Better Capital, the UK-listed turnaround firm founded by Jon Moulton, has reported a 22.1% decline in the value of its second fund because of writedowns in a number of its portfolio companies, as it unveiled its interim results on November 25.

The net asset value of the firm's second fund dropped by £76.6 million to £269.4 million in the six months to September 30, mainly because of write downs in Everest, a manufacturer and supplier of aluminium windows and doors and conservatories, office product provider SPOT and aerospace manufacturing business CAV Aerospace, the firm said.