Close Ventures managing director Patrick Reeve has conducted a management buyout of the Close Brothers venture capital trust business from its owners.
The firm has been renamed Albion Ventures and manages seven VCTs worth around £200m. 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 o...
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