK’s leading institutional private equity investors to deploy capital into the UK and Irish SME community.

Further Information

If you are a journalist and have a media enquiry, please contact mediaenquiries@british-business-bank.co.uk.

Notes to editors

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support £23bn 1  of finance to almost 64,000 2  smaller businesses. British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at British Business Bank.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Cordovan Capital Management or its products or services.

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