Channel 4 has announced details of new business-based series The Profit featuring Barack Obama's former adviser Eric Collins.

In the show, the venture capitalist and business expert will select companies in desperate need of a turnaround and will leave no stone unturned in challenging the businesses' practices and structure.

Collins will also make offers to personally invest in companies where he sees potential - on the condition that they are receptive to the changes he wants to make.

"There are so many great businesses in Britain started by talented founders teaming with fantastic workforces," said Collins.

"Over 80% of businesses in the UK are small and medium-sized but even previously successful businesses are facing unprecedented challenges.

"The pandemic has hurt so many and I want to use my 20 plus years of experience as a businessman and investor to help some companies navigate through these turbulent times, so they survive and thrive.

"This process will involve them facing up to the reality of their situations, making some tough decisions and giving control to someone else, which is never easy."

The four-part series will air on Channel 4 later this year.