Private equity firm takes £42m stake in 1st-The Exchange

Current owner Vertex will retain a share in the business and the management team will remain in place. Managing director David Child will retain his position along with directors, Paul Yates and Kevin Budge. Alastair Hazell has been appointed chairman of the board along with non-executive directors, Ben Gunn and Ivan Martin. Hazell was group managing director for Thomson Financial Europe, while Gunn recently retired from running Friends Provident and Martin is executive chairman of Sesame. Paul Sweeny, Vertex chief executive officer, says: “It (the deal) provides Vertex with an ongoin...