Sir Terry Leahy, former chief executive of UK supermarket giant Tesco, has invested in a healthcare research and development company as part of his growing commitment to back start ups.
Sir Terry, one of the foremost retailer and businessmen of his generation, has invested an undisclosed sum in Kind Consumers, which plans to launch a non-tobacco nicotine inhalation device for smokers determined to quit.
It is the brainchild of 28-year-old Oxford University graduate Alex Hearn, who has announced a commercial partnership with Nicoventures, a subsidiary of British American Tobacco, which markets and sells non-tobacco consumer products.
Sir Terry said in a statement issued by the company: “It makes perfect business sense. There’s currently a huge gap in the market crying out for a product like this that sits between cigarettes and the very medicalised nicotine replacement therapies.”
The 55-year-old also put in money into an online video-based homework site for students called Stuckonhomework.com – the first of its kind in the UK to provide homework help for students. He also has a 3% stake in internet retailer The Hut Group, owner of websites which include Zavvi.com and I Want One of Those.