Close Ventures managing director Patrick Reeve has conducted a management buyout of the Close Brothers venture capital trust business from its owners.
Close Brothers sold the business to Reeve for an undisclosed sum as part of a review of its asset management arm and retain a share of the new company. The change was completed on 23 December.
Reeve says: "Albion Ventures LLP was created in January 2009 when it acquired the business of Close Ventures from Close Brothers plc and is structured as a partnership formed by the Close Ventures management team.
"The team believes it is appropriate that a business investing in owner-managed companies is itself owner-managed. Close Ventures itself was started by the current management in 1996.
"Albion Ventures look to invest £1-10m in a wide range of growing businesses, from technology-oriented companies to service and asset-based businesses."
Close Bros corporate finance spokesman Justin Clark says venture capital trusts are no longer "key to the asset management business" of the company.
He adds: "It is part of our ongoing strategic review. We decided to deconsolidate the business in the same way we did with the private equity business last year."
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