Headhunters at Odgers Berndston, who made good fees out of the delayed process to find the chairman of the Northwest Regional Development Agency, have started the process of recruiting an £85,000 a year managing director and a board of directors for North West Business Finance, a company that will be especially created to run the fund.

They have set a deadline of 16 October for candidates to apply for the managing director’s job and the unpaid advisory board and the directors.

Only when this next process is completed can fund managers be appointed, leaving the potential managers from Alliance Fund Managers, Enterprise Ventures and YFM Group and others, in limbo.

It is clear that everyone involved in this process has found it frustrating, and that public accountability is important for anything that is drawing down cash from public funds. We asked the NWDA what this meant and got this answer:

"We are inviting candidates to apply for various roles to establish a holding company and a new funds structure.

"Under the Joint European Resources for Micro to Medium-Sized Enterprises (JEREMIE) initiative the North West is intending to set up a €204m Venture Capital Loan Fund (VCLF) providing equity, quasi-equity and loans developed under a holding fund and funds structure. Fund managers will sit below the holding company.

"The establishment of a company limited by guarantee is part of the requirement to enable regions to participate in the JEREMIE initiative. This is all part of the work we need to do for the long-term VCLF. In the mean time we have a sufficient transitional VCLF pot, which we have brought forward for North West business, to ensure there is no gap in public sector funding in the interim.

“The managing director will be responsible to the company's board of directors and members. They will oversee the funds and the performance of the individual fund managers.

“Once appointed, the managing director shall establish the business operation from scratch, preparing the investment policy and business plan in conjunction with the independent investment advisory board.

"He/she will agree objectives, set performance goals, and establish key metrics against which performance can be measured and regularly monitored. He/she will manage the company in compliance with the company’s memorandum and articles and business plan and ensure that the company carries out its duties with due regard for its role in the private sector, observing the highest standards of private sector corporate governance.”

Therefore, the wait goes on. But perversely, there is an upside. The Euro amount is fixed at €204m. Therefore, the better the conversion rate on the day the funds are released, the more money there will be to invest in North West businesses.