ICC BES Fund has surpassed its expectations by a wide margin. Having opened yesterday morning with a target of £5 million, it was full by the close of business, despite being extended to £6.2 million.

In a separate development, MMI Stockbrokers has launched its 1997 BES fund which is projected to raise a maximum of £5 million. It has named four intended investee companies which will account for 60 per cent of the fund.

These are Cumberwich, which is raising £1 million for leisure facilities, attached to the new Holiday Inn Hotel in Clifden, Co Galway Knowledge Well, a Dublin educational software company; Laois Sawmills, a wood processing firm; and International Lifestyle Furniture, a provider of pine lampboards.