Members of Liverpool’s business community pay tribute to Mark Fuller, former chief executive of MSIF and an ‘exceptional leader’, who has died aged 64 after a long illness. Tony McDonough reports
Members of Liverpool’s business community have spoken of their sadness, and their admiration, following the death of Mark Fuller on Sunday, November 16, just before his 65th birthday.
Mark worked across many roles over the years but was perhaps best known for his leadership as chief executive of the pioneering Merseyside Special Investment Fund (now River Capital) from 2002 to 2010.
He was diagnosed in December last year with a rare and aggressive blood cancer called Primary Central Nervous System (CNS) Lymphoma which caused lesions in his brain. He had been treated in Clatterbridge Cancer Centre since January where he remained an inpatient until his death.
Mark is survived by his wife Geraldine Fuller, their seven-year-old son Sebastian and older sons Ashley and Adam from his first marriage.
Geraldine said: “Mark is widely credited with transforming the business landscape in Liverpool city region. He joined MSIF at a time when a grant culture still prevailed.
“He was a talented dealmaker, well liked and hugely admired in the corporate finance community. He came to the city and shook things up. He challenged established norms but was 100% committed to helping businesses succeed and 100% sincere in his passion for Liverpool.
“He championed ‘money with management’ – the idea that cash alone would not be enough for most businesses to succeed. He worked so hard to give thousands of businesses the chance to access finance and support that they otherwise wouldn’t have had.
“Many companies are thriving today because of his impact.”
Mark spent the first five years of his working life as an engineer with Schlumberger testing oil and gas wells in the Far and Middle East.
He then qualified as a chartered accountant with Grant Thornton in Manchester before joining North of England Ventures, a highly successful private equity firm where he became a director. He was also northern director for Granville Baird Capital Partners.
Mark subsequently became managing director of the fund manager for MISF where he oversaw the investment of its debt and equity funds enabling the creation of an evergreen investment fund for the region which continues to thrive today.
Under his leadership, MSIF’s fund management company, AFM grew to control £107m of funding and thousands of small and medium sized businesses received backing allowing them to grow.
Mark and his team provided vital support for many SMEs in the region, many of whom went on to prosper and create jobs for hundreds of people. They took risks on ventures the banks were reluctant to support and provided a real stimulus for the local economy.
He accumulated a wealth of experience in M&A, turnaround situations and growth strategies. Latterly he worked as an NED and consultant, providing strategic funding and exit planning and mediation services in confrontational shareholder situations.
Until his death Mark was chair of a leadership development business, Progressive Leaders, which specialises in providing support, training and consultancy for chief executives running companies with a turnover between £3m and £100m.
On his Linked In profile Mark wrote: “My business philosophy is ‘success is relative’ but also evolutional… a successful life is a function of what we learn and how we change.”
Paying tribute Mark Borzomato, current chief executive of River Capital, said: “Mark was an exceptional leader whose vision and stewardship were instrumental in shaping MSIF and River Capital into the organisations they are today.
“His legacy is far-reaching — not only in the impact he had on his colleagues and the businesses supported during his time as CEO, but also in the hundreds of businesses MSIF has been able to support and invest in since, thanks to the strong foundations he helped build.
“His impact on Liverpool city region was, and continues to be, immense.
“Mark was also highly respected across the business community. On a personal note, I had the privilege of his mentorship for more than 20 years, and I was far from alone in benefitting from his support.
“He was razor-sharp in his thinking, constructively challenging, and always offering thought-provoking insight. Many of us remain deeply grateful for the wisdom, clarity and encouragement he gave so generously.
“Our heartfelt thoughts are with his family at this incredibly difficult time.”
Gareth McIntegart, a corporate lawyer at Napthens in Liverpool, also said: “While I had come across Mark way back when he was at Granville, it was through MSIF when I got to know him more personally.
“Mark was a feature of the Liverpool business scene for many years when I was a junior partner at DWF, he was a key player around town and played an instrumental part, through MSIF/AFM, in helping the city get to where it is today, no small achievement and very separate from the other things that we went on to pursue and achieve in his post-MSIF life and roles.
“I can only imagine the influence that he has had on the careers of many, not to mention the businesses that were recipients of funding and his investor/investment acumen.”
Denise Walker, managing partner at law firm Glenville Walker said she had known Mark “for a very long time” adding that he had “completely transformed the business investment market in Merseyside with his astute, pragmatic and commercial approach to business investment and lending”.
She added: “Importantly, he also integrated himself into the Liverpool business professional community, which is in itself no mean feat and he became a popular well-known member of that community whose views and opinions were sought after and well respected.
“Mark was straight talking but also compassionate and friendly in his approach. If something wasn’t going to work, he would readily say so, but even if a project or transaction that possibly had potential, wasn’t suitable for MSIF, he would try to find it a home.
“In recent years Mark became a high-quality business coach and mentor and I believe that those who got to work with him should consider themselves lucky to have done so.
“Mark was a warm character and always had a smile on his face and it was always good to meet up with him and his lovely wife Geraldine, whether for business or pleasure.
“He will be sadly missed around our region. The loss of Mark is a big one and the way in which he left this earth, with such dignity in itself, has to be admired.”
Geraldine also paid tribute to Clatterbridge Cancer Centre, adding: “Not everyone benefits from a graceful, dignified, pain-free passing from this life to the next. Mark did. And that’s exactly what he deserved.
“We are lucky and grateful for the outstanding world class care we have received. We are blessed to be surrounded by friends and family who have given us so much love.”