The fund will buy distressed loans from major high street banks – the same ones that Mr Odey bet against in the financial crisis.
Mr Odey, who with fund manager wife Nichola Pease is one half of the City’s best-known power couple, was paid almost £28m in 2008 as a result of shrewd pre-crisis investments.
He is co-funding, and has joined the board of Coleford Property Investments, along with the man behind luxury nightwear retailer Bonsoir of London, John Prenn.
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